Document:

ttoo-ex1060_539.htm

Exhibit 10.60

 

Execution Version

 

AMENDMENT No. 7 TO TERM LOAN AGREEMENT 

THIS AMENDMENT NO. 7 TO TERM LOAN AGREEMENT, dated as of February 15, 2022 (this “Amendment”) is made among T2 BIOSYSTEMS, INC., a Delaware corporation (“Borrower”), the other Obligors party hereto, CRG SERVICING LLC, as administrative agent and collateral agent (in such capacities, “Administrative Agent”) and the lenders listed on the signature pages hereof under the heading “LENDERS” (each, a “Lender” and, collectively, the “Lenders”), with respect to the Loan Agreement described below.

RECITALS

WHEREAS, Borrower, Administrative Agent and the Lenders are parties to the Term Loan Agreement, dated as of December 30, 2016, with the Subsidiary Guarantors from time to time party thereto (as amended by Amendment No. 1 to Term Loan Agreement, dated as of March 1, 2017, as further amended by Amendment No. 2 to Term Loan Agreement, dated as of December 18, 2017, as further amended by Amendment No. 3 to Term Loan Agreement, dated as of March 16, 2018, as further amended by Amendment No. 4 to Term Loan Agreement, dated as of March 13, 2019, as further amended by Amendment No. 5 to Term Loan Agreement, dated as of September 10, 2019, and as further amended by Amendment No. 6, dated as of January 25, 2021, in each case, by and among Borrower, Administrative Agent and the lenders party thereto, and as further amended, supplemented or modified to date, the “Loan Agreement”); and

WHEREAS, Borrower has requested that Administrative Agent and the Lenders, and Administrative Agent and the Lenders have agreed to, amend the Minimum Required Revenue covenant in Section 10.02(e) of the Loan Agreement and make certain other changes as more fully set forth herein.

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein, the parties agree as follows:

SECTION 1.Definitions; Interpretation.

(a)Terms Defined in Loan Agreement.  All capitalized terms used in this Amendment (including in the recitals hereof) and not otherwise defined herein shall have the meanings assigned to them in the Loan Agreement.

(b)Interpretation.  The rules of interpretation set forth in Section 1.03 of the Loan Agreement shall be applicable to this Amendment and are incorporated herein by this reference.

SECTION 2.Amendments to Loan Agreement. Subject to Section 3 of this Amendment, the following definitions in Section 1.01 of the Loan Agreement are hereby amended and restated in their entirety:

“Interest-Only Period” means the period from and including the first Borrowing Date and through but excluding the twenty-eighth (28th) Payment Date following the first Borrowing Date.

 

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“Stated Maturity Date” means the twenty-eighth (28th) Payment Date following the first Borrowing Date.

SECTION 3.Conditions of Effectiveness. The effectiveness of Section 2 of this Amendment shall be subject to the following conditions precedent:

(a)Borrower, Administrative Agent and each of the Lenders shall have duly executed and delivered this Amendment pursuant to Section 13.04(a)(i) of the Loan Agreement; provided, however, that this Amendment shall have no binding force or effect unless all conditions set forth in this Section 3 have been satisfied; 

(b)no Default or Event of Default (in each case subject to any cure period provided under the Loan Agreement) under the Loan Agreement shall have occurred and be continuing; and

(c)Borrower shall have paid or reimbursed Administrative Agent and the Lenders for their reasonable out of pocket costs and expenses (including the reasonable fees and expenses of Administrative Agent’s and the Lenders’ legal counsel) incurred in connection with this Amendment pursuant to Section 13.03(a)(i)(z) of the Loan Agreement.

SECTION 4.Representations and Warranties; Reaffirmation.

(a)Borrower hereby represents and warrants to each Lender as follows:

(i)Borrower has full power, authority and legal right to make and perform this Amendment.  This Amendment is within Borrower’s corporate powers and has been duly authorized by all necessary corporate action and, if required, by all necessary shareholder action.  This Amendment has been duly executed and delivered by Borrower and constitutes a legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by (a) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights and (b) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).  This Amendment (x) does not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any third party, except for such as have been obtained or made and are in full force and effect, (y) will not violate (i) the charter, bylaws or other organizational documents of Borrower and its Subsidiaries or (ii) any applicable law or regulation or any order of any Governmental Authority, other than any such violations in the case of this clause (ii) that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect and (z) will not violate or result in a default under any Material Agreement or agreement creating or evidencing any Material Indebtedness, or give rise to a right thereunder to require any payment to be made by any such Person.

(ii)No Default has occurred or is continuing or will result after giving effect to this Amendment.

(iii)The representations and warranties in Section 7 of the Loan Agreement are true and correct in all material respects (taking into account any changes made to schedules updated in accordance with Section 7.20 of the Loan Agreement) (unless qualified by materiality or Material Adverse Effect, in which case they are true in all respects (taking into account any changes made to schedules updated in accordance with Section 7.20 of the Loan Agreement)) on and as of the date hereof, with the same force as if made on and as of the date hereof (except that the representation regarding representations and warranties that refer to a specific earlier date is that they were true and correct in all material respects (taking into account any changes made to schedules updated in accordance with Section 7.20 of the Loan Agreement) (unless qualified by materiality 

 

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or Material Adverse Effect, in which case they are true in and correct in all respects (taking into account any changes made to schedules updated in accordance with Section 7.20 of the Loan Agreement)) on such earlier date).

(iv)There has been no Material Adverse Effect since the date of the Loan Agreement.

(b)Each Obligor hereby ratifies, confirms, reaffirms, and acknowledges its obligations under the Loan Documents to which it is a party and agrees that the Loan Documents remain in full force and effect, undiminished by this Amendment, except as expressly provided herein.  By executing this Amendment, Borrower acknowledges that it has read, consulted with its attorneys regarding, and understands, this Amendment.

SECTION 5.Release.  In consideration of the agreements of Administrative Agent and the Lenders contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower, on behalf of itself and its successors, assigns and other legal representatives, hereby fully, absolutely, unconditionally and irrevocably releases, remises and forever discharges Administrative Agent and each Lender, and their respective successors and assigns, and their respective present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (Administrative Agent, each Lender and all such other persons being hereinafter referred to collectively as the “Releasees” and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which Borrower or any of its successors, assigns or other legal representatives may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the day and date of this Amendment, including, without limitation, for or on account of, or in relation to, or in any way in connection with the Loan Agreement or any of the other Loan Documents or transactions thereunder or related thereto (collectively, the “Released Claims”).  Borrower understands, acknowledges and agrees that the release set forth above (the “Release”) may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of the Release.  Borrower agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered shall affect in any manner the final, absolute and unconditional nature of the Release.  Borrower acknowledges that the Release constitutes a material inducement to Administrative Agent and the Lenders to enter into this Amendment and that Administrative Agent and the Lenders would not have done so but for Administrative Agent’s and each Lender’s expectation that the Release is valid and enforceable in all events.

 

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SECTION 6.Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.

(a)Governing Law.  This Amendment and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance with, the law of the State of New York, without regard to principles of conflicts of laws that would result in the application of the laws of any other jurisdiction; provided that Section 5-1401 of the New York General Obligations Law shall apply.

(b)Submission to Jurisdiction.  Borrower agrees that any suit, action or proceeding with respect to this Amendment or any judgment entered by any court in respect thereof may be brought initially in the federal or state courts in Houston, Texas or in the courts of its own corporate domicile and irrevocably submits to the non-exclusive jurisdiction of each such court for the purpose of any such suit, action, proceeding or judgment.  This Section 6 is for the benefit of Administrative Agent and the Lenders only and, as a result, none of Administrative Agent or any Lender shall be prevented from taking proceedings in any other courts with jurisdiction.  To the extent allowed by applicable Laws, Administrative Agent and the Lenders may take concurrent proceedings in any number of jurisdictions.

(c)Waiver of Jury Trial.  Borrower, Administrative Agent and each Lender hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any suit, action or proceeding arising out of or relating to this Amendment.

SECTION 7.Miscellaneous.

(a)No Waiver.  Except as expressly stated herein, nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the Loan Agreement or any of the other Loan Documents or constitute a course of conduct or dealing among the parties.  Except as expressly stated herein, Administrative Agent and the Lenders reserve all rights, privileges and remedies under the Loan Documents.  Except as amended hereby, the Loan Agreement and other Loan Documents remain unmodified and in full force and effect.  All references in the Loan Documents to the Loan Agreement shall be deemed to be references to the Loan Agreement as amended hereby.

(b)Severability.  In case any provision of or obligation under this Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

(c)Headings.  Headings and captions used in this Amendment (including the Exhibits, Schedules and Annexes hereto, if any) are included for convenience of reference only and shall not be given any substantive effect.

(d)Integration.  This Amendment constitutes a Loan Document and, together with the other Loan Documents, incorporates all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof.

 

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(e)Counterparts.  This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Amendment by signing any such counterpart.  Executed counterparts delivered by facsimile or other electronic transmission (e.g., “PDF” or “TIF”) shall be effective as delivery of a manually executed counterpart.

(f)Controlling Provisions.  In the event of any inconsistencies between the provisions of this Amendment and the provisions of any other Loan Document, the provisions of this Amendment shall govern and prevail.  Except as expressly modified by this Amendment, the Loan Documents shall not be modified and shall remain in full force and effect.

[Remainder of page intentionally left blank]

 

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IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the date first above written.

 

	
BORROWER:

	
 
	
 
	
 

	
T2 BIOSYSTEMS, INC.

	
 
	
 
	
 

	
By
	
 
	
/s/ John Sprague

	
 
	
 
	
Name: John Sprague

	
 
	
 
	
Title:   CFO

 

 

 

 

 

[Signature Page to Amendment No. 7 to Term Loan Agreement]

 

 

 

	
ADMINISTRATIVE AGENT:

	
 
	
 
	
 

	
 
	
 
	
 

	
CRG SERVICING LLC

	
 
	
 
	
 

	
 
	
 
	
 

	
By
	
 
	
/s/ Nathan Hukill

	
 
	
 
	
Name: Nathan Hukill

	
 
	
 
	
Title: Authorized Signatory

 

LENDERS:

CRG PARTNERS III L.P.

By CRG PARTNERS III GP L.P., its General Partner

By CRG PARTNERS III GP LLC, its General Partner

 

	
By
	
 
	
/s/ Nathan Hukill

	
 
	
 
	
Name: Nathan Hukill

	
 
	
 
	
Title: Authorized Signatory

 

CRG PARTNERS III – PARALLEL FUND “A” L.P.  

By CRG PARTNERS III – PARALLEL FUND “A” GP L.P., its General Partner

By CRG PARTNERS III – PARALLEL FUND “A” GP LLC, its General Partner

 

	
By
	
 
	
/s/ Nathan Hukill

	
 
	
 
	
Name: Nathan Hukill

	
 
	
 
	
Title: Authorized Signatory

 

CRG PARTNERS III (CAYMAN) UNLEV AIV I L.P.  

 

By CRG PARTNERS III (CAYMAN) GP L.P., its General Partner

By CRG PARTNERS III (CAYMAN) GP LLC, its General Partner

 

	
By
	
 
	
By /s/ Nathan Hull

	
 
	
 
	
Name: Nathan Hukill

	
 
	
 
	
Title: Authorized Signatory

 

	
Witness:
	
 
	
 

	
Name:
	
 
	
 

 

 

[Signature Page to Amendment No. 7 to Term Loan Agreement]

 

 

CRG PARTNERS III (CAYMAN) LEV AIV L.P. 

By CRG PARTNERS III (CAYMAN) GP L.P., its General Partner

By CRG PARTNERS III (CAYMAN) GP LLC, its General Partner

 

	
By
	
 
	
/s/ Nathan Hull

	
 
	
 
	
Name: Nathan Hukill

	
 
	
 
	
Title: Authorized Signatory

 

	
Witness:
	
 
	
/s/ Ben Wessner

	
Name:
	
 
	
Ben Wessner

 

CRG PARTNERS III PARALLEL FUND “B” (CAYMAN) L.P.

 

By CRG PARTNERS III (CAYMAN) GP L.P., its General Partner

By CRG PARTNERS III (CAYMAN) GP LLC, its General Partner

 

	
By
	
 
	
/s/ Nathan Hull

	
 
	
 
	
Name: Nathan Hukill

	
 
	
 
	
Title: Authorized Signatory

 

 

	
Witness:
	
 
	
/s/ Ben Wessner

	
Name:
	
 
	
Ben Wessner

 

 

[Signature Page to Amendment No. 7 to Term Loan Agreement]Exhibit 4.5

 

FTAC ZEUS ACQUISITION CORP.

 

DESCRIPTION OF SECURITIES

 

The following summary of the material terms
of the securities of FTAC Zeus 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 November 18, 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 90,000,000 shares of Class A common stock, par value $0.0001 per share, 20,000,000
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

 

Public Units

 

Each unit consists of one share of Class A common
stock and one-half of one warrant. Each whole warrant entitles the holder 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 his, her or 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 January 10, 2022. 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.

 

Placement Units

 

The placement units (including the placement warrants
or placement shares included therein) will not be transferable, assignable or salable until 30 days after the completion of our initial
business combination (subject to certain limited exceptions) and will have certain registration rights. Otherwise, the placement units
are identical to the units sold in the initial public offering except that the placement warrants included therein, so long as they are
held by the initial purchasers or their permitted transferees, (i)  may not (including the Class A common stock issuable upon
exercise of these warrants), subject to certain limited exceptions, be transferred, assigned or sold until 30 days after the completion
of our initial business combination, and (ii) will be entitled to registration rights.

 

In order to fund working capital deficiencies or
finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain
of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $2,000,000 of such loans may be convertible
into units at a price of $10.00 per unit at the option of the lender at the time of the business combination. The units would be identical
to the placement units.

 

      

     

    

 

Common Stock

 

Common stockholders of record 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 applicable
law or 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 law or 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 elected
in each year. There is no cumulative voting with respect to the election of 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 90,000,000 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 all public stockholders with the
opportunity to redeem all or a portion of their public shares upon the consummation of our initial business combination, either in connection
with a stockholder meeting called to approve the business combination or by means of a tender offer, 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 any amounts representing deferred underwriting commissions and interest earned on the trust account, less
any interest released to us for the payment of taxes, divided by the number of then outstanding public shares, subject to the limitations
described herein and any limitations (including but not limited to cash requirements) agreed to in connection with the negotiation of
terms of a proposed business combination.

 

The initial holders, our officers and directors
have agreed to waive their redemption rights with respect to their founder shares and placement shares, as applicable, (i) in connection
with the consummation of a business combination, (ii) in connection with a stockholder vote to amend our amended and restated certificate
of incorporation to modify the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial
business combination within the completion window and (iii) if we fail to consummate a business combination within the completion
window or if we liquidate prior to the expiration of the completion window. The initial holders and our officers and directors have also
agreed to waive their redemption rights with respect to public shares in connection with the consummation of a business combination and
in connection with a stockholder vote to amend our amended and restated certificate of incorporation to modify the substance or timing
of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within the completion window.
However, the initial holders and our officers and directors will be entitled to redemption rights with respect to any public shares held
by them if we fail to consummate a business combination within the completion window. To the extent our initial stockholders, our officers
and our directors transfer any of these securities to certain permitted transferees, such permitted transferees will agree, as a condition
to such transfer, to waive these same redemption rights. If we submit our initial business combination to our public stockholders for
a vote, our sponsor, the other initial holders, our officers and our directors, have agreed to vote their respective founder shares, placement
shares and any public shares held by them in favor of our initial business combination.

 

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The decision as to whether we will seek stockholder
approval of a proposed business combination or conduct a tender offer will be made by us, solely in our discretion, and will be based
on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require us to seek stockholder
approval under the law or stock exchange listing requirement. We currently intend to conduct redemptions pursuant to a stockholder vote
unless stockholder approval is not required by applicable law or stock exchange listing requirement and we choose to conduct redemptions
pursuant to the tender offer rules of the SEC for business or other reasons.

 

If a stockholder vote is not required 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 NASDAQ, or we
decide to obtain stockholder approval for business or other reasons, we will, like many blank check companies, offer to redeem shares
in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek 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. Our initial stockholders, officers and directors will count towards this quorum and have agreed
to vote any founder shares, placement shares and any public shares held by them in favor of our initial business combination. These quorum
and voting thresholds and agreements may make it more likely that we will consummate our initial business combination.

 

Assuming our initial business combination is approved,
each public stockholder may elect to redeem his, her or its public shares irrespective of whether he, she or it votes for or against the
proposed transaction, for cash equal to a pro rata share of the aggregate amount then on deposit in the trust account, including interest
but less interest released to us to pay taxes or dissolution costs.

 

Pursuant to our amended and restated certificate
of incorporation, if we are unable to complete our business combination within the completion window, we will (i) cease all operations
except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the
public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including
any amounts representing interest earned on the trust account, less any interest released to us to pay our franchise and income taxes
and up to $100,000 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 initial holders, officers and directors have agreed to waive
their redemption rights with respect to any founder shares and placement shares they hold (i) in connection with the consummation
of a business combination, (ii) in connection with a stockholder vote to amend our amended and restated certificate of incorporation
to modify the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial business combination
within the completion window and (iii) if we fail to consummate a business combination within the completion window or if we liquidate
prior to the expiration of the completion window. The initial holders, our officers and directors have also agreed to waive their redemption
rights with respect to public shares in connection with the consummation of a business combination and in connection with a stockholder
vote to amend our amended and restated certificate of incorporation to modify the substance or timing of our obligation to redeem 100%
of our public shares if we do not complete our initial business combination within the completion window. However, the initial holders,
our officers and directors will be entitled to redemption rights with respect to any public shares held by them if we fail to consummate
a business combination or liquidate within the completion window.

 

If we liquidate, dissolve or wind up after our initial
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 our common stock, except that upon
the consummation of our initial business combination, subject to the limitations described herein, we will provide our stockholders with
the opportunity to redeem their shares of our common stock for cash equal to their pro rata share of the aggregate amount then on deposit
in the trust account, including any amounts representing interest earned on the trust account, less any interest released to us to pay
our franchise and income taxes and up to $100,000 to pay dissolution expenses.

 

    3

     

    

 

Founder Shares

 

There are 14,009,583 shares of our Class B common
stock, or founder shares, outstanding. Our sponsor purchased an aggregate of 1,778,750 placement shares contained in the placement units
in a private placement that occurred simultaneously with the completion of the initial public offering. The founder shares and placement
shares are each identical to the shares of Class A common stock included in the units, and holders of founder shares or 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 placement shares are subject to certain
transfer restrictions, and (iii) each holder of founder shares has agreed, and each purchaser of placement units has agreed, to waive
his, her or its redemption rights with respect to his, her or its founder shares and placement shares, (A) in connection with the consummation
of a business combination, (B) in connection with a stockholder vote to approve an amendment to our amended and restated certificate of
incorporation (i) to modify the substance or timing of our obligation to provide for the redemption of our public shares in connection
with an initial business combination or to redeem 100% of our public shares if we have not consummated our initial business combination
within the completion window or (ii) with respect to any other provision relating to stockholders’ rights or pre-initial business
combination activity, (C) if we fail to consummate our initial business combination within the completion window and (D) upon our liquidation
prior to the expiration of the completion window. To the extent holders of founder shares or purchasers of placement units transfer any
of these securities, such transferees will agree, as a condition to such transfer, to waive these same redemption rights. If we submit
our initial business combination to our public stockholders for a vote, our sponsor and the other initial holders have agreed, and our
officers and directors have agreed, to vote their respective founder shares, placement shares and any public shares held by them in favor
of our initial business combination.

 

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 sold
in the initial public offering and related to the closing of the business combination, 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) 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 25%
of the sum of the total number of all shares of common stock issued and outstanding upon completion of the initial public offering, including
placement shares, 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 and any private placement-equivalent securities issued to our sponsor or its affiliates upon conversion of loans made to us.
We cannot determine at this time whether a majority of the holders of our Class B common stock at the time of any future issuance
would agree to waive such adjustment to the conversion ratio. They may waive such adjustment due to (but not limited to) the following:
(i) closing conditions which are part of the agreement for our initial business combination; (ii) negotiation with Class A
stockholders on structuring an initial business combination; or (iii) negotiation with parties providing financing which would trigger
the anti-dilution provisions of the Class B common stock. If such adjustment is not waived, the future issuance would not reduce
the percentage ownership of holders of our Class B common stock, but would reduce the percentage ownership of holders of our Class A
common stock. If such adjustment is waived, the future issuance would reduce the percentage ownership of holders of both classes of our
common stock. The term “equity-linked securities” refers to any debt or equity securities that are convertible, exercisable
or exchangeable for shares of Class A common stock issued in a financing transaction in connection with our initial business combination,
including but not limited to a private placement of equity or debt. Securities could be “deemed issued” for purposes of the
conversion rate adjustment if such shares are issuable upon the conversion or exercise of convertible securities, warrants or similar
securities.

 

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 initial
holders, each of whom will be subject to the same transfer restrictions) until the date (i) with respect to 25% of such shares, upon
consummation of our initial business combination, (ii) with respect to 25% of such shares, when the closing price of our Class A common
stock exceeds $12.00 for any 20 trading days within a 30-trading day period following the consummation of our initial business combination,
(iii) with respect to 25% of such shares, when the closing price of our Class A common stock exceeds $13.50 for any 20 trading days within
a 30-trading day period following the consummation of our initial business combination, and (iv) with respect to 25% of such shares,
when the closing price of our Class A common stock exceeds $15.00 for any 20 trading days within a 30-trading day period following
the consummation of our initial business combination or earlier, in any case, if, following a business combination, we complete a liquidation,
merger, capital stock exchange, reorganization or other similar transaction that results in all of our public stockholders having the
right to exchange their shares of common stock for cash, securities or other property.

 

    4

     

    

 

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. However, if issued prior to our initial business combination, none of the shares
of our preferred stock will have any right to amounts held in the trust account.

 

Warrants

 

Public 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 30 days after the completion of our initial business combination. Pursuant to the warrant agreement, a warrantholder 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 warrantholder. 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 for cash 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 qualifications
requirements of the securities laws of the state of residence of the registered holder of the warrants. Notwithstanding the foregoing,
if a registration statement covering the shares of Class A common stock issuable upon exercise of the public warrants has not been
declared effective by the end of 60 business days following the closing of our initial business combination, warrant holders may, until
such time as there is an effective registration statement and during any period when we shall have failed to maintain an effective registration
statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act.

 

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 best efforts to file with
the SEC a post-effective amendment to the registration statement used in connection with the initial public offering or a registration
statement covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants and to maintain a current
prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed, as specified in the warrant
agreement. If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not
effective by the 60th business day after the closing of our initial business combination, warrant holders may, until such time
as there is an effective registration statement and during any period when we 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 to 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, and in the event we do not so elect, 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 the
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)
less the exercise price of the warrants by (y) the fair market value. The “fair market value” as used in this paragraph shall
mean the volume weighted average price of the Class A common stock for the 10 trading days ending on the trading day prior to the date
on which the notice of exercise is received by the warrant agent.

 

    5

     

    

 

Once the warrants become exercisable, we may redeem
the outstanding 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 (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 (or the closing bid price of our common stock in the event shares of our common stock are not traded on any specific day)
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.

 

If, at the time of redemption, the warrants are
exercisable for a security other than the shares of 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 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 exercise of the warrants.

 

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% of the shares of Class A common stock outstanding immediately after giving effect
to such exercise.

 

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 all or substantially all 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.

 

    6

     

    

 

In addition, if we, at any time while the warrants
are outstanding and unexpired, pay to all or substantially all holders of Class A common stock 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 within the completion window 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. The purpose of such exercise price reduction is to provide
additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant
to which the holders of the warrants otherwise do not receive the full potential value of the warrants.

 

The warrants were issued in registered form under
a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that
the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but
requires the approval by the holders of at least 50% of the then outstanding public warrants to make any change that adversely affects
the interests of the registered holders of public warrants.

 

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 an issue price or effective issue price of less than $9.20 per share (with such issue price or effective issue price to
be determined in good faith by us and in the case of any such issuance to our sponsors or their 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 shares of 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 $18.00 per share redemption trigger price will be adjusted (to the
nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

 

    7

     

    

 

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 and 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.

 

Warrants may be exercised only for a whole number
of shares of Class A common stock. 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. As a result, warrant holders not purchasing an even number of warrants
must sell any odd number of warrants in order to obtain full value from the fractional interest that will not be issued.

 

Placement Warrants 

 

The placement warrants (including the Class A common
stock issuable upon exercise of the placement warrants) are not transferable, assignable or salable until 30 days after the completion
of our initial business combination (subject to limited exceptions). Except as described below, the 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.

 

In addition, holders of our placement warrants
are entitled to certain registration rights.

 

Amendments to 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, which cannot be amended without the approval of holders owning 65% of the issued and outstanding
shares of our common stock, are as follows:

 

		●	if we are unable to consummate our initial business combination
within the completion window, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible
but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account, including any amounts representing interest earned on the trust account, less any interest
released to us for the payment of taxes or 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;

 

    8

     

    

 

		●	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 currently intend to enter into a business
combination with a target business that is affiliated with holders of founder shares, our directors or officers, we are not prohibited
from doing so. If we propose to do so, we, or a committee of independent directors, must 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 stockholders
from a financial point of view;

 

		●	if a stockholder vote on our initial business combination
is not required by law or NASDAQ and we do not decide to hold a stockholder vote for business or other legal reasons, we must 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;

 

		●	if our stockholders approve an amendment to our amended and
restated certificate of incorporation that would effect the substance or timing of our obligation to redeem 100% of our public shares
if we do not complete our business combination within the completion window, 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 (net of taxes
payable), divided by the number of then outstanding public shares; and

 

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

 

If, however, the effect of any proposed amendment, if adopted, would
be either to (i) reduce the amount in the trust account available to redeeming stockholders to less than $10.15 per share, or (ii) delay
the date on which a public stockholder could otherwise redeem shares for such per share amount in the trust account and, if such amendment
is approved by persons holding at least 65% of our outstanding shares of common stock we will provide a right for dissenting public stockholders
to redeem their public shares in the same manner as if we were seeking a stockholder vote on a business combination, except that the amount
on deposit in the trust account for purposes of calculating the per share redemption price will be determined at the close of business
two business days before the meeting date. Our initial holders, officers and directors have agreed to vote any founder shares, placement
shares and public shares they hold in favor of any such amendments that we may propose and, accordingly, will have no redemption rights
in connection therewith.

 

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 Class A common
stock to become a “penny stock” (as such term is defined in Rule 3a51-1 of the Exchange Act) upon consummation of our initial
business combination. This notwithstanding, if the effect of any proposed amendment, if adopted, would be either to (i) reduce the
amount in the trust account available to redeeming stockholders to less than $10.15 per public share, or (ii) delay the date on which
a public stockholder could otherwise redeem shares for such per share amount in the trust account, we will provide a right for dissenting
public stockholders to redeem public shares if such an amendment is approved.

 

    9

     

    

 

Certain Anti-Takeover Provisions of Delaware Law 

 

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.

 

Exclusive Forum Selection

 

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,
except any action (A) as to which the Court of Chancery in the State of Delaware determines that there is an indispensable party
not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of
the Court of Chancery within ten days following such determination), (B) which is vested in the exclusive jurisdiction of a court
or forum other than the Court of Chancery, or (C) for which the Court of Chancery does not have subject matter jurisdiction. If an
action is brought outside of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process on such
stockholder’s counsel. 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, a court may determine that this provision is unenforceable, and to the extent it is
enforceable, the provision may have the effect of discouraging lawsuits against our directors and officers.

 

 

Our amended and restated certificate of incorporation
provides that the exclusive forum provision will be applicable to the fullest extent permitted by applicable law, subject to certain exceptions.
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. As a result, the exclusive forum provision will not apply to suits brought
to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.
In addition, our amended and restated certificate of incorporation provides that, unless we consent in writing to the selection of an
alternative forum, the federal district courts of the United States of America shall, to the fullest extent permitted by law, be the exclusive
forum for the resolution of any complaint asserting a cause of action arising under the Securities Act or the rules and regulations promulgated
thereunder. We note, however, that there is uncertainty as to whether a court would enforce this provision and that investors cannot waive
compliance with the federal securities laws and the rules and regulations thereunder.

 

 

10

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