Document:

Exhibit 4.5

 

DESCRIPTION OF THE REGISTRANT’S
SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

As of December 31,
2020, Cascade Acquisition Corp. (“we,” “our,” “us” or the “Company”) did not have
any securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). As of March 30,
2021, we have the following three classes of securities registered under Section 12 of the Exchange Act: (i) its units, consisting
of one share of Class A common stock (as defined below) and one-half of one redeemable warrant (as defined below), with each whole
warrant entitling the holder thereof to purchase one share of Class A common stock (ii) its Class A common stock, $0.0001 par value
per share (the “Class A common stock”), and (iii) its public warrants, with each whole warrant exercisable for one
share of Class A common stock for $11.50 per share (the “warrants”).

 

Pursuant to our amended
and restated certificate of incorporation, our authorized capital stock consists of 220,000,000 shares of common stock, including
200,000,000 shares of Class A common stock and 20,000,000 shares of Class B common stock, $0.0001 par value,
and 1,000,000 shares of preferred stock, $0.0001 par value. The following description summarizes the material terms of our
capital stock registered pursuant to Section 12 of the Exchange Act and does not purport to be complete. It is subject to, and
qualified in its entirety by reference to, our amended and restated certificate of incorporation, our bylaws and our warrant agreement,
each of which is incorporated by reference as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2020
(the “Report”) of which this Exhibit 4.5 is a part.

 

Defined terms used
herein but not otherwise defined shall have the meaning ascribed to such terms in the Report.

 

Units

 

Each unit consists
of one share of our Class A common stock and one-half of one warrant. Each whole warrant entitles the holder thereof to purchase
one share of our Class A common stock at a price of $11.50 per share. Pursuant to the warrant agreement, a warrant holder may exercise
its warrants only for a whole number of the shares of the Company’s Class A common stock.

 

Class A Common Stock 

 

Stockholders of record
are entitled to one vote for each share held on all matters to be voted on by stockholders. Prior to our initial business combination,
only holders of our founder shares will have the right to vote on the election of directors. Holders of our public shares will
not be entitled to vote on the election of directors during such time. In addition, prior to the completion of an initial business
combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason. These provisions
of our amended and restated certificate of incorporation may only be amended by approval of a majority of at least 90% of our Class B
common stock voting in an annual meeting. With respect to any other matter submitted to a vote of our stockholders, including any
vote in connection with our initial business combination, except as required by law, holders of our founder shares and holders
of our public shares will vote together as a single class, with each share entitling the holder to one vote. 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.

 

We will provide our
public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business
combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated
as of two business days prior to the completion 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 taxes, if any (less up to $100,000 of interest to pay dissolution
expenses) divided by the number of the then outstanding public shares, subject to the limitations described herein. Our sponsor
and each member of our management team have entered into a letter agreement with us, pursuant to which they have agreed to waive
their redemption rights with respect to their founder shares and public shares in connection with (i) the completion of our
initial business combination and (ii) a stockholder vote to approve an amendment to our amended and restated certificate of
incorporation that would affect the substance or timing of our obligation to allow redemption in connection with our initial business
combination or to redeem 100% of our public shares if we have not completed an initial business combination by May 24, 2022 (or
until November 24, 2022 if we extend the period of time to consummate a business combination).

 

     

     

    

 

If we seek stockholder
approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination
pursuant to the tender offer rules, our amended and restated 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 Excess Shares.
However, we would not be restricting our stockholders’ ability to vote all of their shares (including Excess Shares) for
or against our initial business combination. Our stockholders’ inability to redeem the Excess Shares will reduce their influence
over our ability to complete our initial 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 our initial business combination. And, as a result, such stockholders will continue
to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their shares in open
market transactions, potentially at a loss.

 

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 shares,
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 public stockholders with the opportunity
to redeem their public shares for cash at a per share price equal to the aggregate amount then on deposit in the trust account,
including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, if any (less
up to $100,000 of interest to pay dissolution expenses) divided by the number of the then outstanding public shares, upon the completion
of our initial business combination, subject to the limitations described in the Report.

 

Public Stockholders’ Warrants

 

Each whole warrant entitles
the registered holder to purchase one 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 November 24, 2021 and 30 days after the completion of our initial
business combination, provided in each case that we have an effective registration statement under the Securities Act covering
the shares of the Class A common stock issuable upon exercise of the warrants and a current prospectus relating to them is
available (or we permit holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant
agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the
state of residence of the holder. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole
number of shares of our Class A common stock. 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 have agreed that
as soon as practicable, but in no event later than 20 business days after the closing of our initial business combination, we will
use our commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities
Act, of the shares of our Class A common stock issuable upon exercise of the warrants. We will use our commercially reasonable
efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus
relating thereto, until the expiration or redemption of the warrants in accordance with the provisions of the warrant agreement.
If a registration statement covering the issuance of the shares of our Class A common stock issuable upon exercise of the
warrants is not effective by the 60th business day after the closing of the initial business combination, warrant
holders may, until such time as there is an effective registration statement and during any period when we will have failed to
maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9)
of the Securities Act or another exemption. In addition, if our Class A common stock are at the time of any exercise of a
warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security”
under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of our 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 elect to do so, we will not be required to file or maintain in effect a registration statement, but we will use our best efforts
to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. In such event, each
holder would pay the exercise price by surrendering each such warrant for that number of shares of our Class A common stock
equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of shares of our Class A
common stock underlying the warrants, multiplied the excess of the “fair market value” less the exercise price of the
warrants by (y) the fair market value and (B) 0.361. The “fair market value” shall mean the volume weighted average
price of the shares of our Class A common stock for the ten trading days ending on the trading day prior to the date on which
the notice of exercise is received by the warrant agent.

 

    2

     

    

 

Redemption of Warrants When the Price
per Share of Our Class A Common Stock Equals or Exceeds $18.00

 

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

 

		●	in whole and not in part;

 

		●	at a price of $0.01 per warrant;

 

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

 

		●	if, and only if, the last reported sale price of the
shares of our Class A common stock for any 20 trading days within a 30-trading day period ending three business
days before we send to the notice of redemption to the warrant holders (which we refer to as the “Reference Value”)
equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the
like and certain issuances of Class A common stock and equity-linked securities).

 

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. However, we will not redeem the warrants unless an effective registration
statement under the Securities Act covering the shares of our Class A common stock issuable upon exercise of the warrants
is effective and a current prospectus relating to those shares of our Class A common stock is available throughout the 30-day redemption
period.

 

Redemption of Warrants When the Price
per Share of Our Class A Common Stock Equals or Exceeds $10.00

 

Once the warrants become
exercisable, we may redeem the outstanding warrants:

 

		●	in whole and not in part;

 

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

 

		●	if, and only if, the Reference Value (as defined above
under “Redemption of Warrants When the Price per Share of Our Class A Common Stock Equals or Exceeds $18.00”)
equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the
like and certain issuances of Class A common stock and equity-linked securities); and

 

		●	if the Reference Value is less than $18.00 per share
(as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and certain issuances of Class A
common stock and equity-linked securities) the private placement warrants must also be concurrently called for redemption
on the same terms (except as described above with respect to a holder’s ability to cashless exercise its warrants) as the
outstanding public warrants, as described above.

 

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

 

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

 

    3

     

    

 

The stock prices set
forth in the column headings of the table below will be adjusted as of any date on which the number of shares issuable upon exercise
of a warrant or the exercise price of a warrant is adjusted as set forth under the heading “— Anti-dilution Adjustments”
below. If the number of shares issuable upon exercise of a warrant is adjusted, the adjusted stock prices in the column headings
will equal the stock prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the exercise
price of the warrant after such adjustment and the denominator of which is the exercise price of the warrant immediately prior
to such adjustment. In such an event, the number of shares in the table below shall be adjusted by multiplying such share amounts
by a fraction, the numerator of which is the number of shares deliverable upon exercise of the warrant immediately prior to such
adjustment and the denominator of which is the number of shares deliverable upon exercise of the warrant as so adjusted. If the
exercise price of a warrant is adjusted, as a result of raising capital in connection with the initial business combination, the
adjusted stock prices in the column headings will be multiplied by a fraction, the numerator of which is the higher of the Market
Value and the Newly Issued Price as set forth under the heading “— Anti-dilution Adjustments” and the denominator
of which is $10.00.

 

	Redemption Date	 	Fair Market Value of Our Common stock	 
	(period to expiration of warrants)	 	≤$10.00	 	 	$11.00	 	 	$12.00	 	 	$13.00	 	 	$14.00	 	 	$15.00	 	 	$16.00	 	 	$17.00	 	 	≥$18.00	 
	60 months	 	 	0.261	 	 	 	0.281	 	 	 	0.297	 	 	 	0.311	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	57 months	 	 	0.257	 	 	 	0.277	 	 	 	0.294	 	 	 	0.310	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	54 months	 	 	0.252	 	 	 	0.272	 	 	 	0.291	 	 	 	0.307	 	 	 	0.322	 	 	 	0.335	 	 	 	0.347	 	 	 	0.357	 	 	 	0.361	 
	51 months	 	 	0.246	 	 	 	0.268	 	 	 	0.287	 	 	 	0.304	 	 	 	0.320	 	 	 	0.333	 	 	 	0.346	 	 	 	0.357	 	 	 	0.361	 
	48 months	 	 	0.241	 	 	 	0.263	 	 	 	0.283	 	 	 	0.301	 	 	 	0.317	 	 	 	0.332	 	 	 	0.344	 	 	 	0.356	 	 	 	0.361	 
	45 months	 	 	0.235	 	 	 	0.258	 	 	 	0.279	 	 	 	0.298	 	 	 	0.315	 	 	 	0.330	 	 	 	0.343	 	 	 	0.356	 	 	 	0.361	 
	42 months	 	 	0.228	 	 	 	0.252	 	 	 	0.274	 	 	 	0.294	 	 	 	0.312	 	 	 	0.328	 	 	 	0.342	 	 	 	0.355	 	 	 	0.361	 
	39 months	 	 	0.221	 	 	 	0.246	 	 	 	0.269	 	 	 	0.290	 	 	 	0.309	 	 	 	0.325	 	 	 	0.340	 	 	 	0.354	 	 	 	0.361	 
	36 months	 	 	0.213	 	 	 	0.239	 	 	 	0.263	 	 	 	0.285	 	 	 	0.305	 	 	 	0.323	 	 	 	0.339	 	 	 	0.353	 	 	 	0.361	 
	33 months	 	 	0.205	 	 	 	0.232	 	 	 	0.257	 	 	 	0.280	 	 	 	0.301	 	 	 	0.320	 	 	 	0.337	 	 	 	0.352	 	 	 	0.361	 
	30 months	 	 	0.196	 	 	 	0.224	 	 	 	0.250	 	 	 	0.274	 	 	 	0.297	 	 	 	0.316	 	 	 	0.335	 	 	 	0.351	 	 	 	0.361	 
	27 months	 	 	0.185	 	 	 	0.214	 	 	 	0.242	 	 	 	0.268	 	 	 	0.291	 	 	 	0.313	 	 	 	0.332	 	 	 	0.350	 	 	 	0.361	 
	24 months	 	 	0.173	 	 	 	0.204	 	 	 	0.233	 	 	 	0.260	 	 	 	0.285	 	 	 	0.308	 	 	 	0.329	 	 	 	0.348	 	 	 	0.361	 
	21 months	 	 	0.161	 	 	 	0.193	 	 	 	0.223	 	 	 	0.252	 	 	 	0.279	 	 	 	0.304	 	 	 	0.326	 	 	 	0.347	 	 	 	0.361	 
	18 months	 	 	0.146	 	 	 	0.179	 	 	 	0.211	 	 	 	0.242	 	 	 	0.271	 	 	 	0.298	 	 	 	0.322	 	 	 	0.345	 	 	 	0.361	 
	15 months	 	 	0.130	 	 	 	0.164	 	 	 	0.197	 	 	 	0.230	 	 	 	0.262	 	 	 	0.291	 	 	 	0.317	 	 	 	0.342	 	 	 	0.361	 
	12 months	 	 	0.111	 	 	 	0.146	 	 	 	0.181	 	 	 	0.216	 	 	 	0.250	 	 	 	0.282	 	 	 	0.312	 	 	 	0.339	 	 	 	0.361	 
	9 months	 	 	0.090	 	 	 	0.125	 	 	 	0.162	 	 	 	0.199	 	 	 	0.237	 	 	 	0.272	 	 	 	0.305	 	 	 	0.336	 	 	 	0.361	 
	6 months	 	 	0.065	 	 	 	0.099	 	 	 	0.137	 	 	 	0.178	 	 	 	0.219	 	 	 	0.259	 	 	 	0.296	 	 	 	0.331	 	 	 	0.361	 
	3 months	 	 	0.034	 	 	 	0.065	 	 	 	0.104	 	 	 	0.150	 	 	 	0.197	 	 	 	0.243	 	 	 	0.286	 	 	 	0.326	 	 	 	0.361	 
	0 months	 	 	—	 	 	 	—	 	 	 	0.042	 	 	 	0.115	 	 	 	0.179	 	 	 	0.233	 	 	 	0.281	 	 	 	0.323	 	 	 	0.361	 

 

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 our Class A common stock to be issued
for each warrant exercised will be determined by a straight-line interpolation between the number of shares set forth for
the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year,
as applicable. For example, if the volume-weighted average price of our Class A common stock as reported during the ten
trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is $11.00
per share, and at such time there are 57 months until the expiration of the warrants, holders may choose to, in connection
with this redemption feature, exercise their warrants for 0.277 Class A 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 volume-weighted average
price of our Class A common stock as reported during the ten trading days immediately following the date on which the notice
of redemption is sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months until the expiration
of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.298 Class A
common stock for each whole warrant. In no event will the warrants be exercisable in connection with this redemption feature for
more than 0.361 Class A common stock per warrant (subject to adjustment).

 

This redemption feature
differs from the typical warrant redemption features used in many other blank check offerings, which typically only provide for
a redemption of warrants for cash (other than the private placement warrants) when the trading price for the shares of our Class A
common stock exceeds $18.00 per share for a specified period of time. This redemption feature is structured to allow for all of
the outstanding warrants to be redeemed when the shares of our 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 shares of Class A common stock is below the exercise price of the warrants.
We have established this redemption feature to provide us with the flexibility to redeem the warrants without the warrants having
to reach the $18.00 per share threshold set forth above under “— Redemption of Warrants When the Price per Share of
Our Class A Common Stock Equals or Exceeds $18.00.” Holders choosing to exercise their warrants in connection with
a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants based on an option pricing
model with a fixed volatility input as of the date of this prospectus. This redemption right provides us with an additional mechanism
by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as the warrants would
no longer be outstanding and would have been exercised or redeemed. We will be required to pay the applicable redemption price
to warrant holders if we choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of
the warrants if we determine it is in our best interest to do so. As such, we would redeem the warrants in this manner when we
believe it is in our best interest to update our capital structure to remove the warrants and pay the redemption price to the
warrant holders.

 

    4

     

    

 

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

 

No fractional shares of our Class A
common stock will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a
share, we will round down to the nearest whole number of the number of shares of our Class A common stock to be issued to
the holder. If, at the time of redemption, the warrants are exercisable for a security other than the shares of our Class A
common stock pursuant to the warrant agreement (for instance, if we are not the surviving company in our initial business combination),
the warrants may be exercised for such security. At such time as the warrants become exercisable for a security other than the
shares of our Class A common stock, the Company (or surviving company) will use its commercially reasonable efforts to register
under the Securities Act the security issuable upon the exercise of the warrants.

 

Redemption Procedures.    A
holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have
the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s
affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by the
holder) of the shares of our Class A common stock issued and outstanding immediately after giving effect to such exercise.

 

Anti-dilution Adjustments.   The
warrants have certain anti-dilution and adjustments rights upon certain events. In addition, if (x) we issue additional shares
of our Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of
our initial business combination at an issue price or effective issue price of less than $9.20 per share of our 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 initial stockholders
or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross
proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding
of our initial business combination on the date of the completion of our initial business combination (net of redemptions), and
(z) the volume-weighted average trading price of our Class A common stock during the 20 trading day period starting
on the trading day prior to the day on which we complete our initial business combination (such price, the “Market Value”)
is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the
higher of the Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share redemption trigger prices described
adjacent to “Redemption of Warrants When the Price per Share of Our Class A Common Stock Equals or Exceeds $18.00”
and “Redemption of Warrants When the Price per Share of Our Class A Common Stock Equals or Exceeds $10.00” 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 will be
issued in registered form under a warrant agreement between Continental, as warrant agent, and us. The warrant agreement provides
that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective
provision but requires the approval by the holders of at least 65% of the then-outstanding public warrants to make any change
that adversely affects the interests of the registered holders. You should review a copy of the warrant agreement, which was filed
with the Registration Statement, for a complete description of the terms and conditions applicable to the warrants.

 

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

 

 

5Exhibit 10.8

 

Cascade Acquisition Corp.

1900 Sunset Harbour Dr.

Suite 2102

Miami Beach, Florida 33139

 

January 30, 2021

 

Via Electronic Mail

 

Philip Bulhon, Managing Member

Bulhon Advisors, LLC

 

		Re:	Independent Contractor
Agreement

 

Dear Philip:

 

This letter agreement
(this “Agreement”) sets forth the terms and conditions whereby you (“you” or “Consultant”)
agree to provide certain services (as described below) to Cascade Acquisition Corp. (the “Company”).

 

The Company has been
incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar
business combination (each a “Transaction”) with one or more businesses (each a “Target”)
that are in the financial services industry (the “Target Sector”).

 

 1. SERVICES.

 

1.1 The Company
hereby engages you effective January 30, 2021, and you hereby accept such engagement, as an independent contractor, on a non-exclusive
basis, to perform such consulting services as requested by the Company from time to time (collectively the “Services”).
You will be expected to devote substantially all of your professional time to the Services during this engagement. Nothing herein
shall prohibit the Company from engaging other persons or entities to perform the same or similar services.

 

1.2 Your Services
will entail providing the following services to the Company: researching appropriate potential business combination partners for
the Company; developing marketing materials and marketing plans, and helping to implement such plans, in the search for a merger
partner; supervising and performing due diligence on such business combination partners, and assisting with the negotiation and
closing of a business combination transaction in coordination with, and with direction from, the Company’s senior management;
developing and implementing marketing plans directed to potential investors in the Company. Additionally, you shall perform any
administrative work the Company requires.

 

1.3 The Company
shall not control the manner or means by which you perform the Services, including, but not limited to, the time and place you
perform the Services.

 

    

     

    

 

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January 30, 2021

Page 2

 

1.4 To the
extent you perform any Services on the Company’s premises or using the Company’s equipment, you shall comply with all
applicable policies of the Company.

 

2. TERM/AT-WILL
RELATIONSHIP. The term of this Agreement shall commence on January 30, 2021 and end on May 30, 2022, unless terminated earlier
in accordance with Section 6 of this Agreement. The period of time during which Company engages you shall be referred to as “Term.”

 

 3. FEES, SHARE GRANT, AND EXPENSES.

 

3.1 As full
compensation for the Services during the Term, on behalf of the Company, or any of its officers, directors, shareholders, or employees,
the Company shall pay you a monthly fee of $20,834.00 (Twenty Thousand Eight Hundred Thirty-Four Dollars) per month (the “Fees”),
in arrears on the 30th day of the calendar month in which the Services are provided; provided, that the first
payment to you, payable as of January 30, 2021, shall be $41,668.00 (Forty One Thousand Six Hundred Sixty Eight Dollars). Subject
to the foregoing, if the Services begin after the first day of a calendar month or end before the 30th day of a calendar
month, the Fee for that month shall be pro-rated based on the number of days of such calendar month that you have been engaged.

 

3.1 You agree
that, absent a written agreement signed by the Chief Executive Officer or the Chief Financial Officer of the Company, you shall
not be entitled to any remuneration of any kind, other than that expressly set forth in this Agreement, for any work or services
you perform for, or information you provide to, the Company or any of its agents, during the Term, regardless of whether such work
or services fall within this Agreement’s definition of “Services.”

 

3.2 You acknowledge
that you have not been promised, and are not entitled to, a position as an employee, contractor, or director, with the entity that
results from any business combination into which the Company enters. You agree that no such promise shall be binding in the absence
of a written agreement signed by the Company’s Chief Executive Officer.

 

3.3 You acknowledge
you will receive an IRS Form 1099-MISC from the Company, and that you shall be solely responsible for all federal, state, and local
taxes arising from any payments made to you in connection with the Services and for any compensation paid to you. In addition,
the intent of the parties hereto is that payments (including settlements) and benefits under this Agreement are exempt from or
comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), to the extent subject
thereto, and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and be administered to be exempt
from or in compliance therewith. Any payments described in the Agreement that are due within the “short-term deferral period”
as defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable law requires otherwise.
Payments hereunder shall be treated as a series of separate payments for purposes of Section 409A of the Code.

 

    

     

    

 

Bulhon Advisors, LLC

January 30, 2021

Page 3

 

3.4 The Company
shall pay any reasonable travel or other reasonable costs or expenses incurred by you in connection with the performance of the
Services. You shall not book any air travel, or incur any single expense in excess of $1,000 or in excess of $5,000 in the aggregate
without prior written consent of the Company’s Chief Executive Officer or Chief Financial Officer.

 

 4. RELATIONSHIP OF THE PARTIES.

 

4.1 You are
an independent contractor of the Company, and this Agreement shall not be construed to create any association, partnership, joint
venture, employee, or agency relationship between you and the Company, for any purpose.

 

4.2 Without
limiting Section 4.1, you will not be eligible to participate in any vacation, group medical or life
insurance, disability, profit sharing or retirement benefits, or any other fringe benefits or benefit plans offered by the Company
to its employees, and the Company will not be responsible for withholding or paying any income, payroll, Social Security, or other
federal, state, or local taxes, making any insurance contributions, including for unemployment or disability, or obtaining workers’
compensation insurance on behalf of you.

 

 5. CONFIDENTIALITY, NON-COMPETITION, AND NON-SOLICITATION.

 

5.1 Confidential
Information. During the Term, you may receive confidential and proprietary information relating to the Company’s
business (the “Confidential Information”). Confidential Information will not, however, include information
which (i) is or becomes publicly available other than as a result of your disclosure in violation of this Agreement, (ii) is
or becomes available to you from a third party which, to your actual knowledge is not bound by confidentiality obligations to
the Company with respect to such information, (iii) is known to you prior to disclosure by or from the Company or (iv) is or
has been independently developed by you without use of any Confidential Information. The Confidential Information may
include, but is not limited to, confidential and proprietary information regarding the Company’s business strategies,
financial information, internal organization, processes, methods, and know-how, as well as information of third parties as to
which the Company has an obligation of confidentiality. You agree that the Confidential Information is the sole, exclusive
and valuable property of the Company. You also agree not to use the Confidential Information other than to perform the
Services, and not to disclose the Confidential Information, in whole or in part, in any form, to any third party (other than
as reasonably necessary to perform the Services hereunder), either during or at any time after the Term. You agree any
copies, reproductions or other derivatives of the Confidential Information shall remain the property of the Company and upon
the expiration or termination of this Agreement for any reason, you agree to immediately cease using and to, at the
Company’s written request, promptly return to the Company all whole and partial copies, reproductions and any other
derivatives of the Confidential Information provided to you or otherwise in your possession or under your control and to
destroy any and all copies thereof. This Section 5.1 shall survive for a period of two years following the expiration or
termination of this Agreement for any reason; following such period, the obligations set forth in this Section 5.1 shall
terminate.

 

    

     

    

 

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5.2 Non-Competition.
During the Term, and for a period of twelve (12) months from the date of termination of your engagement for any reason, or the
date the Company consummates a Transaction or the time for the Company to do so expires, whichever date is later, Philip Bulhon
shall not, anywhere within the United States, either as principal, agent, employee, consultant, partner, officer, director, shareholder,
or in any other individual or representative capacity, own, manage, finance, operate, control or otherwise engage or participate
in any manner or fashion in a special purpose acquisition company (other than the Company), or blank check company (a) seeking
to effect any merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with, or
other substantial strategic investment into, any one or more businesses that have a focus on any one or more of the Target Sector;
or (ii) with a stated intention of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar
business combination with, or other substantial strategic investment into, any one or more businesses that have a focus on any
one or more of the Target Sector, unless given explicit written authorization to do so by the Company’s Chief Executive Officer
or Chief Financial Officer.

 

5.3 Non-Circumvention.
During the Term and for a period of twelve (12) months from the date of termination of your engagement for any reason, Philip Bulhon
shall not solicit on behalf of any other entity, any Target with which officers or directors of the Company met (in person or by
videoconference or teleconference) for purposes of effecting a merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination with, or other substantial strategic investment into such Target with any entity other than the
Company, unless given explicit written authorization to do so by the Company’s Chief Executive Officer or Chief Financial
Officer.

 

1.1 Work
Made for Hire; Assignment. You acknowledge that to the extent permitted by law, all of the Work Product consisting of
copyrightable subject matter is “work made for hire” as defined in 17 U.S.C. § 101 and such copyrights are
therefore owned by the Company. To the extent that the foregoing does not apply, you hereby irrevocably assign to the
Company, for no additional consideration, your entire right, title, and interest in and to all Work Product and Intellectual
Property Rights therein, including the right to sue, counterclaim, and recover for all past, present, and future
infringement, misappropriation, or dilution thereof, and all rights corresponding thereto throughout the world. Nothing
contained in this Agreement shall be construed to reduce or limit the Company’s rights, title, or interest in any Work
Product or Intellectual Property Rights so as to be less in any respect than that the Company would have had in the absence
of this Agreement. For purposes of this Agreement, “Work Product” includes, but is not limited to, Company
information, including plans, publications, research, strategies, techniques, agreements, documents, contracts, terms of
agreements, negotiations, know-how, computer programs, computer applications, software design, web design, work in process,
databases, manuals, results, developments, reports, graphics, drawings, sketches, market studies, formulae, notes,
communications, algorithms, product plans, product designs, styles, models, audiovisual programs, inventions, unpublished
patent applications, original works of authorship, discoveries, experimental processes, experimental results, specifications,
customer information, client information, customer lists, client lists, manufacturing information, marketing information,
advertising information, and sales information. For purposes of this Agreement, “Intellectual Property
Rights” means the ownership of, or right to use or exploit, any trade secret, patent, copyright, or trademark of
the Company.

 

    

     

    

 

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January 30, 2021

Page 5

 

 6. TERMINATION.

 

6.1 You or
the Company may terminate this Agreement at will with 30 days’ written notice. This Agreement is “at-will,” meaning
that either party may terminate the engagement for any reason, or no reason.

 

6.2 The Company
may terminate the engagement immediately for Cause for the reasons set forth in Section 6.3(a)-(e) and upon the expiration of the
14-day cure period for the Cause reason set forth in Section 6.3(f).

 

6.3 For
purposes of this Agreement, “Cause” shall mean:

 

		a)	a breach or threatened breach by you of Section 5;

 

		b)	your willful failure to perform your duties (other than any such failure resulting from incapacity due to physical or mental
illness);

 

		c)	your willful failure to comply with any valid and legal directive of the Company;

 

		d)	your willful engagement in dishonesty, illegal conduct, or gross misconduct that is injurious to the Company;

 

		e)	your indictment of or plea of guilty or nolo contendere to a crime that constitutes a felony (or
state law equivalent) or a crime that constitutes embezzlement, misappropriation, or fraud, or a misdemeanor involving moral turpitude;

 

		f)	a material breach by you of any other provision of this Agreement which breach is not cured within
fourteen (14) days of receipt of written notice from the Company.

 

6.4 Upon expiration
or termination of this Agreement for any reason, or at any other time upon the Company’s written request, you shall, within
five calendar days, after such termination:

 

		(a)	deliver to the Company all work product and all hardware,
software, or other materials provided for your use by the Company, if requested by the Company to do so;

 

		(b)	deliver to the Company all tangible documents and materials
(and any copies) containing, reflecting, incorporating, or based on the Confidential Information, if requested by the Company
to do so;

 

    

     

    

 

Bulhon Advisors, LLC

January 30, 2021

Page 6

 

		(c)	permanently erase all of the Confidential Information from
your computers and electronic devices; and

 

		(d)	certify in writing to the Company that you have complied
with the requirements of this clause, if requested by the Company to do so.

 

7. OTHER
BUSINESS ACTIVITIES. You and the Company agree that, except as otherwise stated in this Agreement, you may be engaged or employed
in any other business, trade, profession, or other activity which does not materially impair your ability to provide the Services
or place you in a conflict of interest with the Company.

 

8. INDEMNIFICATION.
The Company shall indemnify, out of the assets of the Company only (including cash and the proceeds from liability insurance, if
any), and hold you harmless, to the fullest extent permitted by applicable law, from and in respect of all (a) reasonable fees,
judgments, fines, costs, and expenses (including reasonable attorneys’ fees) as they are incurred in connection with, relating
to or resulting from any claim, demand, action, suit or proceeding, and any appeal therefrom, relating to this Agreement, the Services,
or the activities of the Company, its properties, business, or affairs, including without limitation, consummating an initial business
combination on behalf of the Company or any other activities relating to your responsibilities to the Company and (b) losses or
damages resulting from such claims, demands, actions, suits or proceedings, and any appeal therefrom, including amounts paid in
settlement or compromise (if recommended by attorneys for the Company) of any such claim, demand, action, suit or proceeding, and
any appeal therefrom,; provided, however, that this indemnity shall not extend to you if you acted with willful misconduct or gross
negligence, or with respect to any criminal action or proceeding where your conduct was unlawful.

 

9. WAIVER
OF TRUST. You acknowledge that (a) you have read the prospectus of the Company and understand that the Company has established
the Trust Account referred to in the prospectus, for the benefit of the Public Stockholders and that, except for a portion of the
interest earned on the amounts held in the Trust Account, the Company may disburse monies from the Trust Account only (i) to the
Public Stockholders in the event they elect to redeem shares of Common Stock contained in the Public Securities in connection with
the consummation of a Business Combination, (ii) to the Public Stockholders if the Company fails to consummate a Business Combination
within the time period set forth in the Charter Documents, or (iii) to the Company after or concurrently with the consummation
of a business combination. You agree that you do not have any right, title, interest or claim of any kind in or to any monies in
the Trust Account (“Claim”) and waive any Claim you may have in the future as a result of, or arising out of,
any negotiations, contracts or agreements with the Company or the Company and will not seek recourse against the Trust Account
for any reason whatsoever.

 

10. ASSIGNMENT.
Neither party shall assign any rights, or delegate or subcontract any obligations, under this Agreement without the other party’s
prior written consent. Any assignment in violation of the foregoing shall be deemed null and void. Subject to the limits on assignment
stated above, this Agreement will inure to the benefit of, be binding on, and be enforceable against each of the parties hereto
and their respective successors and assigns.

 

    

     

    

 

Bulhon Advisors, LLC

January 30, 2021

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 11. MISCELLANEOUS.

 

11.1 All
notices, requests, consents, claims, demands, waivers, and other communications hereunder (each, a
“Notice”) shall be in writing and addressed to the parties at the addresses set forth on the first page of
this Agreement (or to such other address that may be designated by the receiving party from time to time in accordance with
this Section). All Notices shall be delivered by personal delivery, nationally recognized overnight courier (with all fees
prepaid), facsimile or email (with confirmation of transmission). Except as otherwise provided in this Agreement, a Notice is
effective only if (a) the receiving party has received the Notice and (b) the party giving the Notice has complied with the
requirements of this Section.

 

 

11.2 This
Agreement constitutes the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained
herein, and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written
and oral, with respect to such subject matter. The provisions of this Agreement are for the sole benefit of the parties hereto
and their successors and permitted assigns, and they will not be construed as conferring any rights to any third party (including
any third party beneficiary rights).

 

11.3 This
Agreement may only be amended, modified, or supplemented by an agreement in writing signed by each party hereto.

 

11.4 This
Agreement and all related documents, and all matters arising out of or relating to this Agreement, whether sounding in contract,
tort, or statute, are governed by, and construed in accordance with, the laws of the State of New York (including its statutes
of limitations), without giving effect to principles of conflicts of laws. With respect to any disputes concerning this agreement
or your engagement, the parties consent to the exclusive jurisdiction of the state and federal courts with jurisdiction over New
York County, New York. The parties waive any right to a trial by jury with respect to such disputes.

 

11.5 The invalidity,
illegality, or unenforceability of any term of this Agreement shall not affect any other term of this Agreement.

 

11.6 This
Agreement may be executed in multiple counterparts and by facsimile signature, each of which shall be deemed an original and all
of which together shall constitute one instrument.

 

11.7 Sections
5, 8, 9, 10, and 11 shall survive the termination of this Agreement.

 

11.8 By your
signature below, you agree that you are personally bound by this Agreement.

 

If this letter accurately sets forth our
understanding, kindly execute the enclosed copy of this letter and return it to the undersigned.

 

    

     

    

 

Bulhon Advisors, LLC

January 30, 2021

Page 8

 

	 	Very truly yours,
	 	 
	 	Cascade Acquisition Corp.
	 	 
	 	By:	/s/
    Dan Hirsch
	 	 	Dan Hirsch, Chief
    Financial Officer

 

	ACCEPTED AND AGREED:
	 
	Bulhon Advisors, LLC
	 
	BY:	/s/
    Philip Bulhon	 
	 
	Philip
                                         Bulhon, Managing Member

	 	 
	Dated: January 30, 2021

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