Document:

Exhibit 10.7

 

Promissory Note

 

$1,206,019

 

December 1, 2020

 

FOR VALUE RECEIVED, the undersigned,
jointly and severally (“Borrowers”), hereby unconditionally promises to pay to the order of Lingyi Kong or its assigns (“Lender”),
the principal amount of $1,206,019 (the “Loan Amount”) as provided in this Promissory Note (this
“Note”).

 

		1.	This Note shall bear no interest. 

 

		2.	On June 1, 2022, a payment in the amount of the then outstanding and unpaid Loan Amount shall
become immediately due and payable in full.

 

		3.	Borrowers shall have the right to prepay all or any portion of the Loan Amount at any time during
the term of this Note. 

 

		4.	This Note is not secured.

 

		5.	If Borrowers fail to pay any amount of the Loan Amount when due, Lender may exercise any or
all of its rights, powers, or remedies under the Note or applicable law or available in equity. 

 

IN WITNESS WHEREOF, Borrower
has executed this Note as of the date set forth hereof.

 

	 	Borrowers
	 	 
	 	/s/ Lingyig Kong
	 	Erayak Power Solution Group Inc.Exhibit 10.8

 

Promissory Note

 

RMB 7,000,000

 

May 30, 2021

 

FOR VALUE RECEIVED, the undersigned,
jointly and severally (“Borrowers”), hereby unconditionally promises to pay to the order of Lingyi Kong or its assigns (“Lender”),
the principal amount of RMB 7,000,000 (the “Loan Amount”) as provided in this Promissory Note (this
“Note”).

 

		1.	This Note shall bear no interest. 

 

		2.	The Loan Amount shall constitute credits to the Borrowers, whose cumulative borrowing shall
not exceed the principal Loan Amount before the due date. 

 

		3.	Under no circumstances shall the Borrowers exceed RMB 2,000,000 in their monthly expenditure
under the Loan Amount. 

 

		4.	On June 1, 2023 immediately due and payable in full, in the amount that the Borrower owes the
Lender. 

 

		5.	The Borrower shall have the option to extend the due date upon the Lender’s discretion

 

		6.	Borrowers shall have the right to prepay all or any portion of the Loan Amount at any time during
the term of this Note. 

 

		7.	Borrows shall also have the option to satisfy all or any portion of the Loan Amount through
Wenzhou New Focus Technology & Electronic Co., Ltd.

 

		8.	Wenzhou New Focus Technology & Electronic Co., Ltd. agrees to contribute to all or any portion
of the Loan Amount if needed.

 

		9.	This Note is not secured.

 

		10.	If Borrowers fail to pay any amount of the Loan Amount when due, Lender may exercise any or
all of its rights, powers, or remedies under the Note or applicable law or available in equity. 

 

IN WITNESS WHEREOF, Borrower
has executed this Note as of the date set forth hereof.

 

	 	Borrowers
	 	 
	 	/s/ Shengling Xiang
	 	Erayak Power Solution Group Inc.
	 	 
	 	/s/ Chuan Long Lin
	 	Wenzhou New Focus Technology & Electronic Co., Ltd.Exhibit 4.4

 

Description of Securities Registered Pursuant
to Section 12 of the Securities Exchange Act of 1934

 

As used herein, references to “we,”
 “our,” “us” or “Blade” are to Blade Air Mobility, Inc. Terms used, but not defined, herein have
the meanings given to such terms in our Annual Report on Form 10-K for the fiscal year ended September 30, 2021 (the “Form 10-K”).
Unless otherwise indicated or the context requires otherwise, all references herein to “warrants” include our Public Warrants
and our Private Placement Warrants.

 

The following summary of the material terms of
our securities is not intended to be a complete summary of the rights and preferences of such securities and is qualified in its entirety
by our second amended and restated certificate of incorporation, our amended and restated bylaws, and, with respect to the warrants, the
Warrant Agreement, dated September 12, 2019, by and between Experience Investment Corp. and American Stock Transfer & Trust
Company, LLC, as warrant agent (the “Warrant Agreement”). The full text of our second amended and restated certificate of
incorporation, our amended and restated bylaws, and the Warrant Agreement are filed or incorporated by reference as exhibits to our Form 10-K.
For a complete description of the rights and preferences of our securities, we urge you to read our second amended and restated certificate
of incorporation, our amended and restated bylaws, the warrant agreement, and the applicable provisions of Delaware law.

 

As of September 30, 2021, we had two classes
of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (1) our
Class A common stock; and (2) our warrants. Our Class A common stock is publicly traded on the Nasdaq Stock Market under
the symbol “BLDE” and the warrants are traded on the Nasdaq Stock Market under the symbol “BLDE.WS.” As of September 30,
2021, we had warrants to purchase 14,166,666 shares of Class A common stock outstanding.

 

Authorized Capital Stock

 

Pursuant to our second amended and restated certificate
of incorporation, Blade’s authorized capital stock consists of 400,000,000 shares of Class A common stock, par value $0.0001
per share, and 2,000,000 shares of preferred stock, par value $0.0001 per share. The following description summarizes the material terms
of Blade’s capital stock. We have no preferred stock outstanding.

 

Common Stock

 

Voting
Rights: Holders of Class A common stock are entitled to one vote for each share held of record on all matters submitted
to a vote of stockholders, including the election or removal of directors. The holders of Class A common stock do not have cumulative
voting rights in the election of directors.

 

Liquidation:
Upon Blade’s liquidation, dissolution or winding up and after payment in full of all amounts required to be paid to creditors and
to the holders of preferred stock having liquidation preferences, if any, the holders of Class A common stock will be entitled to
receive pro rata Blade’s remaining assets available for distribution.

 

Rights
and Preferences: Holders of Class A common stock do not have preemptive, subscription, redemption or conversion rights.
The Class A common stock is not subject to further calls or assessment by Blade. There are no redemption or sinking fund provisions
applicable to the Class A common stock.

 

Fully
Paid and Non-assessable: All outstanding shares of Class A common stock are fully paid and non- assessable. The rights,
powers, preferences and privileges of holders of Class A common stock will be subject to those of the holders of any shares of preferred
stock that we may authorize and issue in the future.

 

Preferred Stock

 

Our certificate of incorporation provides that
shares of preferred stock may be issued from time to time in one or more series. Our board of directors (our “Board”) is authorized
to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and
any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our Board is able to, without stockholder
approval, issue preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders
of the Class A common stock and could have anti-takeover effects. The ability of our Board 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.

 

     

    2 

    

 

Dividends

 

Subject to the rights, if any, of the holders of
any outstanding shares of preferred stock, under our second amended and restated certificate of incorporation, holders of our Class A
common stock will be entitled to receive such dividends and other distributions, if any, as may be declared from time to time by the Board
in its discretion out of funds legally available therefor and shall share equally on a per share basis in such dividends and distributions.
The payment of any cash dividends will be within the discretion of our Board at such time. Our ability to declare dividends will also
be limited by restrictive covenants pursuant to any debt financing.

 

Annual Stockholder Meetings

 

Our bylaws provide that annual stockholder meetings
will be held at a date, time and place, if any, as exclusively selected by our Board. To the extent permitted under applicable law, we
may conduct meetings by remote communications, including by webcast.

 

Anti-Takeover Effects of the Our Certificate of Incorporation and
Bylaws and Certain Provisions of Delaware Law

 

Our certificate of incorporation and bylaws and
the Delaware General Corporation Law, as amended (the “DGCL”) contain provisions, which are summarized in the following paragraphs,
that are intended to enhance the likelihood of continuity and stability in the composition of our Board. These provisions are intended
to avoid costly takeover battles, reduce our vulnerability to a hostile change of control and enhance the ability of our Board to maximize
stockholder value in connection with any unsolicited offer to acquire Blade. However, these provisions may have an anti-takeover effect
and may delay, deter or prevent a merger or acquisition of Blade by means of a tender offer, a proxy contest or other takeover attempt
that a stockholder might consider in its best interest, including those attempts that might result in a premium over the prevailing market
price for the shares of Class A common stock held by our stockholders.

 

Authorized but Unissued Capital Stock

 

Delaware law does not require stockholder approval
for any issuance of authorized shares.

 

However, the listing requirements of the Nasdaq
Stock Market require stockholder approval of certain issuances equal to or exceeding 20% of the then outstanding voting power or then
outstanding number of shares of Class A common stock. Additional shares that may be used in the future may be issued for a variety
of corporate purposes, including future public offerings, to raise additional capital or to facilitate acquisitions.

 

Our Board may generally issue preferred shares
on terms calculated to discourage, delay or prevent a change of control of Blade or the removal of our management. Moreover, our authorized
but unissued shares of preferred stock will be available for future issuances without stockholder approval and could be utilized for a
variety of corporate purposes, including future offerings to raise additional capital, to facilitate acquisitions and employee benefit
plans.

 

One of the effects of the existence of unissued
and unreserved Class A common stock or preferred stock may be to enable our Board to issue shares to persons friendly to current
management, which issuance could render more difficult or discourage an attempt to obtain control of Blade by means of a merger, tender
offer, proxy contest or otherwise, and thereby protect the continuity of our management and possibly deprive stockholders of opportunities
to sell their shares of Class A common stock at prices higher than prevailing market prices.

 

     

    3 

    

 

Undesignated Preferred Stock

 

The ability to authorize undesignated preferred
stock will make it possible for our Board to issue preferred stock with voting or other rights or preferences that could impede the success
of any attempt to effect a change in control of Blade. These and other provisions may have the effect of deterring hostile takeovers or
delaying changes in control or management of Blade.

 

Classified Board of Directors

 

Our certificate of incorporation provides that
our Board will be divided into three classes of directors, with the classes to be as nearly equal in number as possible, and with each
director serving a three- year term. As a result, approximately one-third of our Board will be elected each year. The classification of
directors will have the effect of making it more difficult for stockholders to change the composition of our Board. Our certificate of
incorporation and bylaws provide that, subject to any rights of holders of preferred stock to elect additional directors under specified
circumstances, the number of directors will be fixed from time to time exclusively pursuant to a resolution adopted by our Board.

 

Delaware Anti-Takeover Statute

 

Blade is subject to Section 203 of the DGCL,
which prohibits persons deemed “interested stockholders” from engaging in a “business combination” with a publicly-held
Delaware corporation for three years following the date these persons become interested stockholders, unless the business combination
is, or the transaction in which the person became an interested stockholder was, approved in a prescribed manner or another prescribed
exception applies. Generally, an “interested stockholder” is a person who, together with its affiliates and associates, owns,
or within three years prior to the determination of interested stockholder status did own, 15% or more of a corporation’s voting
stock. Generally, a “business combination” includes a merger, asset or stock sale, or other transaction resulting in a financial
benefit to the interested stockholder. The existence of this provision may have an anti-takeover effect with respect to a transaction
not approved in advance by our Board, such as discouraging takeover attempts that might result in payment of a premium over the market
price of the Class A common stock.

 

Removal of Directors; Vacancies

 

Under the DGCL, unless otherwise provided in our
certificate of incorporation, a director serving on a classified board may be removed by stockholders only for cause. Our certificate
of incorporation provides that directors may be removed at any time with or without cause upon the affirmative vote of a majority of the
holders of the voting power of the then outstanding shares of stock entitled to vote generally in the election of directors, voting together
as a single class.

 

In addition, our certificate of incorporation also
provides that, subject to the rights granted to one or more series of preferred stock then outstanding, any newly created directorship
on our Board that results from an increase in the number of directors and any vacancies on our Board will be filled only by the affirmative
vote of a majority of the remaining directors (other than directors elected by the holders of any series of preferred stock, voting separately
as a series or together with one or more series, as the case may be), even if less than a quorum, by a sole remaining director or by stockholders.

 

No Cumulative Voting

 

Under Delaware law, the right to vote cumulatively
does not exist unless the charter specifically authorizes cumulative voting. Our certificate of incorporation does not authorize cumulative
voting. Therefore, stockholders holding a majority of the shares of stock entitled to vote generally in the election of directors will
be able to elect all Blade directors.

 

     

    4 

    

 

Stockholder Action; Special Stockholder Meetings

 

Our certificate of incorporation provides that
stockholders are not be able to take any action by written consent for any matter and may only take action at an annual meeting or special
meeting of stockholders. As a result, a holder of a majority of our capital stock would not be able to amend our bylaws or remove directors
without holding a meeting of stockholders called in accordance with our bylaws, unless previously approved by our Board. Our certificate
of incorporation provides that special meetings of stockholders may be called at any time only by or at the direction of our Board or
the chairperson of our Board. Our bylaws prohibit the conduct of any business at a special meeting other than as specified in the notice
for such meeting. These provisions might delay the ability of stockholders to force consideration of a proposal or for stockholders controlling
a majority of our capital stock to take any action, including the removal of directors.

 

Advance Notification Requirements for Stockholder Proposals and
Director Nominations

 

Our bylaws establish advance notice procedures
with respect to stockholders seeking to bring business before the annual meeting of stockholders or to nominate candidates for election
as directors, other than nominations made by or at the direction of our Board or a committee of our Board. Our bylaws also specify certain
requirements regarding the form and content of a stockholder’s notice. These provisions might preclude stockholders from bringing
matters before an annual meeting of stockholders or from making nominations for directors at the annual meeting of stockholders if the
proper procedures 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 Blade.

 

Consent of Stockholders in Lieu of Meeting

 

Our certificate of incorporation precludes stockholder
action by any consent in lieu of a meeting at any time.

 

Amendment of Certain Provisions of Our Certificate of Incorporation
and Bylaws

 

The DGCL provides generally that the affirmative
vote of a majority of the outstanding shares then entitled to vote is required to amend a corporation’s certificate of incorporation,
unless the certificate of incorporation requires a greater percentage. Our certificate of incorporation provides that the amendment of
any of the foregoing provisions in our certificate of incorporation would require the affirmative vote of the holders of at least 66 2∕3%
of the voting power of all the then outstanding shares of stock entitled to vote on such amendment, voting together as a single class.

 

Our certificate of incorporation and bylaws provide
that our Board is expressly authorized to adopt, make, alter, amend or repeal our bylaws without a stockholder vote in any manner not
inconsistent with the laws of the State of Delaware. Furthermore, any adoption, alteration, amendment or repeal of our bylaws by stockholders
will require the affirmative vote of the holders of at least 66 2∕3% of the voting power of all the then outstanding shares of stock
entitled to vote on such matter, voting together as a single class.

 

The provisions of the DGCL, our certificate of
incorporation and our bylaws could have the effect of discouraging others from attempting hostile takeovers and, as a consequence, they
may also inhibit temporary fluctuations in the market price of the Class A common stock that often result from actual or rumored
hostile takeover attempts. It is possible that these provisions could make it more difficult to consummate transactions that stockholders
may otherwise deem to be in their best interests.

 

Dissenters’ Rights of Appraisal and Payment

 

Under the DGCL, with certain exceptions, stockholders
will have appraisal rights in connection with a merger or consolidation of Blade. Pursuant to the DGCL, stockholders who properly request
and perfect appraisal rights in connection with such merger or consolidation will have the right to receive payment of the fair value
of their shares as determined by the Delaware Court of Chancery.

 

     

    5 

    

 

Stockholders’ Derivative Actions

 

Under the DGCL, any stockholder may bring an action
in Blade’s name to procure a judgment in Blade’s favor, also known as a derivative action, provided that the stockholder bringing
the action is a holder of shares of stock at the time of the transaction to which the action relates or such stockholder’s stock
thereafter devolved by operation of law.

 

Exclusive Forum

 

Our certificate of incorporation requires that,
unless we consent to the selection of an alternative forum, the sole and exclusive forum for (1) any derivative actions brought on
behalf of Blade (2) any action asserting a claim of breach of a fiduciary duty owed by any directors, officers, other employees or
stockholders, (3) any action asserting a claim arising pursuant to any provision of the DGCL, our certificate of incorporation or
our bylaws or (4) any action asserting a claim governed by the internal affairs doctrine shall, to the fullest extent permitted by
law, be exclusively brought in the Court of Chancery in the State of Delaware (or, if such court does not have jurisdiction, another state
court in Delaware or the federal district court for the District 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, except for any action (A) as
to which the Court of Chancery in the State of Delaware determines that there is an indispensable party not subject to the jurisdiction
of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten
days following such determination), (B) that is vested in the exclusive jurisdiction of a court or forum other than the Court of
Chancery, (C) for which the Court of Chancery does not have subject matter jurisdiction or (D) any action arising under the
federal securities laws, as to which the Court of Chancery and the federal district court for the District of Delaware shall have concurrent
jurisdiction. In addition, the provisions described above will not apply to suits brought to enforce a duty or liability created by the
Securities Act or the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.

 

Section 22 of the Securities Act creates concurrent
jurisdiction for federal and state courts over all such Securities Act actions. Accordingly, both state and federal courts have jurisdiction
to entertain such claims. To prevent having to litigate claims in multiple jurisdictions and the threat of inconsistent or contrary rulings
by different courts, among other considerations, our certificate of incorporation provides that, unless we consent in writing to the selection
of an alternative forum, our certificate of incorporation will provides that the federal district courts of the United States shall be
the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act. There is uncertainty
as to whether a court would enforce such a forum selection provision as written in connection with claims arising under the Securities
Act.

 

Any person or entity purchasing or otherwise acquiring
any interest in shares of our capital stock shall be deemed to have notice of and consented to the forum provisions in our certificate
of incorporation.

 

Description of Warrants

 

Public Warrants

 

Each whole Public Warrant entitles the registered
holder to purchase one whole share of Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below.
Pursuant to the Warrant Agreement, a warrant holder may exercise its Public Warrants only for a whole number of shares of Class A
common stock. This means that only a whole Public Warrant may be exercised at any given time by a warrant holder. The Public 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 Public Warrant and will have no obligation to settle such Public Warrant exercise
unless a registration statement under the Securities Act with respect to the shares of Class A common stock underlying the Public
Warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below with
respect to registration. No Public Warrant will be exercisable and we will not be obligated to issue shares of Class A common stock
upon exercise of a Public 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 Public Warrants. In the event
that the conditions in the two immediately preceding sentences are not satisfied with respect to a Public Warrant, the holder of such
Public 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 Public Warrant.

 

     

    6 

    

 

Redemption of Public Warrants for Cash.

 

We may call the Public Warrants for redemption:

 

		·	in whole and not in part;

 

		·	at a price of $0.01 per Public Warrant;

 

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

 

		·	if, and only if, the reported last sale price of the 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 twenty (20) trading days within a thirty (30)-trading
day period ending three (3) business days before we send the notice of redemption to the Public Warrant holders.

 

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 Public Warrant
exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the Public Warrants, each Public Warrant
holder will be entitled to exercise its Public 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) Public Warrant exercise price after the redemption notice is issued.

 

Redemption of Public Warrants for Shares of Class A common
stock

 

Commencing ninety days after the Public Warrants
become exercisable, we may redeem the outstanding Public Warrants:

 

		·	in whole and not in part;

 

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

 

		·	if, and only if, the last reported sale price of the 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 Public Warrant holders;

 

		·	if, and only if, the Private Placement Warrants are also concurrently exchanged at the same price (equal to a number of shares of
Class A common stock) as the outstanding Public Warrants, as described above; and

 

		·	if, and only if, there is an effective registration statement covering the shares of Class A common stock issuable upon exercise
of the Public Warrants and a current prospectus relating thereto available throughout the thirty (30)-day period after written notice
of redemption is given.

 

     

    7 

    

 

The numbers in the table below represent the number
of shares of Class A common stock that a Public Warrant holder will receive upon exercise in connection with a redemption by us pursuant
to this redemption feature, based on the “fair market value” of the Class A common stock on the corresponding redemption
date (assuming holders elect to exercise their Public Warrants and such warrants are not redeemed for $0.10 per warrant), determined based
on the average of the last reported sales price for the ten (10) trading days ending on the third (3rd) trading day prior to the
date on which the notice of redemption is sent to the holders of Public Warrants, and the number of months that the corresponding redemption
date precedes the expiration date of the Public Warrants, each as set forth in the table below.

 

The stock prices set forth in the column headings
of the table below will be adjusted as of any date on which the number of shares issuable upon exercise of a Public Warrant is adjusted.
The adjusted stock prices in the column headings will equal the stock prices immediately prior to such adjustment, multiplied by a fraction,
the numerator of which is the number of shares deliverable upon exercise of a Public Warrant immediately prior to such adjustment and
the denominator of which is the number of shares deliverable upon exercise of a Public Warrant as so adjusted. The number of shares in
the table below shall be adjusted in the same manner and at the same time as the number of shares issuable upon exercise of a Public Warrant.

 

	 	 	Fair Market Value of Class A common stock	 
	Redemption Date
 (Period to 
 Expiration of Public 
 Warrants)	 	$10.00	 	 	$11.00	 	 	$12.00	 	 	$13.00	 	 	$14.00	 	 	$15.00	 	 	$16.00	 	 	$17.00	 	 	$18.00	 
	57 months	 	 	0.257	 	 	0.277	 	 	0.294	 	 	0.310	 	 	0.324	 	 	0.337	 	 	0.348	 	 	0.358	 	 	0.365	 
	54 months	 	 	0.252	 	 	0.272	 	 	0.291	 	 	0.307	 	 	0.322	 	 	0.335	 	 	0.347	 	 	0.357	 	 	0.365	 
	51 months	 	 	0.246	 	 	0.268	 	 	0.287	 	 	0.304	 	 	0.320	 	 	0.333	 	 	0.346	 	 	0.357	 	 	0.365	 
	48 months	 	 	0.241	 	 	0.263	 	 	0.283	 	 	0.301	 	 	0.317	 	 	0.332	 	 	0.344	 	 	0.356	 	 	0.365	 
	45 months	 	 	0.235	 	 	0.258	 	 	0.279	 	 	0.298	 	 	0.315	 	 	0.330	 	 	0.343	 	 	0.356	 	 	0.365	 
	42 months	 	 	0.228	 	 	0.252	 	 	0.274	 	 	0.294	 	 	0.312	 	 	0.328	 	 	0.342	 	 	0.355	 	 	0.364	 
	39 months	 	 	0.221	 	 	0.246	 	 	0.269	 	 	0.290	 	 	0.309	 	 	0.325	 	 	0.340	 	 	0.354	 	 	0.364	 
	36 months	 	 	0.213	 	 	0.239	 	 	0.263	 	 	0.285	 	 	0.305	 	 	0.323	 	 	0.339	 	 	0.353	 	 	0.364	 
	33 months	 	 	0.205	 	 	0.232	 	 	0.257	 	 	0.280	 	 	0.301	 	 	0.320	 	 	0.337	 	 	0.352	 	 	0.364	 
	30 months	 	 	0.196	 	 	0.224	 	 	0.250	 	 	0.274	 	 	0.297	 	 	0.316	 	 	0.335	 	 	0.351	 	 	0.364	 
	27 months	 	 	0.185	 	 	0.214	 	 	0.242	 	 	0.268	 	 	0.291	 	 	0.313	 	 	0.332	 	 	0.350	 	 	0.364	 
	24 months	 	 	0.173	 	 	0.204	 	 	0.233	 	 	0.260	 	 	0.285	 	 	0.308	 	 	0.329	 	 	0.348	 	 	0.364	 
	21 months	 	 	0.161	 	 	0.193	 	 	0.223	 	 	0.252	 	 	0.279	 	 	0.304	 	 	0.326	 	 	0.347	 	 	0.364	 
	18 months	 	 	0.146	 	 	0.179	 	 	0.211	 	 	0.242	 	 	0.271	 	 	0.298	 	 	0.322	 	 	0.345	 	 	0.363	 
	15 months	 	 	0.130	 	 	0.164	 	 	0.197	 	 	0.230	 	 	0.262	 	 	0.291	 	 	0.317	 	 	0.342	 	 	0.363	 
	12 months	 	 	0.111	 	 	0.146	 	 	0.181	 	 	0.216	 	 	0.250	 	 	0.282	 	 	0.312	 	 	0.339	 	 	0.363	 
	9 months	 	 	0.090	 	 	0.125	 	 	0.162	 	 	0.199	 	 	0.237	 	 	0.272	 	 	0.305	 	 	0.336	 	 	0.362	 
	6 months	 	 	0.065	 	 	0.099	 	 	0.137	 	 	0.178	 	 	0.219	 	 	0.259	 	 	0.296	 	 	0.331	 	 	0.362	 
	3 months	 	 	0.034	 	 	0.065	 	 	0.104	 	 	0.150	 	 	0.197	 	 	0.243	 	 	0.286	 	 	0.326	 	 	0.361	 
	0 months	 	 	—	 	 	—	 	 	0.042	 	 	0.115	 	 	0.179	 	 	0.233	 	 	0.281	 	 	0.323	 	 	0.361	 

 

The exact fair market value and redemption date
may not be set forth in the table above, in which case, if the fair market value is between two values in the table or the redemption
date is between two redemption dates in the table, the number of shares of Class A common stock to be issued for each Public Warrant
exercised will be determined by a straight-line interpolation between the number of shares set forth for the higher and lower fair market
values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable. For example, if the average
last reported sale price of the Class A common stock for the ten (10) trading days ending on the third (3rd) trading date prior
to the date on which the notice of redemption is sent to the holders of the Public Warrants is $11.00 per share, and at such time there
are 57 months until the expiration of the Public Warrants, holders may choose to, in connection with this redemption feature, exercise
their Public Warrants for 0.277 shares of Class A common stock for each whole Public Warrant. For an example where the exact fair
market value and redemption date are not as set forth in the table above, if the average last reported sale price of the Class A
common stock for the ten (10) trading days ending on the third (3rd) trading date prior to the date on which the notice of redemption
is sent to the holders of the Public Warrants is $13.50 per share, and at such time there are 38 months until the expiration of the Public
Warrants, holders may choose to, in connection with this redemption feature, exercise their Public Warrants for 0.298 shares of Class A
common stock for each whole Public Warrant. In no event will the Public Warrants be exercisable in connection with this redemption feature
for more than 0.365 shares of Class A common stock per Public Warrant. Finally, as reflected in the table above, if the Public Warrants
are out of the money and about to expire, they cannot be exercised on a cashless basis in connection with a redemption by us pursuant
to this redemption feature, since they will not be exercisable for any shares of Class A common stock.

 

     

    8 

    

 

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. If, at the time of redemption,
the Public Warrants are exercisable for a security other than Class A common stock pursuant to the Warrant Agreement, the Public
Warrants may be exercised for such security.

 

Redemption Procedures and Cashless Exercise.

 

If we call the Public Warrants for redemption for
cash as described above, our management will have the option to require any holder that wishes to exercise its Public Warrant to do so
on a “cashless basis.” If our management takes advantage of this option, all holders of Public Warrants would pay the exercise
price by surrendering their Public Warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing
(x) the product of the number of shares of Class A common stock underlying the Public Warrants, multiplied by the excess of
the “fair market value” (defined below) over the exercise price of the Public 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 for the ten (10) trading
days ending on the third (3rd) trading day prior to the date on which the notice of redemption is sent to the holders of Public Warrants.
If our management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number
of shares of Class A common stock to be received upon exercise of the Public Warrants, including the “fair market value”
in such case. If we call our Public Warrants for redemption and our management does not take advantage of this option, Experience Sponsor
LLC and its permitted transferees would still be entitled to exercise their Private Placement Warrants for cash or on a cashless basis
using the same formula described above that other Public Warrant holders would have been required to use had all warrant holders been
required to exercise their Warrants on a cashless basis, as described in more detail below.

 

A holder of a Public Warrant may notify us in writing
in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent
that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual
knowledge, would beneficially own in excess of 4.8% or 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.

 

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 Public 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 the Class A common stock, there will be taken into account any consideration received for such rights, as well as any additional
amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of the Class A
common stock as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the shares
of Class A common stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such
rights.

 

In addition, if we, at any time while the Public
Warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Class A
common stock on account of such shares of Class A common stock (or other shares of our capital stock into which the Public Warrants
are convertible), other than (a) as described above or (b) certain ordinary cash dividends, then the Public Warrant exercise
price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value
of any securities or other assets paid on each share of Class A common stock in respect of such event.

 

     

    9 

    

 

If the number of outstanding shares of 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 Public 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 Public Warrants is adjusted, as described above, the Public Warrant exercise price will be
adjusted by multiplying the Public 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 Public Warrants immediately prior
to such adjustment, and (y) the denominator of which will be the number of shares of Class A common stock so purchasable immediately
thereafter.

 

In 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 Public Warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified
in the Public Warrants and in lieu of the shares of 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 Public Warrants would have received if such holder had exercised their Public Warrants immediately prior to such
event. If less than 70% of the consideration receivable by the holders of Class A common stock in such a transaction is payable in
the form of Class A common stock in the successor entity that is listed for trading on a national securities exchange or is quoted
in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered
holder of the Public Warrant properly exercises the Public Warrant within thirty (30) days following public disclosure of such transaction,
the Public 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 Public Warrant. The Warrant Agreement provides that the terms of the Public Warrants may be amended without
the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least
50% of the then outstanding Public Warrants to make any change that adversely affects the interests of the registered holders of Public
Warrants.

 

The Public 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 Public Warrants being exercised. The Public
Warrant holders do not have the rights or privileges of holders of Class A common stock or any voting rights until they exercise
their Public Warrants and receive shares of Class A common stock. After the issuance of shares of Class A common stock upon
exercise of the Public Warrants, each holder will be entitled to one (1) vote for each share held of record on all matters to be
voted on by stockholders.

 

No fractional shares will be issued upon exercise
of the Public Warrants. If, upon exercise of the Public 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 Public Warrant
holder.

 

     

    10 

    

 

Private Placement Warrants

 

The Private Placement Warrants (including the Class A
common stock issuable upon exercise of the Private Placement Warrants) will not be redeemable by us so long as they are held by Experience
Sponsor LLC or its permitted transferees (except for a number of shares of Class A common stock as described under “—
Redemption of Public Warrants for Shares of Class A common stock”). Otherwise, the Private Placement Warrants have terms
and provisions that are identical to those of the Public Warrants, including as to exercise price, exercisability and exercise period.
If the Private Placement Warrants are held by holders other than Experience Sponsor LLC or its permitted transferees, the Private Placement
Warrants will be redeemable by us and exercisable by the holders on the same basis as the Public Warrants.

 

If holders of the Private Placement Warrants elect
to exercise them on a cashless basis, they would pay the exercise price by surrendering their Private Placement Warrants for that number
of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A
common stock underlying the Private Placement Warrants, multiplied by the excess of the “fair market value” (defined below)
over the exercise price of the Private Placement 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 for the ten (10) trading days ending on the third (3rd) trading
day prior to the date on which the notice of warrant exercise is sent to the warrant agent.

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