Document:

Exhibit 4.5

 

BELONG ACQUISITION CORP.

 

 DESCRIPTION OF SECURITIES

 

The following summary of the material terms
of the securities of Belong Acquisition Corp., a Delaware corporation (“we,” “us,” “our” or the “Company”),
is not intended to be a complete summary of the rights and preferences of such securities and is subject to and qualified by reference
to our amended and restated certificate of incorporation, our amended and restated bylaws and the warrant agreement, dated July 22, 2021,
between the Company and Continental Stock Transfer & Trust Company (the “Warrant Agreement”), in each case incorporated
by reference as exhibits to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “Report”),
and applicable Delaware law, including the Delaware General Corporation Law, or DGCL. We urge you to read our amended and restated certificate
of incorporation, our amended and restated bylaws and the Warrant Agreement in their entirety for a complete description of the rights
and preferences of our securities.

 

Pursuant to our amended and restated certificate
of incorporation, our authorized capital stock consists of 100,000,000 shares of Class A common stock, par value $0.0001 per share, 10,000,000
shares of Class B common stock, par value $0.0001 per share, and 1,000,000 shares of undesignated preferred stock, $0.0001 par value.

 

Units

 

Each unit consists of one whole share of Class A
common stock and one-half of one warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock
at a price of $11.50 per share, subject to adjustment. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only
for a whole number of shares of Class A common stock. This means that only a whole warrant may be exercised at any given time by a warrant
holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you
purchase at least two units, you will not be able to receive or trade a whole warrant.

 

The Class A common stock and warrants comprising
the units began separate trading on September 13, 2021. Holders have the option to continue to hold units or separate their units into
the component securities. Holders need to have their brokers contact our transfer agent in order to separate the units into shares of
Class A common stock and warrants.

 

Common Stock

 

Class A common stock

 

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

 

Because our amended and restated certificate of
incorporation authorizes the issuance of up to 100,000,000 shares of Class A common stock, if we were to enter into a business combination,
we may (depending on the terms of such a business combination) be required to increase the number of shares of Class A common stock which
we are authorized to issue at the same time as our stockholders vote on the business combination to the extent we seek stockholder approval
in connection with our business combination.

 

     

     

    

 

We will provide our stockholders with the opportunity
to redeem all or a portion of their public 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, as of two business days prior to the consummation of our
initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay
our franchise and income taxes as well as expenses relating to the administration of the trust account, divided by the number of then
outstanding public shares, subject to the limitations described herein.

 

The per-share amount we will distribute to
investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters.
Our sponsor, officers and directors have entered into the letter agreement with us, pursuant to which they have agreed to waive their
redemption rights with respect to any founder shares, any private placement shares and any public shares held by them in connection with
the completion of our business combination. Unlike many blank check companies that hold stockholder votes and conduct proxy solicitations
in conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion
of such initial business combinations even when a vote is not required by law, if a stockholder vote is not required by law and we do
not decide to hold a stockholder vote for business or other legal reasons, we will, pursuant to our amended and restated certificate of
incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior
to consummating our initial business combination. Our amended and restated certificate of incorporation 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. If, however, stockholder approval of the transaction is required by law, or we decide to
obtain stockholder approval for business or other legal reasons, we will, like many blank check companies, offer to redeem shares in conjunction
with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek stockholder approval, we
will complete our initial business combination only if a majority of the outstanding shares of common stock voted are voted in favor of
the business combination. A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding
capital stock of the Company representing a majority of the voting power of all outstanding shares of capital stock of the Company entitled
to vote at such meeting. However, the participation of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions,
if any, could result in the approval of our business combination even if a majority of our public stockholders vote, or indicate their
intention to vote, against such business combination. For purposes of seeking approval of the majority of our outstanding shares of common
stock voted, non-votes will have no effect on the approval of our business combination once a quorum is obtained. We intend to give
not less than 10 days nor more than 60 days prior written notice of any such meeting, if required, at which a vote will be taken to approve
our business combination. These quorum and voting thresholds, and the voting agreements of our sponsor, may make it more likely that we
will consummate our initial business combination.

 

If we seek stockholder approval of our initial business
combination and we do not conduct redemptions in connection with our business combination pursuant to the tender offer rules, our amended
and restated certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other
person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act),
will be restricted from redeeming its shares with respect to more than an aggregate of 20% of the shares of Class A common stock sold
in the initial public offering, which we refer to as the Excess Shares. However, we would not be restricting our stockholders’ ability
to vote all of their shares (including Excess Shares) for or against our business combination. Our stockholders’ inability to redeem
the Excess Shares will reduce their influence over our ability to complete our business combination, and such stockholders could suffer
a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such stockholders will not receive
redemption distributions with respect to the Excess Shares if we complete the business combination, and, as a result, such stockholders
will continue to hold that number of shares exceeding 20% and, in order to dispose of such shares would be required to sell their stock
in open market transactions, potentially at a loss.

 

    2

     

    

 

If we seek stockholder approval in connection with
our business combination, our sponsor, officers and directors have agreed to vote their founder shares, private placement shares and any
public shares purchased during or after the initial public offering in favor of our initial business combination. Additionally, each public
stockholder may elect to redeem its public shares irrespective of whether they vote for or against the proposed transaction (subject to
the limitation described in the preceding paragraph).

 

Pursuant to our amended and restated certificate
of incorporation, if we are unable to complete our business combination by January 27, 2023, we will (i) cease all operations except for
the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter subject to lawfully available
funds therefor, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in
the trust account including interest earned on the funds held in the trust account and not previously released to us to pay our franchise
and income taxes as well as expenses relating to the administration of the trust account (less up to $100,000 of interest released to
us to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish
public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject
to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders
and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of
creditors and the requirements of other applicable law. Our sponsor, officers and directors have entered into the letter agreement with
us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to any founder
shares and private placement shares held by them if we fail to complete our business combination by January 27, 2023. However, if our
sponsor, officers and directors acquire public shares in or after the initial public offering, they will be entitled to liquidating distributions
from the trust account with respect to such public shares if we fail to complete our business combination within the prescribed time period.

 

In the event of a liquidation, dissolution or winding
up of the company after a business combination, our stockholders are entitled to share ratably in all assets remaining available for distribution
to them after payment of liabilities and after provision is made for each class of stock, if any, having preference over the common stock.
Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the common stock,
except that we will provide our stockholders with the opportunity to redeem their public shares for cash equal to their pro rata share
of the aggregate amount then on deposit in the trust account, upon the completion of our initial business combination, subject to the
limitations described herein.

 

Class B common stock

 

There are 3,887,500 shares of our Class B common
stock, or founder shares, outstanding. Our sponsor purchased an aggregate of 550,000 private placement shares contained in the private
placement units in a private placement that occurred simultaneously with the completion of the initial public offering. The founder shares
and private placement shares are each identical to the shares of Class A common stock included in the units, and holders of founder shares
or private placement shares have the same stockholder rights as public stockholders, except that (i) only holders of the founder shares
have the right to vote on the election of directors prior to our initial business combination; (ii) the founder shares and private placement
shares are subject to certain transfer restrictions, (iii) our sponsor, officers and directors have entered into a letter agreement with
us, pursuant to which they have agreed (A) to waive their redemption rights with respect to any founder shares, any private placement
shares and any public shares held by them in connection with the completion of our business combination and (B) to waive their rights
to liquidating distributions from the trust account with respect to any founder shares and any private placement shares held by them if
we fail to complete our business combination within the prescribed time period, although they will be entitled to liquidating distributions
from the trust account with respect to any public shares they hold if we fail to complete our business combination within such time period,
(iii) the founder shares are shares of our Class B common stock that will automatically convert into shares of our Class A
common stock at the time of our initial business combination, on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights,
as described herein, and (iv) are subject to registration rights. If we submit our business combination to our public stockholders
for a vote, our sponsor has agreed to vote any founder shares and any private placement shares held by it and any public shares purchased
during or after the initial public offering in favor of our initial business combination.

 

    3

     

    

 

The shares of Class B common stock will automatically
convert into shares of Class A common stock at the time of our initial business combination on a one-for-one basis (subject to adjustment
for stock splits, stock dividends, reorganizations, recapitalizations and the like), and subject to further adjustment as provided herein.
In the case that additional shares of Class A common stock or equity-linked securities are issued or deemed issued in excess of the amounts
offered in the initial public offering and related to the closing of the business combination, including pursuant to a specified future
issuance, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless
the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance
or deemed issuance, including a specified future issuance) so that the number of shares of Class A common stock issuable upon conversion
of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis 20% of the sum of the total number of all
shares of common stock issued and outstanding upon completion of the initial public offering plus all shares of Class A common stock and
equity-linked securities issued or deemed issued in connection with our initial business combination, excluding any shares or equity-linked
securities issued, or to be issued, to any seller in our initial business combination.

 

With certain limited exceptions, the founder shares
are not transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated with our sponsor,
each of whom will be subject to the same transfer restrictions) until the earlier of (A) one year after the completion of our initial
business combination or (B) subsequent to our initial business combination, (x) if the last sale price of our Class A common
stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like)
for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination,
or (y) the date on which we complete a liquidation, merger, capital stock exchange, reorganization or other similar transaction that
results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property.

 

Preferred Stock

 

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

 

Warrants

 

Public Stockholders’ Warrants

 

Each whole warrant entitles the registered holder
to purchase one whole share of our Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any
time commencing on the later of 12 months from the closing of the initial public offering or 30 days after the completion of our initial
business combination. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares
of Class A common stock. This means that only a whole warrant may be exercised at any given time by a warrant holder. No fractional warrants
will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least two units, you
will not be able to receive or trade a whole warrant. The warrants will expire five years after the completion of our initial business
combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

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

 

    4

     

    

 

We have agreed that as soon as practicable, but
in no event later than 15 business days, after the closing of our initial business combination, we will use our best efforts to file with
the SEC, and within 60 business days following our initial business combination to have declared effective, a registration statement for
the registration, under the Securities Act, of the shares of Class A common stock issuable upon exercise of the warrants. We will
use our best efforts to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the
expiration of the warrants in accordance with the provisions of the warrant agreement. Notwithstanding the above, if our Class A
common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition
of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public
warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities
Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but we will be required
to use our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

 

Redemption of warrants for cash.    

 

Once the warrants become exercisable, we may call
the warrants for redemption for cash:

 

	 	●	in whole and not in part;

 

	 	●	at a price of $0.01 per warrant;

 

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

 

	 	●	if, and only if, the reported last sale price of the Class A common stock equals or exceeds
$18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like)for any 20 trading days
within a 30 trading day period ending three business days before we send the notice of redemption to the warrant holders.

 

If and when the warrants become redeemable by us,
we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable
state securities laws.

 

We have established the last of the redemption criterion
discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price.
If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to
exercise its warrant prior to the scheduled redemption date. However, the price of the Class A common stock may fall below the $18.00
redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) as well as the
$11.50 (for whole shares) warrant exercise price after the redemption notice is issued.

 

Redemption of warrants for shares of Class
A common stock.

 

Commencing 90 days after the warrants become
exercisable, we may redeem the outstanding warrants (including both public warrants and private placement warrants):

 

	 	●	in whole and not in part;

 

	 	●	at a price equal to a number of shares of Class A common stock to be determined by reference
to the table below, based on the redemption date and the “fair market value” of our Class A common stock (as defined
below) except as otherwise described below;

 

	 	●	upon a minimum of 30 days’ prior written notice of redemption; and

 

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

 

    5

     

    

 

The numbers in the table below represent the “redemption
prices,” or the number of shares of Class A common stock that a warrant holder will receive upon redemption by us pursuant
to this redemption feature, based on the “fair market value” of our Class A common stock on the corresponding redemption
date, and the number of months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth
in the table below. The number of shares in the table below and the share prices in the column headings will be subject to customary anti-dilution adjustments.
In addition, the share prices in the column headings will be subject to adjustment if the exercise price is adjusted as a result of raising
capital in connection with our initial business combination.

 

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

 

The “fair market value” of our Class A
common stock shall mean the average reported last sale price of our Class A common stock for the 10 trading days ending on the third
trading day prior to the date on which the notice of redemption is sent to the holders of warrants.

 

    6

     

    

 

The exact fair market value and redemption date
may not be set forth in the table above, in which case, if the fair market value is between two values in the table or the redemption
date is between two redemption dates in the table, the number of shares of Class A common stock to be issued for each warrant redeemed
will be determined by a straight-line interpolation between the number of shares set forth for the higher and lower fair market values
and the earlier and later redemption dates, as applicable, based on a 365-day year. For example, if the average reported last sale price
of our Class A common stock for the 10 trading days ending on the third trading date prior to the date on which the notice of redemption
is sent to the holders of the warrants is $11 per share, and at such time there are 57 months until the expiration of the warrants,
we may choose to, pursuant to this redemption feature, redeem the warrants at a “redemption price” of 0.277 shares of
Class A common stock for each whole warrant. For an example where the exact fair market value and redemption date are not as set
forth in the table above, if the average reported last sale price of our Class A common stock for the 10 trading days ending on the
third trading date prior to the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share, and
at such time there are 38 months until the expiration of the warrants, we may choose to, pursuant to this redemption feature, redeem
the warrants at a “redemption price” of 0.298 shares of Class A common stock for each whole warrant. Finally, as
reflected in the table above, we can redeem the warrants for no consideration in the event that the warrants are “out of the money”
(i.e. the trading price of our Class A common stock is below the exercise price of the warrants) and about to expire.

 

This redemption feature is structured to allow for
all of the outstanding warrants to be redeemed when the Class A common stock are trading at or above $10.00 per share, which may
be at a time when the trading price of our Class A common stock is below the exercise price of the warrants. We have established
this redemption feature to provide the warrants with an additional liquidity feature, which provides us with the flexibility to redeem
the warrants for shares of Class A common stock, instead of cash, for “fair market value” without the warrants having
to reach the $18.00 per share threshold to redeem the warrants for cash. Holders of the warrants will, in effect, receive a number of
shares having a value reflecting a premium for their warrants, based on the “redemption price” as determined pursuant to the
above table. We have calculated the “redemption prices” as set forth in the table above to reflect a premium in value as compared
to the expected trading price that the warrants would be expected to trade. This redemption right provides us not only with an additional
mechanism by which to redeem all of the outstanding warrants, in this case, for shares of Class A common stock, and therefore have
certainty as to (i) our capital structure as the warrants would no longer be outstanding and would have been exercised or redeemed
and (ii) the amount of cash provided by the exercise of the warrants and available to us, and also provides a ceiling to the theoretical
value of the warrants as it locks in the “redemption prices” we would pay to warrant holders if we chose to redeem warrants
in this manner. While we will effectively be required to pay a “premium” to warrant holders if we choose to exercise this
redemption right, it will allow us to quickly proceed with a redemption of the warrants for shares of Class A common stock if we
determine it is in our best interest to do so. As such, we would redeem the warrants in this manner when we believe it is in our best
interest to update our capital structure to remove the warrants and pay the premium to the warrant holders. 

 

As stated above, we can redeem the warrants when
the Class A common stock is trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will provide
certainty with respect to our capital structure and cash position while providing warrant holders with a premium (in the form of shares
of Class A common stock). If we choose to redeem the warrants when the Class A common stock is trading at a price below the
exercise price of the warrants, this could result in the warrant holders receiving fewer shares of Class A common stock than they
would have received if they had chosen to wait to exercise their warrants for shares of Class A common stock if and when such shares
of Class A common stock were trading at a price higher than the exercise price of $11.50. No fractional shares of Class A common
stock will be issued upon redemption. If, upon redemption, a holder would be entitled to receive a fractional interest in a share, we
will round down to the nearest whole number of the number of shares of Class A common stock to be issued to the holder. Any redemption
of the warrants for shares of Class A common stock will apply to both the public warrants and the private placement warrants.

 

    7

     

    

 

If we call the warrants for redemption for cash
or shares of Class A common stock as described above, our management will have the option to require any holder that wishes to exercise
its warrant to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a
“cashless basis,” our management will consider, among other factors, our cash position, the number of warrants that are outstanding
and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise
of our warrants. If our management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering
their warrants in exchange for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the
product of the number of shares of Class A common stock underlying the warrants, multiplied by the excess of the “fair market
value” over the exercise price of the warrants by (y) the fair market value. The “fair market value” means the
average reported last sale price of the Class A common stock 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. If our management takes advantage of this option, the notice
of redemption will contain the information necessary to calculate the number of shares of Class A common stock to be received upon
exercise of the warrants, including the “fair market value” in such case. Requiring a cashless exercise in this manner will
reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an
attractive option to us if we do not need the cash from the exercise of the warrants after our initial business combination. If we call
our warrants for redemption and our management does not take advantage of this option, our sponsor and its permitted transferees would
still be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described above
that other warrant holders would have been required to use had all warrant holders been required to exercise their warrants on a cashless
basis, as described in more detail below.

 

Redemption Procedures

 

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

 

Anti-dilution Adjustments

 

If the number of outstanding shares of Class A common
stock is increased by a stock dividend payable in shares of Class A common stock, or by a split-up of shares of Class A common stock or
other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Class A common
stock issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding shares of Class A common
stock. A rights offering to holders of Class A common stock entitling holders to purchase shares of Class A common stock at a price less
than the fair market value will be deemed a stock dividend of a number of shares of Class A common stock equal to the product of (i) the
number of shares of Class A common stock actually sold in such rights offering (or issuable under any other equity securities sold in
such rights offering that are convertible into or exercisable for Class A common stock) multiplied by (ii) one (1) minus the quotient
of (x) the price per share of Class A common stock paid in such rights offering divided by (y) the fair market value. For these purposes
(i) if the rights offering is for securities convertible into or exercisable for Class A common stock, in determining the price payable
for Class A common stock, there will be taken into account any consideration received for such rights, as well as any additional amount
payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of Class A common stock as reported
during the ten (10) trading day period ending on the trading day prior to the first date on which the shares of Class A common stock trade
on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

 

    8

     

    

 

In addition, if we, at any time while the warrants
are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Class A common
stock on account of such shares of Class A common stock (or other shares of our capital stock into which the warrants are convertible),
other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights of the holders of Class A
common stock in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders of Class
A common stock in connection with a stockholder vote to amend our amended and restated certificate of incorporation (i) to modify the
substance or timing of our obligation to redeem 100% of our Class A common stock if we do not complete our initial business combination
by January 27, 2023 or (ii) with respect to any other provision relating to stockholders’ rights or pre-initial business
combination activity, or (e) in connection with the redemption of our public shares upon our failure to complete our initial business
combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount
of cash and/or the fair market value of any securities or other assets paid on each share of Class A common stock in respect of such event.

 

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

 

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

 

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

 

The 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 or
to make any amendments that are necessary in the good faith determination of our board of directors (taking into account then existing
market precedents) to allow for the warrants to be classified as equity in our financial statements. Additionally, we may lower the exercise
price of the warrants or extend the duration of the exercise period pursuant to the terms of the warrant agreement without the consent
of any holder. All other amendments will require the vote or written consent of the registered holders of 50% of the then outstanding
public warrants.

 

    9

     

    

 

In addition, if (x) we issue additional shares
of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial
business combination at a Newly Issued Price of less than $9.20 per share of Class A common stock (with such issue price or effective
issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates,
without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance) and (y) 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 $10.00 and $18.00 per share redemption trigger prices described above
under “— Redemption of warrants for shares of Class A common stock” and “— Redemption of warrants for
cash” will be adjusted (to the nearest cent) to be equal to 100% and 180% of the higher of the Market Value and the Newly Issued
Price, respectively.

 

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 Class A common stock or any voting rights until they exercise their warrants and receive
shares of Class A common stock. After the issuance of shares of Class A common stock upon exercise of the warrants, each holder will be
entitled to one (1) vote for each share held of record on all matters to be voted on by stockholders.

 

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

 

Private Placement Warrants 

 

The private placement warrants (including the warrants
included in the units that may be issued upon conversion of working capital loans and the Class A common stock issuable upon exercise
of the private placement warrants) are not transferable, assignable or salable until 30 days after the completion of our initial business
combination (subject to limited exceptions) and they are not redeemable by us for cash so long as they are held by our sponsor or its
permitted transferees. Otherwise, the private placement warrants have terms and provisions that are identical to those of the warrants
sold as part of the units in the initial public offering, including as to exercise price, exercisability and exercise period, and may
be redeemable by us for shares of Class A common stock as described above under “—Redemption of warrants for shares of
Class A common stock”. If the private placement warrants are held by holders other than the sponsor or its permitted transferees,
the private placement warrants will be redeemable by us for cash and exercisable by the holders on the same basis as the warrants included
in the units sold in the initial public offering.

 

If holders of the private placement warrants elect
to exercise them on a cashless basis, they would pay the exercise price by surrendering their warrants for that number of shares of Class
A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the
warrants, multiplied by the excess of the “fair market value” (defined below) over the exercise price of the warrants by (y)
the fair market value. The “fair market value” shall mean the average reported last sale price of the Class A common stock
for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant
agent.

 

In order to finance transaction costs in connection
with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors may,
but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such loans may be convertible into units at a price of
$10.00 per unit at the option of the lender. Such units would be identical to the private placement units.

 

Our sponsor has agreed not to transfer, assign or
sell any of the private placement warrants (including the Class A common stock issuable upon exercise of any of these warrants) until
the date that is 30 days after the date we complete our initial business combination, subject to limited exceptions.

 

    10

     

    

 

Our Amended and Restated Certificate of Incorporation

 

Our amended and restated certificate of incorporation
contains requirements and restrictions relating to the initial public offering that will apply to us until the consummation of our initial
business combination. These provisions cannot be amended without the approval of the holders of 65% of our common stock. Our initial stockholders
will participate in any vote to amend our amended and restated certificate of incorporation and will have the discretion to vote in any
manner they choose. Specifically, our amended and restated certificate of incorporation provides, among other things, that:

 

	 	●	if we are unable to consummate our initial business combination by January 27, 2023, we will
(i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business
days thereafter, subject to lawfully available funds therefor, redeem 100% of the public shares, at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the trust account including interest earned on funds held in the trust account and not
previously released to us to pay our franchise and income taxes as well as expenses relating to the administration of the trust account (less
up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will
completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions,
if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware
law to provide for claims of creditors and the requirements of other applicable law;

 

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

 

	 	●	although we do not intend to enter into a business combination with a target business that
is affiliated with our sponsor, our directors or our officers, we are not prohibited from doing so. In the event we enter into such a
transaction, we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm that is
a member of FINRA or an independent accounting firm, that such a business combination is fair to our company from a financial point of
view;

 

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

 

	 	●	Our initial business combination must occur with one or more target businesses that together
have an aggregate fair market value of at least 80% of our assets held in the trust account (excluding the deferred underwriting commissions
and taxes payable on the income earned on the trust account) at the time of the agreement to enter into the initial business combination;

 

	 	●	if our stockholders approve an amendment to our amended and restated certificate of incorporation
(i) to modify the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our business combination
by January 27, 2023 or (ii) with respect to any other provisions relating to stockholders’ rights or pre-initial business combination
activity, we will provide our public stockholders with the opportunity to redeem all or a portion of their shares of Class A common stock
upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including
interest earned on the funds held in the trust account and not previously released to us to pay our franchise or income taxes as well
as expenses relating to the administration of the trust account, divided by the number of then outstanding public shares; and

 

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

 

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

 

    11

     

    

 

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

 

We are subject to the provisions of Section 203
of the DGCL regulating corporate takeovers. This statute prevents certain Delaware corporations, under certain circumstances, from engaging
in a “business combination” with:

 

	 	●	a stockholder who owns 15% or more of our outstanding voting stock (otherwise known as an
“interested stockholder”);

 

	 	●	an affiliate of an interested stockholder; or

 

	 	●	an associate of an interested stockholder, for three years following the date that the stockholder
became an interested stockholder.

 

A “business combination” includes a
merger or sale of more than 10% of our assets. However, the above provisions of Section 203 do not apply if:

 

	 	●	our board of directors approves the transaction that made the stockholder an “interested
stockholder,” prior to the date of the transaction;

 

	 	●	after the completion of the transaction that resulted in the stockholder becoming an interested
stockholder, that stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, other than statutorily
excluded shares of common stock; or

 

	 	●	on or subsequent to the date of the transaction, the business combination is approved by
our board of directors and authorized at a meeting of our stockholders, and not by written consent, by an affirmative vote of at least
two-thirds of the outstanding voting stock not owned by the interested stockholder.

 

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

 

Exclusive forum for certain lawsuits

 

Except as set forth below, our amended and restated
certificate of incorporation requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions against
directors, officers and employees for breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery
in the State of Delaware (or, if such court does not have subject matter jurisdiction thereof, any other court located in the State of
Delaware with subject matter jurisdiction) and, if brought outside of Delaware, the stockholder bringing the suit will be deemed to have
consented to the personal jurisdiction of the state and federal courts located within the State of Delaware and to service of process
on such stockholder’s counsel, although our stockholders will not be deemed to have waived our compliance with federal securities
laws and the rules and regulations thereunder and may therefore bring a claim in another appropriate forum. Although we believe this provision
benefits us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, the provision
may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us and our directors,
officers or other employees and may have the effect of discouraging lawsuits against our directors and officers.

 

    12

     

    

 

Notwithstanding the foregoing, our amended and restated
certificate of incorporation provides that the exclusive forum provision will not apply to suits brought to enforce a duty or liability
created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. Section 27 of the Exchange Act
creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules
and regulations thereunder. Additionally, unless we consent in writing to the selection of an alternative forum, the federal district
courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising
under the Securities Act against us or any of our directors, officers or employees. However, there is uncertainty as to whether a court
would enforce the exclusive forum provisions relating to causes of actions arising under the Securities Act.

 

Special meeting of stockholders

 

Our bylaws provide that special meetings of our
stockholders may be called only by a majority vote of our board of directors, by our Chief Executive Officer or by our Chairman.

 

Advance notice requirements for stockholder
proposals and director nominations

 

Our bylaws provide that stockholders seeking to
bring business before our annual meeting of stockholders, or to nominate candidates for election as directors at our annual meeting of
stockholders, must provide timely notice of their intent in writing. To be timely, a stockholder’s notice will need to be received
by the company secretary at our principal executive offices not later than the close of business on the 90th day nor earlier
than the close of business on the 120th day prior to the anniversary date of the immediately preceding annual meeting
of stockholders. Pursuant to Rule 14a-8 of the Exchange Act, proposals seeking inclusion in our annual proxy statement must comply
with the notice periods contained therein. Our bylaws also specify certain requirements as to the form and content of a stockholders’
meeting. These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making
nominations for directors at our annual meeting of stockholders.

 

Action by written consent

 

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

 

Classified Board of Directors

 

Our board of directors is divided into two classes,
Class I and Class II, with members of each class serving staggered two-year terms. Our amended and restated certificate of incorporation
provides that the authorized number of directors may be changed only by resolution of the board of directors. Under our amended and restated
certificate of incorporation, holders of our founder shares have the right to elect all of our directors prior to consummation of our
initial business combination and holders of our public shares do not have the right to vote on the election of directors during such time.
These provisions of our amended and restated certificate of incorporation may only be amended if approved by holders of at least 90% of
our outstanding common stock entitled to vote thereon. Subject to any other special rights applicable to the stockholders, any vacancies
on our board of directors may be filled by the affirmative vote of a majority of the directors present and voting at the meeting of our
board of directors or by a majority of the holders of our founder shares.

 

Class B Common Stock Consent Right

 

For so long as any shares of Class B common stock
remain outstanding, we may not, without the prior vote or written consent of the holders of a majority of the shares of Class B common
stock then outstanding, voting separately as a single class, amend, alter or repeal any provision of our amended and restated certificate
of incorporation, whether by merger, consolidation or otherwise, if such amendment, alteration or repeal would alter or change the powers,
preferences or relative, participating, optional or other or special rights of the Class B common stock. Any action required or permitted
to be taken at any meeting of the holders of Class B common stock may be taken without a meeting, without prior notice and without a vote,
if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of the outstanding Class B common
stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which
all shares of Class B common stock were present and voted.

 

 

13mtcr-ex1010_379.htm

 

Exhibit 10.10

 

November 2, 2021

 

 

Michael York

VIA email

Dear Michael,

 

I am delighted to make you an offer for the position of Senior Vice President, Business Development and Commercial Strategy at Metacrine Inc. (the Company), reporting to Preston Klassen, Chief Executive Officer. Your employment is effective as of November 19, 2021. The terms of the offer are as follows:

 

Duties and Extent of Service

 

As full-time Senior Vice President, Business Development and Commercial Strategy for the Company, you will have responsibility for performing those duties as are customary for, and are consistent with, such position, as well as those duties as may be assigned to you from time to time. If you join the Company, you agree to abide by the rules, regulations, instructions, personnel practices and policies of the Company and any changes therein which may be adopted from time to time by the Company. Except for vacations and absences due to temporary illness, you will be expected to devote all of your business time and effort to the business and affairs of the Company.

 

Base Salary

 

The Company will pay you a base salary of $390,000 dollars per year, paid semi-monthly, less payroll deductions, required taxes, withholdings and payable in accordance with the Company’s standard payroll practices.

 

Sign-on Bonus

 

Upon commencement of your employment with the Company, you will receive a one-time cash payment of $75,000. The sign-on bonus will be deemed earned in equal installments over the first 12 months of employment from your date of hire. In the event your employment should terminate before the 1st anniversary of your date of hire with Metacrine, the Company will have the right to seek reimbursement for a pro-rata amount of the sign-on bonus on the date of termination.

 

Benefits

 

As a Company employee, your eligibility to participate in the Company employee benefit plans and fringe benefits will depend on whether you meet the eligibility terms of the applicable plans. In addition, you will be eligible to receive up to 35% of your annual salary in the form of a performance bonus each year, subject to approval of a bonus plan by the board of directors and in accordance with the terms of such approved plan.

 

METACRINE, INC.

3985 SORRENTO VALLEY BLVD, SUITE C SAN DIEGO, CA 92121
 

 

 

 

 

 

Stock Options

 

In addition, if you decide to join the Company, it will be recommended to the Company's Board of Directors following your start date that the Company grant you an option to purchase 235,000 shares of the Company's common stock at a price per share equal to the fair market value per share of the Common Stock on the date of grant, as determined by the Company's Board of Directors. 25% of the shares subject to the option shall vest 12 months after the date your vesting begins subject to your continuing employment with the Company, and no shares shall vest before such date. The remaining shares shall vest monthly over the next 36 months in equal monthly amounts subject to your continuing employment with the Company. This option grant will be subject to the terms and conditions of the Company's equity incentive plan and stock option agreement, including vesting requirements. No right to any stock is earned or accrued until such time that vesting occurs, nor does the grant confer any right to continue vesting or employment

 

Nondisclosure and Developments

 

The Company has extended this offer to you based upon your general knowledge, background, experience and skills and abilities and not because of your knowledge of your current employer’s or any previous employer’s trade secrets or other confidential information. As a condition of employment at the Company, you will be required to sign the Company’s standard At-Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement in which you agree to, among other things, not disclose to the Company or use in your employment with the Company any confidential or proprietary information or trade secrets of any current or prior employer. In this regard, you should be extremely careful not to bring to the Company any documents or other materials in tangible form belonging to or acquired from any current or prior employer.

 

At-Will Employment

 

This Agreement is not a contract of employment for any specific or minimum term and that the employment the Company offers you is terminable at will. This means that our employment relationship is voluntary and based on mutual consent. You may resign your employment, and the Company likewise may terminate your employment, at any time, for any reason, with or without cause or notice. Any prior oral or written representations to the contrary are void, and any future representations to the contrary are also void and should not be relied upon unless they are contained in a formal written employment contract signed by an officer of the Company and expressly stating the company’s intent to modify the at-will nature of your employment.

 

Governing Law

 

This Agreement shall be governed by and construed in accordance with the internal substantive laws of the State of California.

 

Background Checks; Eligibility to Work in the United States

 

The Company reserves the right to conduct background investigations and/or reference checks on its potential employees. Your job offer, therefore, is contingent upon a clearance of such a background investigation and/or reference check, if any.

 

For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States. Such documentation must be provided to the Company within three (3) business days of your

 

METACRINE INC.

3985 SORRENTO VALLEY BLVD, SUITE C SAN DIEGO, CA 92121

 

 

 

 

 

 

 

commencement date, or our employment relationship with you may be terminated. 

 

Entire Agreement; Amendment

 

This Agreement will constitute the entire agreement and understanding between the Company and you with respect to the specific matters contemplated and addressed hereby. No prior agreement between you and the Company, whether written or oral, shall be construed to change or affect the operation of this Agreement in accordance with its terms, and any provision of any such prior agreement which conflicts with or contradicts any provision of this Agreement is hereby revoked and superseded.

 

This Agreement may be amended or modified only by a written instrument executed both by you and the Company. If any portion of this Agreement shall, for any reason, be held invalid or unenforceable, or contrary to public policy or any law, the remainder of this Agreement shall not be affected by such invalidity or unenforceability, but shall remain in full force and effect as if the invalid or unenforceable term or portion thereof had not existed within this Agreement.

 

This Agreement will expire if not accepted by November 8, 2021. We are excited to have you on the team!

 

Sincerely,

 

	
/s/ Theresa Lowry

	
Theresa Lowry

	
Executive Vice President, Human Resources

 

 

	
Accepted By:
	
/s/ Michael York

	
Print Name:
	
Michael York

	
Date:
	
November 3, 2021

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]