Document:

EX-10.23

 Exhibit 10.23 

BAUSCH + LOMB CORPORATION 

FORM OF RESTRICTED SHARE UNIT AWARD
AGREEMENT 
 (RESTRICTED SHARE UNITS – FOUNDER
GRANT) 
 (2022 Omnibus Incentive Plan) 

Bausch + Lomb Corporation (the “Company”), pursuant to Section 7(c)(v) of the Company’s 2022 Omnibus Incentive Plan (the
“Plan”), hereby awards to you a Restricted Share Unit Award in the form of restricted share units (the “Restricted Share Units” or the “Award”), payable in common shares of the
Company (“Common Shares”), covering the number of Common Shares set forth below. This Award is subject to all of the terms and conditions as set forth herein (the “Agreement”) and in the Plan,
which is incorporated herein in its entirety. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Plan. In the event of any conflict between the terms in the Agreement and the Plan, the terms of the Plan shall
control. For the avoidance of doubt, any terms contained in the Agreement but are not in the Plan shall not constitute a conflict and such terms in the Agreement shall control. 

 

			
	Participant:	  	[•]
		
	Date of Grant:	  	[•]
		
	Number of Shares Subject to Award:	  	[•]

 The details of your Award are as follows. 

1. CONSIDERATION. Consideration for this Award is satisfied by your services to the Company
and its Subsidiaries or Affiliates and complying with the terms of this Agreement. 
 2. VESTING.

 (a) In General. Subject to the provisions of the Plan and this Agreement, the Award shall vest as follows; provided
you are employed by the Company or one of its Subsidiaries or Affiliates through the applicable Vesting Date [and continue to comply with the restrictive covenants in Sections 8 and 9] 1. Vesting
will cease upon your Termination of Service (except as set forth below in Sections 2(b) through (d)). 
 (i) First
Tranche: 50% of the Restricted Share Units (the “First Tranche”) shall vest on the later of (A) the second anniversary of the Date of Grant and (B) the earlier of (1) the Distribution Date and
(2) the date of a Change of Control (such applicable date, the “First Vesting Date”); and 
 (ii)
Second Tranche: 50% of the Restricted Share Units (the “Second Tranche”) shall vest on the later of (A) the third anniversary of the Date of Grant and (B) the earlier of (1) the Distribution Date
and (2) the date of a Change of Control (such applicable date, the “Second Vesting Date” and, together with the First Vesting Date, the “Vesting Date(s)”). 

 

	1 	 To be included as applicable. 

 Any Restricted Share Units that did not become vested prior to your Termination of Service or that do not
become vested according to the provisions in this Section 2 shall be forfeited immediately following the date of your Termination of Service. Settlement of vested Awards shall be pursuant to Section 3 below. For purposes of this Agreement,
“Distribution Date” has the meaning set forth in the Employee Matters Agreement. 
 (b) Vesting
Acceleration Upon Termination of Service due to Death or Disability. Notwithstanding the foregoing and any other provisions of the Plan to the contrary, in the event of your Termination of Service by the Company due to your death or Disability,
then any unvested portion of your Restricted Share Units will vest on the date of your Termination of Service. 
 (c) Vesting
Acceleration Upon Termination of Service without Cause [or for Good Reason].2 Notwithstanding the foregoing and any other provisions of the Plan to the contrary, in the event of your
Termination of Service by the Company without Cause [or by you for Good Reason] at any time prior to the Second Vesting Date, then subject, in each case, to you (x) having been employed by the Company or one of its Subsidiaries or
Affiliates for at least twelve (12) months following the Date of Grant and (y) delivering to the Company, and failing to revoke, a signed release of claims acceptable to the Company within fifty-five (55) days following the date of
your Termination of Service, then a pro rata number of your Restricted Share Units will vest on the date of your Termination of Service equal to (i) the product of (A) the total number of Restricted Share Units granted to you pursuant to
this Award Agreement and (B) a fraction, (1) the numerator of which is the number of days from the Date of Grant through the date of your Termination of Service (not to exceed 1,096), and (2) the denominator of which is 1,096,
minus (ii) any Restricted Share Units granted to you under this Award Agreement that became vested at any time prior to the date of your Termination of Service. The portion of Restricted Share Units that vest pursuant to this
Section 2(c) will convert into Common Shares in accordance with Section 3 hereof. 
 For the avoidance of doubt, in the event of your Termination
of Service by the Company without Cause [or by you for Good Reason] after the third anniversary of the Date of Grant but before the occurrence of the Distribution Date (or a Change of Control), then 100% of your Restricted Share Units (including
both the First Tranche and Second Tranche) shall vest on the date of your Termination of Service and convert into Common Shares in accordance with Section 3 hereof. 

Notwithstanding the foregoing, in the event your Termination of Service occurs as a result of the entity for which you are employed ceasing to qualify as a
Subsidiary or Affiliate prior to the twelve (12)-month anniversary of the Date of Grant, the requirement to be employed by the Company or one of its Subsidiaries or Affiliates for at least twelve (12) months as set forth in this
Section 2(c) shall not apply and one-third (1/3) of the total number of Restricted Share Units granted to you pursuant to this Award Agreement will vest as of the date of such Termination of Service and
will convert into Common Shares in accordance with Section 3 hereof (the “Divestiture Treatment”). 
  

	2 	 To be included as applicable. 

 (d) Vesting Acceleration Upon Termination of Service without Cause [or for Good
Reason]3 in Connection with a Change of Control. Notwithstanding the foregoing and any other provisions of the Plan to the contrary, in the event of your Termination of Service [(x)] by
the Company without Cause [or (y) by you for Good Reason][, in either case] within twelve (12) months following a Change of Control (or during the six month period prior to a Change of Control if such termination was in contemplation of,
and directly related to, the Change of Control), then any portion of your unvested Restricted Share Units that was not cancelled in connection with such Change of Control will vest on the date of your Termination of Service (or on the date of the
Change of Control if such Termination of Service occurs during the six month period prior to a Change of Control) and will settle in accordance with the timing requirements of Section 3 hereof, conditioned on you delivering to the Company, and
failing to revoke, a signed release of claims acceptable to the Company within fifty-five (55) days following the date of your Termination of Service. 

3. DISTRIBUTION OF COMMON SHARES. The Company will
deliver to you a number of Common Shares equal to the sum of (i) the number of Restricted Share Units subject to your Award that become vested in accordance with the terms of this Agreement, plus (ii) any Restricted Share Units resulting
from dividend equivalents credited with respect to such Restricted Share Units in accordance with Section 6 of this Agreement, as soon as practicable (but, subject to Section 7(c)(vi) of the Plan regarding blackout restrictions, in any
event no later than sixty (60) days) following the date on which such Restricted Share Units become vested; provided that, notwithstanding the foregoing or anything in the Plan or this Agreement to the contrary, any remaining right to a
distribution of the Common Shares will be forfeited in the event of your Termination of Service for Cause prior to the date on which the Common Shares are distributed to you or if you violate any post-employment obligation that you may have to the
Company or any of its Subsidiaries or Affiliates[, including the restrictive covenants set forth in Sections 8 and 9]4. 

4. NUMBER OF SHARES. The number of Common Shares subject to your
Award may be adjusted from time to time in accordance with Section 6(e) of the Plan. The Company will establish a bookkeeping account to reflect the number of Restricted Share Units standing to your credit from time to time. However, you will
not be deemed to be the holder of, or to have any of the rights of a shareholder with respect to, any Common Shares subject to your Award (including but not limited to shareholder voting rights) unless and until the shares have been delivered to you
in accordance with Section 3 of this Agreement. 
 5. COMMON SHARE OWNERSHIP
REQUIREMENTS. You agree to comply with any Common Share ownership requirements adopted by the Company applicable to you, which shall be on the same terms as similarly situated executives of the Company. 

6. DIVIDEND EQUIVALENTS. The bookkeeping account maintained for your Award shall,
until the final Vesting Date or the termination and cancellation or forfeiture of the Restricted Share Units pursuant to the terms of this Agreement, be allocated additional Restricted Share Units on the payment date of dividends on the
Company’s Common Shares. Such dividends will be 
  

	3 	 To be included as applicable. 

	4 	 To be included as applicable. 

 
converted into a number of additional Common Shares covered by the Restricted Share Units equal to the quotient of (i) the aggregate amount or value of the dividends paid with respect to
that number of Common Shares equal to the number of shares covered by the Restricted Share Units divided by (ii) the Market Price per Common Share on the payment date for such dividend. Any such additional Restricted Share Units shall have the
same Vesting Date[s] and shall vest in accordance with the same terms as the Restricted Share Units granted under this Agreement. 
 7.
DISCLOSURE AND OWNERSHIP OF INTELLECTUAL PROPERTY. 

(a) Company Intellectual Property. You acknowledge and agree that any intellectual property, including, without limitation,
works, materials, inventions, invention disclosures, invention registrations, patent rights, trademarks, service marks, trade names, trade dress, logos, domain names, copyrights, design rights, mask works, software, apparatus, technology, data,
trade secrets, know-how and all other intellectual property and proprietary rights recognized by any applicable law of any jurisdiction, that you create, discover, conceive, reduce to practice, develop or
acquire during the course of your employment or service, either alone or jointly with others, (i) using any equipment, supplies, facilities, trade secrets, know-how or other Confidential Information of
the Company or any of its affiliates, (ii) that results from any work performed for the Company or any of its affiliates and/or (iii) that otherwise relates to the Company’s or any of its affiliates’ business or actual or
demonstrably anticipated research or development (collectively, “Company Intellectual Property”) is and shall remain the exclusive property of the Company or the affiliate of the Company, as applicable, that is your employer (the
“Employer”) whether registered or otherwise exploited or not. In furtherance of the foregoing, you hereby assign, transfer, convey and deliver to the Employer your entire right, title and interest in and to any and all such Company
Intellectual Property. 
 (b) Work Made for Hire. You acknowledge and agree that, with respect to any Company Intellectual
Property that may qualify as a Work Made For Hire as defined in 17 U.S.C. § 101 or other applicable law, such Company Intellectual Property is and will be deemed a Work Made for Hire and the Employer will have the sole and exclusive right to
the copyright (or, in the event that any such Company Intellectual Property does not qualify as a Work Made for Hire, the copyright and all other rights thereto are hereby automatically assigned to the Employer as above). 

(c) Disclosure. You agree to record all activities undertaken in the course of your employment and to disclose promptly in
writing to the Employer any and all Company Intellectual Property. You agree that you will give the Company or any of its affiliates all reasonable assistance and execute all documents necessary to assist with enabling the Company or any of its
affiliates to prosecute, perfect, register, record, enforce and defend any and all of their rights in and to any Company Intellectual Property and Confidential Information. 

(d) Non-Assignable Inventions. If your principal work location is in California,
Illinois, Kansas, Minnesota or Washington State, the provisions regarding your assignment of Company Intellectual Property to the Employer in Sections 7(a) and (b) of this Agreement may not apply to certain inventions (“Non-Assignable Inventions”) as specified in the statutory code of the applicable state. You acknowledge having received notification regarding such Non-Assignable
Inventions pursuant to such states’ codes. 

 (e) Prior Intellectual Property. If, in the course of your employment with the
Employer, you use any intellectual property that is solely or jointly owned by you or licensed to you, with the right to sub-license (collectively, “Prior Intellectual Property”), you hereby
grant to the Company and its affiliates a worldwide, non-exclusive, irrevocable, perpetual, fully paid-up and royalty-free license (with rights to sublicense through
multiple tiers of sublicensees) to use, reproduce, modify, make derivative works of, publicly perform, publicly display, make, have made, sell, offer for sale, import and otherwise exploit such Prior Intellectual Property for any purpose. 

(f) Waiver of Moral Rights. To the extent you may do so under applicable law, you hereby waive and agree never to assert any
Moral Rights that you may have in or with respect to any Company Intellectual Property, even after termination of any work on behalf of the Company or its affiliates. As used in this Agreement, “Moral Rights” means any rights to
claim authorship of a work, to object to or prevent the modification or destruction of a work, or to withdraw from circulation or control the publication or distribution of a work, and any similar right, existing under any applicable law of any
jurisdiction, regardless of whether or not such right is denominated or generally referred to as a “moral right.” 
 (g)
This Section 7 shall survive your Termination of Service. 
 8. RECORDS AND
CONFIDENTIAL DATA. In consideration of the Restricted Share Units issued to you pursuant to this Agreement, you agree to be bound by the covenant of confidentiality set forth in this Section 8 with respect to
any and all Confidential Information (as defined below) disclosed or made available to you or of which you have otherwise become aware, whether before, on or after the date hereof. 

(a) Ownership; Recognition of Company’s Rights. You acknowledge that in connection with the performance of your duties, the
Company will make available to you, or you will have access to, certain Confidential Information of the Company and its affiliates. You acknowledge and agree that any and all Confidential Information you learned or obtained during the course of your
employment by the Company or any of its affiliates or otherwise, whether developed by you alone or in conjunction with others or otherwise, shall be and is the sole and exclusive property of the Employer. No license or other right to any
Confidential Information is granted to you under this Agreement. To the extent that you acquire any right, title or interest in or to any Confidential Information, you hereby assign, transfer, convey and deliver to the Employer all such right, title
and interest in and to such Confidential Information. 
 (b) Restrictions. You (i) will keep all Confidential Information
strictly confidential, (ii) will not use Confidential Information in any manner which is detrimental to the Company or its affiliates, (iii) will not use Confidential Information other than in connection with the discharge of your duties
to the Company and its affiliates, (iv) will safeguard any and all Confidential Information from unauthorized disclosure, and (v) will not disclose, publish, use, transfer or otherwise disseminate any Confidential Information to any person
or entity without the Employer’s express prior written consent, except as may be necessary to perform your duties as an employee of the Company or its affiliates for the benefit of the Company or its affiliates. You may, however, disclose
Confidential Information to the extent it is in response to a valid order of a court or other governmental authority or to otherwise comply with applicable law; provided that, 

 
subject to Section 8(e), you shall first give notice to the Employer and reasonably cooperate with the Employer to obtain a protective order or other measures preserving the confidential
treatment of such Confidential Information and requiring that the information or documents so disclosed be used only for the purposes for which the order was issued or is otherwise required by applicable law. For the avoidance of doubt, nothing in
this Section 8(b) shall prevent you from exercising any legally protected whistleblower rights (including under Rule 21F under the Exchange Act). 

(c) Disposition of Confidential Information. Following your Termination of Service or upon the Company’s request, you will
return to the Company all copies of any and all Confidential Information in your custody, possession or control (including all copies of any analyses, compilations, studies or other documents prepared by you or for your use containing or reflecting
any Confidential Information). Alternatively, with the Company’s prior written consent, you may destroy such Confidential Information. Within five (5) business days of your Termination of Service or such request by the Company, you shall
deliver to the Company a document certifying that such written Confidential Information has been returned or destroyed in accordance with this Section 8(c). 

(d) Confidential Information. For the purposes of this Agreement, “Confidential Information” shall mean any and
all non-public, proprietary or other confidential information of the Company or its affiliates disclosed to you, to which you have access, or of which you otherwise become aware, in each case whether in oral,
written, graphic or machine readable form, including, without limitation, (i) know-how, trade secrets, inventions, discoveries, concepts, information, works, materials, processes, methods, data, software,
programs, apparatus, designs and the like, and any other intellectual property the value of which is contingent upon maintaining the confidentiality thereof, (ii) information regarding the business of the Company or its affiliates, including
its products, services, budgets, contracts, reports, investigations, experiments, research, work in progress, drawings, designs, plans, proposals, codes, marketing and sales programs, client lists, client mailing lists, supplier lists, financial
projections, cost summaries, pricing formulae, marketing studies relating to prospective business opportunities, and all other concepts, ideas, materials, or information prepared or performed for or by the Company or its affiliates,
(iii) information regarding the skills and compensation of the employees, contractors, and any other service providers of the Company or its affiliates, (iv) the existence of any business discussions, negotiations, or agreements between
the Company or its affiliates and any third party, (v) all documents and other work product generated by you which contain, comment upon, or relate in any way to any information disclosed by the Company or its affiliates, (vi) all
third-party information held in confidence by the Company or its affiliates, and (vii) the terms and conditions of this Agreement. For purposes of this Agreement, the Confidential Information shall not include and your obligation shall not
extend to (i) information which is generally available to the public and (ii) information obtained by you other than pursuant to or in connection with your employment. 

(e) Defend Trade Secrets Act. Pursuant to Section 7 of the Defend Trade Secrets Act of 2016 (which added 18 U.S.C. §
1833(b)), you and the Company acknowledge and agree that you shall not have criminal or civil liability under any federal or state trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a federal,
State, or local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a
lawsuit or other proceeding, if such filing is made under seal. In addition, and 

 
without limiting the preceding sentence, if you file a lawsuit for retaliation by the Company for reporting a suspected violation of law, you may disclose the trade secret to your attorney and
may use the trade secret information in the court proceeding, if you (x) file any document containing the trade secret under seal and (y) do not disclose the trade secret, except pursuant to court order. Nothing in this Agreement is
intended to conflict with 18 U.S.C. §1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such Section. 

(f) Whistleblower Protections. Without limiting the generality of the foregoing, nothing in this Agreement precludes or otherwise
limits your ability to (i) communicate directly with and provide information, including documents, not otherwise protected from disclosure by any applicable law or privilege to the Securities and Exchange Commission (the “SEC”) or any
other federal, state or local governmental agency or commission (“Government Agency”) or self-regulatory organization regarding possible legal violations, without disclosure to the Company, or (ii) disclose information which is
required to be disclosed by applicable law, regulation, or order or requirement (including without limitation, by deposition, interrogatory, requests for documents, subpoena, civil investigative demand or similar process) of courts, administrative
agencies, the SEC, any Government Agency or self-regulatory organizations, provided that you provide the Company with prior notice of the contemplated disclosure and cooperates with the Company in seeking a protective order or other appropriate
protection of such information. The Company may not retaliate against you for any of these activities. 
 (g) This Section 8
shall survive your Termination of Service. 
 9. [COVENANT NOT TO
SOLICIT, NOT TO COMPETE AND NOT TO DISPARAGE. In consideration of the Restricted Share Units issued to you pursuant to this
Agreement, you agree to be bound by the covenants of non-solicitation, non-competition and non-disparagement set forth in this
Section 9. 
 (a) Covenant Not to Solicit. To protect the Confidential Information and other trade secrets of the Company
and its affiliates, you agree, during your employment and for a period of twelve (12) months thereafter (or, if greater, the period set forth in your Service Agreement), not to solicit, hire or participate in or assist in any way in the
solicitation or hire of any employees of the Company or any of its Subsidiaries [or Affiliates] (or any person who was an employee of the Company or any of its Subsidiaries [or Affiliates] during the 6-month
period preceding such action). For purposes of this covenant, “solicit” or “solicitation” means directly or indirectly influencing or attempting to influence employees of the Company to become employed with any
other person, partnership, firm, corporation or other entity. You agree that the covenants contained in this Section 9(a) are reasonable and desirable to protect the Confidential Information of the Company and its affiliates, provided
that solicitation through general advertising or the provision of references shall not constitute a breach of such obligations. 
 (b)
Covenant Not to Compete. To protect the Confidential Information and other trade secrets of the Company and its affiliates, you agree, during the period of your employment and for a period of twelve (12) months thereafter (or, if greater,
the period set forth in your employment agreement) not to engage in Prohibited Activities (as defined below) in any country in which the Company or its affiliates conduct business, or plan to conduct business, during the period of your employment.
For the purposes of this Agreement, the term “Prohibited 

 
Activities” means directly or indirectly engaging as an owner, employee, consultant or agent of any entity that derives more than 10% of its consolidated revenue from the development,
manufacturing, marketing and/or distribution (directly or indirectly) of the global eye health business; provided that Prohibited Activities shall not mean (i) your investment in securities of a publicly-traded company equal to less than
five (5%) percent of such company’s outstanding voting securities or (ii) serving as a member of a board of directors of a company provided that, for the avoidance of doubt, you comply with the obligations set forth in Sections 8 and 9(a)
of this Agreement. You agree that the covenants contained in this Section 9(b) are reasonable and desirable to protect the Confidential Information of the Company and its affiliates. 

(c) Non-Disparagement Covenant. You agree not to make written or oral statements about
the Company or its affiliates or their directors, executive officers or non-executive officer employees that are negative or disparaging. The Company and its affiliates shall not, and the Company and its
affiliates shall instruct their directors and executive officers to not, make written or oral statements about you that are negative or disparaging. Notwithstanding the foregoing, nothing in this Agreement shall preclude you, the Company and its
affiliates, and the Company’s or any of its affiliate’s directors and executive officers from communicating or testifying truthfully to the extent required by law to any federal, state, provincial or local governmental agency or in
response to a subpoena to testify issued by a court of competent jurisdiction. 
 (d) Your obligations under this Section 9 shall
survive your Termination of Service.]5 
 10. SEVERABILITY
OF RESTRICTIVE COVENANTS. It is the intent and desire of you and the Company that the restrictive provisions of this Agreement be enforced to the fullest extent permissible under the
laws and public policies as applied in each jurisdiction in which enforcement is sought. If any particular provision of Section 8 or 9 shall be determined to be invalid or unenforceable, such provision shall be amended, without any action on
the part of either party hereto, to delete therefrom the portion so determined to be invalid or unenforceable, such deletion to apply only with respect to the operation of such covenant in the particular jurisdiction in which such adjudication is
made. 
 11. REMEDIES FOR BREACH OF OBLIGATIONS
UNDER SECTIONS 8 AND 9. You acknowledge that the Company will suffer irreparable injury, not readily susceptible of valuation in monetary damages, if you breach any obligation under Sections 8 or 9.
Accordingly, you agree that the Company will be entitled, in addition to any other available remedies, to obtain preliminary and permanent injunctive relief against any breach or prospective breach by you of your obligations under Sections 8 or 9.
Without limiting other forms of relief available to Company, in the event of your breach of any of your obligations under Sections 8 or 9, your Award will be forfeited for no consideration and, if payment in respect of your Award has been made, you
will be obligated to return the proceeds to the Company. You agree that process in any or all of those actions or proceedings may be served by registered mail, addressed to the last address provided by you to the Company, or in any other manner
authorized by law. 
  

	5 	 To be included as applicable. 

 12. CLAWBACK. This Agreement is subject to Section 12 of
the Plan and any policy the Company adopts regarding the recovery of incentive compensation and any additional clawback provisions as required by law and applicable listing rules. 

13. COMPLIANCE WITH SECTION 409A
OF THE INTERNAL REVENUE CODE. The Award is intended to comply with section 409A of the Code to the extent subject thereto or to otherwise be exempt
from Section 409A of the Code, and shall be interpreted in accordance with this intent and Section 409A of the Code and treasury regulations and other interpretive guidance issued thereunder, including without limitation any such
regulations or other guidance that may be issued after the Date of Grant. Notwithstanding any provision in the Plan to the contrary, no payment or distribution under this Plan that constitutes an item of deferred compensation under Section 409A
of the Code and becomes payable by reason of your Termination of Service with the Company shall be made to you until your Termination of Service constitutes a separation from service within the meaning of section 409A of the Code. For purposes of
this Award, each amount to be paid or benefit to be provided shall be construed as a separate identified payment for purposes of section 409A of the Code. Notwithstanding any provision in the Plan to the contrary, if you are a specified employee
within the meaning of section 409A of the Code, then to the extent necessary to avoid the imposition of taxes under section 409A of the Code, you shall not be entitled to any payments upon your Termination of Service until the earlier of:
(i) the expiration of the six (6)-month period measured from the date of your separation from service or (ii) the date of your death. Upon the expiration of the applicable waiting period set forth in the preceding sentence, all payments
and benefits deferred pursuant to this Section 13 (whether they would have otherwise been payable in a single lump sum or in installments in the absence of such deferral) shall be paid to you in a lump sum as soon as practicable, but in no
event later than sixty (60) calendar days, following such expired period, and any remaining payments due under this Award will be paid in accordance with the normal payment dates specified for them herein. Notwithstanding any provision of the
Plan to the contrary, in no event shall the Company or any affiliate be liable to you on account of an Award’s failure to (i) qualify for favorable U.S. or foreign tax treatment or (ii) avoid adverse tax treatment under U.S. or
foreign law, including, without limitation, section 409A of the Code. 
 14. SECURITIES LAW
COMPLIANCE. You may not be issued any Common Shares under your Award unless the Common Shares are either (i) then registered under the Securities Act of 1933, as amended (the “Securities
Act”) or (ii) the Company has determined that such issuance would be exempt from the registration requirements of the Securities Act. Your Award must also comply with other applicable laws and regulations governing the Award, and
you shall not receive such shares if the Company determines that such receipt would not be in material compliance with such laws and regulations. 

15. RESTRICTIVE LEGENDS. The Common Shares issued under your Award shall be endorsed
with appropriate legends, if any, determined by the Company. 

 16. TRANSFERABILITY. Except as otherwise
permitted by the Committee in accordance with the terms of the Plan, your Award is not transferable, except by will or by the laws of descent and distribution. Notwithstanding the foregoing, by delivering written notice to the Company, in the form
prescribed by the Company, you may designate a third party who, in the event of your death, will thereafter be entitled to receive any distribution of Common Shares pursuant to Section 3 of this Agreement. 

17. AWARD NOT A SERVICE CONTRACT. Your
Award is not an employment or service contract, and nothing in your Award will be deemed to create in any way whatsoever any obligation on your part to continue in the service of the Company or an affiliate, or on the part of the Company or an
affiliate to continue such service. In addition, nothing in your Award will obligate the Company or an affiliate, their respective shareholders, boards of directors or employees to continue any relationship that you might have as an employee of the
Company or an affiliate. 
 18. UNSECURED OBLIGATION. Your Award is unfunded, and
as a holder of a vested Restricted Share Unit, and you will be considered an unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue Common Shares pursuant to this Agreement. You will not have voting or any
other rights as a shareholder of the Company with respect to the Common Shares subject to your Award until such Common Shares are delivered to you pursuant to Section 3 of this Agreement. Upon such delivery, you will obtain full voting and
other rights as a shareholder of the Company. Nothing contained in this Agreement, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or
any other person. 
 19. WITHHOLDING OBLIGATIONS. On or before the time you
receive a distribution of Common Shares pursuant to your Award, or at any time thereafter as requested by the Company, you hereby authorize any required withholding from the Common Shares, payroll and any other amounts payable or issuable to you
and/or otherwise agree to make adequate provision in cash for any sums that can be withheld to satisfy the federal, state, local and foreign tax withholding obligations of the Company or any affiliate which arise in connection with your Award (the
“Withholding Taxes”). The Company shall (i) withhold, from Common Shares otherwise issuable upon settlement of the Award, a portion of the Common Shares with an aggregate Market Price (measured as of the date Common Shares are
delivered pursuant to Section 3) equal to the amount of the applicable withholding taxes; provided, however, that the number of such Common Shares so withheld shall not exceed the maximum amount that can be withheld to satisfy the
Company’s required tax withholding obligations and (ii) make a cash payment equal to such fair market value directly to the appropriate taxing authorities. 

20. NOTICES. Any notices provided for in your Award or the Plan shall be given in writing and shall
be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company. 

21. HEADINGS. The headings of the Sections in this Agreement are inserted for convenience only and
will not be deemed to constitute a part of this Agreement or to affect the meaning of this Agreement. 

 22. AMENDMENT. Nothing in this Agreement shall
restrict the Committee’s (or its applicable delegate’s) ability to exercise its discretionary authority pursuant to Section 4 of the Plan; provided, however, that no such action may, without your consent, adversely affect your
rights under your Award and this Agreement. Without limiting the foregoing, the Board (or appropriate committee thereof) reserves the right to change, by written notice to you, the provisions of this Agreement in any way it may deem necessary or
advisable to carry out the purpose of the grant as a result of any change in applicable laws or regulations or any future law, regulation, ruling, or judicial decision; provided that any such change will be applicable only to rights relating
to that portion of the Award which is then subject to restrictions as provided herein. 
 23. MISCELLANEOUS. 

(a) The rights and obligations of the Company under your Award will be transferable by the Company to any one or more persons or
entities, and all covenants and agreements hereunder will inure to the benefit of, and be enforceable by the Company’s successors and assigns. 

(b) You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the
Company to carry out the purposes or intent of your Award. 
 (c) You acknowledge and agree that you have reviewed your Award in its
entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your Award and fully understand all provisions of your Award. This Agreement and the Plan contain the entire agreement and understanding among the
parties as to the subject matter hereof, and supersede any other agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof (including, without limitation, the provisions in your employment letter
with respect thereto). 
 (d) This Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals by
any governmental agencies or national securities exchanges as may be required. 
 (e) All obligations of the Company under the Plan
and this Agreement will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or
assets of the Company. 
 24. GOVERNING PLAN DOCUMENT. Your Award
is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your Award, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted
pursuant to the Plan. In the event of any conflict between the provisions of your Award and those of the Plan, the provisions of the Plan will control; provided, however, for avoidance of doubt, terms contained in the Agreement but not in the
Plan shall not constitute a conflict and such terms in the Agreement shall control. The Committee will have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation, and application of the
Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee will be final and binding upon you, the Company, and all other interested persons. No
member of the Board or the Committee will be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan or this Agreement. 

 25. EFFECT ON OTHER
EMPLOYEE BENEFIT PLANS. The value of the Award subject to this Agreement will not be included as compensation, earnings, salaries, or other similar terms used when calculating the
employee’s benefits under any employee benefit plan sponsored by the Company or any affiliate except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s
or any affiliate’s employee benefit plans. 
 26. CHOICE OF
LAW. The interpretation, performance and enforcement of this Agreement will be governed by the laws of the Province of Ontario and the laws of Canada. Each of the parties submits to the exclusive jurisdiction of the
state courts within the State of New Jersey. In any issue, claim, demand, action, cause of action, suit or proceeding arising out of, or relating to, this Agreement, each of the parties agrees that all claims in respect of the action or proceeding
may be heard and determined in any such court, and agrees not to bring any action or proceeding arising out of, relating to, based on or in connection with this Agreement in any other court. Each of the parties waives any defense of inconvenient
forum to the maintenance of any action or proceeding so brought and waives any bond, surety or other security that might be required of any other party with respect thereto. 

27. SEVERABILITY. If all or any part of this Agreement or the Plan is declared by any court or
governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Agreement (or part of such a Section) so
declared to be unlawful or invalid will, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid. 

28. [APPENDICES. Notwithstanding any provisions in this Agreement, the Restricted Share Units shall
be subject to any special terms and conditions for employees outside the United States set forth in Appendix A and Appendix B attached hereto (the “Appendices”). Further, if you relocate to one of the countries included in Appendix B, the
special terms and conditions for such country will apply to you to the extent that the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendices constitutes
part of this Agreement.]6 
 29.
ACKNOWLEDGEMENTS. By accepting this Award, you hereby (i) acknowledge and agree that, notwithstanding anything to the contrary in any Employee Privacy Notice, and subject to the terms of Section 25 of
the Plan, such Employee Privacy Notice shall apply to the Company’s and its affiliates’ processing of your personal data in connection with the Plan and this Award, and (ii) consent to receive such documents by electronic delivery and
to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third-party designated by the Company. 

 
  

	6 	 To be included as applicable.Exhibit 4.3

 

DESCRIPTION
OF REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF

 THE SECURITIES EXCHANGE ACT OF 1934

 

As
of December 31, 2021, the end of the period covered by this Annual Report on Form 10-K, Health Sciences Acquisitions Corporation
2 (the “Company,” “we,” “us,” or “our”) has one class of securities registered under
Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): the Company’s ordinary shares.

 

The
following description of the Company’s capital stock and provisions of the Company’s Amended and Restated Memorandum and
Articles of Association and the Companies Law (2020 Revision) of the Cayman Islands (the “Companies Law”) are summaries and
are qualified in their entirety by reference to the Company’s Amended and Restated Memorandum and Articles of Association and the
text of the Companies Law. Copies of these documents have been filed with the SEC as exhibits to the Annual Report on Form 10-K
to which this description has been filed as an exhibit.

 

General

 

We
are a company incorporated in the Cayman Islands as an exempted company and our affairs are governed by our memorandum and articles of
association, the Companies Law and the common law of the Cayman Islands. We are currently authorized to issue 100,000,000 ordinary shares
of a par value of US$0.0001 and 1,000,000 preference shares of a par value of US$0.0001. The following description summarizes certain
terms of our shares as set out more particularly in our memorandum and articles of association. Because it is only a summary, it may
not contain all the information that is important to you.

 

Ordinary
Shares

 

As
of March 23, 2022, 20,450,000 ordinary shares will be outstanding. Our shareholders of record are entitled to one vote for each share
held on all matters to be voted on by shareholders. In connection with any vote held to approve our initial business combination, all
of our initial shareholders, as well as all of our officers and directors, have agreed to vote their respective ordinary shares owned
by them immediately prior to our initial public offering and any shares purchased in our initial public offering or following our initial
public offering in the open market in favor of the proposed business combination.

 

We
will proceed with the business combination only if we have net tangible assets of at least $5,000,001 upon consummation of such business
combination and an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders
who attend and vote at a general meeting of the company will be required to approve the business combination. At least five days’
notice must be given for each general meeting (although we will provide whatever minimum number of days are required under Federal securities
laws). Shareholders may vote at meetings in person or by proxy.

 

The
members of our Board of Directors serve until the next annual general meeting. 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 eligible to vote for the election of directors can elect
all of the directors.

 

Pursuant
to our Amended and Restated Memorandum and Articles of Association, if we do not consummate a business combination by 24 months from
the consummation of our initial public offering, it will trigger our automatic winding up, liquidation and dissolution. Our initial shareholders
have agreed to waive their rights to share in any distribution from the trust account with respect to their insider shares and private
shares upon our winding up, liquidation and dissolution.

 

Our
shareholders have no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable
to the ordinary shares, except that public shareholders have the right to have their public shares converted to cash equal to their pro
rata share of the trust account if they vote on the proposed business combination and the business combination is completed.

 

     

     

    

 

Register
of Members

 

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

 

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

 

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

 

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

 

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

 

Private
Warrants

 

Each
private warrant entitles the registered holder to purchase one of our ordinary shares at a price of $11.50 per ordinary share, subject
to adjustment as discussed below, at any time commencing on the later of 12 months from the closing of our initial public offering or
30 days after the completion of our initial business combination. The public and private warrants will expire five years after the date
on which they first became exercisable, at 5:00 p.m., New York time, or earlier upon redemption or liquidation.

 

None
of the private warrants will be redeemable by us so long as they are held by our sponsor or any of its permitted transferees.

 

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

 

    2

     

    

 

If
the number of outstanding ordinary shares is increased by a share dividend payable in ordinary shares, then, on the effective date of
such share dividend, or split-up or similar event, the number of shares issuable on exercise of each warrant will be increased in proportion
to such increase in the outstanding shares.

 

In
addition, if we, at any time while the private warrants are outstanding and unexpired, pay a dividend or make a distribution in cash,
securities or other assets to the holders of ordinary shares on account of their holdings (or other securities into which the private
warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends which are deemed to be dividends of
up to $0.50 per ordinary share per year), (c) to satisfy the redemption rights of the holders of ordinary shares in connection with a
proposed initial business combination or (d) in connection with the redemption of our public shares upon our failure to complete our
initial business combination, then the private warrant exercise price will be decreased, effective immediately after the effective date
of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share in respect of
such event.

 

If
the number of outstanding shares is decreased by a consolidation, combination, reverse share split or reclassification of ordinary shares
or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar
event, the number of shares issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding ordinary
shares.

 

Whenever
the number of ordinary shares issuable upon the exercise of the private warrants is adjusted, as described above, the private warrant
exercise price will be adjusted by multiplying the private warrant exercise price immediately prior to such adjustment by a fraction
(x) the numerator of which will be the number of shares purchasable upon the exercise of the warrants immediately prior to such adjustment
and (y) the denominator of which will be the number of shares so purchasable immediately thereafter.

 

In
case of any reclassification or reorganization of the outstanding shares (other than those described above or that solely affects the
par value of such shares), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation
or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding
shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety
or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right
to purchase and receive, upon the basis and upon the terms and conditions specified in the private warrants and in lieu of the shares
immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of ordinary
shares or other securities or property (including cash) receivable upon such reclassification, reorganization merger or consolidation,
or upon a dissolution following any such sale or transfer, that the holder of the private warrants would have received if such holder
had exercised their private warrants immediately prior to such event. The private warrants will not be adjusted for issuances of ordinary
shares at a price below their respective exercise prices.

 

Our
sponsor does not have the right or privileges of holders of ordinary shares and any voting rights until they exercise their private warrants
and receive ordinary shares. After the issuance of ordinary shares upon exercise of the private warrants, our sponsor will be entitled
to one vote for each share held of record on all matters to be voted on by shareholders.

 

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 a
business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements
and general financial condition subsequent to completion of a business combination. The payment of any dividends subsequent to a 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.

 

    3

     

    

 

Our
Transfer Agent

 

The
transfer agent for our ordinary shares is Continental Stock Transfer & Trust Company, 1 State Street, 30th Floor, New York, New York
10004.

 

Listing
of our Ordinary Shares

 

Our
ordinary shares are listed on the Nasdaq Capital Market under the symbol “HSAQ”. We cannot assure you that our ordinary shares
will continue to be listed on Nasdaq as we might not meet certain continued listing standards.

 

Certain
Differences in Corporate Law

 

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

 

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

 

Where
the merger or consolidation is between two Cayman Islands companies, the directors of each company must approve a written plan of merger
or consolidation containing certain prescribed information. That plan or merger or consolidation must then be authorized by either (a)
a special resolution (usually a majority of 66.6% in value) of the shareholders of each company; or (b) such other authorization, if
any, as may be specified in such constituent company’s articles of association. No shareholder resolution is required for a merger
between a parent company (i.e., a company that owns at least 90% of the issued shares of each class in a subsidiary company) and its
subsidiary company. The consent of each holder of a fixed or floating security interest of a constituent company must be obtained, unless
the court waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that the requirements of the Companies Law
(which includes certain other formalities) have been complied with, the Registrar of Companies will register the plan of merger or consolidation.

 

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

 

    4

     

    

 

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

 

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

 

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

 

		●	the
shareholders have been fairly represented at the general meeting in question;

 

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

 

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

 

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

 

Squeeze-out
Provisions. When a takeover offer is made and accepted by holders of 90% of the shares to whom the offer relates is made within four
months, the offeror may, within a two-month period, require the holders of the remaining shares to transfer such shares on the terms
of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed unless there is evidence
of fraud, bad faith, collusion or inequitable treatment of the shareholders.

 

    5

     

    

 

Further,
transactions similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through other means to
these statutory provisions, such as a share capital exchange, asset acquisition or control, through contractual arrangements, of an operating
business.

 

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

 

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

 

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

 

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

 

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

 

Enforcement
of civil liabilities. The Cayman Islands has a different body of securities laws as compared to the United States and may provide
less protection to investors. Additionally, Cayman Islands companies may not have standing to sue before the Federal courts of the United
States.

 

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

 

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

 

		●	annual
reporting requirements are minimal and consist mainly of a statement that the company has conducted its operations mainly outside of
the Cayman Islands and has complied with the provisions of the Companies Law;

 

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

 

    6

     

    

 

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

 

		●	an
exempted company may issue negotiable or bearer shares or shares with no par value;

 

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

 

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

 

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

 

		●	an
exempted company may register as a segregated portfolio company.

 

Amended
and Restated Memorandum and Articles of Association

 

Our
Amended and Restated Memorandum and Articles of Association filed under the laws of the Cayman Islands contain provisions designed to
provide certain rights and protections to our shareholders prior to the consummation of a business combination. The following are the
material rights and protections contained in our Amended and Restated Memorandum and Articles of Association:

 

		●	the
                                            right of public shareholders to exercise conversion rights and have their public shares redeemed
                                            in lieu of participating in a proposed business combination;

 

		●	a
                                            prohibition against completing a business combination unless we have net tangible assets
                                            of at least $5,000,001 upon consummation of such business combination;

 

		●	a
                                            requirement that if we seek shareholder approval of any business combination, an ordinary
                                            resolution under Cayman Islands law, which requires the affirmative vote of a majority of
                                            the shareholders who attend and vote at a general meeting of the company, will be required
                                            to approve the business combination;

 

		●	a
                                            requirement that directors may call general meetings on their own accord and are required
                                            to call an extraordinary general meeting if holders of not less than 10% in par value of
                                            the issued shares request such a meeting;

 

		●	a
                                            prohibition, prior to a business combination, against our issuing (i) any ordinary shares
                                            or any securities convertible into ordinary shares or (ii) any other securities (including
                                            preferred shares) which participate in or are otherwise entitled in any manner to any of
                                            the proceeds in the trust account or which vote as a class with the ordinary shares on a
                                            business combination;

 

		●	a
                                            requirement that our management take all actions necessary to liquidate our trust account
                                            in the event we do not consummate a business combination by 24 months from the consummation
                                            of our initial public offering;

 

		●	a
                                            prohibition, prior to a business combination, against our issuing (i) any ordinary shares
                                            or any securities convertible into ordinary shares or (ii) any other securities (including
                                            preferred shares) which participate in or are otherwise entitled in any manner to any of
                                            the proceeds in the trust account or which vote as a class with the ordinary shares on a
                                            business combination; and

 

		●	the
                                            limitation on shareholders’ rights to receive a portion of the trust account.

 

    7

     

    

 

The
Companies Law permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the approval
of the holders of at least two-thirds of such company’s outstanding ordinary shares. A company’s articles of association
may specify that the approval of a higher majority is required but, provided the approval of the required majority is obtained, any Cayman
Islands exempted company may amend its memorandum and articles of association regardless of whether its memorandum and articles of association
provides otherwise. Accordingly, although we could amend any of the provisions relating to our proposed offering, structure and business
plan which are contained in our Amended and Restated Memorandum and Articles of Association, we view all of these provisions as binding
obligations to our shareholders and neither we, nor our officers or directors, will take any action to amend or waive any of these provisions
unless we provide dissenting public shareholders with the opportunity to convert their public shares in connection with any such vote.
The foregoing is set forth in our Amended and Restated Memorandum and Articles of Association and cannot be amended.

 

Anti-Money
Laundering — Cayman Islands

 

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, the identity of their beneficial owners/controllers
and source of funds. Where permitted, and subject to certain conditions, we may also 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 some cases, the directors may
be satisfied that no further information is required since an exemption applies under the Anti-Money Laundering Regulations (2020 Revision)
of the Cayman Islands, as amended and revised from time to time (the “Regulations”). Depending on the circumstances of each
application, a detailed verification of identity might not be required where:

 

		(a)	the
subscriber makes the payment for their investment from an account held in the subscriber’s name at a recognized financial institution;

 

		(b)	the
subscriber is regulated by a recognized regulatory authority and is based or incorporated in, or formed under the law of, a recognized
jurisdiction; or

 

		(c)	the
application is made through an intermediary which is regulated by a recognized regulatory authority and is based in or incorporated in,
or formed under the law of, a recognized jurisdiction and an assurance is provided in relation to the procedures undertaken on the underlying
investors.

 

For
the purposes of these exceptions, recognition of a financial institution, regulatory authority or jurisdiction will be determined in
accordance with the Regulations by reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent
anti-money laundering regulations.

 

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.

 

We
also reserve the right to refuse to make any payment to a shareholder if our directors or officers suspect or are advised that the payment
to such shareholder may be non-compliant with applicable anti-money laundering or other laws or regulations, or if such refusal is considered
necessary or appropriate to ensure our compliance with any such laws or regulations in any applicable jurisdiction.

 

If
any person resident in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is
engaged in criminal conduct or is involved with terrorism or terrorist property and the information for that knowledge or suspicion came
to their attention in the course of business in the regulated sector, or other trade, profession, business or employment, the person
will be required to report such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands, pursuant to the
Proceeds of Crime Law (2020 Revision) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering, or (ii)
a police officer of the rank of constable or higher, or the Financial Reporting Authority, pursuant to the Terrorism Law (2018 Revision)
of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report will
not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

 

    8

     

    

 

Cayman
Islands Data Protection

 

We
have certain duties under the Data Protection Law, 2017 of the Cayman Islands (the “DPL”) based on internationally accepted
principles of data privacy.

 

Privacy
Notice

 

Introduction

 

This
privacy notice puts our shareholders on notice that through your investment in the company you will provide us with certain personal
information which constitutes personal data within the meaning of the DPL (“personal data”).

 

In
the following discussion, the “company” refers to us and our affiliates and/or delegates, except where the context requires
otherwise.

 

Investor
Data

 

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

 

In
our use of this personal data, we will be characterized as a “data controller” for the purposes of the DPL, while our affiliates
and service providers who may receive this personal data from us in the conduct of our activities may either act as our “data processors”
for the purposes of the DPL or may process personal information for their own lawful purposes in connection with services provided to
us.

 

We
may also obtain personal data from other public sources. Personal data includes, without limitation, the following information relating
to a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email address, contact
details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification, credit history, correspondence
records, passport number, bank account details, source of funds details and details relating to the shareholder’s investment activity.

 

Who
this Affects

 

If
you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements
such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in
relation your investment in the company, this will be relevant for those individuals and you should transmit the content of this Privacy
Notice to such individuals or otherwise advise them of its content.

 

How
the Company May Use Your Personal Data

 

The
company, as the data controller, may collect, store and use personal data for lawful purposes, including, in particular:

 

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

 

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

 

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

 

    9

     

    

 

Should
we wish to use personal data for other specific purposes (including, if applicable, any purpose that requires your consent), we will
contact you.

 

Why
We May Transfer Your Personal Data

 

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

 

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

 

The
Data Protection Measures We Take

 

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

 

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

 

We
shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms
or those data subjects to whom the relevant personal data relates.

 

Staggered
Board of Directors

 

Our
Amended and Restated Memorandum and Articles of Association provides that our board of directors will be classified into three classes
of directors. As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest
at two or more annual meetings.

 

Extraordinary
General Meeting

 

Our
Amended and Restated Memorandum and Articles of Association provide that extraordinary general meetings may be called only by a majority
vote of our board of directors, by our chief executive officer or by our chairman.

 

Advance
notice requirements for shareholder proposals and director nominations

 

Our
Amended and Restated Memorandum and Articles of Association provide that shareholders seeking to bring business before our annual general
meeting, or to nominate candidates for election as directors at our annual general meeting must provide timely notice of their intent
in writing. To be timely, a shareholder’s notice will need to be delivered to our principal executive offices not later than the
close of business on the 90th day nor earlier than the opening of business on the 120th day prior to the scheduled date of the annual
general meeting. Our Amended and Restated Memorandum and Articles of Association also specify certain requirements as to the form and
content of a shareholders’ meeting. These provisions may preclude our shareholders from bringing matters before our annual general
meeting or from making nominations for directors at our annual general meeting.

 

Authorized
but unissued shares

 

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

 

 

10

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