Document:

Exhibit 4.5

NEWHOLD INVESTMENT CORP. II

DESCRIPTION OF SECURITIES

 

The following summary of the material
terms of the securities of NewHold Investment Corp. II, 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 October 20, 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 45,000,000 shares of Class A common stock, $0.0001 par value, 6,000,000 shares
of Class B common stock, $0.0001 par value, and 1,000,000 shares of undesignated preferred stock, $0.0001 par value. The following
description summarizes the material terms of our capital stock. Because it is only a summary, it may not contain all the information that
is important to you.

Units

Each unit has an offering price of $10.00 and consists
of one whole share of Class A common stock and one-half of one redeemable 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, subject to adjustment. Pursuant to the warrant
agreement, no fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless
you purchase a multiple of two units, the number of warrants issuable to you upon separation of the units will be rounded down to the
nearest whole number of warrants.

 

Common Stock

 

There are 24,362,500 shares of our common stock
currently outstanding , consisting of:

 

		●	19,490,000 shares of our Class A common stock;
and

 

		●	4,872,500 shares of Class B common stock held by
our initial stockholders.

 

     

     

    

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

Because our amended and restated certificate of
incorporation authorizes the issuance of up to 45,000,000 shares of Class A common stock, if we were to enter into an initial
business combination, we may (depending on the terms of such an initial 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 initial business combination
to the extent we seek stockholder approval in connection with our initial business combination.

In accordance with Nasdaq corporate governance
requirements, we are not required to hold an annual meeting until no later than one year after our first fiscal year end following our
listing on Nasdaq. Under Section 211(b) of the DGCL, we are, however, required to hold an annual meeting of stockholders for the
purposes of electing directors in accordance with our bylaws, unless such election is made by written consent in lieu of such a meeting.
We may not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial business combination,
and thus we may not be in compliance with Section 211(b) of the DGCL, which requires an annual meeting. Therefore, if our stockholders
want us to hold an annual meeting prior to the consummation of our initial business combination, they may attempt to force us to hold
one by submitting an application to the Delaware Court of Chancery in accordance with Section 211(c) of the DGCL.

We will provide our 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 as of two business days prior to the consummation of
our initial business combination including interest earned on the funds held in the trust account and not previously released to us to
pay our taxes or to fund our working capital requirements, divided by the number of then outstanding public shares, subject to the limitations
described herein. The amount in the trust account is initially anticipated to be approximately $10.10 per public share. The per-share amount
we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will
pay to the underwriters. Our sponsor, officers, directors, special advisor and our other advisors have entered into a letter agreement
with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and any public shares
held by them in connection with the completion of our initial business combination. Unlike many blank check companies that hold stockholder
votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of public
shares for cash upon completion of such initial business combinations even when a vote is not required by law, if a stockholder vote is
not required by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will, pursuant to our amended
and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer
documents with the SEC prior to completing 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, a stockholder approval of the transaction is
required by law, or we decide to obtain stockholder approval for business or other legal reasons, we will, like many blank check companies,
offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules.
If we seek stockholder approval, we will complete our initial business combination only if a majority of the outstanding shares of common
stock voted are voted in favor of the initial 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.

    	 	2	 

     

    

However, the participation of our sponsor, officers,
directors, advisors or their affiliates in privately-negotiated transactions , if any, could result in the approval of our initial
business combination even if a majority of our public stockholders vote, or indicate their intention to vote, against such business combination.
For purposes of seeking approval of the majority of our outstanding shares of common stock voted, non-votes will have no effect
on the approval of our initial business combination once a quorum is obtained. We intend to give approximately 30 days (but not
less than 10 days nor more than 60 days) prior written notice of any such meeting, if required, at which a vote shall be taken
to approve our initial business combination. These quorum and voting thresholds, and the voting agreements of our sponsor, officers,
directors, special advisor and our other advisors may make it more likely that we will consummate our initial business combination.

 

If we seek stockholder approval of our initial business
combination and we do not conduct redemptions in connection with our 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 more than an aggregate of 15% of the shares of common
stock sold in our initial public offering, which we refer to as the Excess Shares. However, we would not be restricting our stockholders’
ability to vote all of their shares (including Excess Shares) for or against our 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 the 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 stock in open market transactions, potentially at a loss.

 

If we seek stockholder approval in connection with
our initial business combination, pursuant to the letter agreement our sponsor, officers, directors, special advisor and our other advisors
have agreed to vote their founder shares and any public shares purchased during or after our initial public offering (including in open
market and privately negotiated transactions) in favor of our initial business combination. The anchor investors have also agreed to vote
the founder shares held by them in favor of our initial business combination. Although none of our sponsor, officers, directors, special
advisor and our other advisors have any current intention to purchase any additional public shares, they are not restricted from doing
so and there is no ceiling on the number of our public shares they may purchase. If they purchase any of our public shares and retain
such shares until any stockholders vote on our initial business combination, the approval of our initial business combination by our stockholders
will be even more likely. If the anchor investors were to purchase all units for which they have expressed an interest (either in this
offering or after) and retain the public shares comprising those units until the time of any stockholders vote on our initial business
combination and vote such shares in favor of our initial business combination, we would not need any additional public shares to be voted
in favor of our initial business combination for our initial business combination to be approved, assuming that all of our outstanding
shares are voted in connection with our initial business combination. As there is no ceiling on the number of our units, shares or warrants
that the anchor investors may purchase in the open market or in private placements, the extent of the anchor investors’ influence
on such stockholders vote may be even more significant. However, the anchor investors have not indicated any interest in purchasing any
additional units or any other securities .

    	 	3	 

     

    

Pursuant to our amended and restated certificate
of incorporation, if we are unable to complete our initial business combination within 18 months from the closing of our initial
public offering (or 24 months from the closing of our initial public offering if we have filed a proxy statement, registration statement
or similar filing for an initial business combination but have not completed the initial business combination within such 18-month period),
we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more
than ten business days thereafter subject to lawfully available funds therefor, redeem 100% of the public shares, at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the
trust account and not previously released to us to pay our taxes or to fund our working capital requirements (less up to $100,000 of
interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish
public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject
to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining
stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide
for claims of creditors and the requirements of other applicable law. Our initial stockholders have agreed to waive their rights to liquidating
distributions from the trust account with respect to any founder shares held by them if we fail to complete our initial business combination
within 18 months from the closing of our initial public offering (or 24 months from the closing of our initial public offering
if we have filed a proxy statement, registration statement or similar filing for an initial business combination but have not completed
the initial business combination within such 18-month period). However, if our initial stockholders acquire public shares in or
after our initial public offering, they will be entitled to liquidating distributions from the trust account with respect to such public
shares if we fail to complete our initial business combination within the prescribed time period.

In the event of a liquidation, dissolution or
winding up of the company after an 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 the common stock, except that we will provide our stockholders with the opportunity
to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, upon
the completion of our initial business combination, subject to the limitations described herein.

Founder Shares

 

The founder shares are identical to the shares of
Class A common stock included in the units sold in our initial public offering, and holders of founder shares have the same stockholder
rights as public stockholders, except that (i) the founder shares are subject to certain transfer restrictions, as described in more
detail below, (ii) our sponsor, officers, directors, special advisor and our other advisors have entered into a letter agreement
with us, pursuant to which they have agreed (A) to waive their redemption rights with respect to any founder shares and any public
shares held by them in connection with the completion of our initial business combination, (B) to waive their redemption rights with
respect to their founder shares and public shares in connection with a stockholder vote to approve an amendment to our amended and restated
certificate of incorporation (x) to modify the substance or timing of the ability of holders of our public shares to seek redemption
in connection with our initial business combination or our obligation to redeem 100% of our public shares if we do not complete our initial
business combination within 18 months from the closing of our initial public offering (or 24 months from the closing of our
initial public offering if we have filed a proxy statement, registration statement or similar filing for an initial business combination
but have not completed the initial business combination within such 18-month period) or (y) with respect to any other provision
relating to stockholders’ rights or pre-initial business combination activity and (C) to waive their rights to liquidating
distributions from the trust account with respect to any founder shares held by them if we fail to complete our initial business combination
within 18 months from the closing of our initial public offering (or 24 months from the closing of our initial public offering
if we have filed a proxy statement, registration statement or similar filing for an initial business combination but have not completed
the initial business combination within such 18-month period), although they will be entitled to liquidating distributions from the
trust account with respect to any public shares they hold if we fail to complete our initial business combination within such time period,
(iii) the anchor investors have agreed to waive their right to liquidating distributions from the trust account with respect to any
founder shares held by them if we fail to complete our initial business combination within the prescribed time frame, although they will
be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our
initial business combination within the prescribed time frame; (iv) the founder shares are shares of our Class B common stock
that will automatically convert into shares of our Class A common stock at the time of our initial business combination on a one-for-one basis,
subject to adjustment as described herein, and (iv) are entitled to registration rights. If we submit our initial business combination
to our public stockholders for a vote, our sponsor, officers, directors, special advisor and our other advisors have agreed pursuant to
the letter agreement to vote any founder shares held by them and any public shares purchased during or after our initial public offering
(including in open market and privately negotiated transactions) in favor of our initial business combination. The anchor investors have
also agreed to vote the founder shares held by them in favor of our initial business combination. Permitted transferees of the founder
shares held by our sponsor, officers, directors, special advisor, our other advisors, or the anchor investors would be subject to the
same restrictions applicable to our sponsor, officers, directors, special advisor, our other advisors or the anchor investors, respectively.

 

    	 	4	 

     

    

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
in accordance with their terms. In the case that additional shares of Class A common stock, or equity-linked securities, are
issued or deemed issued in excess of the amounts offered in our initial public offering and related to the closing of the initial 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, 20% of the sum of the total number of all shares
of common stock outstanding upon completion of our initial public offering plus all shares of Class A common stock and equity-linked securities
issued or deemed issued in connection with the initial business combination (excluding any shares or equity-linked securities issued,
or to be issued, to any seller in the initial business combination and any private placement-equivalent warrants 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 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 issuance would reduce the percentage ownership
of holders of both classes of our common stock. Holders of founder shares may also elect to convert their shares of Class B common
stock into an equal number of shares of Class A common stock, subject to adjustment as provided above, at any time. 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 issues
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 or related
to our sponsor or the anchor investors, each of whom will be subject to the same transfer restrictions) until the earlier of (A) one
year after the completion of our initial business combination or (B) subsequent to our initial business combination, (x) if
the last reported sale price of our Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock
dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, capital
stock exchange, reorganization or other similar transaction that results in all of our stockholders having the right to exchange their
shares of common stock for cash, securities or other property.

Preferred Stock

 

Our amended and restated certificate of incorporation
provides that shares of preferred stock may be issued from time to time in one or more series. Our board of directors will be 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 thereof, applicable to the shares of each series. Our board of directors will be able
to, without stockholder approval, 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.

    	 	5	 

     

    

Redeemable Warrants

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 12 months from the closing of our initial public offering or 30 days after the completion of
our initial business combination. 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. No fractional warrants will be issued upon separation of the
units and only whole warrants will trade. Accordingly, unless a holder purchases a multiple of two units, the number of warrants issuable
to such holder upon separation of the units will be rounded down to the nearest whole number of warrants.

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

We are not registering the shares of Class A
common stock issuable upon exercise of the warrants at this time. However, we have agreed that as soon as practicable, but in no event
later than 15 business days after the closing of our initial business combination, we will use our best efforts to file with the
SEC a registration statement for the registration under the Securities Act of the shares of Class A common stock issuable
upon exercise of the warrants and thereafter will use our best efforts to cause the same to become effective within 60 business days
following our initial business combination and to maintain a current prospectus relating to the Class A common stock issuable upon
exercise of the warrants, until the expiration of the warrants in accordance with the provisions of 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. If that exemption, or another
exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.

In the event that holders are able to exercise
their warrants on a “cashless basis,” 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) over the exercise price
of the warrants by (y) the fair market value. The “fair market value” shall mean the average last reported sale 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.

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

		●	in whole and not in part;

 

		●	at a price of $0.01 per warrant;

    	 	6	 

     

    

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

 

If and when the warrants become redeemable by us,
we may not exercise our redemption right if the issuance of shares of common stock upon exercise of the warrants is not registered and
qualified under applicable state blue sky laws. We will use our best efforts to register or qualify such shares of common stock under
the blue sky laws of the state of residence in those states in which the warrants were offered by us.

We have established the last of the redemption
criteria 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 warrant exercise price after the redemption notice is issued.

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 4.99% or 9.99% (or such other amount as a holder may specify) of the shares of Class A
common stock outstanding immediately after giving effect to such exercise.

If the number of outstanding shares of Class A
common stock is increased by a stock dividend payable in shares of Class A common stock, or by a split-up of shares of Class A
common stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of
shares of Class A common stock issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding
shares of Class A common stock. A rights offering to holders of Class A common stock entitling holders to purchase shares of
Class A common stock at a price less than the fair market value will be deemed a stock dividend of a number of shares of Class A
common stock equal to the product of (i) the number of shares of Class A common stock actually sold in such rights offering
(or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class A
common stock) and (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.

 

In addition, if we, at any time while the warrants
are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Class A
common stock on account of such shares of Class A common stock (or other shares of our capital stock into which the warrants are
convertible), other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights
of the holders of Class A common stock in connection with a proposed initial business combination, (d) to satisfy the redemption
rights of the holders of Class A common stock in connection with a stockholder vote to amend our amended and restated certificate
of incorporation (i) to modify the substance or timing of the ability of holders of our public shares to seek redemption in connection
with our initial business combination or our obligation to redeem 100% of our public shares if we do not complete our initial business
combination within 18 months from the closing of our initial public offering (or 24 months from the closing of our initial public
offering if we have filed a proxy statement, registration statement or similar filing for an initial business combination but have not
completed the initial business combination within such 18-month period) 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.

    	 	7	 

     

    

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 warrants were issued in registered form under
pursuant to the 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 a majority of the then outstanding warrants to make any change that adversely
affects the interests of the registered holders of public warrants.

In addition, if we issue additional shares of
common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination
at a newly issued price of less than $9.20 per share of 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 initial stockholders or their affiliates, without
taking into account any founder shares or private placement securities held by them, as applicable, prior to such issuance), the exercise
price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the newly issued price.

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.

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 Class A common stock to be issued to the warrant holder.

    	 	8	 

     

    

Private Placement Warrants

 

The private placement warrants (including the Class A
common stock issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable until 30 days
after the completion of our initial business combination (except, among other limited exceptions, to our officers and directors and other
persons or entities affiliated with or related to our sponsor or the anchor investors, each of whom will be subject to the same transfer
restrictions). The private placement warrants have terms and provisions that are identical to those of the warrants sold as part of the
units in our initial public offering, including exercise price, exercisability, and exercise period.

In addition, holders of our private placement
warrants will be entitled to certain registration rights.

 

In order to finance transaction costs in connection
with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors may,
but are not obligated to, loan us funds as may be required. Up to $100,000 of such loans may be convertible into warrants at a price of
$1.00 per warrant at the option of the lender. Such warrants would be identical to the warrants sold as part of the units in our initial
public offering, including as to exercise price, exercisability and exercise period. In addition, holders of such warrants will be entitled
to certain registration rights. The terms of such working capital loans by our sponsor or its affiliates, or our officers and directors,
if any, have not been determined and no written agreements exist with respect to such loans. Our sponsor and the private warrants anchor
investors have agreed not to transfer, assign, or sell any of the private placement warrants (including the Class A common stock
issuable upon exercise of any of these warrants) until the date that is 30 days after the date we complete our initial business combination,
except that, among other limited exceptions, they may transfer the private placement warrants to our officers and directors and other
persons or entities affiliated with or related to our sponsor or the private warrants anchor investors, each of which will be subject
to the same transfer restrictions.

Dividends

 

We have not paid any cash dividends on our common
stock to date and do not intend to pay cash dividends prior to the completion of an initial business combination. The payment of cash
dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial conditions
subsequent to completion of an initial business combination. The payment of any cash dividends subsequent to an initial business combination
will be within the discretion of our board of directors at such time. Further, if we incur any indebtedness, our ability to declare dividends
may be limited by restrictive covenants we may agree to in connection therewith.

Our Transfer Agent and Warrant Agent

 

The transfer agent for our common stock and warrant
agent for our warrants is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock Transfer &
Trust Company in its roles as transfer agent and warrant agent, its agents and each of its stockholders, directors, officers and employees
against all claims and losses that may arise out of acts performed or omitted for its activities in that capacity, except for any liability
due to any gross negligence, willful misconduct or bad faith of the indemnified person or entity.

Our Amended and Restated Certificate of Incorporation

 

Our amended and restated certificate of incorporation
contains certain requirements and restrictions relating to our initial public offering that will apply to us until the completion of our
initial business combination. These provisions cannot be amended without the approval of the holders of 65% of our common stock. Our initial
stockholders, who collectively beneficially own approximately 20% of our common stock (assuming they do not purchase any additional securities),
will participate in any vote to amend our amended and restated certificate of incorporation and will have the discretion to vote in any
manner they choose. Specifically, our amended and restated certificate of incorporation provides, among other things, that:

 

    	 	9	 

     

    

 

		●	If we are unable to complete our initial business combination within
18 months from the closing of our initial public offering (or 24 months from the closing of our initial public offering if we
have filed a proxy statement, registration statement or similar filing for an initial business combination but have not completed the
initial business combination within such 18-month period), we will (i) cease all operations except for the purpose of winding
up, (ii) as promptly as reasonably possible but not more than ten business days thereafter subject to lawfully available funds
therefor, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit
in the trust account including interest earned on the funds held in the trust account and not previously released to us to pay our taxes
or to fund our working capital requirements (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then
outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the
right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject
in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law;

 

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

 

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

 

		●	If a stockholder vote on our initial business combination
is not required by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will offer to redeem our
public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with
the SEC prior to completing 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; whether or not
we maintain our registration under the our Exchange Act or our listing on Nasdaq, we will provide our public stockholders with
the opportunity to redeem their public shares by one of the two methods listed above;

 

		●	If our stockholders approve an amendment to our amended and restated
certificate of incorporation (i) to modify the substance or timing of the ability of holders of our public shares to seek redemption
in connection with our initial business combination or our obligation to redeem 100% of our public shares if we do not complete our initial
business combination within 18 months from the closing of our initial public offering (or 24 months from the closing of our
initial public offering if we have filed a proxy statement, registration statement or similar filing for an initial business combination
but have not completed the initial business combination within such 18-month period) or (ii) with respect to any other provision
relating to stockholders’ rights or pre-business combination activity, we will provide our public stockholders with the opportunity
to redeem all or a portion of their shares of Class A common stock upon such approval at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and
not previously released to us to pay our taxes and/or to fund our working capital requirements, divided by the number of then outstanding
public shares; and

 

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

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

    	 	10	 

     

    

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

 

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

 

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

 

		●	an affiliate of an interested stockholder; or

 

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

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

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

 

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

 

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

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

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

Exclusive forum for certain lawsuits

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, (C) for which the Court of Chancery does not have subject matter jurisdiction, or
(D) any action arising under the Securities Act, as to which the Court of Chancery and the federal district court for the District
of Delaware shall have concurrent 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, although our stockholders will not be deemed to have waived our compliance with federal securities
laws and the rules and regulations thereunder.

Our amended and restated certificate of incorporation
provides that the exclusive forum provision will be applicable to the fullest extent permitted by applicable law. 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.

We
have listed our units, Class A common stock and warrants on the Nasdaq Global Market under the symbols “NHICU,”
“NHIC” and “NHICW,” respectively. The common stock and warrants constituting the units began separate
trading on December 13, 2021. The units will automatically separate into their component parts and will not be traded following the
completion of our initial business combination.

    	 	11Exhibit
4.15

 

Description
of the Registrant’s Securities Registered Pursuant

to
Section 12 of the Securities Exchange Act of 1934

 

Sigma
Labs, Inc. (“Sigma,” “we,” “our,” and “us”) has one class of securities registered under
Section 12 of the Securities Exchange Act of 1934, as amended, which is our common stock, par value $0.001 per share (the “common
stock”).

 

The
following description of our common stock, and preferred stock is a summary and does not purport to be complete. It is subject to and
qualified in its entirety by reference to (1) our Amended and Restated Articles of Incorporation filed as an Exhibit to our Form 10-K,
(2) our Certificate of Correction to Amended and Restated Articles of Incorporation filed as an Exhibit to our Current Report on Form
8-K on June 1, 2011, (3) our Amended and Restated Bylaws filed as an Exhibit to our Form 10-K, (4) Certificate of Designations of Rights
Preferences and Privileges of our Series D Convertible Preferred Stock filed as an Exhibit to our Current Report on Form 8-K filed January
30, 2020, and (5) Certificate of Designations of Rights Preferences and Privileges of our Series E Convertible Preferred Stock filed
as an Exhibit to our Current Report on Form 8-K on January 30, 2020, each of which is filed as an exhibit to our Annual Report on Form
10-K of which this Exhibit 4.15 is a part. We encourage you to read the Articles of Incorporation, the Bylaws, and the Certificates of
Designations, as well as the applicable provisions of the Nevada Revised Statutes (the “NRS”), for additional information.

 

Authorized
Capital Stock

 

We
are presently authorized to issue 24,000,000 shares of common stock, $0.001 par value per share, of which 10,498,802 shares were outstanding
as of March 23, 2022. We are presently authorized to issue 10,000,000 shares of $0.001 par value preferred stock, of which 1,610,000
shares have been designated “Series A Preferred Stock,” 1,000 shares have been designated “Series B Convertible Preferred
Stock,” 1,500 shares have been designated “Series C Convertible Preferred Stock,” 7,796 shares have been designated
as “Series D Convertible Stock” and 500 shares have been designated as “Series E Convertible Stock.” As of the
date of this Form 10-K, we had no shares of Series A Preferred Stock, Series B Convertible Preferred Stock and Series C Convertible Stock
issued and outstanding, 132 shares of Series D Convertible Preferred Stock issued and outstanding and 333.33 shares of Series E Convertible
Preferred Stock issued and outstanding.

 

Common
Stock

 

We
have one class of common stock. Holders of our common stock are entitled to one vote per share on all matters to be voted upon by stockholders
and do not have cumulative voting rights in the election of directors. Holders of shares of common stock are entitled to receive on a
pro rata basis such dividends, if any, as may be declared from time to time by our board of directors in its discretion from funds legally
available for that use, subject to any preferential dividend rights of outstanding preferred stock. They are also entitled to share on
a pro rata basis in any distribution to our common stockholders upon our liquidation, dissolution or winding up, subject to the prior
rights of any outstanding preferred stock. Common stockholders do not have preemptive rights to subscribe to any additional stock issuances
by us, and they do not have the right to require the redemption of their shares or the conversion of their shares into any other class
of our stock. The rights, preferences and privileges of holders of common stock are subject to, and may be adversely affected by, the
rights of the holders of any series of preferred stock that we may designate and issue in the future.

 

Preferred
Stock

 

Under
our articles of incorporation, our board of directors has the authority, without further action by stockholders, to designate one or
more series of preferred stock and to fix the voting powers, designations, preferences, limitations, restrictions and relative rights
granted to or imposed upon the preferred stock, including dividend rights, conversion rights, voting rights, rights and terms of redemption,
liquidation preference and sinking fund terms, any or all of which may be preferential to or greater than the rights of the common stock.

 

    	 

     

    

 

Our
board of directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting
power or other rights of the holders of the common stock. The issuance of preferred stock, while providing flexibility in connection
with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing
a change in our control and may adversely affect the market price of the common stock and the voting and other rights of the holders
of common stock.

 

In
connection with our underwritten public offering of equity securities on February 21, 2017, we created a series of Preferred Stock called
“Series A Preferred Stock.” None of such shares were issued in such offering. In our April 6, 2018 private placement, we
issued 1,000 shares of Series B Preferred Stock (“Series B Preferred”), which were convertible into 100,000 shares of common
stock. All shares of our Series B Preferred have been converted. In our June 26, 2018 public offering of equity securities, we issued
350 shares of Series C Preferred Stock which were initially convertible into 35,000 shares of common stock. Accordingly, as of the date
of this Form 10-K, all shares of such preferred stock have been fully converted. In connection with the private placements occurring
on January 27, 2020, we created two new series of Preferred Stock: Series D Preferred Stock and Series E Preferred Stock. As of the date
of this Form 10-K, 132 shares of Series D Preferred Stock and 333.33 shares of Series E Preferred Stock are issued and outstanding.

 

Under
the Certificate of Designations for the Series D Preferred Stock, the Series D Preferred Stock has an initial stated value of $1,000
per share (the “Stated Value”). Dividends accrue at a dividend rate of 9% per annum (subject to increase upon the occurrence
(and during the continuance) of certain triggering events described therein) will accrue and, on a monthly basis, shall be payable in
kind by the increase of the Stated Value of the Series D Preferred Shares by said amount. The holders of the Series D Preferred Shares
have the right at any time to convert all or a portion of the Series D Preferred Shares (including, without limitation, accrued and unpaid
dividends and make-whole dividends through the third anniversary of the closing date) into shares of the Company’s Common Stock
at the conversion price then in effect, which is $2.50 (subject to adjustment for stock splits, dividends, recapitalizations and similar
events and full ratchet price protection). In addition, a holder may at any time, alternatively, convert all, or any part, of its Series
D Preferred Shares at an alternative conversion price, which equals the lower of the applicable conversion price then in effect, and
the greater of (x) $1.80 and (y) 85% of the average volume weighted average price (“VWAP”) of the Common Stock for a five
(5) trading day period prior to such conversion. Upon the occurrence of certain triggering events, described in the Certificate of Designations,
including, but not limited to payment defaults, breaches of transaction documents, failure to maintain listing on the Nasdaq Capital
Market, and other defaults set forth therein, the Series D Preferred Shares would become subject to redemption, at the option of a holder,
at a 125% premium to the underlying value of the Series D Preferred Shares being redeemed.

 

Under
the Certificate of Designations for the Series E Preferred Stock, the Series E Preferred Shares have an initial stated value of $1,500
per share (the “Stated Value”). Dividends at the initial rate of 9% per annum will accrue and, on a monthly basis, shall
be payable in kind by the increase of the Stated Value of the Series E Preferred Stock by said amount. The holders of the Series E Preferred
Shares have the right at any time to convert all or a portion of the Preferred Shares (including, without limitation, accrued and unpaid
dividends and make-whole dividends through the third anniversary of the closing date) into shares of the Company’s Common Stock
at an initial conversion rate determined by dividing the Conversion Amount by the Conversion Price ($0.13 above the consolidated closing
bid price for the trading day prior to the execution of the Securities Purchase Agreement, dated January 27, 2020, between and the purchasers
referenced therein). The Conversion Amount is the sum of the Stated Value of the Series E Preferred Shares then being converted plus
any other unpaid amounts payable with respect to the Series E Preferred Shares being converted plus the “Make Whole Amount”
(the amount of any dividends that, but for the conversion, would have accrued at the dividend rate for the period through the third anniversary
of the initial issuance date). The Conversion Rate is also subject to adjustment for stock splits, dividends recapitalizations and similar
events.

 

Transfer
Agent

 

The
transfer agent and registrar of our common stock is Issuer Direct Corporation. The address of our transfer agent and registrar is 1981
Murray Holladay Road, Suite 100 Salt Lake City, Utah 84117, and its telephone number is (801) 272-9294.

 

    	 

     

    

 

Anti-Takeover
Effects of Certain Provisions of Our Charter Documents

 

Our
articles of incorporation and bylaws contain provisions that could delay or prevent changes in control or changes in our management without
the consent of our board of directors. These provisions include the following:

 

	 	●	a
    classified board of directors with three-year staggered terms, which may delay the ability of stockholders to change the membership
    of a majority of our board of directors; 
	 	 	 
	 	●	no
    cumulative voting in the election of directors, which limits the ability of minority stockholders to elect director candidates;
	 	 	 
	 	●	the
    exclusive right of our board of directors to elect a director to fill a vacancy created by the expansion of the board of directors
    or the resignation, death or removal of a director, which prevents stockholders from being able to fill vacancies on our board of
    directors; 
	 	 	 
	 	●	the
    ability of our board of directors to authorize the issuance of additional shares of preferred stock and to determine the terms of
    those shares, including preferences and voting rights, without stockholder approval, which could adversely affect the rights of our
    common stockholders or be used to deter a possible acquisition of our company; 
	 	 	 
	 	●	the
    ability of our board of directors to alter our bylaws without obtaining stockholder approval; 
	 	 	 
	 	●	the
    required approval of the holders of at least two-thirds of the shares entitled to vote at an election of directors to adopt, amend
    or repeal our bylaws or repeal the provisions of our articles of incorporation and bylaws regarding the election and removal of directors;
    
	 	 	 
	 	●	a
    prohibition on stockholder action by written consent, which forces stockholder action to be taken at an annual or special meeting
    of our stockholders; 
	 	 	 
	 	●	the
    requirement that a special meeting of stockholders may be called only by the chairman of the board of directors, the chief executive
    officer, the president or the board of directors, which may delay the ability of our stockholders to force consideration of a proposal
    or to take action, including the removal of directors; and 
	 	 	 
	 	●	advance
    notice procedures that stockholders must comply with in order to nominate candidates to our board of directors or to propose matters
    to be acted upon at a stockholders’ meeting, which may discourage or deter a potential acquirer from conducting a solicitation
    of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of us.

 

These
provisions could inhibit or prevent possible transactions that some stockholders may consider attractive.

 

NASDAQ
Capital Market

 

Our
common stock is currently traded on the NASDAQ Capital Market under the symbol “SGLB.”

 

Nevada
Anti-Takeover Law and Charter and Bylaws Provisions

 

NRS
sections 78.378 to 78.3793 provide state regulation over the acquisition of controlling interest in certain Nevada corporations unless
the articles of incorporation or bylaws of the corporation provide that the provisions of these sections do not apply. This statute currently
does not apply to our company because in order to be applicable, we would need to have a specified number of Nevada residents as shareholders,
and we would have to do business in Nevada directly or through an affiliate.

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