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Document

Exhibit 10.72

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE LIGAND PHARMACEUTICALS INCORPORATED HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO LIGAND PHARMACEUTICALS INCORPORATED IF PUBLICLY DISCLOSED. 

SUPPLY AGREEMENT
This SUPPLY AGREEMENT (“Agreement”) is effective December 22, 2015 (the “Effective Date”), by and between CyDex Pharmaceuticals, Inc., a Delaware corporation with principal offices at 11119 North Torrey Pines Road, Suite 200, La Jolla, California 92037 (“CYDEX”), and Gilead Sciences, Inc., a Delaware corporation with principal offices at 333 Lakeside Drive, Foster City, California 94404 (“Gilead”). CYDEX and Gilead are sometimes referred to individually as “Party” or collectively as the “Parties.”
RECITALS
WHEREAS, Gilead and its Affiliates (as defined below) wish to purchase the product listed on Exhibit A-1 to this Agreement from CYDEX (collectively, the “Product”), as such Exhibit A-1 may be amended from time to time in writing by the Parties; and
WHEREAS, CYDEX is ready, willing and able to supply Product to Gilead and Gilead’s Affiliates subject to the terms and conditions of this Agreement.
NOW, THEREFORE, in consideration of the foregoing and the covenants and other agreements contained herein, and other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:
1.Purchase and Sale
(A)CYDEX agrees to sell Product to Gilead and its Affiliates based on orders placed under this Agreement pursuant to a Purchase Order (as defined below). In addition, CYDEX agrees to sell Product to Gilead’s Affiliates based on orders placed under this Agreement pursuant to a Purchase Order (as defined below); provided, that Gilead shall be jointly and severally obligated to pay for all Product purchased by its Affiliates and shall be responsible to CYDEX for any actions or inactions by an Affiliate which, if they had been done by Gilead, would constitute a breach of this Agreement. “Affiliate” means any (A) entity that, directly or indirectly, Controls, is Controlled by, or is under common Control with, Gilead and (B) any third party contract manufacturers of Gilead that may have purchase Product on Gilead’s behalf for the manufacture of the Licensed Products (as defined below). “Control” means (i) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of an entity, whether by the ownership of stock, by contract, or otherwise, and/or (ii) ownership or direct or indirect control of at least fifty percent (50%) of the voting stock of an entity. Gilead shall from time to time provide CYDEX a list of Gilead’s Affiliates; CYDEX shall have no obligation to deal with an Affiliate which is not included on the most recent such list.
(B)This Agreement and the Purchase Orders accepted under it comprise the Parties’ entire agreement and understanding with respect to Product. In the event of a conflict between any provision of this Agreement and any provision of the Purchase Order Terms and Conditions, 

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the provision of this Agreement shall control. For avoidance of doubt: the Parties confirm that the first sentence of Section 2 of the Purchase Order Terms and Conditions constitutes such a conflict. It is the Parties’ express intent that no other document may supplement or vary the terms hereof absent a written amendment duly executed by both Parties and expressly referencing this Agreement.
2.Supply
(A)Purchase Orders. Gilead or its Affiliates shall issue a Purchase Order for Product ordered under this Agreement in substantially the form of Exhibit B attached hereto (the “Purchase Order”). CYDEX shall have three (3) business days after the date of receipt of a Purchase Order to either: (i) provide written notice of its acceptance; or (ii) present Gilead or its Affiliates with a Purchase Order for Gilead consideration and acceptance. CYDEX shall supply the Product to Gilead or its Affiliate in accordance with each Purchase Order and the terms of this Agreement, and shall cause each delivery to made strictly in accordance with the delivery dates and locations specified in the Purchase Order.
(B)Forecasting. On at least an annual basis during the Term, Gilead (on behalf of itself and its Affiliates) shall provide to CYDEX a non-binding rolling forecast detailing the quantities for the delivery of Product for the next twelve (12) calendar months of the Term (each, a “Forecast”). Gilead shall have the right to update a Forecast at any time. CYDEX shall supply Product in a quantity up to a maximum of 150% of the quantity specified in the Forecast and shall utilize commercially reasonable efforts to supply such additional Product in excess of those quantities in the timeline requested by Gilead.
(C)Minimum Stock. Unless otherwise agreed to by the Parties, CYDEX shall maintain a minimum stock of the Product at all times in order to satisfy the quantities set forth in Exhibit A-2.
(D)Delay and Shortfall. If delivery of any quantity of Product is delayed after CYDEX has accepted a Purchase Order, through no fault of Gilead and not due to a Force Majeure Event (as defined in Section 23), by more than thirty (30) days beyond the delivery date set forth in the Purchase Order (but subject to the delivery windows specified in Exhibit A-2), the quantity shall be considered a shortfall (“Shortfall”). Upon a Shortfall, or indication from CYDEX that a Shortfall is to occur, Gilead or its Affiliates shall have the right, in its discretion, to cancel the applicable Purchase Order without liability.
(E)Minimum Shelf Life. CYDEX warrants that the Product supplied by CYDEX at the time of delivery to Gilead shall have a minimum shelf life as set forth in Exhibit A-2. During such Product’s shelf life, the Product shall conform to the Specifications (as defined below) and be consistent with and in compliance with the Product Warranty (as defined below).
(F)Commercialization Rights. CYDEX hereby grants to Gilead a non-exclusive, worldwide, royalty-free license under CYDEX Intellectual Property to use and incorporate the Product in and sell (and have sold) any Licensed Product for any and all human diseases and conditions which are identified in Exhibit A-3 for such Licensed Product. No license is granted 

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for making (or having made) the Product or for selling (or having sold) the Product other than for Licensed Products. For purposes of this Section, “CYDEX Intellectual Property” shall mean (i) any and all know-how owned or controlled by CYDEX that relates to the use of the Product, and (ii) any and all patents owned or controlled by CYDEX that claims the Product or use thereof. “Licensed Product” means a pharmaceutical composition comprising as the active pharmaceutical ingredient the compound identified in Exhibit A-3 (as such Exhibit A-3 may be amended from time to time in writing by the Parties) prepared or combined with or formulated using the Product. For avoidance of doubt: because only CYDEX-supplied material is “Product,” such a composition which is prepared or combined with or formulated using non-CYDEX-supplied cyclodextrin material is not a “Licensed Product.” Similarly, a pharmaceutical composition comprising as an active pharmaceutical ingredient a compound not identified in Exhibit A-3 (as such Exhibit A-3 may be amended from time to time in writing by the Parties) prepared or combined with or formulated using the (CYDEX-supplied) Product is not a “Licensed Product.”
(G)DMF Reference Fee. Gilead shall pay CYDEX a one-time DMF Reference Fee of [***] in exchange for the right of Gilead and its Affiliates to reference, in its regulatory filings for and to the extent regarding Licensed Products, CYDEX’s Type III, IV and V Drug Master Files (DMF) for the Product. CYDEX shall invoice this amount within 15 days after the Effective Date. For avoidance of doubt, Gilead shall not be obligated to pay any royalties or other milestones other than the one-time DMF Reference Fee payment.
(H)Purchase Order Quantities. Gilead shall order a minimum of [***] of Product on or before December 28, 2015 and the delivery time for such initial order shall be “January 5, 2016 or such sooner time as CYDEX is able to deliver.” There is no annual minimum Product purchase quantity.
(I)Negative Covenants. Gilead covenants and agrees that it shall not, and it shall cause its Affiliates not to, resell or transfer (other than in or for Licensed Products) any quantity of the Product, or use any of the Product for anything other than for a Licensed Product.
3.Price
(A)The prices of the Product as of the Effective Date are as set forth in Exhibit A-2 attached hereto. Such prices shall be fixed during the Term unless otherwise agreed to by the Parties.
(B)To the extent applicable, CYDEX shall calculate and charge Gilead or its Affiliates for applicable sales, GST or VAT imposed by any federal, state, provincial, local, or other governmental entity for Product provided under this Agreement, excluding taxes based solely on CYDEX’s net income or arising from the employment relationship between CYDEX and its personnel. Gilead and its Affiliates shall have no liability for taxes billed later than one hundred eighty (180) days after their due date. CYDEX shall hold Gilead and its Affiliates harmless from all claims and liability arising from CYDEX’s failure to calculate or charge any such taxes or similar charges.
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*** Certain Confidential Information Omitted.

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(C)All items ordered by Gilead can be delayed for shipment up to [***] from date of original requested ship date at no charge to Gilead. Gilead shall pay a warehouse charge to CYDEX at a rate to be agreed to by the Parties on [***] after the original requested ship date. CYDEX may invoice in full the total cost of the Product on the original requested ship date notwithstanding Gilead’s request to delay shipment.
4.Payment
Invoices for Product shipped to Gilead or its Affiliates and for the DMF Reference Fee are due and payable net thirty (30) days from the date of receipt of invoice by Gilead. CYDEX shall submit invoices referencing the applicable Purchase Order or DMF Reference Fee to Gilead at the following address:
Gilead Sciences, Inc. 
ATTN: Accounts Payable
P.O. Box 5469 
San Mateo, CA 94402 
Email: apinvoices@gilead.com
5.[***]
6.Delivery; Risk of Loss
Unless otherwise agreed to by the Parties in writing, CYDEX shall deliver all shipments of Product to Gilead DDP (Incoterms 2010) to the facility designated in the accepted Purchase Order. Title and risk of loss, damage or destruction to the Product shall remain with CYDEX until final delivery of the Product to Gilead at the named place of destination on the accepted Purchase Order. CYDEX shall package and label the Product for delivery in accordance with Gilead’s packaging and labeling requirements.
7.Product
(A)CYDEX shall supply the Product (i) in conformance with the specifications (including for the Product and any raw materials or components) set forth in Exhibit A, which may be modified from time to time by mutual agreement of the Parties (collectively, the “Specifications”).
(B)CYDEX shall notify Gilead within two (2) business days of any information of which CYDEX becomes aware of any deviations of the Product from the Specifications.
(C)From time to time, Gilead may request, and CYDEX shall promptly provide, sales reports detailing the purchase of Product under this Agreement, including a list of all Affiliates who have purchased Product.

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*** Certain Confidential Information Omitted.

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8.Warranties and Remedies
(A)CYDEX warrants that all Product shall be consistent with and in compliance with the Specifications, this Agreement, any Quality Agreement entered into by the Parties, all 

applicable laws and current good manufacturing practices as established by the United States Food and Drug Administration (the “Product Warranty”).
(B)Each Party represents and warrants to the other Party that it has the full right, power and authority to enter into this Agreement and to perform its obligations hereunder without the consent of any third party and without breach of any agreements with or obligations to any third party.
(C)CYDEX warrants that any Product it delivers to Gilead and its Affiliates is free and clear of any liens, security interests or encumbrances of any kind.
(D)CYDEX represents and warrants that neither CYDEX, nor any of its subsidiaries, nor any of their respective directors, officers, employees or agents has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended (such act, including the rules and regulations thereunder, the “FCPA”), the U.K. Bribery Act 2010 (as amended from time to time and including the rules and regulations thereunder, the “U.K. Bribery Act”), the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions adopted by the Negotiating Conference of the Organisation for Economic Co-operation and Development on 21 November 1997 (such convention, including the rules and regulations thereunder, the “OECD Convention”) or any other applicable anticorruption laws, rules or regulations (collectively with the FCPA, the U.K. Bribery Act and OECD Convention, the “Anticorruption Laws”). CYDEX shall ensure that it, its employees, any permitted subcontractor or agent and/or affiliates shall comply with the Anticorruption Laws at all times. CYDEX represents and warrants that it and, to its knowledge, its affiliates, have conducted their businesses in compliance with the Anticorruption Laws and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. Specifically but without limiting CYDEX’s obligation to comply with all applicable laws, CYDEX shall comply with laws prohibiting human trafficking, slavery and child labor.
(E)Notwithstanding the representations and warranties set forth in this Agreement, Gilead acknowledges and accepts the risks inherent in attempting to develop and commercialize any pharmaceutical product. There is no implied representation that any Licensed Products can be successfully developed or commercialized. The express warranties set forth in Section 2 and this Section 8 are provided in lieu of, and EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, NEITHER PARTY PROVIDES, ANY WARRANTIES, WHETHER WRITTEN OR ORAL, EXPRESS OR IMPLIED, AND EACH PARTY HEREBY DISCLAIMS ALL OTHER WARRANTIES, WHETHER WRITTEN OR ORAL, EXPRESS AND IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. Each Party’s representations and/or warranties under this Agreement are solely for the benefit of the other Party 
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*** Certain Confidential Information Omitted.

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and may be asserted only by the other Party. Each Party shall be solely responsible for all representations and warranties that it or its Affiliates make to any customer (or other third party

9.Limitation of Liability
[***]
10.Indemnity
(A)Each Party shall indemnify, and at the other Party’s request, defend, and hold the other Party, its affiliates, and its and their respective officers, directors, employees, stockholders and agents harmless from and against any and all losses, settlements, liabilities, damages and expenses (including reasonable attorneys’ fees) (collectively, “Losses”) resulting from any third party claims, demands, suits or proceedings (“Claims”) to the extent arising out of or relating to (i) a breach by the indemnifying Party of any of its representations, warranties or covenants set forth in this Agreement, or any other material breach of this Agreement or of any applicable laws by such Party or (ii) [***]; except to the extent any such Loss(es) is covered by indemnification obligations of the indemnified Party hereunder.
(B)Each Party shall notify the other Party promptly upon learning of a Claim that is subject to indemnification pursuant to this Section 10, and if so requested by the indemnified Party, the indemnifying Party shall control defense and settlement thereof diligently, in good faith, and using reasonably experienced counsel with expertise in the relevant field; provided, however, that the indemnifying Party shall make no settlement of any such Claim which is binding upon the indemnified Party or admitting fault on behalf of the indemnified Party, in each case without first receiving the indemnified Party’s consent thereto, which consent shall not unreasonably be withheld or delayed. The indemnified Party shall reasonably cooperate in such defense and/or settlement and may participate at its own expense using its own counsel.
11.Records
(A)CYDEX shall prepare and maintain complete and accurate records and data for the Product and shall maintain such records and data with respect to the Product (collectively, “Gilead Data”), for five (5) years after termination or expiration of this Agreement or such longer period of time as may be required by applicable laws. Upon Gilead’s request, CYDEX shall provide copies of all such Gilead Data to Gilead (as Confidential Information of CYDEX). If CYDEX wants to destroy Gilead Data as it is no longer required to maintain such Gilead Data as required by this Agreement or applicable laws, it shall offer to provide all such Gilead Data to Gilead (as Confidential Information of CYDEX) prior to its destruction.
(B)CYDEX shall maintain the Drug Master File for the Product. At Gilead’s request and upon Gilead’s payment of the one-time payment set forth in Section 2(g), CYDEX shall provide a letter of authorization to Gilead permitting Gilead to refer to CYDEX’s Drug Master File in connection with any regulatory filings for Gilead’s (and/or Gilead’s Affiliates’) Licensed Products. In addition, upon request, CYDEX shall provide to Gilead all documents and information related to the Product necessary for Gilead to submit in connection with any regulatory filing for Gilead’s (and/or Gilead’s Affiliates’) Licensed Products.
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*** Certain Confidential Information Omitted.

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Exhibit 10.74

12.Inspection; Release; Latent Defects
(A)Gilead or its Affiliate shall examine each shipment of Product upon its arrival at the destination specified in this Agreement and shall promptly notify CYDEX in writing of any shortage, loss or damage apparent under reasonable examination within [***] (“Inspection Period”). If such shipment is not expressly rejected by the end of the Inspection Period, it shall be deemed to have been accepted (in each case within the meaning of the Uniform Commercial Code). CYDEX shall provide Gilead with a written response within five (5) business days of being notified in writing, of the discovery of a Product that does not conform to the Product Warranty (a “Defective Product”). CYDEX’s written response shall acknowledge receipt and planned investigation. A follow up CYDEX’s written response within thirty (30) days shall include at a minimum, the root cause of the defect and CYDEX’s corrective actions.
(B)If after actual or deemed acceptance of a shipment of Product, Gilead or its Affiliate concludes that such Product nonetheless is (or has become) Defective Product is discovered, Gilead shall notify CYDEX and the provisions in the last three sentences of Section 12(a) above and Section 12(c)-(e) below shall apply.
(C)In the event of any Defective Product, CYDEX shall, at Gilead’s sole option, either (i) replace the Defective Product at no additional charge to Gilead, or (ii) provide Gilead with a full refund for any Defective Product. Return freight and any other costs incurred by Gilead, including the cost of destruction, for Defective Product shall be borne by CYDEX.
(D)In the event the Parties disagree with respect to whether or not the Product is Defective Product, the Product in question shall be submitted to a third party laboratory agreeable to both Parties for further testing. The Parties further agree that the determination of the third party laboratory as to whether or not the Product is Defective Product shall be binding on both Parties, and the costs associated with such testing shall be borne by the Party whose position is not supported by the findings of the third party laboratory.
(E)Gilead and CYDEX agree to work together rapidly, with time being of the essence, to resolve any quality issues relating to the Product, which may include holding quality improvement meetings to be scheduled at mutually agreeable times.
(F)In the event either Party believes it may be necessary to conduct a recall with respect to any quantity of the Product(s) which were sold by CYDEX to Gilead or its Affiliates under this Agreement (a “Recall”), CYDEX and Gilead shall consult with each other as to how best to proceed, it being understood and agreed that the final decision as to any Recall of any quantity of the Product shall be made by Gilead; provided, however, that CYDEX shall not be prohibited hereunder from taking any action that it is required to take by applicable law. Any Recall required primarily because of the failure of the Product(s) to conform to the Product Warranty or other breach of this Agreement by CYDEX, shall be conducted by Gilead at CYDEX’s expense.

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13.Confidentiality
(A)Each respective Party agrees not to use or disclose any Confidential Information (as defined below) which it may receive from the other Party for any purpose other than the purchase of Product under this Agreement. For purposes of this Agreement, “Disclosing Party” shall mean the Party that releases or discloses Confidential Information and “Receiving Party” shall mean the Party that receives the Confidential Information from the Disclosing Party. No Party shall disclose or permit disclosure of any Confidential Information to any person other than officers, employees and agents of the Receiving Party who have a bona fide need to know such Confidential Information and who are bound by obligations of confidentiality and non-use at least as protective as those of this Agreement. Each Party agrees that it shall take all reasonable measures to protect and avoid disclosure or use of the Confidential Information contrary to the terms of this Agreement. Such measures shall include, but not be limited to, employing the same degree of care that the Receiving Party utilizes to protect its own Confidential Information of a similar nature, which in no event shall be less than a reasonable degree of care. Each Party agrees to promptly notify the other in writing of any actual or suspected misuse, misappropriation or unauthorized disclosure of the Confidential Information which may come to the Receiving Party’s attention. 
(B)“Confidential Information” means all non-public proprietary or confidential information disclosed by the Disclosing Party to the Receiving Party under this Agreement. Confidential Information shall also include confidential findings and observations obtained during visits and/or demonstrations in research and development laboratories or production facilities of the other Party.
(C)The confidentiality obligations set forth in this Section 13 shall not apply to information that: (i) was in the possession or control of the Receiving Party (with no duty of confidentiality) prior to its receipt from the Disclosing Party, as demonstrated by written records; (ii) was or thereafter becomes part of the public domain through no fault of the Receiving Party or of persons for whom the Receiving Party is responsible; (iii) was rightfully obtained by the Receiving Party from a third party with no obligation of confidentiality to or for the benefit of the Disclosing Party; (iv) the Disclosing Party gives prior written approval for the Receiving Party to disclose onward free of confidentiality obligations; or (v) the Receiving Party independently developed without use or reference to the Confidential Information, as demonstrated by written records contemporaneous with such development.
(D)Notwithstanding the above, nothing herein shall be construed to limit disclosure of Confidential Information pursuant to the order, rule or requirement of a court, administrative agency or other governmental body with proper jurisdiction (an “Order”); provided, however, that the Receiving Party, to the extent allowed by law, shall promptly notify the Disclosing Party of such Order and shall reasonably cooperate with the Disclosing Party in its efforts to seek a protective order or other limitations or exemptions from such Order. Nothing in this Agreement shall be construed as authorizing the Receiving Party to use or disclose Confidential Information beyond the scope of any protective order or other limitation.

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(E)The Receiving Party agrees that it shall not attempt to reverse engineer or otherwise analyze any Disclosing Party Confidential Information for purposes of determining the 

composition, chemical structure, chemical pretreatments or other properties, attributes, or characteristics of such Confidential Information. In addition, whether or not the Product constitutes Confidential Information, Gilead shall not attempt to reverse engineer, deconstruct or otherwise analyze the Product for purposes of determining the composition, chemical structure, chemical pretreatments or other properties, attributes, or characteristics of the Product.
(F)Upon the first of expiration or termination of this Agreement, or at Disclosing Party’s written request, the Receiving Party agrees to promptly destroy all of the Disclosing Party’s Confidential Information, except one copy which may be retained in its legal archives for the sole purpose of monitoring the Receiving Party’s surviving obligations under this Agreement. The Receiving Party agrees to promptly destroy any and all materials to the extent that they are synthesized or otherwise contain Confidential Information in their synthesis or production. Upon request of the Disclosing Party, the Receiving Party shall provide written confirmation of such destruction. Each Party’s obligations of confidentiality and non-use shall survive the expiration or termination of this Agreement for a period of [***].
14.Governing Law
The validity and interpretation of this Agreement and the legal relations of the Parties to it shall be governed by the internal substantive laws of the state of California, excluding that state’s conflicts of law provisions.
15.Term
This Agreement shall have a term of five (5) years following the Effective Date (the “Term”).
16.Termination
(A)Gilead may terminate this Agreement (and/or, subject to the following sentence, any Purchase Order) without cause by providing thirty (30) days prior written notice to CYDEX. Termination or expiration of this Agreement without cause shall not relieve the Parties of their rights and responsibilities under any accepted Purchase Order which is outstanding as of the effective date of such termination or expiration.
(B)In the event of a material breach of this Agreement, the Party in such breach shall be provided with written notification of the breach by the other Party. The Party in such breach shall have thirty (30) days to cure the breach (to the extent the breach is of a type that can be cured in 30 days). If the breach is not cured within thirty (30) days following notice or if the breach is not of the type that can be cured in 30 days, then this Agreement shall automatically terminate.
(C)In the event of a Party’s voluntary bankruptcy petition; liquidation, winding up or similar proceeding; or appointment of a receiver, trustee or manager for the benefit of creditors 

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(which is not dismissed within 60 days); or the filing of an involuntary bankruptcy petition against a Party (which is not dismissed within 60 days), then the other Party shall be entitled immediately to terminate this Agreement and any accepted Purchase Orders without notice or liability.
(D)Expiration or termination of this Agreement shall not affect accrued rights or obligations of the Parties. Sections 2(i), 9, 10, 11(a), 12, 13, 16, 17, 22, 25, 26 and 29 shall survive termination or expiration of this Agreement.
17.Intellectual Property Rights
Each Party shall retain all proprietary rights in and to its respective Confidential Information including, but not limited to, that related to patent, copyright, trademark, and trade secrets. Except as expressly set forth herein, no license in or to any proprietary right is granted or implied by conveying Confidential Information hereunder. Indeed, except as expressly set forth herein, no license in or to any intellectual property or other proprietary right is granted or implied by virtue of entering into or operating under this Agreement.
18.Insurance
(A)Each Party shall maintain in full force and effect during the term of this Agreement, the following insurance coverages, with limits of liability not less than those specified below:
(i) Commercial General Liability with limits of $5 million, including coverage for premises liability, personal and advertising injury, products and completed operations liability, broad form property damage and blanket contractual liability. Such insurance may be provided on a claims-made basis, however, such insurance shall have a retroactive date prior to the date that any work will be performed pursuant to the Agreement, and shall be maintained (or shall have an extended reporting period) of at least 5 years after the termination of this Agreement. The use of primary and excess limits to achieve the total required limits is acceptable.
(B)With respect to CYDEX only,
(ii) Workers’ compensation insurance pursuant to all applicable laws, covering CYDEX employees (including principals) and contractors engaged in providing services under this Agreement; and
(iii)Employer’s liability insurance with a minimum limit of $5,000,000 bodily injury - each accident, $5,000,000 disease - each employee, $5,000,000 disease - policy limit. The use of primary and excess limits to achieve the total required limits is acceptable.
(C)All insurance programs provided by an outside insurance carrier required to be maintained hereunder shall be from insurers having an A.M. Best rating of A VIII or better, or its 

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equivalent, and shall be from insurance carriers and in a form reasonably acceptable to the other Party. Gilead may self-insure for the above coverages.
(D)To the extent requested by the other Party, each Party shall provide the other with written evidence of self-insurance and/or an original certificate of insurance evidencing that (A) all such insurance coverages are in effect, and (B) none of the required policies of insurance shall be terminated, canceled or materially modified by insurers except upon at least thirty (30) days written notice to the other Party. Any failure to maintain the insurance coverage required by this Section 18 shall be a material breach which may be cured only by restoring such coverage retroactive to the date of lapse of the prior coverage.
19.Successors and Assigns
The terms and provisions of this Agreement shall be binding upon and inure to the benefit of any successor of a Party. Neither this Agreement, nor the Parties rights or duties hereunder, may be assigned or delegated without the express, written consent of the other Party, which consent may be withheld for any reason, except that Gilead may assign this Agreement to an Affiliate without CYDEX’s consent, and either Party may without the other Party’s consent assign this Agreement in connection with such (first) Party (or its parent company) being acquired.
20.Notices
All notices under this Agreement shall be in writing and shall be deemed given upon personal delivery, facsimile transmission with electronic confirmation of transmission, delivery by internationally- or nationally-recognized courier service, or three (3) days after sending by certified or registered mail, postage prepaid and return receipt requested, to the following addresses or facsimile numbers of the respective Parties or such other address or facsimile number as given by notice under this Section 20:
Gilead:    Gilead Sciences, Inc. 
        333 Lakeside Drive 
        Foster City, CA 94404 
        Attention: Rob Silber

Copy to:        
Gilead Sciences, Inc. 
333 Lakeside Drive 
Foster City, CA 94404 
Attention: General Counsel 
Fax No.: (650) 522-5771

CYDEX    CyDex Pharmaceuticals, Inc.
    c/o Ligand Pharmaceuticals Incorporated 
    11119 North Torrey Pines Road, Suite 200 

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    La Jolla, CA 92037 
    Attention: Vice President and Secretary

Copy to:
Ligand Pharmaceuticals Incorporated 
11119 North Torrey Pines Road, Suite 200 
La Jolla, CA 92037 
Attention: General Counsel

21.Severability
This Agreement is severable. The invalidity, illegality or unenforceability (to any extent) of any provision of this Agreement shall not affect the validity, legality, or enforceability of the remaining provisions.
22.Use of Name
As between CYDEX and Gilead, Gilead shall have the sole authority to select trademarks for Licensed Products and shall own all such trademarks. Neither Party grants the other the right to use any of its or its Affiliates’ logos, trademarks or trade names. Under no circumstances shall CYDEX use the Gilead trademark or corporate logo or name any of its personnel in promotional materials, literature, press releases, advertising or any other public announcement without Gilead’s prior written permission and approval on each occurrence.
23.Force Majeure
Neither Party shall be liable for any delay in performing or for failing to perform its obligations under this Agreement where such failure or delay results from any force majeure cause beyond its reasonable control including, without limitation, acts of God; earthquakes; severe weather conditions such as hurricanes, tornadoes, ice storms or blizzards; epidemics or quarantines; fire; explosions; floods; sabotage; destruction of production facilities; general shortages of specified raw materials, power or fuel; war; acts of domestic or international terrorism; transportation accidents; riots or civil disturbances; insurrection; embargo; and acts of government or governmental agencies including changes in law or regulations that materially and adversely impact the Party or its obligations under this Agreement (individually and collectively a “Force Majeure Event”) provided that the affected Party promptly notifies (within ten (10) business days or as soon as practicable after discovery of the event) the other Party of the event. If the delays caused by the Force Majeure Event are not cured within sixty (60) calendar days following passage of the Force Majeure Event, then either Party may immediately terminate this Agreement upon written notice to the other Party. A Force Majeure Event shall not include labor disputes or strikes.

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24.Entire Agreement
This Agreement sets forth the entire understanding and agreement between the Parties as to the subject matter herein. This Agreement replaces and supersedes any previously existing understandings or agreements between the Parties as to the subject matter herein; provided, that any prior nondisclosure/nonuse agreement is not superseded and shall remain in full force and effect in addition to this Agreement. None of the terms of this Agreement shall be amended or modified or waived except in writing, signed by the Parties.
25.Export Control
In handling Confidential Information provided or received hereunder the Parties shall adhere to all applicable United States export laws and regulations, and shall not knowingly export or re-export (directly or indirectly) any of the Confidential Information or any product, process, or service resulting directly therefrom to any restricted country without first obtaining any and all required government authorizations.
26.Relationship of Parties
Neither Party is the agent or legal representative of the other Party. Nothing contained in this Agreement shall be deemed to create the relationship of partner, principal and agent, or joint venture between the Parties. Neither Party has the right or authority to incur obligations of any kind in the name of or for the other Party, and each Party agrees not to purport to do so.
27.Further Assurances
The Parties hereby covenant and agree without the necessity of any further consideration, to execute, acknowledge and deliver any and all such other documents and instruments and take any such other action as may be reasonably necessary or appropriate to carry out the intent and purposes of this Agreement.
28.No Guaranty of Favorable Outcomes
CYDEX does not warrant that Gilead’s clinical studies (if any) will produce any particular results or any favorable results, or that Licensed Products can ever be successfully or profitably commercialized.
29.Patent Marking
Gilead agrees (for itself and its Affiliates) that with respect to each unit or package of Licensed Products sold in a given country, Gilead (or its Affiliate) shall comply with the customary patent marking laws and practices.
30.In Vivo Studies
If Gilead wishes to conduct any in vivo study (preclinical or clinical, in animals or in humans, each a “Study”) of a Licensed Product, the following provisions shall apply:

    13

(A)Compliance with Laws. Gilead represents and warrants that each Study shall be performed in accordance with all applicable laws, regulations and requirements. Gilead shall provide or cause to be provided all appropriate information and warnings to participants enrolled in each Study and obtain or cause to be obtained appropriate documentation of informed consent from all participants in each such Study.
(B)Responsibility. Gilead has the freedom to design each Study, and (as between Gilead and CYDEX) Gilead is solely responsible for executing each Study; and so it is reasonable that, and the parties agree that, Gilead shall be solely responsible therefor and for any effects or consequences of the design and execution of each Study, except to the extent any such effects or consequences arise out of or result from the actions of CYDEX.
[The remainder of this page has intentionally been left blank.]-

    14

WITNESSETH, that the Parties execute and deliver this Supply Agreement on and as of the Effective Date. By signing this Supply Agreement, the Parties agree to all terms and conditions set forth herein as of the Effective Date, and warrant and represent that the individuals signing below are authorized to make such commitments on behalf of their respective organizations.
CyDex Pharmaceuticals, Inc.

By:    /s/ Matthew W. Foehr        
Printed Name:    MATTHEW W. FOEHR
Title:    PRESIDENT/COO

Gilead Sciences, Inc.

By:    /s/ Reza Olivai        
Printed Name:    Reza Oliyai
Title:    VP, PDCS

    15

Exhibit A-1
Product

Product: Captisol® sulfobutylether ß (beta) cyclodextrin, sodium salt (Clinical Grade or Commercial Grade, as specified for Gilead’s proposed use and supplied by CYDEX) 

Specifications: [***]

___________________________________
*** Certain Confidential Information Omitted.    

Exhibit A-2 
Commercial Provisions

The price for all Product ordered shall be [***].
Safety Stock: [***] 
Minimum Shelf Life: [***] 
Forecasting Mechanism: Non-binding annual forecast as provided in Section 2(b). 
Product Delivery:

						
	Days after Purchase Order	Minimum Monthly Delivery Quantity
	[***]	[***]

___________________________________
*** Certain Confidential Information Omitted.    

Exhibit A-3 
Licensed Products
Active Pharmaceutical Ingredient 
[***]
Permitted Indications
All indications except (a) ocular treatment of any disease or condition with a formulation including a hormone; (b) topical ocular treatment of inflammatory conditions; (c) treatment and prophylaxis of fungal infections in humans; and (d) any ocular treatment for retinal degeneration.
___________________________________
*** Certain Confidential Information Omitted.    

Exhibit B
Form of Purchase Order
[***]

___________________________________
*** Certain Confidential Information Omitted.    

___________________________________
*** Certain Confidential Information Omitted.EX-4.5

 Exhibit 4.5 

DESCRIPTION OF SECURITIES 

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

Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-third
of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as described in our Initial Public Offering prospectus. Pursuant to the
warrant agreement we entered into with Continental Stock Transfer & Trust Company in October 22, 2020, a warrant holder may exercise its warrants only for a whole number of the company’s Class A ordinary shares. This means
only a whole warrant may be exercised at any given time by a warrant holder. 
 The Class A ordinary shares and warrants comprising
the units commenced trading on the NYSE on December 14, 2020. Holders have the option to continue to hold units or separate their units into the component securities. Holders will need to have their brokers contact our transfer
agent in order to separate the units into Class A ordinary shares and warrants. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least
three units, you will not be able to receive or trade a whole warrant. 
 Additionally, the units will automatically separate into
their component parts and will not be traded after completion of our initial business combination. 
 Ordinary Shares 

As of December 31, 2020, there were 6,875,000 Class B ordinary shares issued and outstanding and 27,500,000 Class A ordinary
shares issued and outstanding. 
 Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on
by shareholders. Except as described below, holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of our shareholders except as required by law.
Unless specified in our amended and restated memorandum and articles of association, or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the affirmative vote of a majority of our ordinary shares that are
voted is required to approve any such matter voted on by our shareholders. Approval of certain actions will require a special resolution under Cayman Islands law, being the affirmative vote of at least
two-thirds of our ordinary shares that are voted, and pursuant to our amended and restated memorandum and articles of association; such actions include amending our amended and restated memorandum and articles
of association and approving a statutory merger or consolidation with another company. Our board of directors is divided into three classes, each of which will generally serve for a term of three years with only one class of directors being
appointed in each year. There is no cumulative voting with respect to the appointment of directors, with the result that the holders of more than 50% of the shares voted for the appointment of directors can appoint all of the directors. Our
shareholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor. Prior to our initial business combination, only holders of our founder shares will have the right to
vote on the appointment of directors. Holders of our public shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to the completion of an initial business combination, holders of a majority of our
founder shares may remove a member of the board of directors for any reason. The 

 
provisions of our amended and restated memorandum and articles of association governing the appointment or removal of directors prior to our initial business combination may only be amended by a
special resolution passed by not less than two-thirds of our ordinary shares who attend and vote at our general meeting which shall include the affirmative vote of a simple majority of our Class B
ordinary shares. 
 Because our amended and restated memorandum and articles of association authorize the issuance of up to 500,000,000
Class A ordinary shares, if we were to enter into and consummate a business combination, we may (depending on the terms of such a business combination) be required to increase the number of Class A ordinary shares which we will be
authorized to issue at the same time as our shareholders vote on the business combination to the extent we seek shareholder approval in connection with our initial business combination. 

Our board of directors is divided into three classes with only one class of directors being appointed in each year and each class (except for
those directors appointed prior to our first annual general meeting) serving a three-year term. In accordance with the NYSE corporate governance requirements, we are not required to hold an annual general meeting until one year after our first
fiscal year end following our listing on the NYSE. There is no requirement under the Companies Act for us to hold annual or general meetings to appoint directors. We may not hold an annual general meeting to appoint new directors prior to the
consummation of our initial business combination. Prior to the completion of an initial business combination, any vacancy on the board of directors may be filled by a nominee chosen by holders of a majority of our founder shares. In addition, prior
to the completion of an initial business combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason. 

We will provide our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our
initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account (the “Trust Account”) calculated as of two business days prior
to the consummation of our initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares,
subject to the limitations described herein. The amount in the Trust Account is initially anticipated to be $10.00 per public share. The per share amount we will distribute to investors who properly redeem their shares will not be reduced by the
deferred underwriting commissions we will pay to the underwriters. The redemption rights will include the requirement that a beneficial owner must identify itself in order to valid redeem its shares. Our sponsor and each member of our management
team have entered into an agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares held by them in connection with (i) the completion of our initial business
combination, and (ii) a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A
ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of the
Initial Public Offering or during any extension period thereof as a result of a shareholder vote to amend our amended and restated memorandum and articles of association (“Extension Period”) or (B) with respect to any other provision
relating to the rights of holders of our Class A ordinary shares. Unlike many blank check companies that hold shareholder votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related
redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not required by law, if a shareholder vote is not required by applicable law or stock exchange listing requirements and we do not decide
to hold a shareholder vote for business or other reasons, we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents
with the SEC prior to completing our initial business combination. Our amended and restated memorandum and articles of association require these tender offer documents to contain substantially the same financial and other information about the
initial business combination and the redemption rights as is required under the SEC’s proxy rules. If, however, a shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or we decide to
obtain shareholder approval for business or other reasons, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek
shareholder approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, being the affirmative vote of a majority of the ordinary shares represented in person or by
proxy and entitled to vote thereon and who vote at a general meeting. However, the participation of our sponsor, 

  
 2 

 
officers, directors, advisors or their affiliates in privately-negotiated transactions (as described in our Initial Public Offering prospectus), if any, could result in the approval of our
initial business combination even if a majority of our public shareholders vote, or indicate their intention to vote, against such initial business combination. For purposes of seeking approval of the majority of our issued and outstanding ordinary
shares, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. Our amended and restated memorandum and articles of association require that at least five
days’ notice will be given of any general meeting. 
 If we seek shareholder approval of our initial business combination and we do not
conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide that a public shareholder, together with any affiliate of such
shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of
15% of the shares sold in the Initial Public Offering, which we refer to as the “Excess Shares”, without our prior consent. However, we would not be restricting our shareholders’ ability to vote all of their shares (including Excess
Shares) for or against our initial business combination. Our shareholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and such shareholders could suffer a
material loss in their investment if they sell such Excess Shares on the open market. Additionally, such shareholders will not receive redemption distributions with respect to the Excess Shares if we complete our initial business combination. And,
as a result, such shareholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their shares in open market transactions, potentially at a loss. 

If we seek shareholder approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution
under Cayman Islands law, being the affirmative vote of a majority of the ordinary shares represented in person or by proxy and entitled to vote thereon and who vote at a general meeting. In such case, our sponsor and each member of our management
team have agreed to vote their founder shares and public shares in favor of our initial business combination. Additionally, each public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed
transaction or vote at all. 
 Pursuant to our amended and restated memorandum and articles of association, if we have not consummated an
initial business combination within 24 months from the closing of the 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, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the
Trust Account and not previously released to us to pay our income taxes, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-outstanding public shares, which redemption will completely extinguish
public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining
shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii), to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. Our
sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the Trust Account with respect to any founder shares they hold if we
fail to consummate an initial business combination within 24 months from the closing of the Initial Public Offering or during any Extension Period thereof (although they will be entitled to liquidating distributions from the Trust Account with
respect to any public shares they hold if we fail to complete our initial business combination within the prescribed time frame). Our amended and restated memorandum and articles of association provide that, if we wind up for any other reason prior
to the consummation of our initial business combination, we will follow the foregoing procedures with respect to the liquidation of the Trust Account as promptly as reasonably possible but not more than ten business days thereafter, subject to
applicable Cayman Islands law. 
 In the event of a liquidation, dissolution or winding up of the company after a business combination, our
shareholders are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the ordinary shares. Our
shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the ordinary shares, except that we will provide our public shareholders with the opportunity to redeem their public

  
 3 

 
shares for cash at a per share price equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously
released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares, upon the completion of our initial business combination, subject to the limitations described herein. 

Founder Shares 
 The founder shares are
designated as Class B ordinary shares and, except as described below, are identical to the Class A ordinary shares, and holders of founder shares have the same shareholder rights as public shareholders, except that: (a) prior to our
initial business combination, only holders of the founder shares have the right to vote on the appointment of directors and holders of a majority of our founder shares may remove a member of the board of directors for any reason; (b) the
founder shares are subject to certain transfer restrictions, as described in more detail below; (c) our sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to (i) waive
their redemption rights with respect to their founder shares (ii) to waive their redemption rights with respect to their founder shares and public shares in connection with a shareholder vote to approve an amendment to our amended and restated
memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business
combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of this offering or (B) with respect to any other provision relating to the rights of holders of
our Class A ordinary shares; and (iii) waive their rights to liquidating distributions from the Trust Account with respect to any founder shares they hold if we fail to consummate an initial business combination within 24 months from
the closing of the Initial Public Offering or during any Extension Period (although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if we fail to complete our initial business
combination within the prescribed time frame); (d) the founder shares will automatically convert into our Class A ordinary shares at the time of our initial business combination or earlier at the option of the holders thereof as described
herein; and (e) the founder shares are entitled to registration rights. If we seek shareholder approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, being
the affirmative vote of a majority of the ordinary shares represented in person or by proxy and entitled to vote thereon and who vote at a general meeting. In such case, our sponsor and each member of our management team have agreed to vote their
founder shares and public shares in favor of our initial business combination. 
 The founder shares are designated as Class B ordinary
shares and will automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion will not have redemption rights or be entitled to liquidating distributions from the trust account if we do
not consummate an initial business combination) at the time of our initial business combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder
shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the Initial Public Offering, plus
(ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the
consummation of the initial business combination, excluding Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the
initial business combination and any private placement warrants issued to our sponsor, its affiliates or any member of our management team upon conversion of working capital loans. In no event will the Class B ordinary shares convert into
Class A ordinary shares at a rate of less than one-to-one. 

Except as described herein, our sponsor and our directors and executive officers have agreed not to transfer, assign or sell any of their
founder shares until earliest of (A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the closing price of our Class A ordinary shares equals or
exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any
30-trading day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange or other similar transaction that
results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. We refer to such transfer restrictions as the lock-up. Any permitted
transferees would be subject to the same restrictions and other agreements of our sponsor and our directors and executive officers with respect to any founder shares. 

  
 4 

 Prior to our initial business combination, only holders of our founder shares will have the
right to vote on the appointment of directors. Holders of our public shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to the completion of an initial business combination, holders of a majority
of our founder shares may remove a member of the board of directors for any reason. These provisions of our amended and restated memorandum and articles of association may only be amended by a special resolution passed by not less than two-thirds of our ordinary shares who attend and vote at our general meeting which shall include the affirmative vote of a simple majority of our Class B ordinary shares. With respect to any other matter
submitted to a vote of our shareholders, including any vote in connection with our initial business combination, except as required by law, holders of our founder shares and holders of our public shares will vote together as a single class, with
each share entitling the holder to one vote. 
 Register of Members 

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

 

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

  

	 	•	 	 whether voting rights attached to the shares in issue; 

 

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

 

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

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

Preference Shares 
 Our amended and
restated memorandum and articles of association authorize 5,000,000 preference shares and provide that preference shares may be issued from time to time in one or more series. Our board of directors will be authorized to fix the voting rights, if
any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors will be able to,
without shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. The ability of our board of
directors to issue preference shares without shareholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management. We have no preference shares issued and outstanding at the
date hereof. Although we do not currently intend to issue any preference shares, we cannot assure you that we will not do so in the future. 

  
 5 

 Warrants 

Public Shareholders’ Warrants 

Each whole warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to
adjustment as discussed below, at any time commencing on the later of one year from the closing of the Initial Public Offering and 30 days after the completion of our initial business combination, except as discussed in the immediately
succeeding paragraph. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A ordinary shares. This means only a whole warrant may be exercised at a given time by a warrant holder. No
fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least three units, you will not be able to receive or trade a whole warrant. The warrants will expire
five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. 

We will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to
settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying
our obligations described below with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable and we will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless
the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions
in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required
to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the Class A
ordinary share underlying such unit. 
 We have agreed that as soon as practicable, but in no event later than twenty business days after
the closing of our initial business combination, we will use our commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise
of the warrants, and we will use our commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of our initial business combination, and to maintain the effectiveness of such registration
statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement; provided that if our Class A ordinary shares are at the time of any exercise of
a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise
their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but we will use our
commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the Class A ordinary shares issuable upon exercise of the
warrants is not effective by the 60th day after the closing of the initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an
effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but we will use our commercially reasonably efforts to register or qualify the
shares under applicable blue sky laws to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the lesser of
(A) the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” (defined below) less the exercise price of the
warrants by (y) the fair market value and (B) 0.361 per warrant. The “fair market value” as used in this paragraph shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading days ending on
the trading day prior to the date on which the notice of exercise is received by the warrant agent. 

  
 6 

 Redemption of warrants when the price per Class A ordinary share equals or
exceeds $18.00. 
 Once the warrants become exercisable, we may redeem the outstanding warrants (except as described herein with
respect to the private placement warrants): 
  

	 	•	 	 in whole and not in part; 

 

	 	•	 	 at a price of $0.01 per warrant; 

 

	 	•	 	 upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and

  

	 	•	 	 if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as
adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “— Warrants—Public Shareholders’ Warrants-Anti-Dilution Adjustments”) on the trading
day prior to the date on which we send the notice of redemption to the warrant holders. 

 We will not redeem the warrants
as described above unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A
ordinary shares is available throughout the 30-day redemption period. If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the
underlying securities for sale under all applicable state securities laws. 
 We have established the last of the redemption criterion
discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant
holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. Any such exercise would not be done on a “cashless” basis and would require the exercising warrant holder to pay the exercise price for
each warrant being exercised. However, the price of the Class A ordinary shares may fall below the $18.00 redemption trigger price (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as
described under the heading “— Warrants — Public Shareholders’ Warrants — Anti-dilution Adjustments”) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued. 

Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00. 

Once the warrants become exercisable, we may redeem the outstanding warrants (except as described herein with respect to the private placement
warrants): 
  

	 	•	 	 in whole and not in part; 

 

	 	•	 	 at $0.10 per warrant upon a minimum of 30 days’ prior written notice of
redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based on the redemption date and the
“fair market value” of our Class A ordinary shares (as defined below) except as otherwise described below; and 

  

	 	•	 	 if, and only if, the closing price of our Class A ordinary shares equals or exceeds $10.00 per public share
(as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “— Warrants-Public Shareholders’ Warrants-Anti-Dilution Adjustments”) on the trading
day prior to the date on which we send the notice of redemption to the warrant holders. 

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

  
 7 

 
a redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A ordinary shares on the corresponding redemption date (assuming holders elect
to exercise their warrants and such warrants are not redeemed for $0.10 per warrant), determined for these purposes based on volume weighted average price of our Class A ordinary shares for the 10 trading days ending on the third trading day
prior to the date on which the notice of redemption is sent to the holders of warrants, and the number of months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth in the table below. We will
provide our warrant holders with the final fair market value no later than one business day after the 10-trading day period described above ends. 

Pursuant to the warrant agreement, references above to Class A ordinary shares shall include a security other than Class A ordinary
shares into which the Class A ordinary shares have been converted or exchanged for in the event we are not the surviving company in our initial business combination. The numbers in the table below will not be adjusted when determining the
number of Class A ordinary shares to be issued upon exercise of the warrants if we are not the surviving entity following our initial business combination. 

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

  

																																					
	 Redemption Date
	  	Fair Market Value of Class A Ordinary Shares	 
	 (period to expiration
of warrants)
	  	£$10.00	 	  	$11.00	 	  	$12.00	 	  	$13.00	 	  	$14.00	 	  	$15.00	 	  	$16.00	 	  	$17.00	 	  	3$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	 

  
 8 

 The exact fair market value and redemption date may not be set forth in the table above, in
which case, if the fair market value is between two values in the table or the redemption date is between two redemption dates in the table, the number of Class A ordinary shares to be issued for each warrant exercised will be determined by a
straight-line interpolation between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as
applicable. For example, if the volume weighted average price of our Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of the warrants is
$11.00 per share, and at such time there are 57 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 Class A ordinary shares for each whole
warrant. For an example where the exact fair market value and redemption date are not as set forth in the table above, if the volume weighted average price of our Class A ordinary shares for the 10 trading days ending on the third trading day
prior to the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months until the expiration of the warrants, holders may choose to, in connection with this redemption
feature, exercise their warrants for 0.298 Class A ordinary shares for each whole warrant. In no event will the warrants be exercisable on a cashless basis in connection with this redemption feature for more than 0.361 Class A ordinary
shares per warrant (subject to adjustment). Finally, as reflected in the table above, if the warrants are out of the money and about to expire, they cannot be exercised on a cashless basis in connection with a redemption by us pursuant to this
redemption feature, since they will not be exercisable for any Class A ordinary shares. 
 This redemption feature differs from the
typical warrant redemption features used by many other blank check companies, 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 ordinary shares
exceeds $18.00 per share for a specified period of time. This redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the Class A ordinary shares are trading at or above $10.00 per public share, which
may be at a time when the trading price of our Class A ordinary shares is below the exercise price of the warrants. We have established this redemption feature to provide us with the flexibility to redeem the warrants without the warrants
having to reach the $18.00 per share threshold set forth above under “— Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00.” Holders choosing to exercise their warrants in connection
with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants based on an option pricing model with a fixed volatility input as of the Initial Public Offering prospectus. This redemption right provides us
with an additional mechanism by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as the warrants would no longer be outstanding and would have been exercised or redeemed. We will be required
to pay the applicable redemption price to warrant holders if we choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of the warrants if we determine it is in our best interest to do so. As such, we would
redeem the warrants in this manner when we believe it is in our best interest to update our capital structure to remove the warrants and pay the redemption price to the warrant holders. 

As stated above, we can redeem the warrants when the Class A ordinary shares are trading at a price starting at $10.00, which is below
the exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position while providing warrant holders with the opportunity to exercise their warrants on a cashless basis for the applicable number of
shares. If we choose to redeem the warrants when the Class A ordinary shares are trading at a price below the exercise price of the warrants, this could result in the warrant holders receiving fewer Class A ordinary shares than they would
have received if they had chosen to wait to exercise their warrants for Class A ordinary shares if and when such Class A ordinary shares were trading at a price higher than the exercise price of $11.50. 

No fractional Class A ordinary shares will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional
interest in a share, we will round down to the nearest whole number of the number of Class A ordinary shares to be issued to the holder. If, at the time of redemption, the warrants are exercisable for a

  
 9 

 
security other than the Class A ordinary shares pursuant to the warrant agreement (for instance, if we are not the surviving company in our initial business combination), the warrants may be
exercised for such security. At such time as the warrants become exercisable for a security other than the Class A ordinary shares, the Company (or surviving company) will use its commercially reasonable efforts to register under the Securities
Act the security issuable upon the exercise of the warrants. 
 Redemption procedures. 

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

Anti-dilution Adjustments. 

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

In addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or
other assets to all or substantially all of the holders of the Class A ordinary shares on account of such Class A ordinary shares (or other securities into which the warrants are convertible), other than (a) as described above,
(b) any cash dividends or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid on the Class A ordinary shares during the 365-day
period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the
exercise price or to the number of Class A ordinary shares issuable on exercise of each warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (c) to
satisfy the redemption rights of the holders of Class A ordinary shares in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a
shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in
connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of the Initial Public Offering or (B) with respect to any
other provision relating to the rights of holders of our Class A ordinary shares, or (e) in connection with the redemption of our public shares upon our failure to complete our initial business combination, then the warrant exercise price
will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each Class A ordinary share in respect of such event. 

  
 10 

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

In addition, if (x) we issue additional Class A ordinary shares or equity-linked securities for capital raising purposes in
connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by our board of directors
and, in the case of any such issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the
aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial business
combination (net of redemptions), and (z) the volume weighted average trading price of our Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which we consummate our initial business
combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00
per share redemption trigger price described above under “— Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” and “— Redemption of warrants when the price per Class A
ordinary shares equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described above under
“— Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. 

In case of any reclassification or reorganization of the outstanding Class A ordinary shares (other than those described above or that
solely affects the par value of such Class A ordinary shares), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does
not result in any reclassification or reorganization of our outstanding Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as
an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the Class A
ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of Class A ordinary shares or other securities or property (including cash) receivable upon such
reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event.
However, if such holders were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets for which
each warrant will become exercisable will be deemed to be the weighted average of the kind and amount received per share by such holders in such consolidation or merger that affirmatively make such election, and if a tender, exchange or redemption
offer has been made to and accepted by such holders (other than a tender, exchange or redemption offer made by the company in connection with redemption rights held by shareholders of the company as provided for in the company’s amended and
restated memorandum and articles of association or as a result of the redemption of Class A ordinary shares by the company if a proposed initial business combination is presented to the shareholders of the company for approval) under
circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which
such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or
associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the issued and outstanding Class A ordinary shares, the holder of a warrant will be
entitled to receive the highest amount of cash, securities or other property to which such holder would actually have been entitled as a shareholder if such 

  
 11 

 
warrant holder had exercised the warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Class A ordinary shares held by such holder had been
purchased pursuant to such tender or exchange offer, subject to adjustment (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in the warrant agreement. If less than 70%
of the consideration receivable by the holders of Class A ordinary shares in such a transaction is payable in the form of Class A ordinary shares in the successor entity that is listed for trading on a national securities exchange or is
quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the
warrant properly exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes value (as defined in the warrant
agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of
the warrants otherwise do not receive the full potential value of the warrants. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise
period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants. 

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

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

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

Except as described below, the private placement warrants have terms and provisions that are identical to those of the warrants constituting
the units. The private placement warrants (including the Class A ordinary shares issuable upon exercise of the private placement warrants) are not transferable, assignable or salable 

  
 12 

 
until 30 days after the completion of our initial business combination (except pursuant to limited exceptions as described in the Annual Report under “Principal Shareholders —
Transfers of Founder Shares and Private Placement Warrants,” to our officers and directors and other persons or entities affiliated with the initial purchasers of the private placement warrants) and they will not be redeemable by us so long as
they are held by our sponsor or its permitted transferees. Our sponsor, or its permitted transferees, has the option to exercise the private placement warrants on a cashless basis. If the private placement warrants are held by holders other than our
sponsor or its permitted transferees, the private placement warrants will be redeemable by us in all redemption scenarios and exercisable by the holders on the same basis as the warrants included in the units being sold in the Initial Public
Offering. Any amendment to the terms of the private placement warrants or any provision of the warrant agreement with respect to the private placement warrants will require a vote of holders of at least 50% of the number of the then outstanding
private placement warrants. 
 If holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the
exercise price by surrendering his, her or its warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied
by the excess of the “Sponsor fair market value” (defined below) over the exercise price of the warrants by (y) the Sponsor fair market value. For these purposes, the “Sponsor fair market value” shall mean the average
reported closing price of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these
warrants will be exercisable on a cashless basis so long as they are held by our sponsor and its permitted transferees is because it is not known at this time whether they will be affiliated with us following a business combination. If they remain
affiliated with us, their ability to sell our securities in the open market will be significantly limited. We expect to have policies in place that restrict insiders from selling our securities except during specific periods of time. Even during
such periods of time when insiders will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of material non-public information. Accordingly, unlike
public shareholders who could exercise their warrants and sell the Class A ordinary shares received upon such exercise freely in the open market in order to recoup the cost of such exercise, the insiders could be significantly restricted from
selling such securities. As a result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate. 

In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial business combination, our
sponsor or an affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $2,000,000 of such loans may be convertible into warrants of the post business combination entity
at a price of $1.50 per warrant at the option of the lender. Such warrants would be identical to the private placement warrants. 
 Dividends 

We have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of our
initial business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of our initial business combination.
The payment of any cash dividends subsequent to our initial business combination will be within the discretion of our board of directors at such time. Further, if we incur any indebtedness in connection with a business combination, our ability to
declare dividends may be limited by restrictive covenants we may agree to in connection therewith. 
 Our Transfer Agent and Warrant Agent 

The transfer agent for our ordinary shares and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have
agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents and each of its shareholders, directors, officers and employees against all claims and losses that may arise out of
acts performed or omitted for its activities in that capacity, except for any claims and losses due to any gross negligence or intentional misconduct of the indemnified person or entity. 

  
 13 

 Certain Differences in Corporate Law 

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

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

Where the merger or consolidation is between two Cayman Islands companies, the directors of each company must approve a written plan of merger
or consolidation containing certain prescribed information. That plan or merger or consolidation must then be authorized by either (a) a special resolution (usually a majority of 66 2/3% in value of the voting shares voted at a general meeting)
of the shareholders of each company; or (b) such other authorization, if any, as may be specified in such constituent company’s articles of association. No shareholder resolution is required for a merger between a parent company (i.e., a
company that owns at least 90% of the issued shares of each class in a subsidiary company) and its subsidiary company. The consent of each holder of a fixed or floating security interest of a constituent company must be obtained, unless the court
waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that the requirements of the Companies Act (which includes certain other formalities) have been complied with, the Registrar of Companies will register the plan of
merger or consolidation. 
 Where the merger or consolidation involves a foreign company, the procedure is similar, save that with respect
to the foreign company, the directors of the Cayman Islands exempted company are required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the
merger or consolidation is permitted or not prohibited by the constitutional documents of the foreign company and by the laws of the jurisdiction in which the foreign company is incorporated, and that those laws and any requirements of those
constitutional documents have been or will be complied with; (ii) that no petition or other similar proceeding has been filed and remains outstanding or order made or resolution adopted to wind up or liquidate the foreign company in any
jurisdictions; (iii) that no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction and is acting in respect of the foreign company, its affairs or its property or any part thereof; and (iv) that no
scheme, order, compromise or other similar arrangement has been entered into or made in any jurisdiction whereby the rights of creditors of the foreign company are and continue to be suspended or restricted. 

Where the surviving company is the Cayman Islands exempted company, the directors of the Cayman Islands exempted company are further required
to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the foreign company is able to pay its debts as they fall due and that the merger or
consolidated is bona fide and not intended to defraud unsecured creditors of the foreign company; (ii) that in respect of the transfer of any security interest granted by the foreign company to the surviving or consolidated company
(a) consent or approval to the transfer has been obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional documents of the foreign company; and (c) the laws of the
jurisdiction of the foreign company with respect to the transfer have been or will be complied with; (iii) that the foreign company will, upon the merger or consolidation becoming effective, cease to be incorporated, registered or exist under
the laws of the relevant foreign jurisdiction; and (iv) that there is no other reason why it would be against the public interest to permit the merger or consolidation. 

Where the above procedures are adopted, the Companies Act provides for a right of dissenting shareholders to be paid a payment of the fair
value of his shares upon their dissenting to the merger or consolidation if they follow a prescribed procedure. In essence, that procedure is as follows: (a) the shareholder must give his written objection to the merger or consolidation to the
constituent company before the vote on the merger or consolidation, 

  
 14 

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

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

 

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

  

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

 

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

 

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

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

  
 15 

 Squeeze-out Provisions. 

When a takeover offer is made and accepted by holders of 90% of the shares to whom the offer relates within four months, the offeror may,
within a two-month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands, but this is unlikely
to succeed unless there is evidence of fraud, bad faith, collusion or inequitable treatment of the shareholders. 
 Further, transactions
similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through means other than these statutory provisions, such as a share capital exchange, asset acquisition or control, or through contractual arrangements
of an operating business. 
 Shareholders’ Suits. 

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

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

 

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

 

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

  

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

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

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

  
 16 

 Special Considerations for Exempted Companies. 

We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies
and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the
same as for an ordinary company except for the exemptions and privileges listed below: 
  

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

  

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

 

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

 

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

 

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

  

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

  

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

 

	 	•	 	 an exempted company may register as a segregated portfolio company 

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

 Amended and Restated Memorandum and Articles of Association 

Our amended and restated memorandum and articles of association contain provisions designed to provide certain rights and protections relating
to the Initial Public Offering that will apply to us until the completion of our initial business combination. These provisions cannot be amended without a special resolution under Cayman Islands law. As a matter of Cayman Islands law, a resolution
is deemed to be a special resolution where it has been approved by either (i) the affirmative vote of at least two-thirds (or any higher threshold specified in a company’s articles of association) of
a company’s shareholders entitled to vote and so voting at a general meeting for which notice specifying the intention to propose the resolution as a special resolution has been given; or (ii) if so authorized by a company’s articles
of association, by a unanimous written resolution of all of the company’s shareholders. Other than as described above, our amended and restated memorandum and articles of association provide that special resolutions must be approved either by
at least two-thirds of our shareholders who attend and vote at a general meeting of the company (i.e., the lowest threshold permissible under Cayman Islands law), or by a unanimous written resolution of all of
our shareholders. 

  
 17 

 Our sponsor and its permitted transferees, if any, who collectively beneficially own 20% of
our ordinary shares, will participate in any vote to amend our amended and restated memorandum and articles of association and will have the discretion to vote in any manner they choose. Specifically, our amended and restated memorandum and articles
of association provide, among other things, that: 
  

	 	•	 	 If we have not consummated an initial business combination within 24 months from the closing of the 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, redeem the public shares, at a
per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay
our income taxes that were paid by us or are payable by us, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-outstanding public shares, which redemption will completely extinguish public
shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders
and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law; 

 

	 	•	 	 Prior to or in connection with our initial business combination, we may not issue additional securities that
would entitle the holders thereof to (i) receive funds from the Trust Account or (ii) vote as a class with our public shares (a) on our initial business combination or on any other proposal presented to shareholders prior to or in
connection with the completion of an initial business combination or (b) to approve an amendment to our amended and restated memorandum and articles of association to (x) extend the time we have to consummate a business combination beyond
24 months from the closing of the Initial Public Offering or (y) amend the foregoing provisions; 

  

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

  

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

  

	 	•	 	 So long as our securities are then listed on the NYSE, our initial business combination must occur with one or
more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the trust account (excluding the amount of deferred underwriting discounts held in trust and taxes payable on the income earned on the
trust account) at the time of the agreement to enter into the initial business combination; 

  

	 	•	 	 If our shareholders approve an amendment to our amended and restated memorandum and articles of association
(A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public
shares if we do not complete our initial business combination within 24 months from the closing of the Initial Public Offering or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary
shares, we will provide our public shareholders with the opportunity to redeem all or a portion of their ordinary shares upon such approval at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the Trust Account, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares, subject to the
limitations described herein; and 

  
 18 

 We will not effectuate our initial business combination solely with another blank check
company or a similar company with nominal operations. 
 In addition, our amended and restated memorandum and articles of association
provide that under no circumstances will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001. 

The Companies Act permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the approval
of a special resolution which requires the approval of the holders of at least two-thirds of such company’s issued and outstanding ordinary shares who attend and vote at a general meeting or by way of
unanimous written resolution. A company’s articles of association may specify that the approval of a higher majority is required but, provided the approval of the required majority is obtained, any Cayman Islands exempted company may amend its
memorandum and articles of association regardless of whether its memorandum and articles of association provide otherwise. 
 Accordingly,
although we could amend any of the provisions relating to our structure and business plan which are contained in our amended and restated memorandum and articles of association, we view all of these provisions as binding obligations to our
shareholders and neither we, nor our officers or directors, will take any action to amend or waive any of these provisions unless we provide dissenting public shareholders with the opportunity to redeem their public shares. 

Anti-Money Laundering-Cayman Islands 
 If
any person resident in the Cayman Islands knows or suspects, or has reasonable grounds for knowing or suspecting, that another person is engaged in criminal conduct or is involved with terrorism or terrorist property and the information for that
knowledge or suspicion came to their attention in the course of business in the regulated sector or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) the Financial
Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Act (As Revised) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering or (ii) a police officer of the rank of constable or higher,
or the Financial Reporting Authority, pursuant to the Terrorism Act (As Revised) of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report will not be treated as a breach of
confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise. 
 Data Protection-Cayman Islands 

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

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

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

  
 19 

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

If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements
such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation your investment in the company, this will be relevant for those individuals and you should transmit the
content of this Privacy Notice to such individuals or otherwise advise them of its content. 
 How the Company May Use a
Shareholder’s Personal Data 
 The company, as the data controller, may collect, store and use personal data for lawful
purposes, including, in particular: 
  

	 	(a)	 where this is necessary for the performance of our rights and obligations under any purchase agreements;

  

	 	(b)	 where this is necessary for compliance with a legal and regulatory obligation to which we are subject (such as
compliance with anti-money laundering and FATCA/CRS requirements); and/or 

  

	 	(c)	 where this is necessary for the purposes of our legitimate interests and such interests are not overridden by
your interests, fundamental rights or freedoms. 

 Should we wish to use personal data for other specific purposes
(including, if applicable, any purpose that requires your consent), we will contact you. 
 Why We May Transfer Your Personal Data

 In certain circumstances we may be legally obliged to share personal data and other information with respect to your shareholding
with the relevant regulatory authorities such as the Cayman Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange this information with foreign authorities, including tax authorities. 

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

The Data Protection Measures We Take 

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

  
 20 

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

We shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights or
freedoms or those data subjects to whom the relevant personal data relates. 
 Certain Anti-takeover Provisions of our Amended and Restated Memorandum
and Articles of Association 
 Our amended and restated memorandum and articles of association provide that our board of directors will
be classified into three classes of directors. As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest at two or more annual general meetings. 

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

Securities Eligible for Future Sale 

27,500,000 Class A ordinary shares are freely tradable without restriction or further registration under the Securities Act. All of the
Class B ordinary shares and all of the private placement warrants are restricted securities under Rule 144, in that they were issued in private transactions not involving a public offering. 

Rule 144 

Pursuant to Rule 144, a person who has beneficially owned restricted shares or warrants for at least six months would be entitled to
sell their securities provided that (i) such person is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale and (ii) we are subject to the Exchange Act
periodic reporting requirements for at least three months before the sale and have filed all required reports under Section 13 or 15(d) of the Exchange Act during the twelve months (or such shorter period as we were required to file
reports) preceding the sale. 
 Persons who have beneficially owned restricted shares or warrants for at least six months but who are
our affiliates at the time of, or at any time during the three months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of securities that
does not exceed the greater of: 
  

	 	•	 	 1% of the total number of ordinary shares then-outstanding; or 

 

	 	•	 	 the average weekly reported trading volume of the Class A ordinary shares during the four calendar weeks
preceding the filing of a notice on Form 144 with respect to the sale 

 Sales by our affiliates under Rule 144 are
also limited by manner of sale provisions and notice requirements and to the availability of current public information about us. 
 Restrictions on the
Use of Rule 144 by Shell Companies or Former Shell Companies 
 Rule 144 is not available for the resale of securities
initially issued by shell companies (other than business combination related shell companies) or issuers that have been at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition if the
following conditions are met: 
  

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

  
 21 

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

  

	 	•	 	 the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable,
during the preceding twelve months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and at least one year has elapsed from the time
that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company 

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

The holders of the founder shares, private placement warrants and any warrants that may be issued upon conversion of working capital loans (and
any Class A ordinary shares issuable upon the exercise of the private placement warrants and warrants that may be issued upon conversion of working capital loans) will be entitled to registration rights pursuant to a registration and
shareholder rights agreement which was executed at the closing of the Initial Public Offering. The holders of these securities are entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the
holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our completion of our initial business combination. However, the registration and shareholder rights agreement provides that
we will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lockup period, which occurs (i) in the case of the founder shares, as described in the following paragraph, and
(ii) in the case of the private placement warrants and the respective Class A ordinary shares underlying such warrants, 30 days after the completion of our initial business combination. We will bear the expenses incurred in connection
with the filing of any such registration statements. 
 Except as described herein, our sponsor and our directors and executive officers
have agreed not to transfer, assign or sell their founder shares until the earliest of (A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the closing
price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange or other similar
transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of our
sponsor with respect to any founder shares. We refer to such transfer restrictions as the lock-up. 

In addition, pursuant to the registration and shareholder rights agreement, our sponsor, upon and following consummation of an initial
business combination, will be entitled to nominate three individuals for appointment to our board of directors, as long as the sponsor holds any securities covered by the registration and shareholder rights agreement. 

Listing of Securities 
 Our units are
listed on the NYSE under the symbol “ATAC.U.” The Class A ordinary shares and warrants are listed on the NYSE under the symbols “ATAC” and “ATAC.W,” respectively. The units will automatically separate into
their component parts and will not be traded following the completion of our initial business combination. 

  
 22

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