Document:

Exhibit 4.7 

 

DESCRIPTION OF SECURITIES

 

We are a company incorporated in the British Virgin Islands as a BVI
business company (company number 2013875) and our affairs are governed by our memorandum and articles of association, the BVI Business
Companies Act, 2004 (the “Companies Act”) and the common law of the British Virgin Islands. We are authorized to issue an
unlimited number of shares with no par value, divided into two (2) classes of share being (i) ordinary shares with no par value and (ii)
preferred shares with no par value. The following description summarizes certain terms of (i) our shares as set out more particularly
in our memorandum and articles of association (ii) our Units, (iii) our Rights, and (iv) our Warrants. Because it is only a summary, it
may not contain all the information that is important to you.

 

Units

 

Each unit consists of one ordinary share, one right,
and one warrant. Each right entities the holder thereof to receive one-tenth (1/10) of one ordinary share on the consummation of an initial
business combination. Each warrant entitles the holder to purchase one ordinary share exercisable at $11.50 per ordinary share upon consummation
of our initial business combination. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number
of ordinary shares.

 

Ordinary Shares

 

		●	6,111,000 of
our ordinary shares are outstanding including:

 

		●	4,600,000 ordinary shares underlying the units issued as
part of our initial offering; and

 

		●	1,511,000 ordinary shares held by our initial shareholders.

 

Under the Companies Act, the ordinary shares are
deemed to be issued when the name of the shareholder is entered in our register of members. Our register of members will be maintained
by our transfer agent Continental Stock Transfer & Trust Company. If (a) information that is required to be entered in the register
of members is omitted from the register or is inaccurately entered in the register, or (b) there is unreasonable delay in entering information
in the register, a shareholder of the company, or any person who is aggrieved by the omission, inaccuracy or delay, may apply to the British
Virgin Islands Courts for an order that the register be rectified, and the court may either refuse the application or order the rectification
of the register, and may direct the company to pay all costs of the application and any damages the applicant may have sustained.

 

At any general meeting every ordinary shareholder
who is present in person or by proxy will have one vote for each ordinary share held on all matters to be voted on by shareholders. The
chairman is responsible for deciding in such manner as he considers appropriate whether any resolution proposed has been carried or not
and the result of his decision shall be announced to the general meeting and recorded in the minutes of the general meeting. If the chairman
has any doubt as to the outcome of the vote on a proposed resolution, he shall cause a poll to be taken of all votes cast upon such resolution.
If the chairman fails to take a poll then any shareholder present in person or by proxy who disputes the announcement by the chairman
of the result of any vote may immediately following such announcement demand that a poll be taken and the chairman shall cause a poll
to be taken. If a poll is taken at any general meeting, the result shall be announced to the general meeting and recorded in the minutes
of the general meeting. Prior to the consummation of our initial business combination, the rights attaching to ordinary shares (including
those provisions designed to provide certain rights and protections to our ordinary shareholders) may only be amended by a resolution
of persons holding 65% (or 50% if approved in connection with our initial business combination) of our outstanding ordinary shares attending
and voting on such amendment. Other provisions of our memorandum and articles of association may be amended prior to the consummation
of our initial business combination if approved by a majority of the votes of shareholders attending and voting on such amendment or by
resolution of the directors. Following the consummation of, or in connection with, our initial business combination, the rights and obligations
attaching to our ordinary shares and other provisions of our memorandum and articles of association may be amended if approved by a majority
of the votes of shareholders attending and voting on such amendment or by resolution of the directors. There is no cumulative voting with
respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors
can elect all of the directors. Our shareholders are entitled to receive ratable dividends when, as and if declared by the board of directors
out of funds legally available therefore.

 

     

     

    

 

We may not currently intend to hold an annual meeting
of shareholders until after we consummate our initial business combination. Therefore, if our shareholders want us to hold a meeting prior
to such consummation, they may requisition the directors to hold one upon the written request of members entitled to exercise at least
30% of the voting rights in respect of the matter for which the meeting is requested. Under British Virgin Islands law, we may not increase
the required percentage to call a meeting above such 30% level.

 

Our memorandum and articles of association will
require us to provide our shareholders with the opportunity to redeem their shares upon the consummation 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, including interest (net of
taxes payable), divided by the number of then outstanding public shares, subject to the limitations described herein and any limitations
(including but not limited to cash requirements) agreed to in connection with the negotiation of terms of a proposed business combination.
The amount in the trust account is initially anticipated to be $10.00 per share, whether or not the underwriters’ over-allotment
option is exercised in full. Our initial shareholders have agreed to waive their redemption rights with respect to their founder shares
and public shares in connection with the consummation of our initial business combination. We intend to obtain shareholder approval in
connection with our initial business combination. If we so decide, 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 consummate our initial business combination only if a majority of the votes of ordinary shareholders who being so entitled attend
and vote at the general meeting are voted in favor of the business combination. However, the participation of our sponsor, officers, directors,
advisors or their affiliates in privately-negotiated transactions (as described in our registration statement effective on June 23, 2020),
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 business combination. For purposes of seeking approval of the majority of our outstanding ordinary
shares, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. We intend to give
approximately 30 days (but not less than 10 days nor more than 60 days) prior written notice of any such meeting, if held, at which a
vote shall be taken to approve our initial business combination.

 

If we seek shareholder approval in connection with
our initial business combination, our initial shareholders have agreed to vote their founder shares and any public shares purchased during
or after the offering in favor of our initial business combination. Each public shareholder may elect to redeem their public shares irrespective
of whether they vote for or against the proposed transaction.

 

Notwithstanding the foregoing, if a shareholder
vote is not required for business or other legal reasons, we will, pursuant to our memorandum and articles of association, offer to redeem
our public shares pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to consummating our
initial business combination. Our memorandum and articles of association requires these tender offer documents to contain substantially
the same financial and other information about the initial business combination and the redemption rights as is required under the SEC’s
proxy rules.

 

Pursuant to our memorandum and articles of association,
if we are unable to consummate our initial business combination within a 12 month period from the closing of our initial public offering
(or up to 21 months from the closing of our initial public offering if we extend the period of time to consummate a business combination,
as described in more detail in our registration statement effective on June 23, 2020), we will, as promptly as reasonably possible but
not more than five business days thereafter, distribute the aggregate amount then on deposit in the trust account (net of taxes payable
and less interest earned thereon that is released to us), pro rata to our public shareholders by way of redemption and cease all operations
except for the purposes of winding up of our affairs. This redemption of public shareholders from the trust account will be effected as
required by and by function of our memorandum and articles of association and prior to any formal voluntary liquidation of the company.
Our sponsor has agreed to waive its right to receive liquidating distributions with respect to its founder shares if we fail to consummate
our initial business combination within 12 months from the closing of our initial public offering (or up to 21 months from the closing
of our initial public offering if we extend the period of time to consummate a business combination, as described in more detail in our
registration statement effective on June 23, 2020). However, if our sponsor or any of our officers, directors or affiliates acquire public
shares in or after our initial public offering, they will be entitled to receive liquidating distributions with respect to such public
shares if we fail to consummate our initial business combination within the required time period.

 

    2

     

    

 

Our shareholders are entitled to receive ratable
dividends when, as and if declared by the board of directors out of legally available funds. In the event of a liquidation or winding
up of the company after our initial 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 shareholders with the redemption rights set forth above.

 

Founder Shares

 

The founder shares are identical to the other ordinary
shares included in the units being sold in our initial public offering, and holders of founder shares have the same shareholder rights
as public shareholders, except that (i) the founder shares are subject to certain transfer restrictions, as described in more detail below,
and (ii) our initial shareholders agreed (A) to waive their rights to liquidating distribution with respect to their founder shares and
public shares in connection with the consummation of our initial business combination and (B) to waive their redemption rights with respect
to their founder shares if we fail to consummate our initial business combination within 12 months from the closing of our initial public
offering (or up to 21 months from the closing of our initial public offering if we extend the period of time to consummate a business
combination, as described in more detail in our registration statement effective on June 23, 2020), although they will be entitled to
redemption rights with respect to any public shares they hold if we fail to consummate our initial business combination within such time
period. Our initial shareholders have agreed to vote their founder shares and any public shares purchased during or after the offering
in favor of our initial business combination and our officers and directors have also agreed to vote any public shares purchased during
or after the offering in favor of our initial business combination.

 

All of the founder shares outstanding prior to the
date of closing of our initial public offering were placed in escrow with Continental Stock Transfer & Trust Company as escrow
agent. Our initial shareholders have agreed not to transfer, assign or sell any of the founder shares (except to certain permitted transferees
as described below) until the earlier of (i) one year after the date of the consummation of our initial business combination or (ii) the
date on which the closing price of our ordinary shares equals or exceeds $12.50 per share (as adjusted for share splits, share dividends,
reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period following the six month anniversary of
the consummation of a business combination, or earlier, in either case, if, subsequent to our initial business combination, we consummate
a subsequent liquidation, merger, share exchange or other similar transaction which results in all of our shareholders having the right
to exchange their ordinary shares for cash, securities or other property.

 

Preferred shares

 

Our memorandum and articles of association authorizes
the creation and issuance without shareholder approval of an unlimited number of preferred shares divided into such classes or series,
each with such designation, rights and preferences as may be determined by a resolution of our board of directors who will amend the memorandum
and articles of association to create such designations, rights and preferences. Unlike Delaware law, all shares of a single class must
be issued with the same rights and obligations. No preferred shares are currently issued or outstanding. Accordingly, our board of directors
is empowered, without shareholder approval, to issue preferred shares with dividend, liquidation, redemption, voting or other rights,
which could adversely affect the voting power or other rights of the holders of ordinary shares. However, the underwriting agreement prohibits
us, prior to our initial business combination, from issuing preferred shares which participate in any manner in the proceeds of the trust
account, or which vote as a class with the ordinary shares on our initial business combination. We may issue some or all of the preferred
shares to effect our initial business combination. In addition, the preferred shares could be utilized as a method of discouraging, delaying
or preventing a change in control of us. Although we do not currently intend to issue any preferred shares, we may do so in the future.

 

    3

     

    

 

The rights of preferred shareholders, once the preferred
shares are in issue, may only be amended by a resolution to amend our memorandum and articles of association provided such amendment is
also approved by a separate resolution of a majority of the votes of preferred shareholders who being so entitled attend and vote at the
class meeting of the relevant preferred class. If our preferred shareholders want us to hold a meeting of preferred shareholders (or of
a class of preferred shareholders), they may requisition the directors to hold one upon the written request of preferred shareholders
entitled to exercise at least 30% of the voting rights in respect of the matter (or class) for which the meeting is requested. Under British
Virgin Islands law, we may not increase the required percentage to call a meeting above 30%.

 

Under the Companies Act there are no provisions
which specifically prevent the issuance of preferred shares or any such other “poison pill” measures. Our memorandum and articles
of association also do not contain any express prohibitions on the issuance of any preferred shares. Therefore, the directors, without
the approval of the holders of ordinary shares, may issue preferred shares that have characteristics that may be deemed anti-takeover.
Additionally, such a designation of shares may be used in connection with plans that are poison pill plans. However, as noted above under
the Companies Act, a director in the exercise of his powers and performance of his duties is required to act honestly and in good faith
in what the director believes to be the best interests of the company.

 

Rights

 

Each holder of a right will receive one-tenth (1/10)
of one ordinary share upon consummation of our initial business combination, even if the holder of such right redeemed all ordinary shares
held by it in connection with the initial business combination. No additional consideration will be required to be paid by a holder of
rights in order to receive its additional ordinary shares upon consummation of an initial business combination, as the consideration related
thereto has been included in the unit purchase price paid for by investors in our initial public offering. If we enter into a definitive
agreement for a business combination in which we will not be the surviving entity, the definitive agreement will provide for the holders
of rights to receive the same per share consideration the holders of the ordinary shares will receive in the transaction on an as-converted
into ordinary share basis, and each holder of a right will be required to affirmatively convert its rights in order to receive the 1/10
of one ordinary share underlying each right (without paying any additional consideration) upon consummation of the business combination.
More specifically, the right holder will be required to indicate its election to convert the rights into underlying ordinary shares as
well as to return the original rights certificates to us.

 

If we are unable to complete an initial business
combination within the required time period and we liquidate the funds held in the trust account, holders of rights will not receive any
such funds with respect to their rights, nor will they receive any distribution from our assets held outside of the trust account with
respect to such rights, and the rights will expire worthless.

 

As soon as practicable upon the consummation of
our initial business combination, we will direct registered holders of the rights to return their rights to our rights agent. Upon receipt
of the rights, the rights agent will issue to the registered holder of such rights the number of full ordinary shares to which it is entitled.
We will notify registered holders of the rights to deliver their rights to the rights agent promptly upon consummation of such business
combination and have been informed by the rights agent that the process of exchanging their rights for ordinary shares should take no
more than a matter of days. The foregoing exchange of rights is solely ministerial in nature and is not intended to provide us with any
means of avoiding our obligation to issue the ordinary shares underlying the rights upon consummation of our initial business combination.
Other than confirming that the rights delivered by a registered holder are valid, we will have no ability to avoid delivery of the ordinary
shares underlying the rights. Nevertheless, there are no contractual penalties for failure to deliver ordinary shares to the holders of
the rights upon consummation of an initial business combination. Additionally, in no event will we be required to net cash settle the
rights. Accordingly, you might not receive the ordinary shares underlying the rights.

 

The ordinary shares issuable upon conversion of
the rights will be freely tradable (except to the extent held by affiliates of ours). We will not issue fractional ordinary shares upon
conversion of the rights. If, upon conversion of the rights, a holder would be entitled to receive a fractional interest in an ordinary
share, we will, upon conversion, comply with the BVI Business Companies Act for the disposition of fractional interests by those entitled
thereto, (2) pay in cash the fair value of fractions of an ordinary share as of the time when those entitled to receive such fractions
are determined or (3) issue scrip or warrants in registered form (either represented by a certificate or uncertificated) or in bearer
form (represented by a certificate) which shall entitle the holder to receive a full ordinary share upon the surrender of such scrip or
warrants aggregating a full share). We will make the determination of how we are treating fractional ordinary shares at the time of our
initial business combination and will include such determination in the proxy materials we will send to stockholders for their consideration
of such initial business combination.

 

    4

     

    

 

Warrants

 

Each public warrant entitles the registered holder
to purchase one ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the
later of the completion of an initial business combination or 12 months from the date of closing of our initial public offering. Pursuant
to the warrant agreement, a warrant-holder may exercise its warrants only for a whole number of ordinary shares. However, no public warrants
will be exercisable for cash unless we have an effective and current registration statement covering the ordinary shares issuable upon
exercise of the warrants and a current prospectus relating to such ordinary shares. Notwithstanding the foregoing, if a registration statement
covering the ordinary shares issuable upon exercise of the public warrants is not effective within 90 days from the closing of our initial
business combination, warrant holders may, until such time as there is an effective registration statement and during any period when
we shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to an available exemption
from registration under the Securities Act. If an exemption from registration is not available, holders will not be able to exercise their
warrants on a cashless basis. The warrants will expire five years from the closing of our initial business combination at 5:00 p.m., New
York City time.

 

In addition, if (x) the Company issues additional
ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an
issue price or effective issue price of less than $9.20 per share (with such issue price or effective issue price to be determined in
good faith by the Company’s board of directors and, in the case of any such issuance to the initial shareholders or their affiliates,
without taking into account any Founder Shares held by the initial shareholders 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 a Business Combination on the date of the consummation of a Business Combination
(net of redemptions), and (z) the volume weighted average trading price of the ordinary shares during the 20 trading day period starting
on the trading day prior to the day on which the Company consummates a Business Combination (such price, the “Market Value”)
is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher
of the Market Value and the Newly Issued Price, and the $16.50 per share redemption trigger price described herein will be adjusted (to
the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

 

The private warrants will be identical to the public
warrants underlying the units being offered by our initial public offering except that such private warrants will be exercisable for cash
(even if a registration statement covering the ordinary shares issuable upon exercise of such warrants is not effective) or on a cashless
basis, at the holder’s option, and will not be redeemable by us, in each case so long as they are still held by the initial purchasers
or their affiliates.

 

We may call the warrants for redemption (excluding
the private warrants), in whole and not in part, at a price of $0.01 per warrant:

 

		●	at any time after the warrants become exercisable;

 

		●	upon not less than 30 days’ prior written notice of
redemption to each warrant holder;

 

		●	if, and only if, the reported last sale price of the ordinary
shares equals or exceeds $16.50 per ordinary share, for any 20 trading days within a 30 trading day period commencing after the warrants
become exercisable and ending on the third business day prior to the notice of redemption to warrant holders, and;

 

		●	if, and only if, there is a current registration statement
in effect with respect to the ordinary shares underlying such warrants at the time of redemption and for the entire 30-day trading period
referred to above and continuing each day thereafter until the date of redemption.

 

    5

     

    

 

The right to exercise will be forfeited unless the
warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption date, a record holder of a
warrant will have no further rights except to receive the redemption price for such holder’s warrant upon surrender of such warrant.

 

The redemption criteria for our warrants have been
established at a price which is intended to provide warrant holders a reasonable premium to the initial exercise price and provide a sufficient
differential between the then-prevailing ordinary share price and the warrant exercise price so that if the ordinary share price declines
as a result of our redemption call, the redemption will not cause the ordinary share price to drop below the exercise price of the warrants.

 

If and when the warrants become redeemable by us,
we may not exercise our redemption right if the issuance of ordinary shares upon exercise of the warrants is not exempt from registration
or qualification under applicable state blue sky laws or we are unable to effect such registration or qualification. We will use our best
efforts to register or qualify such ordinary shares under the blue sky laws of the state of residence in those states in which the warrants
were offered by us in our initial public offering.

 

If we call the warrants for redemption as described
above, our management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.”
In such event, each holder would pay the exercise price by surrendering the warrants for that number of ordinary shares equal to the quotient
obtained by dividing (x) the product of the number of ordinary shares underlying the warrants, multiplied by the difference between the
exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market
value” for this purpose shall mean the average reported last sale price of the 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. Whether we will exercise
our option to require all holders to exercise their warrants on a “cashless basis” will depend on a variety of factors including
the price of our ordinary shares at the time the warrants are called for redemption, our cash needs at such time and concerns regarding
dilutive share issuances.

 

The warrants were issued in registered form under
a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that
the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but
requires the approval, by written consent or vote, of the holders of a majority of the then outstanding warrants in order to make any
change that adversely affects the interests of the registered holders.

 

The exercise price and number of ordinary shares
issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary
dividend or our recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of
ordinary shares at a price below their respective exercise prices.

 

The warrants may be exercised upon surrender of
the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse
side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless
basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised. The warrant holders
do not have the rights or privileges of holders of ordinary shares and any voting rights until they exercise their warrants and receive
ordinary shares. After the issuance of 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.

 

Except as described above, no public warrants will
be exercisable and we will not be obligated to issue ordinary shares unless at the time a holder seeks to exercise such warrant, a prospectus
relating to the ordinary shares issuable upon exercise of the warrants is current and the ordinary shares have been registered or qualified
or deemed to be exempt under the securities laws of the state of residence of the holder of the warrants. Under the terms of the warrant
agreement, we have agreed to use our best efforts to meet these conditions and to maintain a current prospectus relating to the ordinary
shares issuable upon exercise of the warrants until the expiration of the warrants. However, we cannot assure you that we will be able
to do so and, if we do not maintain a current prospectus relating to the ordinary shares issuable upon exercise of the warrants, holders
will be unable to exercise their warrants and we will not be required to settle any such warrant exercise. If the prospectus relating
to the ordinary shares issuable upon the exercise of the warrants is not current or if the ordinary shares is not qualified or exempt
from qualification in the jurisdictions in which the holders of the warrants reside, we will not be required to net cash settle or cash
settle the warrant exercise, the warrants may have no value, the market for the warrants may be limited and the warrants may expire worthless.

 

    6

     

    

 

Warrant holders may elect to be subject to a restriction
on the exercise of their warrants such that an electing warrant holder would not be able to exercise their warrants to the extent that,
after giving effect to such exercise, such holder would beneficially own in excess of 9.8% of the ordinary shares outstanding.

 

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

 

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 dividends subsequent to our initial business combination
will be within the discretion of our then board of directors. It is the present intention of our board of directors to retain all earnings,
if any, for use in our business operations and, accordingly, our board does not anticipate declaring any dividends in the foreseeable
future.

 

Private Units

 

The private units (including the rights and warrants
or ordinary shares issuable upon exercise of the rights or warrants) will not be transferable, assignable or salable until 30 days after
the completion of our initial business combination (except, among other limited exceptions as described under “Principal Shareholders,”
to our officers and directors and other persons or entities affiliated with the sponsor) and they will not be redeemable by us so long
as they are held by members of the sponsor or their permitted transferees. Otherwise, the private units have terms and provisions that
are identical the units sold in our initial public offering except the warrants included in the private units will be non-redeemable and
may be exercised on a cashless basis, in each case so long as they continue to be held by the initial purchasers or their permitted transferees.
If the warrants included in the private units are held by holders other than the holders who purchased such units or their permitted transferees,
the warrants will be redeemable by us and exercisable by the holders on the same basis as the warrants included in the units being sold
in our initial public offering.

 

Our Transfer Agent, Warrant Agent, and Right Agent

 

The transfer agent for our ordinary shares and warrant
agent for our rights is Continental Stock Transfer & Trust Company.

 

Listing of Our Securities

 

Our units, ordinary shares, rights
and warrants are listed on Nasdaq under the symbols BRLU, BRLI, BRLIR and BRLW respectively.
The units will automatically separate into their component parts and will not be traded following the completion of our initial business
combination.

 

    7

     

    

 

Memorandum and Articles of Association

 

As set forth in the memorandum of association, the
objects for which are established are unrestricted and we shall have full power and authority to carry out any object not prohibited by
the Companies Act or as the same may be revised from time to time, or any other law of the British Virgin Islands.

 

Our memorandum and articles of association contains
provisions designed to provide certain rights and protections to our ordinary shareholders prior to the consummation of our initial business
combination. These provisions cannot be amended without the approval of 65% (or 50% if approved in connection with our initial business
combination) of our outstanding ordinary shares attending and voting on such amendment. Our initial shareholders, who will beneficially
own approximately 20% of our ordinary shares upon the closing of our initial public offering (assuming they do not purchase any units
in our initial public offering and excluding the private placement, and excluding the rights underlying the private units and the representative
shares), will participate in any vote to amend our memorandum and articles of association and will have the discretion to vote in any
manner they choose. Prior to our initial business combination, if we seek to amend any provisions of our memorandum and articles of association
relating to shareholders’ rights or pre-business combination activity, we will provide dissenting public shareholders with the opportunity
to redeem their public shares in connection with any such vote on any proposed amendments to our memorandum and articles of association.
We and our directors and officers have agreed not to propose any amendment to our memorandum and articles of association that would affect
the substance and timing of our obligation to redeem our public shares if we are unable to consummate our initial business combination
within 12 months from the closing of our initial public offering (or up to 21 months from the closing of our initial public offering if
we extend the period of time to consummate a business combination, as described in more detail in our registration statement effective
on June 23, 2020). Our initial shareholders have agreed to waive any redemption rights with respect to any founder shares and any public
shares they may hold in connection with any vote to amend our memorandum and articles of association prior to our initial business combination.

 

Specifically, our memorandum and articles of association
provide, among other things, that:

 

		●	If we are unable to consummate our initial business combination
within 12 months from the closing of our initial public offering (or up to 21 months from the closing of our initial public offering
if we extend the period of time to consummate a business combination, as described in more detail in our registration statement effective
on June 23, 2020), we will, as promptly as reasonably possible but not more than five business days thereafter, distribute the aggregate
amount then on deposit in the trust account (net of taxes payable and less up to $50,000 of the net interest earned thereon to pay dissolution
expenses), pro rata to our public shareholders by way of redemption and cease all operations except for the purposes of winding up of
our affairs. This redemption of public shareholders from the trust account shall be done automatically by function of our memorandum
and articles of association and prior to commencing any voluntary liquidation; and;

 

		●	except in connection with the consummation of our initial
business combination, prior to our initial business combination, we may not issue additional shares that would entitle the holders thereof
to (i) receive funds from the trust account or (ii) vote on any initial business combination;

 

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

 

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

 

In addition, our 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 immediately prior to or upon consummation of our initial business combination.

 

    8

     

    

 

Changes in Authorized Shares

 

We are authorized to issue an unlimited number of
shares, with no par value, divided into two (2) classes of shares being (i) ordinary shares and (ii) preferred shares, which will have
certain privileges, restrictions and conditions attaching to them as the shares in issue. We may by resolution of directors or shareholders:

 

		●	consolidate and divide all or any of our unissued authorized
shares into shares of larger or smaller amount than our existing shares;

 

		●	cancel any shares which, at the date of the passing of the
resolution, have not been taken or agreed to be taken by any person, or;

 

		●	create new classes of shares with preferences to be determined
by resolution of the board of directors to amend the memorandum and articles of association to create new classes of shares with such
preferences at the time of authorization, although any such new classes of shares, with the exception of the preferred shares, may only
be created with prior shareholder approval.

 

Pre-emption Rights

 

There are no pre-emption rights applicable to the
issuance of new shares under our memorandum and articles of association.

 

Variation of Rights of Shares

 

As permitted by the Companies Act and our memorandum
of association, we may vary the rights attached to any class of shares only with: (i) in the case of the ordinary shares prior to our
initial business combination, the consent of not less than 65% (or 50% if for the purposes of approving, or in connection with, the consummation
of our initial business combination) of the votes who are in attendance and vote at a meeting, or (ii) in the case of the preferred shares,
50% of the votes of shareholders who being so entitled attend and vote at a meeting of such shares, except, in each case where a greater
majority is required under our memorandum and articles of association or the Companies Act, provided that that for these purposes the
creation, designation or issue of preferred shares with rights and privileges ranking in priority to an existing class of shares is deemed
not to be a variation of the rights of such existing class and may in accordance with our memorandum and articles of association be effected
by resolution of directors without shareholder approval.

 

BRITISH VIRGIN ISLANDS COMPANY CONSIDERATIONS

 

Our corporate affairs are governed by our memorandum
and articles of association and the provisions of applicable British Virgin Islands law, including the Companies Act. The Companies Act
differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of some significant 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. A brief discussion of certain other provisions of the Companies Act and British Virgin Islands law also follows.

 

We cannot predict whether British Virgin Islands
Courts would reach the same conclusions based on a particular set of facts as the U.S. courts would be expected to reach. Thus, you may
have more difficulty in protecting your interests in the face of actions by the management, directors or controlling shareholders than
would shareholders of a corporation incorporated in a United States jurisdiction, which has developed a substantial body of case law.
The following table provides a comparison between the statutory provisions of the Companies Act together with the provisions of our memorandum
and articles of association) and the Delaware General Corporation Law relating to shareholders’ rights.

 

    9

     

    

 

	British Virgin Islands	 	Delaware
	 

                                                                Shareholder Meetings

                                                                 

	
    ●   Held at a time
    and place as determined by the directors

     

    ●    May be held within
    or outside the British Virgin Islands

     

    ● Notice:

     

       Under our memorandum and articles of association, a copy of
       the notice of any meeting shall be given not fewer than ten    (10) days before the date of the proposed meeting to those    persons whose names
    appear in the register of members on the    date the notice is given and are entitled to vote at the meeting.
	 	
    ●    May be held at
    such time or place as designated in the charter or the by-laws, or if not so designated, as determined by the board of directors

     

    ●    May be held within
    or without Delaware

     

    ●    Notice:

    Whenever shareholders are required to take any action at a
    meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, and the means
    of remote communication, if any

	
     

    Shareholders’ Voting Rights

     

	
    ●   Any person authorized
    to vote may be represented at a meeting by a proxy who may speak and vote on behalf of the member

     

    ●  Quorum is fixed
    by our memorandum and articles of association, to consist of the holder or holders present in person or by proxy entitled to exercise
    at least 30% of the voting rights of the shares of each class or series of shares entitled to vote as a class or series thereon
	 	
    ●   Any person authorized
    to vote may authorize another person or persons to act for him by proxy

     

    ●   For stock corporations,
    the charter or by-laws may specify the number to constitute a quorum but in no event shall a quorum consist of less than one-third of
    shares entitled to vote at a meeting. In the absence of such specifications, a majority of shares shall constitute a quorum

 

	British Virgin Islands	 	Delaware
	Under our memorandum and articles of association, subject to any rights or restrictions attached to any shares, at any general meeting every shareholder who is present in person or by proxy shall have one vote and on a poll every shareholder present in person or by proxy shall have one vote for each share which such shareholder is the holder. The chairman is responsible for deciding in such manner as he considers appropriate whether any resolution proposed has been carried or not and the result of his decision shall be announced to the general meeting and recorded in the minutes of the general meeting. If the chairman has any doubt as to the outcome of the vote on a proposed resolution, he shall cause a poll to be taken of all votes cast upon such resolution. If the chairman fails to take a poll then any shareholder present in person or by proxy who disputes the announcement by the chairman of the result of any vote may immediately following such announcement demand that a poll be taken and the chairman shall cause a poll to be taken. If a poll is taken at any general meeting, the result shall be announced to the general meeting and recorded in the minutes of the general meeting.	 	For non-stock companies, the charter or by-laws may specify the number of shareholders to constitute a quorum. In the absence of this, one-third of the shareholders shall constitute a quorum
	 	 	 
	Prior to the consummation of our initial business combination, changes in the rights attaching to the ordinary shares as set forth in the memorandum and articles of association require approval by way of resolution of not less than 65% (or 50% if for the purposes of approving, or in connection with, the consummation of our initial business combination) of those outstanding ordinary shares attending the meeting and voting in respect of such resolution, following the consummation of our initial business combination, changes in the rights attaching to the ordinary shares require the approval by way of resolution of only a majority of those outstanding ordinary shares attending at the meeting and voting in respect of such resolution. 	 	Except as provided in the charter documents, changes in the rights of shareholders as set forth in the charter documents require approval of a majority of its shareholders

 

    10

     

    

 

	The rights attaching to the preferred shares may be changed by way of a resolution of a majority of the votes attending and voting at the relevant meeting or class meeting. 	 	 
	 	 	 
	However, in the case of both the ordinary shares and the preferred shares, the above is subject to any greater majority is required under our memorandum and articles of association or the Companies Act, provided that that for these purposes the creation, designation or issue of preferred shares with rights and privileges ranking in priority to an existing class of shares shall be deemed not to be a variation of the rights of such existing class.	 	 
	 	 	 
	The memorandum and articles of association do not provide for cumulative voting in the election of directors	 	The memorandum and articles of association may provide for cumulative voting
	 	 	 
	If we decide to seek shareholder approval in respect of the consummation of our initial business combination, such approval may be by a majority vote of shareholders who being so entitled attend and vote at the general meeting

         
	 	Approval of our initial business combination may be by a majority of outstanding shares if such transaction involves the merger of such entity

 

	British Virgin Islands	 	Delaware
	All other matters to be decided upon by the shareholders require a majority vote of shareholders who being so entitled attend and vote at the general meeting, unless the Companies Act requires a higher majority. Our memorandum and articles of association also may be amended by resolution of directors, including to create the rights, preferences, designations and limitations attaching to any blank check preferred shares.	 	 
	Directors

                                                

	Board must consist of at least one director	 	Board must consist of at least one member
	Maximum and minimum number of directors can be changed by an amendment to the articles of association, with such amendment being passed by a resolution of shareholders or a resolution of directors	 	Number of board members shall be fixed by the by-laws, unless the charter fixes the number of directors, in which case a change in the number shall be made only by amendment of the charter
	 	 	 
	Directors are appointed for the term, if any, fixed by the resolution appointing him, or until his earlier death, resignation or removal. If no term is fixed on the appointment of a Director, the Director shall serve indefinitely until his earlier death, resignation or removal.	 	 

 

	Directors do not have to be independent Under our memorandum and articles of association, a director may not be removed from office by a resolution of our shareholders prior to the consummation of our business combination.	 	Directors do not have to be independent

 

    11

     

    

 

	Fiduciary Duties
	 
	Directors and officers owe fiduciary duties at both common law and under statute as follows:	 	Directors and officers must act in good faith, with the care of a prudent person, and in the best interest of the corporation.
	 	 	 
	Duty to act honestly and in good faith in what the directors believe to be in the best interests of the company;	 	Directors and officers must refrain from self-dealing, usurping corporate opportunities and receiving improper personal benefits.
	 	 	 
	Duty to exercise powers for a proper purpose and directors shall not act, or agree to act, in a matter that contravenes the Companies Act or the memorandum and articles of association;

                                    
	 	Decisions made by directors and officers on an informed basis, in good faith and in the honest belief that the action was taken in the best interest of the corporation will be protected by the “business judgment rule.”
	
    Duty to exercise the care, diligence and skill that a reasonable director
    would exercise in the circumstances taking into account, without limitation:

     

    (a)      the nature
    of the company;

     

    (b)      the nature
    of the decision; and

     

    (c)      the
position of the director and the nature of the responsibilities undertaken by him. 
	 	 

 

	British Virgin Islands	 	Delaware
	
    The Companies Act provides that, a director of a company shall, immediately
    after becoming aware of the fact that he is interested in a transaction entered into, or to be entered into, by the company, disclose
    the interest to the board of the company. However, the failure of a director to disclose that interest does not affect the validity of
    a transaction entered into by the director or the company, so long as the transaction was not required to be disclosed because the transaction
    is between the company and the director himself and is in the ordinary course of business and on usual terms and conditions. Additionally,
    the failure of a director to disclose an interest does not affect the validity of the transaction entered into by the company if (a) the
    material facts of the interest of the director in the transaction are known by the shareholders and the transaction is approved or ratified
    by a resolution of shareholders entitled to vote at a meeting of shareholders or (b) the company received fair value for the transaction.

     

    Pursuant to the Companies Act, the company’s memorandum and articles
    of association, so long as a director has disclosed any interests in a transaction entered into or to be entered into by the company to
    the board he/she may:

     

    vote on a matter relating to the transaction;

    attend a meeting of directors at which a matter relating to
    the transaction arises and be included among the directors present at the meeting for the purposes of a quorum; and

     

    sign a document on behalf of the company, or do any other
    thing in his capacity as a director, that relates to the transaction.
	 	Directors may vote on a matter in which they have an interest so long as the director has disclosed any interests in the transaction.

 

    12

     

    

 

	Shareholders’ Derivative Actions
	 
	Generally speaking, the company is the proper plaintiff in any action. A shareholder may, with the permission of the British Virgin Islands Court, bring an action or intervene in a matter in the name of the company, in certain circumstances. Such actions are known as derivative actions. The British Virgin Islands Court may only grant permission to bring a derivative action where the following circumstances apply:	 	In any derivative suit instituted by a shareholder of a corporation, it shall be averred in the complaint that the plaintiff was a shareholder of the corporation at the time of the transaction of which he complains or that such shareholder’s stock thereafter devolved upon such shareholder by operation of law.
	 	 	 
	the company does not intend to bring, diligently continue or defend or discontinue the proceedings; and	 	Complaint shall set forth with particularity the efforts of the plaintiff to obtain the action by the board or the reasons for not making such effort.
	 	 	 
	it is in the interests of the company that the conduct of the proceedings not be left to the directors or to the determination of the shareholders as a whole.	 	Such action shall not be dismissed or compromised without the approval of the Chancery Court.
	 	 	 
	When considering whether to grant leave, the British Virgin Islands Court is also required to have regard to the following matters:

         
	 	 

 

	British Virgin Islands	 	Delaware
	
    ●   whether the shareholder
    is acting in good faith;

     

    ●   whether a derivative
    action is in the interests of the company, taking into account the directors’ views on commercial matters;

     

    ●   whether the action
    is likely to succeed;

     

    ●   the costs of the
    proceedings in relation to the relief likely to be obtained; and

     

    ●   whether another
    alternative remedy to the derivative action is available.
	 	If we were a Delaware corporation, a shareholder whose shares were cancelled in connection with our dissolution, would not be able to bring a derivative action against us after the ordinary shares have been cancelled.

 

As noted above, the Companies Act differs from laws
applicable to United States corporations and their shareholders. Set forth below is a summary of some of the significant 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.  The
Companies Act provides for mergers as that expression is understood under United States corporate law. Under the Companies Act, two or
more companies may either merge into one of such existing companies (the “surviving company”) or consolidate with both existing
companies ceasing to exist and forming a new company (the “consolidated company”). The procedure for a merger or consolidation
between the company and another company (which need not be a BVI company, and which may be the company’s parent or subsidiary, but
need not be) is set out in the Companies Act. The directors of the BVI company or BVI companies which are to merge or consolidate must
approve a written plan of merger or consolidation which., with the exception of a merger between a parent company and its subsidiary,
must also be approved by a resolution of a majority of the shareholders who are entitled to vote and actually vote at a quorate meeting
of shareholders or by written resolution of the shareholders of the BVI company or BVI companies which are to merge. A foreign company
which is able under the laws of its foreign jurisdiction to participate in the merger or consolidation is required by the Companies Act
to comply with the laws of that foreign jurisdiction in relation to the merger or consolidation. The company must then execute articles
of merger or consolidation, containing certain prescribed details. The plan and articles of merger or consolidation are then filed with
the Registrar of Corporate Affairs in the British Virgin Islands. The Registrar then registers the articles of merger or consolidation
and any amendment to the memorandum and articles of the surviving company in a merger or the memorandum and articles of association of
the new consolidated company in a consolidation and issue a certificate of merger or consolidation (which is conclusive evidence of compliance
with all requirements of the Companies Act in respect of the merger or consolidation). The merger is effective on the date that the articles
of merger are registered with the Registrar or on such subsequent date, not exceeding thirty days, as is stated in the articles of merger
or consolidation.

 

    13

     

    

 

As soon as a merger becomes effective: (a) the surviving
company or consolidated company (so far as is consistent with its memorandum and articles of association, as amended or established by
the articles of merger or consolidation) has all rights, privileges, immunities, powers, objects and purposes of each of the constituent
companies; (b) in the case of a merger, the memorandum and articles of association of any surviving company are automatically amended
to the extent, if any, that changes to its amended memorandum and articles of association are contained in the articles of merger or,
in the case of a consolidation, the memorandum and articles of association filed with the articles of consolidation are the memorandum
and articles of the consolidated company; (c) assets of every description, including choses-in-action and the business of each of the
constituent companies, immediately vest in the surviving company or consolidated company; (d) the surviving company or consolidated company
is liable for all claims, debts, liabilities and obligations of each of the constituent companies; (e) no conviction, judgment, ruling,
order, claim, debt, liability or obligation due or to become due, and no cause existing, against a constituent company or against any
member, director, officer or agent thereof, is released or impaired by the merger or consolidation; and (f) no proceedings, whether civil
or criminal, pending at the time of a merger by or against a constituent company, or against any member, director, officer or agent thereof,
are abated or discontinued by the merger or consolidation; but: (i) the proceedings may be enforced, prosecuted, settled or compromised
by or against the surviving company or consolidated company or against the member, director, officer or agent thereof; as the case may
be; or (ii) the surviving company or consolidated company may be substituted in the proceedings for a constituent company. The Registrar
shall strike off the register of companies each constituent company that is not the surviving company in the case of a merger and all
constituent companies in the case of a consolidation.

 

If the directors determine it to be in the best
interests of the company, it is also possible for a merger to be approved as a Court approved plan of arrangement or scheme of arrangement
in accordance with the Companies Act. However, we do not anticipate the use of such statutory provisions because we expect the required
terms of the initial business combination will be capable of being achieved through other means, such as a merger or consolidation (as
described above), a share exchange, asset acquisition or control, through contractual arrangements, of an operating business.

 

Poison Pill Defenses.  Under
the Companies Act there are no provisions, which specifically prevent the issuance of preferred shares or any such other ‘poison
pill’ measures. The memorandum and articles of association of the company also do not contain any express prohibitions on the issuance
of any preferred shares. Therefore, the directors without the approval of the holders of ordinary shares may issue preferred shares that
have characteristics that may be deemed to be anti-takeover. Additionally, such a designation of shares may be used in connection with
plans that are poison pill plans. However, as noted above under the Companies Act, a director in the exercise of his powers and performance
of his duties is required to act honestly and in good faith in what the director believes to be the best interests of the company.

 

Directors:  Our directors
are appointed for the term, if any, fixed by the resolution appointing them, or until their earlier death, resignation or removal. If
no term is fixed on the appointment of a Director, the Director shall serve indefinitely until his earlier death, resignation or removal.
Under our memorandum and articles of association, a director may not be removed from office by a resolution of our shareholders prior
to the consummation of our business combination. There is nothing under the laws of the British Virgin Islands, which specifically prohibits
or restricts the creation of cumulative voting rights for the election of our directors. Our memorandum and articles of association do
not provide for cumulative voting for such elections.

 

There are no share ownership qualifications for
directors.

 

Meetings of our board of directors may be convened
at any time by any of our directors.

 

A meeting of our board of directors will be quorate
if at least a majority of the directors are present or represented by an alternate director. At any meeting of our directors, each director,
whether by his or her presence or by his or her alternate, is entitled to one vote. Questions arising at a meeting of our board of directors
are required to be decided by simple majority votes of the directors present or represented at the meeting. Our board of directors also
may pass resolutions without a meeting by unanimous written consent.

 

    14

     

    

 

Agents.  Our board
of directors has the power to appoint any person (whether or not a director or other officer of the company) to be an agent of the company.

 

When appointing an agent of the company, our directors
may authorize the agent to appoint one or more substitutes or delegates to exercise some or all of the powers conferred on the agent.
Our directors may remove an agent and may revoke or vary a power conferred on him.

 

Indemnification of Directors.  Our
memorandum and articles of association provide that, subject to certain limitations, the company shall indemnify its directors and officers
against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in
connection with legal, administrative or investigative proceedings. Such indemnity only applies if the person acted honestly and in good
faith with a view to the best interests of the company and, in the case of criminal proceedings, the person had no reasonable cause to
believe that their conduct was unlawful. The decision of the directors as to whether the person acted honestly and in good faith and with
a view to the best interests of the company and as to whether the person had no reasonable cause to believe that his conduct was unlawful
is, in the absence of fraud, sufficient for the purposes of the memorandum and articles of association, unless a question of law is involved.
The termination of any proceedings by any judgment, order, settlement, conviction or the entering of a nolle prosequi does not, by itself,
create a presumption that the person did not act honestly and in good faith and with a view to the best interests of the company or that
the person had reasonable cause to believe that his conduct was unlawful.

 

Directors and Conflicts of Interest. As
noted in the table above, pursuant to the Companies Act and the company’s memorandum and articles of association, a director
of a company who has an interest in a transaction and who has declared such interest to the other directors, may:

 

		a)	vote on a matter relating to the transaction;

 

		b)	attend a meeting of directors at which a matter relating to
the transaction arises and be included among the directors present at the meeting for the purposes of a quorum; and

 

		c)	sign a document on behalf of the company, or do any other thing
in his capacity as a director, that relates to the transaction.

 

Shareholders’ Suits.  Our
British Virgin Islands counsel is not aware of any reported class action having been brought in a British Virgin Islands court. The enforcement
of the company’s rights will ordinarily be a matter for its directors.

 

In certain limited circumstances, a shareholder
has the right to seek various remedies against the company in the event the directors are in breach of their duties under the Companies
Act. Pursuant to Section 184B of the Companies Act, if a company or director of a company engages in, or proposes to engage in or has
engaged in, conduct that contravenes the provisions of the Companies Act or the memorandum or articles of association of the company,
the British Virgin Islands Court may, on application of a shareholder or director of the company, make an order directing the company
or director to comply with, or restraining the company or director from engaging in conduct that contravenes the Companies Act or the
memorandum or articles. Furthermore, pursuant to section 184I(1) of the Companies Act a shareholder of a company who considers that
the affairs of the company have been, are being or likely to be, conducted in a manner that is, or any acts of the company have been,
or are likely to be oppressive, unfairly discriminatory, or unfairly prejudicial to him in that capacity, may apply to the British Virgin
Islands Court for an order which, inter alia, can require the company or any other person to pay compensation to the shareholders.

 

The Companies Act provides for a series of remedies
available to shareholders. Where a company incorporated under the Companies Act conducts some activity, which breaches the Act or the
company’s memorandum and articles of association, the court can issue a restraining or compliance order. Under the Companies Act,
a shareholder of a company may bring an action against the company for breach of a duty owed by the company to him as a member. A shareholder
also may, with the permission of the British Virgin Islands Court, bring an action or intervene in a matter in the name of the company,
in certain circumstances. Such actions are known as derivative actions. As noted above, the British Virgin Islands Court may only grant
permission to bring a derivative action where the following circumstances apply:

 

    15

     

    

 

		●	the company does not intend to bring, diligently continue
or defend or discontinue proceedings; and

 

		●	it is in the interests of the company that the conduct of
the proceedings not be left to the directors or to the determination of the shareholders as a whole.

 

		●	When considering whether to grant leave, the British Virgin
Islands Court is also required to have regard to the following matters:

 

		●	whether the shareholder is acting in good faith;

 

		●	whether a derivative action is in the company’s best
interests, taking into account the directors’ views on commercial matters;

 

		●	whether the action is likely to proceed;

 

		●	the costs of the proceedings; and

 

		●	whether an alternative remedy is available.

 

Any member of a company may apply to the British
Virgin Islands Court under the Insolvency Act for the appointment of a liquidator to liquidate the company and the court may appoint a
liquidator for the company if it is of the opinion that it is just and equitable to do so.

 

The Companies Act provides that any shareholder
of a company is entitled to payment of the fair value of his shares upon dissenting from any of the following: (a) a merger if the company
is a constituent company, unless the company is the surviving company and the member continues to hold the same or similar shares; (b)
a consolidation if the company is a constituent company; (c) any sale, transfer, lease, exchange or other disposition of more than 50 per
cent in value of the assets or business of the company if not made in the usual or regular course of the business carried on by the company
but not including: (i) a disposition pursuant to an order of the court having jurisdiction in the matter, (ii) a disposition for money
on terms requiring all or substantially all net proceeds to be distributed to the members in accordance with their respective interest
within one year after the date of disposition, or (iii) a transfer pursuant to the power of the directors to transfer assets for the protection
thereof; (d) a compulsory redemption of 10 per cent, or fewer of the issued shares of the company required by the holders of 90 percent,
or more of the shares of the company pursuant to the terms of the Act; and (e) a plan of arrangement, if permitted by the British Virgin
Islands Court.

 

Generally any other claims against a company by
its shareholders must be based on the general laws of contract or tort applicable in the British Virgin Islands or their individual rights
as shareholders as established by the company’s memorandum and articles of association. There are common law rights for the protection
of shareholders that may be invoked, largely derived from English common law. Under the general English company law known as the rule
in Foss v. Harbottle, a court will generally refuse to interfere with the management of a company at the insistence of a minority of its
shareholders who express dissatisfaction with the conduct of the company’s affairs by the majority or the board of directors. However,
every shareholder is entitled to seek to have the affairs of the company conducted properly according to law and the constituent documents
of the corporation. As such, if those who control the company have persistently disregarded the requirements of company law or the provisions
of the company’s memorandum and articles of association, then the courts may grant relief. Generally, the areas in which the courts
will intervene are the following:

 

		●	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 only be effected if duly authorized by more than the number of votes which have actually been obtained;

 

		●	the individual rights of the plaintiff shareholder have been
infringed or are about to be infringed; or

 

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

 

    16

     

    

 

Compulsory Acquisition.  Under
the Companies Act, subject to any limitations in a company’s memorandum or articles, members holding 90% of the votes of the outstanding
shares entitled to vote, and members holding 90% of the votes of the outstanding shares of each class of shares entitled to vote, may
give a written instruction to the company directing the company to redeem the shares held by the remaining members. Upon receipt of such
written instruction, the company shall redeem the shares specified in the written instruction, irrespective of whether or not the shares
are by their terms redeemable. The company shall give written notice to each member whose shares are to be redeemed stating the redemption
price and the manner in which the redemption is to be effected. A member whose shares are to be so redeemed is entitled to dissent from
such redemption, and to be paid the fair value of his shares, as described under “Shareholders’ Suits” above.

 

Share Repurchases and Redemptions.  As
permitted by the Companies Act and our memorandum and articles of association, shares may be repurchased, redeemed or otherwise acquired
by us. Depending on the circumstances of the redemption or repurchase, our directors may need to determine that immediately following
the redemption or repurchase we will be able to satisfy our debts as they fall due and the value of our assets exceeds our liabilities.
Our directors may only exercise this power on our behalf, subject to the Companies Act, our memorandum and articles of association and
to any applicable requirements imposed from time to time by the SEC, the Nasdaq Capital Market or any other stock exchange on which our
securities are listed.

 

Dividends.  Subject
to the Companies Act and our memorandum and articles of association, our directors may declare dividends at a time and amount they think
fit if they are satisfied, on reasonable grounds, that, immediately after distribution of the dividend, the value of our assets will exceed
our liabilities and we will be able to pay our debts as they fall due. No dividend shall carry interest against us.

 

Rights of Non-resident or Foreign Shareholders
and Disclosure of Substantial Shareholdings:  There are no limitations imposed by our memorandum and articles
of association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there
are no provisions in our memorandum and articles of association governing the ownership threshold above which shareholder ownership must
be disclosed.

 

Untraceable Shareholders.  Under
our memorandum and articles of association, we are entitled to sell any shares of a shareholder who is untraceable, as long as: (a) all
checks, not being less than three in total number, for any sums payable in cash to the holder of such shares have remained uncashed for
a period of 12 years; (b) we have not during that time or before the expiry of the three-month period referred to in (c) below received
any indication of the existence of the shareholder or person entitled to such shares by death, bankruptcy or operation of law; and (c) upon
expiration of the 12-year period, we have caused an advertisement to be published in newspapers, giving notice of our intention to sell
these shares, and a period of three months or such shorter period has elapsed since the date of such advertisement. The net proceeds of
any such sale shall belong to us, and when we receive these net proceeds we shall become indebted to the former shareholder for an amount
equal to such net proceeds.

 

Transfer of Shares.  Subject
to any applicable restrictions set forth in our memorandum and articles of association, any of our shareholders may transfer all or any
of his or her shares by an instrument of transfer in the usual or common form or in any other form which our directors may approve.

 

Inspection of Books and Records.  Under
the Companies Act, members of the general public, on payment of a nominal fee, can obtain copies of the public records of a company available
at the office of the Registrar which will include the company’s certificate of incorporation, its memorandum and articles of association
(with any amendments) and records of license fees paid to date and will also disclose any articles of dissolution, articles of merger
and a register of charges if the company has elected to file such a register.

 

A member of a company is entitled, on giving written
notice to the company, to inspect:

 

		a)	the memorandum and articles;

 

		b)	the register of members;

 

		c)	the register of directors; and

 

		d)	the minutes of meetings and resolutions of members and of those
classes of members of which he is a member; and to make copies of or take extracts from the documents and records referred to in (a)
to (d) above.

 

    17

     

    

 

Subject to the memorandum and articles of association,
the directors may, if they are satisfied that it would be contrary to the company’s interests to allow a member to inspect any document,
or part of a document, specified in (b), (c) or (d) above, refuse to permit the member to inspect the document or limit the inspection
of the document, including limiting the making of copies or the taking of extracts from the records.

 

Where a company fails or refuses to permit a member
to inspect a document or permits a member to inspect a document subject to limitations, that member may apply to the British Virgin Islands
Court for an order that he should be permitted to inspect the document or to inspect the document without limitation.

 

Dissolution; Winding Up.  As
permitted by the Companies Act and our memorandum and articles of association, we may be voluntarily liquidated under Part XII of the
Companies Act by resolution of directors and resolution of shareholders if we have no liabilities or we are able to pay our debts as they
fall due.

 

We also may be wound up in circumstances where we
are insolvent in accordance with the terms of the Insolvency Act.

 

Anti-Money Laundering Laws

 

In order to comply with legislation or regulations
aimed at the prevention of money laundering we are required to adopt and maintain anti-money laundering procedures, and may require subscribers
to provide evidence to verify their identity. Where permitted, and subject to certain conditions, we also may delegate the maintenance
of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person.

 

We reserve the right to request such information
as is necessary to verify the identity of a subscriber. In the event of delay or failure on the part of the subscriber in producing any
information required for verification purposes, we may refuse to accept the application, in which case any funds received will be returned
without interest to the account from which they were originally debited.

 

If any person resident in the British Virgin Islands
knows or suspects that another person is engaged in money laundering or terrorist financing and the information for that knowledge or
suspicion came to their attention in the course of their business the person will be required to report his belief or suspicion to the
Financial Investigation Agency of the British Virgin Islands, pursuant to the Proceeds of Criminal Conduct Act 1997 (as amended). Such
a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment
or otherwise.

 

SECURITIES ELIGIBLE FOR FUTURE SALE

 

Immediately after our initial public offering we
have 6,111,000 ordinary shares, excluding shares underlying rights to be sold in our initial public offering and excluding shares underlying
the private rights and private warrants. Of these ordinary shares, the 4,600,000 ordinary shares sold in our initial public offering will
be freely tradable without restriction or further registration under the Securities Act, except for any shares purchased by one of our
affiliates within the meaning of Rule 144 under the Securities Act. All of the remaining 1,511,000 ordinary shares, including the 261,000
insider units are restricted securities under Rule 144, in that they were issued in private transactions not involving a public offering.
All of those ordinary shares will not be transferable except in limited circumstances described elsewhere in our registration statement
effective on June 23, 2020.

 

    18

     

    

 

Rule 144

 

A person who has beneficially owned restricted ordinary
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 12 months (or such shorter period as we were required to file reports) preceding the sale.

 

Persons who have beneficially owned restricted ordinary
shares for at least six months but who are our affiliates at the time of, or 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 a number of shares
that does not exceed the greater of either of the following:

 

		●	1% of the number of ordinary shares then issued and outstanding,
which will equal 61,110 ordinary shares, and;

 

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

 

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

 

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

 

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

 

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

 

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

 

		●	the issuer of the securities has filed all Exchange Act reports
and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required
to file such reports and materials), other than Current Reports on Form 8-K; and

 

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

 

As a result, our sponsor will be able to sell its
founder shares and insider units including any of the private rights or private warrants thereunder, as applicable, pursuant to Rule 144
without registration one year after we have completed our initial business combination.

 

Registration Rights

 

Pursuant to an agreement entered into on June 26,
2020, our initial shareholders and EarlyBirdCapital, Inc. and their permitted transferees can demand that we register for resale the founder
shares, the private units and underlying securities, the representative shares and any securities issued upon conversion of working capital
loans. The holders of 25% 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 consummation of our initial business combination. Notwithstanding the foregoing, EarlyBirdCapital, Inc. may not
exercise its demand and “piggyback” registration rights after five (5) and seven (7) years after the effective date of our
registration statement and may not exercise its demand rights on more than one occasion. We will bear the expenses incurred in connection
with the filing of any such registration statements.

 

 

19Document

Exhibit 4.2

USER TESTING, INC.
AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 
Dated as of February 20, 2020

Table of Contents
									
			Page
	1.	Registration Rights.	2

		1.1    Definitions.	2

		1.2    Request for Registration.	3

		1.3    Company Registration.	5

		1.4    Form S-3 Registration.	5

		1.5    Obligations of the Company.	6

		1.6    Information from Holder.	9

		1.7    Expenses of Registration.	10

		1.8    Delay of Registration.	10

		1.9    Indemnification.	10

		1.10    Reports Under Securities Exchange Act of 1934.	13

		1.11    Assignment of Registration Rights.	13

		1.12    Limitations on Subsequent Registration Rights.	14

		1.13    “Market Stand-Off’ Agreement.	14
		1.14    Termination of Registration Rights.	15

			
	2.	Covenants of the Company.	15

		2.1    Delivery of Financial Statements.	15

		2.2    Inspection.	16

		2.3    Right of First Offer.	16

		2.4    Proprietary Information and Inventions Agreements.	18

		2.5    Board of Directors.	18

		2.6    Successor Indemnification.	18

		2.7    Notice of Litigation.	18

		2.8    Common Stock Vesting.	18

		2.9    Board Observer Rights.	19

		2.10    Termination of Certain Covenants.	21

			
	3.	Miscellaneous.	21

		3.1    Confidentiality
	21

		3.2    Successors and Assigns
	22

		3.3    Transfer of Rights Among Affiliates
	22

		3.4    Affiliates
	22

		3.5    Additional Closings
	22

		3.6    Governing Law; Venue.	22

		3.7    Counterparts.	23

		3.8    Titles and Subtitles.	23

		3.9    Notices.	23

		3.10    Expenses.	23

		3.11    Amendments and Waivers.	23

		3.12    Severability.	24

		3.13    Aggregation of Stock.	24

		3.14    Entire Agreement.	24

i

						
	SCHEDULE A	SCHEDULE OF SEED SERIES INVESTORS
	SCHEDULE B	SCHEDULE OF SERIES A INVESTORS
	SCHEDULE C	SCHEDULE OF SERIES A-1 INVESTORS
	SCHEDULE D	SCHEDULE OF SERIES B INVESTORS
	SCHEDULE E	SCHEDULE OF SERIES C INVESTORS
	SCHEDULE F	SCHEDULE OF SERIES D INVESTORS
	SCHEDULE G	SCHEDULE OF SERIES E INVESTORS
	SCHEDULE H	SCHEDULE OF SERIES F INVESTORS
	SCHEDULE I	SCHEDULE OF FOUNDERS SHARES

ii

USER TESTING, INC.
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT
THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”) is made as of February 20, 2020, by and among USER TESTING, INC., a California corporation (the “Company”), Darrell Benatar and David Garr (the “Founders”), holders of the Seed Series Preferred Stock (the “Seed Series Preferred Stock”) listed on Schedule A hereto (the “Seed Series Investors”), the holders of the Series A Preferred Stock (the “Series A Preferred Stock”) listed on Schedule B hereto (the “Series A Investors”), the holders of the Series A-1 Preferred Stock (the “Series A-1 Preferred Stock”) listed on Schedule C hereto (the “Series A-1 Investors”), the holders of Series B Preferred Stock (the “Series B Preferred Stock”) listed on Schedule D hereto (the “Series B Investors”), the holders of the Series C Preferred Stock (the “Series C Preferred Stock”) listed on Schedule E hereto (the “Series C Investors”), the holders of Series D Preferred Stock (the “Series D Preferred Stock”) listed on Schedule F hereto (the “Series D Investors”), the holders of Series E Preferred Stock (the “Series E Preferred Stock”) listed on Schedule G hereto (the “Series E Investors”) and the holders of Series F Preferred Stock (the “Series F Preferred Stock” and, together with the Seed Series Preferred Stock, the Series A Preferred Stock, the Series A-1 Preferred Stock, the Series B Preferred Stock, the Series C Preferred Stock, the Series D Preferred Stock and the Series E Preferred Stock, the “Preferred Stock”) listed on Schedule H hereto (the “Series F Investors” and, together with the Seed Series Investors, Series A Investors, Series A-1 Investors, Series B Investors, Series C Investors, Series D Investors and Series E Investors, each, an “Investor” and, collectively, the “Investors”). 
RECITALS
A.    The Company, the Founders, the Seed Series Investors, the Series A Investors, the Series A-1 Investors, the Series B Investors, the Series C Investors, the Series D Investors and the Series E Investors are parties to that certain Amended and Restated Investors’ Rights Agreement dated as of February 28, 2019 (the “Prior Agreement”).
B.    In connection with that certain Series F Preferred Stock Purchase Agreement dated as of the date hereof, as the same may be amended from time to time (the “Purchase Agreement”), the Company will sell and issue shares of Series F Preferred Stock to certain of the Investors.
C.    The execution of this Agreement on or by the Initial Closing (as defined in the Purchase Agreement) is a condition of the parties’ obligations under the Purchase Agreement.
NOW, THEREFORE, in consideration of the mutual premises and covenants set forth herein, the parties hereto agree that the Prior Agreement is hereby amended and restated in its entirety to read in full as follows:
1

1.    Registration Rights.
The Company covenants and agrees as follows:
1.1    Definitions.
For purposes of this Section 1:
(a)    The term “Act” means the Securities Act of 1933, as amended.
(b)    The term “Form” means such form under the Act as in effect on the date hereof or any registration form under the Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC.
(c)    The term “Founders Shares” means the 9,514,532 shares of Common Stock of the Company (the “Common Stock”) (subject to appropriate adjustment for stock splits, stock dividends, combinations and other recapitalizations (collectively, “Recapitalizations”)) issued to the Founders in the amounts set forth on Schedule I hereto.
(d)    The term “Holder” means any person owning or having the right to acquire Registrable Securities (as defined below) or any assignee thereof in accordance with Section 1.11 hereof; provided, however, that the Founders shall not be deemed “Holders” for purposes of Sections 1.2, 1.4, 1.7, 1.12 and 3.10.
(e)    The term “Initial Public Offering” means the first underwritten public offering of securities of the Company pursuant to an effective registration statement under the Act (other than a registration statement relating either to the sale of securities to employees of the Company pursuant to a stock option, stock purchase or similar plan or an SEC Rule 145 transaction).
(f)    The term “1934 Act” means the Securities Exchange Act of 1934, as amended.
(g)    The terms “register,” “registered,” and “registration” refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Act, and the declaration or ordering of effectiveness of such registration statement or document.
(h)    The term “Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the Company’s Preferred Stock, (ii) the Founders Shares; provided, however, that such Founders Shares shall not be deemed Registrable Securities and the holders thereof shall not be deemed Holders for the purposes of Sections 1.2, 1.4, 1.7, 1.12 and 3.10, (iii) any Common Stock held by holders of Preferred Stock, (iv) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in exchange for, or in replacement of, the shares referenced in (i) or (ii) above, excluding in all cases, however, any Registrable Securities sold by 
2

a person (x) in a transaction in which his, her or its rights under this Agreement are not assigned, (y) pursuant to a registration statement under the Act that has been declared effective and such Registrable Securities have been disposed of pursuant to such effective registration statement, or (z) in a transaction in which such Registrable Securities are sold pursuant to Rule 144 (or any similar provision then in force) under the Act.
(i)    The number of shares of “Registrable Securities then outstanding” shall be equal to the aggregate of the number of shares of Common Stock outstanding that are, and the number of shares of Common Stock issuable pursuant to then exercisable or convertible securities that are, Registrable Securities.
(j)    The term “SEC” shall mean the Securities and Exchange Commission.
(k)    The term “Qualified Public Offering” shall be as defined in the Company’s Amended and Restated Articles of Incorporation (the “Articles”). 
1.2    Request for Registration.
(a)    Subject to the conditions of this Section 1.2, if the Company shall receive at any time after the earlier of (i) January 1, 2020 or (ii) six (6) months after the effective date of the Initial Public Offering, a written request from the Holders of at least a majority of the Registrable Securities then outstanding (the “Initiating Holders”) that the Company file a registration statement under the Act covering the registration of (i) at least thirty percent (30%) of the then outstanding Registrable Securities, or (ii) a lesser percent of the Registrable Securities if the anticipated aggregate offering price, net of underwriting discount and commissions, would exceed $20,000,000, then the Company shall, within twenty (20) days of the receipt thereof; give written notice of such request to all Holders, and subject to the limitations of this Section 1.2, use best efforts to effect, as soon as practicable, the registration under the Act of all Registrable Securities that the Holders request to be registered in a written request received by the Company within twenty (20) days of the mailing of the Company’s notice pursuant to this Section 1.2(a).
(b)    If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 1.2 and the Company shall include such information in the written notice referred to in Section 1.2(a). In such event the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by at least a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by a majority in interest of the Initiating Holders (which underwriter or underwriters shall be reasonably acceptable to the Company). Notwithstanding any other provision of this Section 1.2, if the underwriter advises the Company that marketing factors require a limitation of the number of securities underwritten (including Registrable Securities), then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and 
3

the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities on a pro rata basis (as nearly as practicable) based on the number of Registrable Securities held by all such Holders (including the Initiating Holders), provided that no Registrable Securities shall be excluded unless and until all other securities of the Company have been excluded; and provided further that at least twenty percent (20%) of the Registrable Securities requested to be included in such underwriting are in fact so included, except in the case of the Company’s Initial Public Offering (in which case there shall be no requirement to include any of the Registrable Securities subject to the other caveats provided in this section). Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration.
(c)    In addition, the Company shall not be required to effect a registration pursuant to this Section 1.2:
(i)    after the Company has effected two (2) registrations pursuant to this Section 1.2, and such registrations have been declared or ordered effective;
(ii)    during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the filing of, and ending on a date one hundred eighty (180) days following the effective date of, a Company-initiated registration subject to Section 1.3, provided that the Company is actively employing in good faith all reasonable efforts to cause such registration statement to become effective;
(iii)    if the Initiating Holders propose to dispose of Registrable Securities that may be registered on Form S-3 pursuant to Section 1.4; or
(iv)    in any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, unless the Company is already subject to service in such jurisdiction and except as may be required under the Act.
(d)    Deferral of Registration. Notwithstanding the foregoing, if the Company shall furnish to Holders requesting registration pursuant to this Section 1.2, a certificate signed by the President or Chief Executive Officer of the Company stating that, in the good faith judgment of the Board of Directors of the Company (the “Board”), it would be materially detrimental to the Company and its shareholders for such registration statement to be filed and it is therefore essential to defer the filing of such registration statement, then the Company shall have the right to defer such filing for a period of not more than 180 days following receipt of the request of the Initiating Holders; provided, however, that the Company may not utilize this right more than once in any 12-month period; provided further, that the Company shall not register any securities for the account of itself or any other shareholder during such 180 day period (other than an Excluded Registration (as defined below)).
4

1.3    Company Registration.
(a)    If (but without any obligation to do so) the Company proposes to register (including for this purpose a registration effected by the Company for shareholders other than the Holders) any of its stock or other securities under the Act in connection with the public offering of such securities (other than a registration relating solely to the sale of securities to participants in a Company stock plan, a registration relating to a corporate reorganization or other transaction under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities, or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered (each case, an “Excluded Registration”)), the Company shall, at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within twenty (20) days after mailing of such notice by the Company, the Company shall, subject to the provisions of Section 1.5(e), use its best efforts to cause to be registered under the Act all of the Registrable Securities that each such Holder has requested to be registered.
(b)    Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 1.3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The expenses of such withdrawn registration shall be borne by the Company in accordance with Section 1.7 hereof.
1.4    Form S-3 Registration.
In case the Company shall receive from any Holders holding at least twenty-five percent (25%) of the Registrable Securities then outstanding a written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, the Company shall:
(a)    promptly give written notice of the proposed registration, and any related qualification or compliance, to all other Holders; and
(b)    use best efforts to effect, as soon as practicable, such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company, provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to this Section 1.4:
(i)    if Form S-3 is not available for such offering by the Holders;
5

(ii)    if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than $2,000,000;
(iii)    if the Company furnishes to the Holders a certificate signed by the President or Chief Executive Officer of the Company stating that, in the good-faith judgment of the Board, it would be materially detrimental to the Company and its shareholders for such registration to be effected at such time, in which event the Company shall have the right to defer the filing of the Form S-3 registration statement for a period of not more than 180 days after receipt of the request of the Initiating Holders under this Section 1.4; provided, however, that the Company shall not invoke this right more than once in any twelve (12) month period; provided further, that the Company shall not register any securities for the account of itself or any other shareholder during such 180 day period (other than an Excluded Registration);
(iv)    if the Company has, within the twelve (12) month period preceding the date of such request, already effected two registrations on Form S-3 for the Holders pursuant to this Section 1.4; or
(v)    in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance, unless the Company is already subject to service in such jurisdiction and except as may be required under the Act.
(c)    Subject to the foregoing, the Company shall file a registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Holders. Registrations effected pursuant to this Section 1.4 shall not be counted as requests for registration effected pursuant to Section 1.2 or Section 1.3.
1.5    Obligations of the Company.
Whenever required under this Section 1 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible:
(a)    prepare and file with the SEC a registration statement with respect to such Registrable Securities and use best efforts to cause such registration statement to become effective, and, upon the request of the Holders of at least a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains from selling any securities included in such registration at the request of an underwriter of Common Stock (or other securities) of the Company; and (ii) in the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, such one hundred twenty (120) day period shall be extended, if necessary, to keep the registration statement effective until all such Registrable Securities are sold, provided that Rule 415, or any successor 
6

rule under the Act, permits an offering on a continuous or delayed basis, and provided further that applicable rules under the Act governing the obligation to file a post-effective amendment permit, in lieu of filing a post-effective amendment which (I) includes any prospectus required by Section 10(a)(3) of the Act or (II) reflects facts or events representing a material or fundamental change in the information set forth in the registration statement, the incorporation by reference of information required to be included in (I) and (II) above to be contained in periodic reports filed pursuant to Section 13 or 15(d) of the 1934 Act in the registration statement;
(b)    prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Act with respect to the disposition of all securities covered by such registration statement;
(c)    furnish to each Holder (i) a draft copy of the registration statement, and (ii) such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Act, and such other documents as it may reasonably request in order to facilitate the disposition of Registrable Securities owned by it;
(d)    use best efforts to register and qualify the securities covered by such registration statement under such other securities or “blue sky” laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business, where not otherwise required, or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Act;
(e)    in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement. In connection with any offering involving an underwriting of shares of the Company’s capital stock, the Company shall not be required to include any of the Holders’ securities in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the underwriters mutually acceptable to the Company and the Holders and enter into an underwriting agreement in customary form with an underwriter or underwriters selected by the Company. If the total amount of securities, including Registrable Securities, requested by shareholders to be included in such offering exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then subject to Section 1.2, the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, that the underwriters determine in their sole discretion will not jeopardize the success of the offering (the securities so included to be apportioned pro rata among the selling shareholders, according to the total amount of securities entitled to be included therein owned by each selling shareholder or in such other proportions as shall mutually be agreed to by such selling shareholders, except that no Registrable Securities of Holders other 
7

than the Founders shall be excluded until all Founders Shares and Common Stock held by directors, officers and employees of the Company have been excluded), but in no event shall the amount of securities of the selling Holders (other than the Founders) included in the offering be reduced below twenty percent (20%) of the total amount of securities included in such offering, unless such offering is the Initial Public Offering of the Company’s securities, in which case the selling shareholders may be excluded if the underwriters make the determination described above and no other shareholder’s securities are included. For purposes of the preceding parenthetical concerning apportionment, for any selling shareholder that is a Holder of Registrable Securities and that is a partnership or corporation, the partners, retired partners and shareholders of such Holder, or the estates and family members of any such partners and retired partners, and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “selling shareholder,” and any pro rata reduction with respect to such “selling shareholder” shall be based upon the aggregate amount of Registrable Securities owned by all entities and individuals included in such “selling shareholder,” as defined in this sentence;
(f)    notify each Holder of Registrable Securities covered by such registration statement, at any time when a prospectus relating thereto is required to be delivered under the Act, of (i) the issuance of any stop order by the SEC in respect of such registration statement, or (ii) the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. At the request of any such Holder, the Company will, as soon as reasonably practicable, file and furnish to all such Holders a supplement or amendment to such prospectus (to the extent prepared by or on behalf of the Company) so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading in light of the circumstances under which they were made;
(g)    cause all such Registrable Securities registered pursuant to this Section 1 to be listed on each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; provided that in the case of a registration effected pursuant to Section 1.2, which registration constitutes the Initial Public Offering, the Registrable Securities shall be listed on a national securities exchange or the NASDAQ Global Select Market system;
(h)    provide a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration;
(i)    use its best commercially reasonable efforts to furnish, at the request of any Holder requesting registration of Registrable Securities pursuant to this Section 1, on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Section 1, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the date that the registration 
8

statement with respect to such securities becomes effective, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting registration, addressed to the underwriters and to the Holders requesting registration of Registrable Securities, and (ii) a “comfort” letter dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting registration, addressed to the underwriters and to the Holders requesting registration of Registrable Securities;
(j)    promptly make available for inspection by the selling Holders, any underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith;
(k)    notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and
(l)    after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus.
1.6    Information from Holder.
(a)    It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 1 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be reasonably required to effect the registration of such Holder’s Registrable Securities.
(b)    The Company shall have no obligation with respect to any registration requested pursuant to Section 1.2 if, due to the operation of Section 1.6(a), the number of shares or the anticipated aggregate offering price of the Registrable Securities to be included in the registration does not equal or exceed the number of shares or the anticipated aggregate offering price required to originally trigger the Company’s obligation to initiate such registration as specified in Section 1.2(a).
9

1.7    Expenses of Registration.
All expenses other than underwriting discounts and commissions incurred in connection with registrations, filings or qualifications pursuant to Sections 1.2, 1.3 and 1.4, including, without limitation, all registration, filing and qualification fees (including “blue sky” fees), printers’ and accounting fees, fees and disbursements of counsel for the Company (including fees and disbursements of counsel for the Company in its capacity as counsel to the selling Holders hereunder) shall be borne by the Company; and if Company counsel does not make itself available for this purpose, the Company will pay the reasonable fees and disbursements of one counsel for the selling Holders; provided, however, notwithstanding the foregoing, the Company shall have no obligation under the foregoing clause with respect to more than two registrations initiated under Section 1.2 hereof or one registration initiated under Section 1.4 hereof. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 1.2 or Section 1.4 if the registration request is subsequently withdrawn at the request of the Holders of at least a majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be registered in the withdrawn registration), provided, however, that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to Section 1.2 or Section 1.4.
1.8    Delay of Registration.
No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 1.
1.9    Indemnification. 
In the event any Registrable Securities are included in a registration statement under this Section 1:
(a)    To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, members, officers, directors and shareholders of each Holder, legal counsel and accountants for each Holder, any underwriter (as defined in the Act) for such Holder and each person, if any, who controls such Holder or underwriter, within the meaning of the Act or the 1934 Act, against any losses, claims, damages or liabilities (joint or several) to which they may become subject under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary 
10

prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws; and the Company will reimburse each such Holder, partner, member officer, director, shareholder, counsel, accountant, underwriter or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, action or proceeding as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 1.9(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability, action or proceeding to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with information furnished expressly for use in connection with such registration by any such Holder, partner, member, officer, director, shareholder, counsel, accountant, underwriter or controlling person.
(b)    To the extent permitted by law, each selling Holder, on a several and not joint basis, will indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Act, any underwriter, any other shareholder selling securities in such registration statement and any controlling person of any such underwriter or other shareholder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing persons may become subject, under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation (but excluding clause (iii) of the definition thereof) in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with information furnished by such Holder expressly for use in connection with such registration; and each such Holder will reimburse any person intended to be indemnified pursuant to this Section 1.9(b) for any legal or other expenses reasonably incurred by such person in connection with investigating or defending any such loss, claim, damage, liability, action or proceeding; provided, however, that the indemnity agreement contained in this Section 1.9(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, action or proceeding if such settlement is effected without the consent of the Holder, provided that in no event shall any indemnity under this Section 1.9(b) exceed the net proceeds from the offering received by such Holder.
(c)    Promptly after receipt by an indemnified party under this Section 1.9 of actual knowledge of the commencement of any action or proceeding (including any governmental action or proceeding) for which a party may be entitled to indemnification, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 1.9, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the 
11

indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action or proceeding, if prejudicial to its ability to defend such action or proceeding, shall relieve such indemnifying party of any liability to the indemnified party under this Section 1.9 to the extent of such prejudice, but the omission to so deliver written notice to the indemnifying party will not relieve such indemnifying party of any liability that it may have to any indemnified party otherwise than under this Section 1.9.
(d)    If the indemnification provided for in this Section 1.9 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder; shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of and the relative benefits received by the indemnifying party, on the one hand, and of the indemnified party, on the other, in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations, provided that no person guilty of fraud shall be entitled to contribution. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. The relative benefits received by the indemnifying party and the indemnified party shall be determined by reference to the net proceeds and underwriting discounts and commissions from the offering received by each such party. In no event shall any contribution under this Section 1.9(d) exceed the net proceeds from the offering received by such Holder, less any amounts paid under Section 1.9(b). No individual or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any individual or entity who was not guilty of such fraudulent misrepresentation.
(e)    Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.
(f)    The obligations of the Company and Holders under this Section 1.9 shall survive the completion of any offering of Registrable Securities in a registration statement under this Section 1, and otherwise.
12

1.10    Reports Under Securities Exchange Act of 1934.
With a view to making available to the Holders the benefits of Rule 144 under the Act and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company agrees to:
(a)    make and keep public information available, as those terms are understood and defined in Rule 144 of the Act, at all times after the effective date of the Initial Public Offering;
(b)    take such action, including the voluntary registration of its Common Stock under Section 12 of the 1934 Act, as is necessary to enable the Holders to utilize Form S-3 for the sale of their Registrable Securities, such action to be taken as soon as practicable after the end of the fiscal year in which the first registration statement filed by the Company for the offering of its securities to the general public is declared effective;
(c)    file with the SEC in a timely manner all reports and other documents required of the Company under the Act and the 1934 Act; and
(d)    furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144 of the Act (at any time after ninety (90) days after the effective date of the Initial Public Offering), the Act and the 1934 Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration or pursuant to such form.
1.11    Assignment of Registration Rights.
The rights to cause the Company to register Registrable Securities pursuant to this Section 1 may be assigned (but only with all related obligations) by a Holder to a transferee, member, retired member or assignee of such securities that (i) is a subsidiary, affiliate, parent, partner, limited partner, retired partner or shareholder of a Holder, (ii) is a Holder’s immediate family member (spouse or child) or trust for the benefit of an individual Holder, (iii) after such assignment or transfer, holds at least ten percent (10%) of the shares of Registrable Securities (subject to appropriate adjustment for Recapitalizations) or (iv) with the prior written consent of the Company, after such assignment or transfer, holds at least 100,000 shares of Registrable Securities (subject to appropriate adjustment for Recapitalizations), provided: (a) in the case of (i), (ii) and (iii), the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; (b) such transferee or assignee agrees in writing, a copy of which writing is provided to the Company at the time of transfer, to 
13

be bound by and subject to the terms and conditions of this Agreement, including without limitation the provisions of Section 1.13; and (c) such assignment shall be effective only if immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Act. For the purposes of determining the number of shares of Registrable Securities held by a transferee or assignee, the holdings of transferees and assignees of a partnership who are partners or retired partners of such partnership (including spouses and ancestors, lineal descendants and siblings of such partners or spouses who acquire Registrable Securities by gift, will or intestate succession) shall be aggregated together with the partnership; provided that all assignees and transferees who would not qualify individually for assignment of registration rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving, notices or taking any action under this Section 1.
1.12    Limitations on Subsequent Registration Rights.
From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders of at least a majority of the outstanding Registrable Securities then held by all Holders, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (a) to include such securities in any registration filed under Section 1.2, Section 1.3 or Section 1.4 hereof, unless under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such securities will not reduce the amount of the Registrable Securities of the Holders that are included or (b) to make a demand registration of their securities which could result in such registration statement being declared effective prior to either of the dates set forth in Section 1.2(a) or within 120 days of the effective date of any registration statement effected pursuant to Section 1.2.
1.13    “Market Stand-Off’ Agreement.
Each Holder hereby agrees that it will not, directly or indirectly, without the prior written consent of the Company and the managing underwriter, during the period commencing on the date of the final prospectus relating to the Initial Public Offering and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days), or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports, and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto, (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock held immediately before the effective date of the Initial Public Offering, or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise. The foregoing provisions of this Section 1.13 shall not apply to the sale of any 
14

shares to an underwriter pursuant to an underwriting agreement, and shall only be applicable to the Holders if all officers and directors and greater than three percent (3%) shareholders of the Company enter into similar agreements. The underwriters in connection with the Initial Public Offering are intended third party beneficiaries of this Section 1.13 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto; further, each Holder hereby agrees to enter into written agreements with such underwriters containing terms substantially equivalent to the terms of this Section 1.13, and each Holder hereby agrees that such underwriters shall be entitled to require each such Holder to enter into such a written agreement. Notwithstanding the foregoing, nothing in this Section 1.13 shall prevent a Holder from making a transfer of any Common Stock that was listed on a national stock exchange, actively traded over-the-counter or traded on the NASDAQ Global Select Market at the time it was acquired by the Holder or was acquired by such Holder pursuant to Rule 144A of the Act, including any shares acquired in the Initial Public Offering.
In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to the Registrable Securities of each Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period.
1.14    Termination of Registration Rights.
No Holder shall be entitled to exercise any right provided for in this Section 1 (a) after five (5) years following the consummation of a Qualified Public Offering or (b) as to any Holder, such earlier time at which such Holder holds less than one percent (1%) of the outstanding capital stock of the Company and all Registrable Securities held by such Holder (and any affiliate of the Holder with whom such Holder must aggregate its sales under Rule 144 of the Act) can be sold in any ninety (90) day period without registration in compliance with Rule 144 of the Act.
2.    Covenants of the Company.
2.1    Delivery of Financial Statements.
The Company shall deliver to each Investor holding at least five percent (5%) (appropriately adjusted for any Recapitalizations) of the outstanding Preferred Stock (each, a “Major Investor”):
(a)    as soon as practicable, but in any event within one hundred eighty (180) days after the end of each fiscal year of the Company, (i) an audited income statement for such fiscal year, a balance sheet of the Company and statement of shareholder’s equity as of the end of such year, and a statement of cash flows for such year, prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and audited and certified by independent public accountants of nationally recognized standing selected by the Company and (ii) a capitalization table showing securities outstanding at the end of such year,
(b)    as soon as practicable, but in any event within forty-five (45) days after the end of each fiscal quarter of the Company, an unaudited income statement for such fiscal 
15

quarter, a balance sheet of the Company and statement of shareholder’s equity as of the end of such quarter, and a statement of cash flows for such quarter, all prepared in accordance with GAAP (except that such financial statements may (A) be subject to normal year-end audit adjustments and (B) not contain all notes thereto that may be required in accordance with GAAP), and
(c)    as soon as practicable, but in any event at least fifteen (15) days after the end of each fiscal year, a budget and projections for the next fiscal year, prepared on a monthly basis, including balance sheets, income statements and statements of cash flows for such months and, as soon as prepared, any other budgets or revised budgets prepared by the Company.
2.2    Inspection. 
The Company shall permit each Major Investor, at such Major Investor’s expense, to visit and inspect the Company’s properties, to examine its books of account and records and to discuss the Company’s affairs, finances and accounts with its officers, all at such reasonable times as may be reasonably requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to this Section 2.2 to provide access to any information that it reasonably considers to be a trade secret or similar confidential information, and provided further that the Company may require the Major Investor to execute a confidentiality and nondisclosure agreement prior to any such visit and inspection.
2.3    Right of First Offer.
Subject to the terms and conditions specified in this Section 2.3, the Company hereby grants to each Major Investor a right of first offer with respect to future sales by the Company or any subsidiary of the Company of its Shares (as hereinafter defined). For purposes of this Section 2.3, Major Investor shall include any general partners and affiliates of a Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted it among itself and its partners and affiliates in such proportions as it deems appropriate, subject to applicable securities laws.
Each time the Company or any subsidiary of the Company proposes to offer any shares of, or securities convertible into or exchangeable or exercisable for any shares of, any class of its respective capital stock (the “Shares”), the Company shall make, or shall cause such subsidiary to make, as applicable, an offering of such Shares to each Major Investor in accordance with the following provisions:
(a)    The Company shall deliver a notice in accordance with Section 3.6 (the “Notice”) to the Major Investors stating (i) its bona fide intention to offer such Shares, (ii) the number of such Shares to be offered, and (iii) the price and terms upon which it proposes to offer such Shares.
(b)    By written notification received by the Company, within twenty (20) calendar days after receipt of the Notice, each Major Investor may elect to purchase or obtain, at the price and on the terms specified in the Notice, up to that portion of such Shares that equals 
16

the proportion that the number of shares of Common Stock issued and held, or issuable upon conversion of the Preferred Stock then held, by such Major Investor bears to the total number of shares of Common Stock then outstanding (assuming full conversion and exercise of all outstanding convertible and exercisable securities). The Company shall promptly, in writing, inform each Major Investor which purchases all the shares available to it (“Fully-Exercising Major Investor”) of any other Major Investor’s failure to do likewise. During the ten (10) calendar day period commencing after receipt of such information, each Fully-Exercising Major Investor may elect to purchase that portion of the Shares for which Major Investors were entitled to subscribe, but which were not subscribed for by the Major Investors, which is equal to the proportion that the number of shares of Common Stock issued and held, or issuable upon conversion of Preferred Stock then held, by such Fully-Exercising Major Investor bears to the total number of shares of Common Stock issued and held, or issuable upon conversion of Preferred Stock then held, by all Fully-Exercising Major Investors who wish to purchase some of the unsubscribed shares.
(c)    If all Shares that Major Investors are entitled to obtain pursuant to Section 2.3(b) are not elected to be obtained as provided in Section 2.3(b) hereof, the Company may, during the thirty (30) day period following the expiration of the period provided in Section 2.3(b) hereof, offer the remaining unsubscribed portion of such Shares to any person or persons at a price not less than, and upon terms no more favorable to the offeree than those specified in the Notice. If the Company does not enter into an agreement for the sale of the Shares within such period, or if such agreement is not consummated within sixty (60) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such Shares shall not be offered unless first reoffered to the Major Investors in accordance herewith.
(d)    The right of first offer in this Section 2.3 shall not be applicable to (i) shares of Series F Preferred Stock sold pursuant to the Purchase Agreement, (ii) Common Stock excluded from the definition of “Additional Stock” pursuant to Section B.4(d)(ii) of the Articles, provided, however, the securities excluded from the definition of “Additional Stock” in the Articles shall also apply to the Company’s subsidiaries for purposes of this Agreement and (iii) equity securities of a direct or indirect wholly-owned subsidiary of the Company that are issued to the Company (provided that whether a subsidiary is wholly owned by the Company will be determined without taking into account de minimis amounts of equity securities held by third parties in order to satisfy any applicable resident-shareholder, director-shareholder or similar legal requirements). In addition to the foregoing, the right of first offer in this Section 2.3 shall not be applicable with respect to any Major Investor and any subsequent securities issuance, if (i) at the time of such subsequent securities issuance, the Major Investor is not an “accredited investor,” as that term is then defined in Rule 501(a) under the Act, and (ii) such subsequent securities issuance is otherwise being offered only to accredited investors.
(e)    The right of first offer set forth in this Section 2.3 may not be assigned or transferred to a direct competitor of the Company, as reasonably determined by the Company, provided that (i) such right is assignable by each Major Investor to any affiliate, including any wholly-owned subsidiary or parent of, or to any corporation or entity that is, within the meaning of the Act, controlling, controlled by or under common control with, any such Major Investor, 
17

and (ii) such right is assignable to a transferee or assignee who holds after such transfer at least ten percent (10%) of the shares of Registrable Securities (subject to appropriate adjustment for any Recapitalization).
2.4    Proprietary Information and Inventions Agreements.
The Company shall require employees and consultants to execute proprietary information agreements in the form approved by the Board with provisions addressing confidentiality, corporate ownership of the inventions and non-solicitation of employees for a period of one (1) year after employment.
2.5    Board of Directors.
The Board shall meet at least quarterly, unless otherwise approved by the non-employee members of the Board.
2.6    Successor Indemnification.
If the Company or any of its successors or assignees consolidates with or merges into any other corporation or other entity and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of members of the Board as in effect immediately before such transaction, whether such obligations are contained in the Company’s bylaws, as the same may be amended from time to time, the Articles, or elsewhere, as the case may be.
2.7    Notice of Litigation.
For so long as any shares of Preferred Stock remains outstanding, the Company shall provide notice to the Major Investors promptly upon the filing of any material action, suit or proceeding by or against the Company.
2.8    Common Stock Vesting.
Shares of Common Stock (or options therefor) issued to employees and service providers of the Company after the date hereof shall, unless otherwise approved by a majority of the Board, which majority shall include the Directors designated by the Investors (as set forth in the Amended and Restated Voting Agreement of even date herewith, as the same may be amended from time to time), vest as follows: no shares shall vest until the completion of the twelve (12) month anniversary of the commencement of employment or service, at which time twenty-five percent (25%) of the Common Stock (or option therefor) shall vest; and the remainder shall vest in equal monthly installments over the following thirty-six (36) months, subject to the recipient’s continued employment or service. Unless otherwise approved by the Board, with respect to any shares of Common Stock purchased by any such person, the Company shall retain a “right of first refusal” on employee transfers until an Initial Public Offering, and the Company’s repurchase option shall provide that upon such person’s termination of employment or service 
18

with the Company, with or without cause, the Company or its assignee (to the extent permissible under applicable securities laws and other laws) shall have the option to purchase any unvested shares of stock held by such person at the lower of cost and fair market value of a share of Common Stock. In addition, the Company has not issued and shall not issue, without the prior consent of the Board, any equity securities (including but not limited to options, warrants or shares of capital stock) to any person or entity unless such person or entity shall have previously executed a market standoff agreement with the Company pursuant to which such person or entity shall have agreed to provisions no less restrictive than those set forth in Section 1.13. Existing agreements regarding vesting and acceleration with employees and service providers of the Company shall not be modified or cancelled without the approval of the Board, including all of the Directors designated by the Investors (as set forth in the Amended and Restated Voting Agreement of even date herewith, as the same may be amended from time to time).
2.9    Board Observer Rights.
(a)    In the event that (i) Dave Garr is no longer a member of the Board, but continues to hold at least 1,168,929 shares of Common Stock and is an employee of the Company, and (ii) Darrell Benatar no longer holds the Board seat designated for the Company’s Chief Executive Officer and becomes the Common Designee (as defined in the Amended and Restated Voting Agreement of even date herewith, as the same may be amended from time to time), then Dave Garr shall be entitled to notice of, to attend, and to any documentation distributed to directors before, during or after, all meetings (including any action to be taken by written consent) of the Board and all committees thereof; provided, however, that the Company may withhold any information or prevent attendance at such meeting if disclosure of such information or attendance at a meeting would, in the judgment of the Company’s outside legal counsel, (i) adversely affect the attorney-client privilege between the Company and its counsel, (ii) results in the disclosure of highly confidential or proprietary information, (iii) results in a conflict of interest between Dave Gan- and the Company or (iv) cause the Board to breach its fiduciary duties. The Company will use all reasonable efforts to ensure that any withholding of information or any restriction on attendance is strictly limited only to the extent necessary as set forth in this Section 2.9.
(b)    For so long as KW Testing, LLC (or its affiliates) (“KW”) continues to hold at least 2,717,849 shares of Series B Preferred Stock, KW shall be entitled to designate, from time to time, one (1) individual who shall be entitled to notice of, to attend, and to any documentation distributed to directors before, during or after, all meetings (including any action to be taken by written consent) of the Board and all committees thereof; provided, however, that the Company may withhold any information or prevent attendance at such meeting if disclosure of such information or attendance at a meeting would, in the judgment of the Company’s outside legal counsel, (i) adversely affect the attorney-client privilege between the Company and its counsel, (ii) results in the disclosure of highly confidential or proprietary information, (iii) results in a conflict of interest between KW and the Company or (iv) cause the Board to breach its fiduciary duties. The Company will use all reasonable efforts to ensure that any withholding of information or any restriction on attendance is strictly limited only to the extent necessary as set forth in this Section 2.9. 
19

(c)    For so long as Inspiration Ventures, L.P. (or its affiliates) (“Inspiration”) continues to hold at least 2,154,400 shares of Seed Series Preferred Stock, Inspiration shall be entitled to designate, from time to time, one (1) individual who shall be entitled to notice of, to attend, and to any documentation distributed to directors before, during or after, all meetings (including any action to be taken by written consent) of the Board and all committees thereof; provided, however, that the Company may withhold any information or prevent attendance at such meeting if disclosure of such information or attendance at a meeting would, in the judgment of the Company’s outside legal counsel, (i) adversely affect the attorney-client privilege between the Company and its counsel, (ii) results in the disclosure of highly confidential or proprietary information, (iii) results in a conflict of interest between Inspiration and the Company or (iv) cause the Board to breach its fiduciary duties. The Company will use all reasonable efforts to ensure that any withholding of information or any restriction on attendance is strictly limited only to the extent necessary as set forth in this Section 2.9.
(d)    In the event Accel Partners or its affiliates (collectively, “Accel Partners”) is no longer entitled to designate a member of the Board, but still holds at least 2,500,000 shares of Preferred Stock, Accel Partners shall be entitled to any documentation distributed to directors before, during or after, all meetings (including any action to be taken by written consent) of the Board and all committees thereof; provided, however, that the Company may withhold any information if disclosure of such information would, in the judgment of the Company’s outside legal counsel, (i) adversely affect the attorney-client privilege between the Company and its counsel, (ii) results in the disclosure of highly confidential or proprietary information, (iii) results in a conflict of interest between Accel Partners and the Company or (iv) cause the Board to breach its fiduciary duties. The Company will use all reasonable efforts to ensure that any withholding of information is strictly limited only to the extent necessary as set forth in this Section 2.9.
(e)    For so long as Greenspring Associates, Inc. (or its affiliates) (“Greenspring”) continues to hold at least 2,500,000 shares of Series D Preferred Stock, Greenspring shall be entitled to designate, from time to time, one (1) individual who shall be entitled to notice of, to attend, and to any documentation distributed to directors before, during or after, all meetings (including any action to be taken by written consent) of the Board and all committees thereof (the “Greenspring Observer”); provided, however, that the Company may withhold any information or prevent attendance at such meeting if disclosure of such information or attendance at a meeting would, in the judgment of the Company’s outside legal counsel, (i) adversely affect the attorney-client privilege between the Company and its counsel, (ii) results in the disclosure of highly confidential or proprietary information, (iii) results in a conflict of interest between Greenspring and the Company or (iv) cause the Board to breach its fiduciary duties. The Company will use all reasonable efforts to ensure that any withholding of information or any restriction on attendance is strictly limited only to the extent necessary as set forth in this Section 2.9. The Company will reimburse the Greenspring Observer for all reasonable out-of-pocket expenses incurred by the Greenspring Observer in attending meetings of the Board or any committee thereof.
20

(f)    For so long as Insight Venture Management, LLC (or its affiliates) (“Insight”) continues to hold at least 5,608,916 shares of Series F Preferred Stock, Insight shall be entitled to designate, from time to time, one (1) individual who shall be entitled to notice of, to attend, and to any documentation distributed to directors before, during or after, all meetings (including any action to be taken by written consent) of the Board and all committees thereof (the “Insight Observer”); provided, however, that the Company may withhold any information or prevent attendance at such meeting if disclosure of such information or attendance at a meeting would, in the judgment of the Company’s outside legal counsel, (i) adversely affect the attorney-client privilege between the Company and its counsel, (ii) results in the disclosure of highly confidential or proprietary information, (iii) results in a conflict of interest between Insight and the Company or (iv) cause the Board to breach its fiduciary duties. The Company will use all reasonable efforts to ensure that any withholding of information or any restriction on attendance is strictly limited only to the extent necessary as set forth in this Section 2.9. The Company will reimburse the Insight Observer for all reasonable out-of-pocket expenses incurred by the Insight Observer in attending meetings of the Board or any committee thereof.
2.10    Termination of Certain Covenants.
The covenants set forth in this Section 2 shall terminate and be of no further force or effect upon the consummation of a Qualified Public Offering or at such time as the Company is required to file reports pursuant to Section 13 or 15(d) of the 1934 Act. This Agreement shall terminate and be of no further force or effect upon the consummation of a transaction or series of related transactions which are deemed to be a liquidation, dissolution or winding up of the Company or a Deemed Liquidation Event (as such term is defined in the Articles), pursuant to the Articles.
3.    Miscellaneous. 
3.1    Confidentiality. Each Investor agrees, severally and not jointly, that such Investor (A) will keep confidential, (B) will not disclose, divulge or use for any purpose (other than to monitor its investment in the Company) and (C) will protect to the same degree as it protects its own confidential information any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file a registration statement) unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 3.1 by such Investor), (b) is or has been independently developed or conceived by the Investor without use of the Company’s confidential information, (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of confidentiality such third party may have to the Company, or (d) as required by law; provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company, (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the provisions of this Section 3.1, (iii) to any current or prospective affiliate, partner, member, shareholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such person that such 
21

information is confidential and directs such person to maintain the confidentiality of such information, or (iv) as may otherwise be required by law, regulation, rule, court order or subpoena; provided that such Investor promptly notifies the Company of such disclosure (provided that such Investor shall not be required to notify the Company of any disclosure in connection with an audit or regulatory examination, including, without limitation, by regulatory or self-regulatory bodies, in the course of its business) and takes reasonable steps to minimize the extent of any such required disclosure.
3.2    Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties (including transferees of any shares of Registrable Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.
3.3    Transfer of Rights Among Affiliates. Notwithstanding anything herein to the contrary, nothing in this Agreement is intended to prevent any Investor from transferring his, her or its rights under this Agreement to any affiliate or limited partner of such Investor.
3.4    Affiliates. For the purposes of this Agreement, the terms “affiliate,” or “affiliated entities” when used herein, means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified, including without limitation any investment vehicle and/or investment fund managed and/or advised, directly or indirectly, by any affiliate (as defined in Rule 144(a) promulgated under the Securities Act of 1933, as amended) of the person specified.
3.5    Additional Closings. In the event that the Company shall conduct subsequent sales of Series F Preferred Stock pursuant to the Purchase Agreement, any purchaser of such shares of Series F Preferred Stock shall be deemed an Investor with all of the rights of an Investor under this Agreement; provided, that as a condition thereto such Investor shall sign a counterpart signature page to this Agreement.
3.6    Governing Law; Venue.
This Agreement is to be construed in accordance with and governed by the internal laws of the State of California without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of California to the rights and duties of the parties. All disputes and controversies arising, out of or in connection with this Agreement shall be resolved exclusively by the state and federal courts located in Santa Clara County in the State of California, and each party hereto agrees to submit to the jurisdiction of said courts and agrees that venue shall lie exclusively with such courts.
22

3.7    Counterparts. 
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
3.8    Titles and Subtitles.
The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.
3.9    Notices. 
(a)    All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail or facsimile during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their address as set forth the Schedules hereto, or to such email address, facsimile number or address as subsequently modified by written notice given in accordance with this Section 3.9(a). If notice is given to the Company, a copy shall also be sent to Goodwin Procter LLP, Attention: An-Yen Hu at 601 Marshall Street, Redwood City, CA 94063 or ahu@goodwinlaw.com.
(b)    Consent to Electronic Notice. Each Investor and Founder consents to the delivery of any stockholder notice at the electronic mail address or the facsimile number set forth below such Investor’s or Founder’s name on the Schedules hereto, as updated from time to time by notice to the Company, or as on the books of the Company. Each Investor and Founder agrees to promptly notify the Company of any change in its electronic mail address, and that failure to do so shall not affect the foregoing.
3.10    Expenses. 
If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.
3.11    Amendments and Waivers.
Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of (i) the Company and (ii) the holders of a majority of the Registrable Securities then outstanding; provided, however, that if any amendment or waiver operates in a manner that treats any holder of Registrable Securities different in any 
23

material respect from other holders of Registrable Securities, the consent of such holder of Registrable Securities shall also be required for such amendment or waiver. Notwithstanding the foregoing, (a) this Agreement may not be amended, and no provision hereof may be waived, in each case, in any way which would adversely affect the rights of the Founders or any Investor or group of Investors hereunder in a manner disproportionate to any adverse effect such amendment or waiver would have on the rights of the other Investors hereunder, without also the written consent of the holders of at least a majority of the Registrable Securities held by such differently affected Founder or Investor, as the case may be and (b) any amendment to terminate any right of the Investors set forth in this Agreement (whether or not such amendment affects all Investors equally) shall require the approval of the holders of a majority of the outstanding shares of the Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock and Series F Preferred Stock, voting together on an as-converted basis. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each party to the Agreement, whether or not such party has signed such amendment or waiver, each future holder of all such Registrable Securities, and the Company.
3.12    Severability. 
If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable with its terms.
3.13    Aggregation of Stock.
All shares of Registrable Securities held or acquired by entities advised by the same investment adviser and affiliated entities or persons shall be aggregated together for the purpose of determining the availability of any rights under this Agreement.
3.14    Entire Agreement.
Upon the effectiveness of this Agreement, the Prior Agreement shall be deemed amended and restated to read in its entirety as set forth in this Agreement. This Agreement and the documents referred to herein constitute the entire agreement among the parties with respect to the subject matter hereof and no party shall be liable or bound to any other party in any manner by any warranties, representations or covenants except as specifically set forth herein or therein. 
[Remainder of Page Intentionally Left Blank]
24

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 
						
	COMPANY:
		
	USER TESTING, INC.
		
		
	By:	/s/ Andrew MacMillan
	Name:	Andrew MacMillan
	Title:	Chief Executive Officer
		
		
	Address:
	USER TESTING, INC.
	690 5th Street
	San Francisco, CA 94107

SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
						
	FOUNDER:
	
	/s/ Darrell Benatar
	DARRELL BENATAR
	
	
	Address:
	[***]
	[***]
		
	Facsimile:	
		
	FOUNDER:
		
	
	DAVID GARR
		
	Address:	
	[***]	
	[***]	
		
	Facsimile:	

SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
						
	FOUNDER:
	
	
	DARRELL BENATAR
	
	
	Address:
	[***]
	[***]
		
	Facsimile:	
		
	FOUNDER:
		
	/s/ David Garr
	DAVID GARR
		
	Address:	
	[***]	
	[***]	
		
	Facsimile:	

SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
						
	INVESTORS:
		
	INSIGHT PARTNERS XI, L.P.
		
	By:	Insight Associates XI, L.P., its general partner
	By:	Insight Associates XI, L.P., its general partner
		
		
	By:	/s/ Blair Flicker
	Name:	Blair Flicker
	Title:	Authorized Officer
		
		
	INSIGHT PARTNERS (CAYMAN) XI, L.P.
		
	By:	Insight Associates XI, L.P., its general partner
	By:	Insight Associates XI, L.P., its general partner
		
		
	By:	/s/ Blair Flicker
	Name:	Blair Flicker
	Title:	Authorized Officer
		
		
	INSIGHT PARTNERS XI (CO-INVESTORS), L.P.
		
	By:	Insight Associates XI, L.P., its general partner
	By:	Insight Associates XI, L.P., its general partner
		
		
	By:	/s/ Blair Flicker
	Name:	Blair Flicker
	Title:	Authorized Officer

SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
						
	INSIGHT PARTNERS XI (CO-INVESTORS)
(B), L.P.
		
	By:	Insight Associates XI, L.P., its general partner
	By:	Insight Associates XI, L.P., its general partner
		
		
	By:	/s/ Blair Flicker
	Name:	Blair Flicker
	Title:	Authorized Officer
		
		
	INSIGHT PARTNERS (DELAWARE) XI, L.P.
		
	By:	Insight Associates XI, L.P., its general partner
	By:	Insight Associates XI, L.P., its general partner
		
		
	By:	/s/ Blair Flicker
	Name:	Blair Flicker
	Title:	Authorized Officer
		
		
	INSIGHT PARTNERS (EU) XI, S.C.Sp.
		
	By:	Insight Associates (EU) XI, S.a.r.l., its general 
	partner
		
		
	By:	/s/ Blair Flicker
	Name:	Blair Flicker
	Title:	Authorized Officer

SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
						
	INVESTOR: 
		
	ACCEL GROWTH FUND III L.P.
	By:	Accel Growth Fund III Associates L.L.C.
	Its:	General Partner
		
		
	By:	/s/ Rich Zamboldi
	Attorney in Fact
		
		
	ACCEL GROWTH FUND III 
	STRATEGIC PARTNERS L.P. 
		
	By:	Accel Growth Fund III Associates L.L.C.
	Its:	General Partner
		
		
	By:	/s/ Rich Zamboldi
	Attorney in Fact
		
		
	ACCEL GROWTH FUND INVESTORS 
	2014 L.L.C.
		
		
	By:	/s/ Rich Zamboldi
	Attorney in Fact

SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
						
	INVESTOR: 
		
	OPENVIEW VENTURE PARTNERS IV, L.P.
		
	By:	OPENVIEW GENERAL PARTNER IV, L.P.
	Its:	General Partner
		
	By:	OPENVIEW MANAGEMENT, LLC 
	Its:	General Partner
		
		
	By:	/s/ Rufus C. King
	Name:	/s/ Rufus C. King
	Title:	Chief legal Officer
		
		
	OPENVIEW AFFILIATES FUND IV, L.P. 
	
	By:	OPENVIEW GENERAL PARTNER IV, L.P.
	Its:	General Partner
		
	By:	OPENVIEW MANAGEMENT, LLC 
	Its:	General Partner
		
		
	By:	/s/ Rufus C. King
	Name:	/s/ Rufus C. King
	Title:	Chief legal Officer

SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
						
	INVESTOR: 
		
	GREENSPRING GLOBAL PARTNERS VII-A, L.P.
		
	By:	Greenspring General Partner VII, L.P., 
	Its:	General Partner
		
	By:	Greenspring GP VII, Ltd.
		
	By:	/s/ Eric Thompson
	Name:	Eric Thompson
	Title:	COO
		
		
	GREENSPRING GLOBAL PARTNERS VII-C, L.P.
	
	By:	Greenspring General Partner VII, L.P .,
	Its:	General Partner
		
	By:	Greenspring GP VII, Ltd.
		
	By:	/s/ Eric Thompson
	Name:	Eric Thompson
	Title:	COO

SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
						
	GREENSPRING SECONDARIES FUND III, L.P.
		
	By:	Greenspring Secondaries General Partner III, L.P.
	Its	General Partner
		
	By:	Greenspring Secondaries GP III, LLC,
	Its	General Partner
		
	By:	Greenspring Associates, Inc.,
	Its	Sole Member
		
	By:	/s/ Eric Thompson
	Name:	Eric Thompson
	Title:	Chief Operating Officer
		
		
	GREENSPRING OPPORTUNITIES III, L.P.
		
	By:	Greenspring Opportunities General Partner III, L.P.
	Its	General Partner
		
	By:	Greenspring Opportunities General Partner III, LLC,
	Its	General Partner
		
		
	By:	/s/ Eric Thompson
	Name:	Eric Thompson
	Title:	Chief Operating Officer

SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

SCHEDULE A 
SCHEDULE OF SEED SERIES INVESTORS
			
	Investor Name:
	
	Inspiration Ventures, L.P.
	[***]
	[***]
	
	Lou Doctor
	[***]
	[***]
	
	John Witchel
	[***]
	[***]

A-1

SCHEDULE B
SCHEDULE OF SERIES A INVESTORS
			
	Investor Name:
	
	Lionel Chocron and Rebecca Malkin-Chocron
	[***]
	[***]
	
	Clearstone Venture Partners III-A, L.P.
	[***]
	[***]
	
	Clearstone Venture Partners III-B, a Delaware Multiple Services L.L.C.
	[***]
	[***]
	
	Crandell Family Living Trust, dated October 26, 1992 George M. Crandell, Jr. and Linda K.
	Crandell Trustees
	[***]
	[***]
	
	Topiary Capital Fund I, LP
	c/o Topiary Capital Fund I GP, LLC 
	c/o Greenough Consulting Group 
	[***]
	[***]
	[***]
	
	Mike Faith
	[***]
	[***]
	
	G. Nichols Farwell and Gail M. Farwell, JTWROS
	[***]
	[***]
	
	OpenView Venture Partners IV, L.P.
	OpenView Affiliates Fund W, L.P.
	c/o OpenView Venture Partners
	[***]
	[***]
	[***]
	[***]

B-1

			
	Mathieson Family Trust dated August 4, 1997 
	[***]
	[***]
	
	Michele and John McNellis JTWROS
	[***]
	[***]
	
	The PASE Trust, Steven Berger and Paula Hughmanick Trustees
	[***]
	[***]
	
	Cathy Schwartz Harris 
	[***]
	[***]
	
	Schwartz Living Trust dated November 13, 1981
	Jeffrey E. Schwartz, Trustee
	[***]
	[***]
	
	The Stemheim Trust, UDT 12/22/98
	Eliezer Stemheim, Trustee
	[***]
	[***]

B-2

SCHEDULE C
SCHEDULE OF SERIES A-1 INVESTORS
			
	Investor Name:
	
	Topiary Capital Fund I, LP
	c/o Topiary Capital Fund I GP, LLC 
	c/o Greenough Consulting Group 
	[***]
	[***]
	
	Clearstone Venture Partners III-A, L.P.
	[***]
	[***]
	
	Morgan Stanley Smith Barney LLC as Custodian for David Wittenkamp
	
	OpenView Venture Partners IV, L.P.
	OpenView Affiliates Fund IV, L.P.
	c/o OpenView Venture Partners
	[***]
	[***]
	[***]
	[***]
	
	The PASE Trust, Steven Berger and Paula Hughmanick Trustees
	[***]
	[***]
	
	Clearstone Venture Partners III-B, a DE Multiple Series LLC
	[***]
	[***]
	
	The Sternheim Trust, UDT 12/22/98
	Eliezer Sternheim, Trustee
	[***]
	[***]
	
	Mathieson Family Trust dated August 4, 1997 
	[***]
	[***]

C-1

			
	Crandell Family Living Trust, dated October 26, 1992 George M. Crandell, Jr. and Linda K.
	Crandell Trustees
	[***]
	[***]
	
	Cathy Schwartz Harris 
	[***]
	[***]
	
	Schwartz Living Trust dated November 13, 1981
	Jeffrey E. Schwartz, Trustee
	[***]
	[***]
	
	Michele and John McNellis JTWROS
	[***]
	[***]
	
	Mike Faith
	[***]
	[***]

C-2

SCHEDULE D
SCHEDULE OF SERIES B INVESTORS
			
	Investor Name:
	
	KW Testing, LLC
	c/o Kern Whelan Capital, LLC
	[***]
	[***]
	[***]
	
	Clearstone Venture Partners III-A, L.P.
	[***]
	[***]
	
	Clearstone Venture Partners III-B, a Delaware Multiple Series L.L.C.
	[***]
	[***]
	
	Topiary Capital Fund I, LP 
	c/o Topiary Capital Fund I GP, LLC 
	c/o Greenough Consulting Group 
	[***]
	[***]
	[***]

D-1

SCHEDULE E
SCHEDULE OF SERIES C INVESTORS
			
	Investor Name:
	
	Accel Growth Fund III L.P.
	Accel Growth Fund III Strategic Partners L.P.
	Accel Growth Fund Investors 2014 L.L.C.
	
	Accel Partners
	[***]
	[***]
	[***]
	[***]
	
	with a copy to (which shall not constitute the giving of notice):
	
	Fenwick & West LLP
	[***]
	[***]
	[***]
	[***]
	[***]
	
	OpenView Venture Partners IV, L.P.
	OpenView Affiliates Fund IV, L.P.
	c/o OpenView Venture Partners
	[***]
	[***]
	[***]
	[***]
	
	with a copy to (which shall not constitute the giving of notice):
	
	Lowenstein Sandler LLP 
	[***]
	[***]
	[***]
	[***]
	
	Anthony Casalena 
	[***]
	[***]
	

E-1

			
	Roslansky Family Trust 
	[***]
	[***]
	
	Hahn Family Trust Dated 12/30/13
	[***]
	[***]
	
	Stewart Butterfield

E-2

SCHEDULE F
SCHEDULE OF SERIES D INVESTORS
			
	Investor Name:
	
	Greenspring Associates, Inc.
	[***]
	[***]
	
	KW Testing II, LLC
	c/o Kern Whelan Capital, LLC
	[***]
	[***]
	[***]
	
	UT 2016, L.P.
	[***]
	[***]
	
	Topiary Capital Fund I, LP
	c/o Topiary Capital Fund I GP, LLC
	c/o Greenough Consulting Group
	[***]
	[***]
	[***]
	
	OpenView Venture Partners IV, L.P.
	OpenView Affiliates Fund IV, L.P.
	c/o OpenView Venture Partners
	[***]
	[***]
	[***]
	[***]
	
	with a copy to (which shall not constitute the giving of notice):
	
	Lowenstein Sandler LLP 
	[***]
	[***]
	[***]
	[***]

F-1

			
	Accel Growth Fund III L.P.
	Accel Growth Fund III Strategic Partners L.P.
	Accel Growth Fund Investors 2014 L.L.C.
	Accel Partners
	[***]
	[***]
	[***]
	[***]
	
	with a copy to (which shall not constitute the giving of notice):
	
	Fenwick & West LLP
	[***]
	[***]
	[***]
	[***]
	[***]
	
	The Sternheim Trust, UDT 12/22/98
	Eliezer Sternheim, Trustee
	[***]
	[***]
	
	Mathieson Family Trust dated 8/4/97
	[***]
	[***]

F-2

SCHEDULE G
SCHEDULE OF SERIES E INVESTORS
			
	Investor Name:
	
	Accel Growth Fund III L.P.
	Accel Growth Fund III Strategic Partners L.P.
	Accel Growth Fund Investors 2014 L.L.C.
	
	Accel Partners
	[***]
	[***]
	[***]
	[***]
	[***]
	
	OpenView Venture Partners IV, L.P. 
	OpenView Affiliates Fund IV, L.P.
	
	c/o OpenView Venture Partners
	[***]
	[***]
	[***]
	[***]
	
	Greenspring Global Partners VII-A, L.P. 
	Greenspring Global Partners VII-C, L.P. 
	Greenspring Opportunities III, L.P. 
	Greenspring Secondaries Fund III, L.P.
	[***]
	[***]
	
	KW Testing III, LLC
	c/o Kern Whelan Capital, LLC
	[***]
	[***]
	[***]
	
	DAG Ventures IV, L.P.
	[***]
	[***]

G-1

SCHEDULE H
SCHEDULE OF SERIES F INVESTORS
			
	Investor Name:
	
	Insight Partners XI, L.P.
	[***]
	[***]
	
	Insight Partners (Cayman) XI, L.P.

	[***]
	[***]
	
	Insight Partners XI (Co-Investors), L.P. 

	[***]
	[***]
	
	Insight Partners XI (Co-Investors) (B), L.P. 

	[***]
	[***]
	
	Insight Partners (Delaware) XI, L.P. 
	[***]
	[***]
	
	Insight Partners (EU) XI, S.C.Sp.
	[***]
	[***]

H-1

SCHEDULE I
SCHEDULE OF FOUNDERS
						
	Founder Name	Number of Shares of Common Stock
	Darrell Benatar1	7,176,674
	Dave Garr 2
	2,337,858
	Total:	9,514,532

1 Shares held by The D&L Benatar 2014 Revocable Trust, The Isabel C Benatar Irrevocable Trust, and The Maya E Benatar Irrevocable Trust.
2 Shares held by David Garr, The Lucy Pearson Garr Irrevocable Family Protection Trust, and The Katherine Sophie Garr Irrevocable Family Protection Trust.
I-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}]]