Document:

Exhibit 10.12

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (“Agreement”)
is effective as of the 1st day of December 2020 (“Effective Date”), by and between Communications Systems, Inc., a
Minnesota corporation (the “Company”) and Anita Kumar (the “Employee”).

 

A.            The
Company desires to hire Employee as detailed below. Employee has thoroughly reviewed and considered the terms of this Employment
Agreement, and accepts all terms set forth below.

 

B.            During
her employment, Employee will have access to extremely sensitive confidential, proprietary and trade secret information relating
to the Company, its employees, and its customers. As a result, Employee’s employment with the Company is strictly conditioned
on Employee agreeing to the confidentiality provisions and post-employment restrictions in this Agreement. Employee has reviewed,
considered, and accepts all such provisions as set forth below.

 

In consideration of the foregoing, and other
good and valuable consideration, the receipt and sufficiency of which are acknowledged by the Company and Employee, the parties
agree as follows:

 

1.           
Employment Duties; No Conflict; Contingency. The Company hereby employs Employee and Employee accepts such employment.
Employee agrees to perform the duties consistent with her position and other duties as may be requested by the Company from time
to time. Employee will perform her duties with a high level of professionalism and integrity. Employment pursuant to this Agreement
is subject to all Company policies in effect throughout Employee’s employment. During the term of this Agreement, Employee
will not render or perform services for any other corporation, firm, entity or person that are inconsistent with the provisions
of this Agreement except as expressly permitted by the Company in writing.

 

2.           
Employment at Will. Employee’s employment with the Company is at-will and continues until terminated by the
Company or Employee for any reason. The “Termination Date” shall mean the date of cessation of the Employee’s
employment with the Company (whether voluntarily or involuntarily) without regard to any notice of termination or pay in lieu of
notice of termination. The first ninety (90) days of employment shall be considered a probationary period, which period does not
alter the at-will nature of employment.

 

3.            
Compensation.

 

(a)            Base Salary. The Company shall pay Employee base salary in the annualized amount of $280,000 (“Base
Salary”), less applicable taxes and withholding, payable in accordance with the Company’s standard payroll practices.

 

(b)          
Employee Bonus Program. Employee shall be eligible for the Company’s Employee Bonus Program. Employee’s
potential bonus shall be up to fifty-five percent (55%) of Employee’s Base Salary. Any Bonus payable under this Section 3(b)
shall be paid as a lump sum by March 15 (“Bonus Pay Date”) of the calendar year following the year for which the Bonus
was calculated. The Employee Bonus Program is discretionary based on goals established by the Company’s Board of Directors
and may be changed from time to time.

 

     

     

    

 

(c)            Change
in Control Benefits. Employee shall be entitled to change in control benefits as set forth in the Communications Systems, Inc.
Change in Control Agreement attached as Exhibit A.

 

(d)            Stock
Options. Employee will be granted options for 25,000 shares of the Company’s common stock subject to vesting and other
terms to be provided.

 

(e)            Restricted
Stock Units. Employee will be granted 5,000 restricted stock units subject to terms to be provided.

 

(f)            
Benefits. Employee shall be entitled to participate in all employee benefit plans or programs offered by the
Company to all its employees, subject to the eligibility requirements and terms of such plans or programs, including, as of the
Effective Date, cellphone reimbursement, medical, dental, vision, life, and critical illness/accident insurance; the Company 401(k)
plan, Employee Stock Purchase Plan, and Health Savings Account. Employee will also receive a vehicle allowance in the amount of
$298.07 per pay period ($7,750 annualized), subject to maintaining a valid driver’s license.

 

(g)           
Separation without cause. If the Company terminates this Agreement without Cause as defined herein prior to
December 31, 2021, subject to the requirements herein, Employee will receive a guaranteed separation payment equivalent to 6 months
base salary, subject to applicable withholding, over the Company’s regular scheduled bi-weekly payroll pay dates (“Severance”).
As a condition of receiving this Severance, Employee must (i) comply with all provisions of this Agreement and any other obligations
owed to the Company; and (ii) sign the General Release attached as Exhibit B after employment ends and not rescind any portion
thereof.

 

4.            
Termination. This Agreement may be terminated at any time upon sixty (60) days’ written notice by (a) the Company
to Employee in person or by certified mail to Employee’s address on record at the Company, or (b) Employee to the then-current
Chair of the Company Board of Directors in person or by certified mail to the Company.

 

(a)           
Upon termination of this Agreement, Employee shall be entitled to receive (i) Base Salary owed through the Termination
Date, (ii) reimbursement of reasonable expenses incurred as of the Termination Date. Such amount shall be paid within fourteen
(14) days of the Termination Date. Employee acknowledges and agrees that said payments, as applicable, and amounts owed pursuant
to the Change in Control Agreement attached as Exhibit A, if any, shall be in full satisfaction of any amount due to Employee by
the Company, and Employee shall not be entitled to any further payment, severance, benefits continuation, damages, or any additional
compensation whatsoever.

 

(c)            For
purposes of this Agreement, “Cause” means: (i) gross negligence or gross neglect of duties; (ii)  commission
of any felony, or a gross misdemeanor involving moral turpitude that in the reasonable determination of the Board is materially
and demonstrably injurious to the Company or that impairs Employee’s ability to substantially perform Employee’s duties
with the Company or a subsidiary; (iii) fraud, disloyalty, dishonesty or willful violation of any law or a willful violation of
a Company policy that, after warning, remains a continuing violation, committed in connection with the Employee’s employment;
(iv) conduct that, in the judgment of the Company’s Board, results in damage to the Company’s business, property, reputation,
or goodwill, including allegations of sexual harassment or discrimination; (v) breach of or inability to perform Employee’s
obligations under this Agreement other than by reason of disability or death; or (vi) failure to follow a directive of the Company’s
Board.

 

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5.             Proprietary
Information. During the course of employment Employee will have access to the Company’s proprietary and trade secret
information. Maintaining the confidentiality of such information is important to the Company’s competitive position in the
industry and ultimately to the Company’s ability to achieve financial success and provide employment opportunities. Employee
will not discuss the business affairs and operations of the Company with anyone outside of the Company except when required in
the normal course of business. To the extent Employee has access to proprietary and/or trade secret information, she is responsible
for the security of that information. Extreme care must be exercised to insure that such information is safeguarded to protect
the Company, its suppliers, clients, and employees.

 

6.             Confidential
Information. Employee recognizes and acknowledges that Employee will have access to certain information of the Company and
that such information is confidential and constitutes valuable, special and unique property of the Company. The Employee shall
not at any time, either during or after termination of employment, directly or indirectly disclose to others, use, copy or permit
to be copied, except as directed by law or in accordance with Employee’s duties for or on behalf of the Company, its successors,
assigns or nominees, any Confidential Information of the Company (regardless of whether developed by the Employee), without the
prior written consent of the Company. The term “Confidential Information” means any secret or non-public information
or know-how relating to the Company and its business, and shall include but not be limited to information relating to the Company’s
plans, customers, costs, prices, personnel, business relationships, uses and applications of products and services, results of
investigations, studies owned or used by the Company, and all products, processes, compositions, computer programs, and servicing,
marketing or operational methods and techniques at any time used, developed, investigated, made or sold by the Company, before
or during the term of this Agreement, that are not readily available to the public or that are maintained as confidential by the
Company. Employee shall maintain in confidence any Confidential Information of third parties, received as a result of the Employee’s
employment, in accordance with the Company’s obligations to such third parties and the policies established by the Company.

 

Consistent with state and federal law, nothing in this Agreement
(a) is intended to limit Employee’s right to discuss the terms, wages, and working conditions of her employment; or (b) prohibits
Employee from reporting possible violations of law to a government agency or attorney, including information about trade secrets
in a document filed in a lawsuit if the disclosure is made in confidence, good faith, solely for the purpose of reporting or investigating
a suspected violation of law and is done only as permitted by law.

 

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7.             Non-Solicitation,
Non-Interference and Non-Competition. As a result of employment with the Company, Employee will acquire considerable knowledge
about, and expertise in, certain areas of the Company’s business. Employee will also gain knowledge of, and have contact
with, customers and suppliers of the Company. Employee acknowledges that she may be able to utilize such knowledge and expertise
following termination of service with the Company, to the serious detriment of the Company if she solicits business from customers
of the Company or interferes with the Company’s relationships with its customers, business partners or employees. Accordingly,
she agrees that:

 

(a)           
Non-Solicitation, Non-Interference with Customers. During employment and for one (1) year after termination
of employment, Employee will not directly or indirectly (i) solicit any customer or business partner of the Company, (ii) take
any action intended to, or that has the effect of, interfering with the Company’s relationship with any customer or business
partner or otherwise resulting in a customer or business partner reducing or ceasing their business relationship with the Company;
or (iii) provide, to any customer with whom Employee had contact during employment or about whom Employee had access to Confidential
Information, any products or services that are competitive with those that were offered by the Company during Employee’s
employment.

 

(b)            Non-Solicitation
of Employees. During employment and for one (1) year after termination of employment, Employee will not directly or indirectly
approach, solicit, entice, hire or attempt to approach, solicit entice or hire any employee of the Company to leave the employment
of the Company.

 

(c)            Non-
Competition. During employment and for one (1) year after termination of employment, Employee will not directly or indirectly
engage in any business that is the same as or substantially similar to the business in which the Company engages during the term
of Employee’s employment; provided, however, that this restriction shall apply only to the geographic market of the Company.
Employee shall be deemed to engage in a business if she directly or indirectly engages or invests in, owns, manages, operates,
controls or participates in the ownership, management, operation or control of, is employed by, associated or in any manner connected
with, or renders services or advice to, any business that provides products or services that are the same as or substantially similar
to the products and/or services provided by the Company during Employee’s employment. Provided, however, that Employee may
invest in the securities of any enterprise (but without otherwise participating in the activities of such enterprise) if two conditions
are met: (a) such securities are listed on any national or regional securities exchange or have been registered under Section 12(g)
of the Securities Exchange Act of 1934 and (b) Employee does not beneficially own (as defined Rule 13d-3 promulgated under the
Securities Exchange Act of 1934) in excess of one percent of the outstanding capital stock of such enterprise.

 

(d)            Tolling
of Restrictive Period. In the event Employee breaches any provision of this Section 7, the applicable restrictive period herein
shall be tolled during the time of Employee’s breach. Upon cessation of any such breach, the restrictive period shall continue
and shall be extended by the time period of the applicable breach.

 

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(e)            Presentment
to any New Employer. For one year after termination of employment, Employee will give a copy of this Agreement to any subsequent
employer prior to Employee’s first day of work so that the new employer can evaluate whether Employee’s work for that
employer may be in violation of this Agreement.

 

8.             Inventions;
Works Made for Hire. For purposes of this Agreement, “Inventions” means all ideas, improvements, discoveries,
concepts, original works of authorship, modifications, formulations, software programs, product development or ideas (whether patentable
or not) relating to the business of the Company that are generated, conceived or reduced to practice by Employee during employment
with the Company either alone or in conjunction with others, during or outside of working hours. Any patent application (including
provisional applications, international applications, and the like) on which Employee is named as an inventor that is both: (a)
filed within one (1) year after termination of employment; and (b) relates to the business of Company; shall be presumed to cover
an Invention conceived by Employee during employment with the Company, subject to proof to the contrary by good faith, written
and duly collaborated records establishing that such Invention was conceived and made following termination of employment. Employee
agrees to document all Inventions in writing and promptly disclose such Inventions to the Company. All original works of authorship
made by Employee (solely or jointly with others) within the scope of employment with the Company (or her prior employment) and
that are protectable by copyright are “works made for hire,” pursuant to United States Copyright Act (17 U.S.C., Section
101).

 

(a)            Ownership
and Assignment of Inventions. Subject to the limitations of Minnesota Statute §181.78 set forth below, all Inventions
are the exclusive property of the Company (whether any Invention was generated, conceived or reduced to practice prior to the execution
of this Agreement). Employee hereby assigns and agrees to assign in the future (when any such Inventions are first reduced to practice
or first fixed in a tangible medium, as applicable, or are otherwise assignable) to the Company all Employee’s right, title
and interest in and to any and all Inventions, whether or not patentable or registrable under copyright or similar statutes, made
or conceived or reduced to practice or learned by Employee, either alone or jointly with others, during Employee’s employment
with the Company. Inventions assigned to the Company or to a third party as directed by the Company are referred to as “Company
Inventions.” Employee hereby waives and agrees not to assert any proprietary rights in or with respect to a Company Invention.
Employee will sign and deliver any documents necessary to fully assign ownership of any Invention to the Company. Employee will,
at the Company’s expense, provide all assistance reasonably required for the Company to perfect, protect and use rights to
Inventions. Employee will maintain appropriate documentation relating to Inventions and sign all documents and do all things the
Company deems necessary or desirable to document and record the transfer of Employee’s right, title and interest in Inventions
to the Company or a third party designated by the Company, and enable the Company to obtain patent protection for Inventions anywhere
in the world.

 

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(b)           Exclusions. The terms of this Section 8 do not apply to any invention for which no equipment, supplies, facilities
or trade secret information of the Company was used and that was developed entirely on Employee’s own time and that (i)
does not relate directly to the business of the Company or to the Company’s actual or demonstrably anticipated research
or development; or (ii) does not result from any work performed by Employee for the Company.

 

(c)            Continuing Obligations. The obligations of this Section 8 continue beyond the termination of employment with the Company
as to Inventions conceived or made by Employee during Employee’s employment and are binding upon Employee’s assigns,
executors, administrators and other legal representatives.

 

9.             Conflict
of Interests. The Company expects all employees to conduct business according to the highest ethical standards of conduct.
Employee is expected to devote her best efforts to the interests and business of the Company. Business dealings that create, or
appear to create, a conflict between the interests of the Company and Employee are prohibited. The Company recognizes the right
of employees to engage in activities outside of their employment that are of a private nature and unrelated to the Company’s
business. However, Employee must disclose any possible conflicts so that the Company may assess and prevent potential conflicts
of interest from arising. A potential or actual conflict of interest may occur when an employee is in a position to influence a
business decision that may result in personal gain to the employee, a family member, or personal acquaintance. It is not possible
to specify every action that might create a conflict of interest. Any question regarding whether an action or proposed course of
conduct could create, or appear to create, a conflict of interest should immediately be presented to the Chief Executive Officer
or the Human Resources Department for review.

 

10.           Restrictions
Reasonable. Employee acknowledges that the restrictions in this Agreement are reasonable under the circumstances. Employee
hereby waives all defenses to the enforcement thereof by the Company. If any provision of this Agreement is deemed void or invalid
by a court, the remaining provisions shall remain in full force and effect and Employee agrees that the court has the power to
replace such void or invalid provisions with such other enforceable and valid provisions as are as close as possible to the original
in form and effect.

 

11.          
Section 409A Compliance. The parties intend that the benefits and rights described in this Agreement comply with
Section 409A of the Internal Revenue Code and the Treasury Regulations and other guidance promulgated or issued thereunder (“Section
409A”) to the extent that the requirements of Section 409A are applicable hereto, and the provisions of this Agreement will
be construed in a manner consistent with that intention.  If Employee or the Company believes at any time that any such benefit
or right subject to Section 409A does not so comply, it will promptly advise the other and will negotiate reasonably and in good
faith to amend the terms of such benefits and rights such that they comply with Section 409A (with the most limited possible economic
effect on Employee and on the Company).  Each payment under this Agreement is intended to be treated as one of a series of
separate payments for purposes of Code Section 409A and Treasury Regulation §1.409A-2(b)(2)(iii) (or any similar or successor
provisions).

 

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Notwithstanding the foregoing,
the Company does not make any representation that the payments or benefits under this Agreement are exempt from, or satisfy, the
requirements of Section 409A and the Company shall have no liability or other obligation to indemnify or hold harmless Employee
or any beneficiary for any tax, additional tax, interest or penalties if any provision of this Agreement or any action taken with
respect thereto is deemed to violate any of the requirements of Section 409A.

 

12.          
Severability. Any provision of this Agreement that is prohibited or unenforceable under Minnesota law shall be ineffective
to the extent of the prohibition or unenforceability and shall be severed from the balance of this Agreement, without affecting
the remaining provisions of this Agreement.

 

13.          
Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the Company and its successors
and assigns.

 

14.          
Entire Agreement. This Agreement and the Exhibit A hereto constitute the entire agreement between Employee and the
Company with respect to the subject matter of this Agreement and supersede all previous understandings, communications, representations
and agreements, whether verbal or written, with respect to the subject matter hereof. This Agreement may not be modified except
by subsequent agreement in writing signed by the Company and Employee.

 

15.           Post-Employment
Cooperation. Employee agrees to cooperate and assist the Company in the handling or investigation of any administrative charges,
government inquires, claims, threats or lawsuits involving the Company that relate to matters that arose while the Employee was
an employee of the Company. The Company will reimburse Employee for out-of-pocket expenses incurred in connection with such cooperation.

 

16.           Notice.
Unless otherwise provided herein, any notice required or given under the terms of this Agreement shall be in writing and delivered
personally, or sent by registered or certified mail, return receipt requested, postage prepaid, or sent by nationally recognized
overnight carrier, postage prepaid, or sent by facsimile transmission to the Company at the Company’s principal office and
facsimile number in Minnetonka, Minnesota, or to Employee at the address set forth below. Notice shall be deemed given (a) when
delivered if personally delivered; (b) three business days after having been placed in the mail, if delivered by registered or
certified mail; (c) the business day after having been placed with a nationally recognized overnight carrier, if delivered by nationally
recognized overnight carrier, and (d) the business day after transmittal when transmitted with electronic confirmation of receipt,
if transmitted by facsimile. Until changed by notice pursuant to this Section 16, the following shall be the address and facsimile
number to which notices shall be sent:

 

	If to the Company, to:	
        If to Employee, to:

         

	 	Attn: Group President and CFO	 	      Anita Kumar
	 	Communication Systems, Inc.	 	Attn: Anita Kumar
	 	10900 Red Circle Drive	 	6305 Loch Moor Dr
	 	Minnetonka, MN 55343	 	Edina, MN 55439
	 	Fax: (952) 946-1835		 

 

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17.          
Governing Law; Breach. This Agreement shall be governed by and construed in accordance with the laws of Minnesota,
without reference to conflicts of laws. In the event either party is deemed by a court of appropriate jurisdiction to have breached
this Agreement, the nonbreaching party shall be entitled to recover all costs, expenses and attorney’s fees incurred in enforcing
the terms of this Agreement.

 

18.           Survival.
The provisions of Sections 5, 6, 7, 8, 10, 11, 12, 13, 14, 15, 17, 18 and 19 survive termination of this Agreement (and, for the
avoidance of doubt, any termination of Employee’s employment with the Company).

 

19.           Termination
of Prior Agreements. By signing below, Employee acknowledges and agree that: (b) all prior employment or similar agreements
(whether written or verbal) between Employee and Transition Networks/CSI (collectively, the “Prior Agreements”), together
with all of Employee’s rights under the Prior Agreements, are hereby terminated as of the date hereof; (c) any notice that
may be required in connection with the termination of the Prior Agreements is hereby waived; (d) notwithstanding the termination
of the Prior Agreements or any other provision of this Agreement, the provisions of the Prior Agreements that impose confidentiality,
non-disclosure, non-solicitation, non-competition and other similar obligations on Employee (the “Existing Restrictive Covenants”)
shall continue in full force and effect in accordance with their respective terms and Employee agrees to strictly abide by such
provisions; and (e) the other provisions of the Prior Agreements shall continue in effect to the extent necessary to permit the
Company or its successors or assigns to enforce the Existing Restrictive Covenants.

 

[Signature page follows]

 

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Accordingly, this Employment Agreement is
effective as of the Effective Date.

 

	Communications Systems, Inc.	 	 
	 	 	 	 
	By:	/s/ Roger H.D. Lacey	 	/s/ Anita
Kumar
	 	 	 	 
	Its:	Executive Chairman	 	Anita Kumar

 

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EXHIBIT A

 

COMMUNICATIONS SYSTEMS,
INC.

CHANGE OF CONTROL AGREEMENT

 

This CHANGE IN CONTROL Agreement is adopted this ___8th_ day
of December 2020 (the “Effective Date”) by and between COMMUNICATIONS SYSTEMS INC., a Minnesota corporation located
in Minnetonka, Minnesota (the “Company”), and Anita Kumar (the  “Executive”), an executive of
the Company or one of its subsidiaries.

 

The Board of Directors of the Company (the “Board”)
has determined that it is in the best interests of the Company to retain the Executive’s services and to reinforce and encourage
the continued attention and dedication of the Executive to his or her assigned duties, without distraction in potentially disturbing
circumstances arising from the possibility of a change in control of the Company.

 

The Company and the Executive agree as provided herein.

 

Article 1

Definitions

 

Whenever used in this Agreement, the following words and phrases
shall have the meanings specified:

 

1.1           “Agreement”
means this Communications Systems Inc. Change in Control Agreement, as it may be amended from time to time.

 

1.2           “Annual Compensation” means
the Executive’s average compensation paid by the Company which was includible in the Executive’s gross income during
the most recent two taxable years ending before the date of the Change in Control.  The definition includes amounts includible
in compensation, prior to any reduction for a salary contribution to a plan described in Section 125 of the Code or qualified under
Section 401(k) of the Code, as well as any compensation included in the Executive’s compensation within the meaning of Section
280G of the Code.

 

1.3           “Cause”
means

 

(a)  Gross negligence or gross
neglect of duties; or

 

(b)  Commission of a felony or of a gross
misdemeanor involving moral turpitude which in the reasonable determination of the Board is materially and demonstrably injurious
to the Company or which impairs the Executive’s ability to perform substantially the Executive’s duties with the Company
or a Subsidiary; or

 

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(c)  Fraud, disloyalty, dishonesty
or willful violation of any law or a willful violation of a material Company or Subsidiary policy which, after warning, remains
a continuing violation, committed in connection with the Executive’s employment.

 

1.4           “Change
in Control” shall occur on the earliest date that

 

(a)  A “person” or “group”  acquires
ownership of stock of the Company that, together with stock held by such person or group, constitutes more than fifty percent (50%)
of the total fair market value or total voting power of the stock of the Company;

 

(b) any person or group acquires (or has acquired
during the twelve (12) month period ending on the date of the most recent acquisition by such person or group) ownership of stock
of the Company possessing thirty percent (30%) or more of the total voting power of the stock of the Company;

 

(c) a majority of the members of the Board is replaced
during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of
the Company’s Board prior to the date that such appointments or elections are made; or

 

(d) any person or group acquires (or has acquired)
during the twelve (12) month period ending on the date of the most recent acquisition by such person or group, assets from the
Company that have a total gross fair market value equal to or more than forty percent (40%) of the total gross fair market value
of all of the assets of the Company immediately prior to such acquisition or acquisitions.

 

(e) for the purposes of this Section 1.4, “person”
or “group” does not include The Communications Systems, Inc. Employee Stock Ownership Plan and Trust.

 

1.5           “Code”
means the Internal Revenue Code of 1986, as amended.

 

1.6           “Disability”
means the Executive’s suffering a sickness, accident or injury which has been determined by the insurance carrier of any
individual or group disability insurance policy covering the Executive, or by the Social Security Administration, to be a disability
rendering the Executive totally and permanently disabled. The Executive must submit proof to the Plan Administrator of the insurance
carrier’s or Social Security Administration’s determination upon the request of the Plan Administrator.

 

1.7           “Good
Reason” means the existence of any of the following without the Executive’s written consent:

 

(a) A material diminution by the Company
in the Executive’s annual base salary.

 

(b) A material diminution in the Executive’s
authority, duties or responsibilities as in effect in the three (3) month period immediately preceding a Change in Control.

 

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(c) A material diminution in the authority, duties
or responsibilities as in effect in the three (3) month period immediately preceding a Change in Control, of the person to whom
the Executive is required to report, including a requirement that the Executive report to a corporate officer or employee instead
of reporting directly to the Company’s Board, if the Executive otherwise reported directly to the Company’s Board;

 

(d) A material diminution in the budget over which
the Executive retains authority as in effect in the three (3) month period immediately preceding a Change in Control;

 

(e) the Company requiring the Executive to be based
more than thirty (30) miles from where the Executive’s office is located immediately prior to a Change in Control, except
for required travel on the Company’s business, and then only to the extent substantially consistent with the business travel
obligations which the Executive undertook on behalf of the Company during the 90-day period ending on the date of the Change in
Control (without regard to travel related to or in anticipation of the Change in Control); or

 

(f) any other action or inaction that constitutes
a material breach by the Company of this Agreement.

 

The Executive will have Good Reason to terminate
employment only if within ninety (90) days following the Executive’s actual knowledge of the event which the Executive determines
constitutes Good Reason, the Executive notifies the Company in writing that the Executive has determined a Good Reason exists and
specifies the event creating Good Reason; following receipt of the notice, the Company fails to remedy the event within thirty
(30) days; and the Executive’s resignation for Good Reason is effective within ninety (90) days following the Company’s
period for remedy. If such conditions are not met, the Executive will not have a Good Reason to terminated employment.

 

1.8           “Subsidiary”
means any entity that, along with the Company, would be treated as a single employer under Sections 414(b) and (c) of the Code.

 

1.9           “Successor”
means any entity that assumes the rights and the obligations of the Company by merger, acquisition, or other valid legal succession.

 

1.10         “Termination
Date” shall mean the date of the Executive’s Termination of Employment.

 

1.11         “Termination
of Employment” shall mean Executive’s separation from service with the Company or one of its Subsidiaries.

 

Article 2

Change in Control Benefits

 

2.1           Change in Control
Benefit.  Subject to the terms and conditions of this Agreement, if within twenty-four (24) months following a Change
in Control of the Company, the Executive shall be subject to an involuntary Termination of Employment by the Company other than
for Cause, death, disability or retirement, or Executive shall initiate a voluntary Termination of Employment for Good Reason,
the Company shall pay to the Executive the benefit specified in this Section 2.1. If a Change in Control as defined in the Agreement
occurs, this Agreement shall expire on the second anniversary of such Change in Control; provided, however, that any benefits
provided under this Section 2.1 shall continue in effect until fully paid or satisfied.

 

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2.1.1        Amount of
Benefit. The benefit under this Section 2.1 is one and one half (1.5) times the Executive’s Annual Compensation at the
date of the Change of Control.

 

2.1.2        Payment of
Benefit.  The Company shall pay the benefit to the Executive in a lump sum seventy-five (75) days following the Termination
Date provided that, prior to such date the Executive has executed a release of all claims against the Company, its officers and
Directors.

 

2.1.3        Insurance
Benefits.  If a benefit is payable under Section 2.1, then for a period of twelve (12) months following the Termination
Date the Executive shall receive, in addition to the benefit provided in Section 2.1.1 of this Agreement the following benefits
substantially in the form and expense to the Executive as received by the Executive on the Termination Date: (a) medical and dental
insurance; and (b) life insurance.   The provision of medical and dental insurance and the provision of life insurance
benefits pursuant to this Section 2.1.3 shall, however, be subject to the following limitations: (i) the benefits provided during
Executive’s taxable year may not affect the benefits to be provided to Executive in any other taxable year, (ii) reimbursements
or payments must be made on or before the last day of Executive’s taxable year following the taxable year in which the expense
being paid or reimbursed was incurred, and (iii) the right to continued coverage is not subject to liquidation or exchange for
another benefit.

 

It is understood and agreed that any rights
and privileges of the Executive provided by the Consolidated Omnibus Budget Reconciliation Act of 1986 “(COBRA”), amending
the Employee Retirement Income Security Act, the Internal Revenue Code and the Public Health Services Act, as amended, shall begin
immediately following the Termination Date.

 

2.2           Excess Parachute
Payment. Notwithstanding anything to the contrary in this Agreement, the payments made to the Executive under this Section
2 shall be one dollar ($1.00) less than the amount which would cause the payments to the Executive (including payments to the Executive
which are not included in this Agreement) to be subject to the excise tax imposed by Section 4999 of the Code. Any reductions in
payments under this section will come first from payments under Section 2.1.1 and then from payments under Section 2.1.3

 

2.3           Withholding
& Payroll Taxes. To the extent required by law, the Company shall withhold from other amounts owed to the Executive or
require the Executive to remit to the Company an amount sufficient to satisfy federal, state and local withholding tax requirements
on any payments made to the Executive under this Agreement.  Determinations by the Company as to withholding shall be
binding on the Executive.

 

    12

     

    

 

Article 3

Miscellaneous

 

3.1           Confidential
Information. The Executive recognizes and acknowledges that the Executive will have access to certain information of the Company
and that such information is confidential and constitutes valuable, special and unique property of the Company. The Executive shall
not at any time, either during or subsequent to the term of this Agreement, disclose to others, use, copy or permit to be copied,
except as directed by law or in pursuance of the Executive’s duties for or on behalf of the Company, its Successors, assigns
or nominees, any Confidential Information of the Company (regardless of whether developed by the Executive), without the prior
written consent of the Company. The term “Confidential Information” with respect to any person means any secret or
confidential information or know-how and shall include, but shall not be limited to, the plans, customers, costs, prices, uses,
and applications of products and services, results of investigations, studies owned or used by such person, and all products, processes,
compositions, computer programs, and servicing, marketing or operational methods and techniques at any time used, developed, investigated,
made or sold by such person, before or during the term of this Agreement, that are not readily available to the public or that
are maintained as confidential by such person. The Executive shall maintain in confidence any Confidential Information of third
parties received as a result of the Executive’s employment with the Company in accordance with the Company’s obligations
to such third parties and the policies established by the Company.

 

3.2           No Competition.
If within the twenty-four (24) months following a Change in Control of the Company, the Executive shall have an involuntary Termination
of Employment by the Company other than for Cause, death, disability or retirement, or shall have a voluntary Termination of Employment
for Good Reason, then and for a period of one (1) year immediately following the Termination Date, the Executive shall not directly
or indirectly engage in any business in which the Company directly or indirectly engages during the term of the  Agreement;
provided, however, that this restriction shall apply only to the geographic market of the Company. The Executive shall be deemed
to engage in a business if the Executive directly or indirectly, engages or invests in, owns, manages, operates, controls or participates
in the ownership, management, operation or control of, is employed by, associated or in any manner connected with, or renders services
or advice to, any business in which the Company directly or indirectly engages, provided, however, that the Executive may invest
in the securities of any enterprise (but without otherwise participating in the activities of such enterprise) if two conditions
are met: (a) such securities are listed on any national or regional securities exchange or have been registered under Section 12(g)
of the Securities Exchange Act of 1934 and (b) the Executive does not beneficially own (as defined Rule 13d-3 promulgated under
the Securities Exchange Act of 1934) in excess of one percent of the outstanding capital stock of such enterprise. In the event
the Executive is eligible for and receives a payment under this Agreement, for the twelve (12) months after termination of employment,
the Executive will not, directly or indirectly, solicit, induce or attempt to solicit or induce any of the Company’s employees
or independent contractors for the purpose of hiring them to work for the Executive or another individual, entity or employer,
or for the purpose of inducing them to leave their employment with the Company, except with the Company’s written consent.
In the event the Executive violates this Section 3.2 or Section 3.1, any and all rights of the Executive under this Agreement shall
terminate and no further payment shall be due the Executive, which shall be in addition to, and not in lieu of, any other rights
or remedies of the Company under this Agreement.

 

    13

     

    

 

3.3           Termination
of Agreement Prior to Change of Control. At any time after the Effective Date and prior to a Change of Control, the Board of
Directors of the Company may amend or terminate this Agreement: provided that no such amendment or termination shall be
effective until at least sixty (60) days following written notification of Executive of such termination or amendment of this Agreement.
Further, this Agreement shall automatically terminate if, prior to a Change of Control, Company terminates Executive, whether with
or without Cause, or Executive voluntarily terminates his or her employment with the Company, whether with or without Good Reason.

 

3.4           Delivery of
Documents Upon Termination of Employment. The Executive shall deliver to the Company or its designee at the Executive’s
Termination of Employment all correspondence, memoranda, notes, records, drawings, sketches, plans, customer lists, product compositions,
and other documents and all copies thereof, made, composed or received by the Executive, solely or jointly with others, that are
in the Executive’s possession, custody, or control at such Termination of Employment and that are related in any manner to
the past, present, or anticipated business of the Company.

 

3.5           Remedies.
The Executive acknowledges that a remedy at law for any breach or attempted breach of the Executive’s obligations under Sections
3.1, 3.2 and 3.3 may be inadequate, agrees that the Company may be entitled to specific performance and injunctive and other equitable
remedies in case of any such breach or attempted breach and further agrees to waive any requirement for the securing or posting
of any bond in connection with the obtaining of any such injunctive or other equitable relief. The Company shall have the right
to offset against amounts to be paid to the Executive pursuant to the terms hereof any amounts owed by the Executive to the Company
at the time of payment.

 

The termination of the Agreement shall not be deemed to be a
waiver by the Company of any breach by the Executive of this Agreement or any other obligation owed the Company, and notwithstanding
such a termination the Executive shall be liable for all damages attributable to such a breach.

 

3.6           Dispute Resolution.  Subject
to the Company’s right to seek injunctive relief in court as provided in Section 3.4 of this Agreement, any dispute, controversy
or claim arising out of or in relation to or connection to this Agreement, including without limitation any dispute as to the construction,
validity, interpretation, enforceability or breach of this Agreement, shall be settled by arbitration administered by the American
Arbitration Association under its National Rules for the Resolution of Employment Disputes and judgment upon the award rendered
by the arbitrator(s) may be entered in any court having jurisdiction thereof.

 

    14

     

    

 

Any such Arbitration will be conducted:
(i) by a neutral arbitrator appointed by mutual agreement of the parties; or (ii) failing such agreement, by a neutral arbitrator
appointed in accordance with said AAA rules; the Company shall pay the fees and reasonable expenses of the arbitrator; the parties
will be permitted reasonable discovery in accordance with the provisions of the Minnesota Rules of Civil Procedure, including the
production of relevant documents by the other party, the exchange of witness lists, and a limited number of depositions, including
depositions of any expert who will testify at the arbitration; the arbitrator’s award will include findings of fact and conclusions
of law showing the legal and factual bases for the arbitrator’s decision; the arbitrator will have the authority to award
to the prevailing party any remedy or relief that a United States District Court or court of the State of Minnesota could order
or grant if the Dispute had first been brought in that judicial forum, including costs and attorney’s fees; and unless otherwise
agreed by the parties, the place of any arbitration proceeding will be Minneapolis, Minnesota.

 

3.7           Acknowledgement
of Parties. The Company and the Executive understand and acknowledge that this Agreement means that neither can pursue an action
against the other in a court of law regarding any employment dispute, except for claims involving workers’ compensation benefits
or unemployment benefits, and except as set forth elsewhere in this Agreement, in the event that either party notifies the other
of its demand for arbitration under this Agreement. The Company and the Executive understand and agree that this Section 3.5, concerning
arbitration, shall not include any controversies or claims related to any agreements or provisions (including provisions in this
Agreement) respecting confidentiality, proprietary information, non-competition, non-solicitation, trade secrets, or breaches of
fiduciary obligations by the Executive, which shall not be subject to arbitration.

 

3.8           Right to Consult
Counsel.  Executive has been advised of the Executive’s right to consult with an attorney prior to entering
into this Agreement.

 

3.9           Successors of
the Company. The Company will require any Successor by agreement in form and substance satisfactory to the Executive,
expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required
to perform it if no such succession had taken place.  The failure of the Company to obtain such agreement prior to the
effectiveness of any such succession shall be a breach of this Agreement and shall entitle the Executive to terminate the
Agreement and receive compensation from the Company in the same amount and on the same terms as the Executive would be entitled
hereunder if the Executive terminated the Executive’s employment for Good Reason.  As used in this Agreement, “Company”
as hereinbefore defined shall include any Successor to its business and/or assets as aforesaid which executes and delivers the
agreement provided for in this Section 3.8 or which otherwise becomes bound by all the terms and provisions of this Agreement by
operation of law.

 

3.10         Executive’s
Heirs, etc. The Executive may not assign the Executive’s rights or delegate the Executive’s duties or obligations
hereunder without the written consent of the Company. This Agreement shall inure to the benefit of and be enforceable by the Executive’s
personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive
should die while any amounts would still be payable to the Executive hereunder if the Executive had continued to live, all such
amounts, unless other provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s designee
or, if there be no such designee, to the Executive’s estate.

 

    15

     

    

 

3.11         Notices.
Any notice or communication required or permitted under the terms of this Agreement shall be in writing and shall be delivered
personally, or sent by registered or certified mail, return receipt requested, postage prepaid, or sent by nationally recognized
overnight carrier, postage prepaid, or sent by facsimile transmission to the Company at the Company’s principal office and
facsimile number in Minnetonka, Minnesota, or to the Executive at the address and  facsimile number, if any, appearing
on the books and records of the Company. Such notice or communication shall be deemed given (a) when delivered if personally delivered;
(b) five mailing days after having been placed in the mail, if delivered by registered or certified mail; (c) the business day
after having been placed with a nationally recognized overnight carrier, if delivered by nationally recognized overnight carrier,
and (d) the business day after transmittal when transmitted with electronic confirmation of receipt, if transmitted by facsimile.
Any party may change the address or facsimile number to which notices or communications are to be sent to such party by giving
notice of such change in the manner herein provided for giving notice. Until changed by notice, the following shall be the address
and facsimile number to which notices shall be sent:

 

	If to the Company, to:	If to the Executive, to:
	 	Attn: President and CFO	 	Anita Kumar
	 	COMMUNICATIONS SYSTEMS INC.	 	 
	 	10900 Red Circle Drive	 	 
	 	Minnetonka, MN 55343	 	 
	 	Fax: (952) 946-1835	 	 

 

3.12         Amendment or
Waiver. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge
is agreed to in writing signed by the Executive and such officer as may be specifically designated by the Board (which shall not
include the Executive). No waiver by either party hereto at any time of any breach by the other party hereto of or compliance with,
any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express
or implied, with respect to the subject matter hereof have been made by either party, which are not set forth expressly in this
Agreement. This Agreement constitutes the entire agreement between the Company and the Executive as to the subject matter
hereof. No rights are granted to the Executive by virtue of this Agreement other than those specifically set forth herein.

 

3.13         Invalid Provisions.
Should any portion of this Agreement be adjudged or held to be invalid, unenforceable or void, such holding shall not have the
effect of invalidating or voiding the remainder of this Agreement and the parties hereby agree that the portion so held invalid,
unenforceable or void shall if possible, be deemed amended or reduced in scope, or otherwise be stricken from this Agreement to
the extent required for the purposes of validity and enforcement thereof. In this regard, the parties hereto hereby agree that
any judicial authority construing this Agreement shall be empowered to sever any portion of the geographic area or any prohibited
business activity from the coverage of this Agreement, and to reduce the duration of the non-compete period and to apply the
provisions of this Agreement to the remaining portion of the geographic area or the remaining business activities not to be severed
by such judicial authority and to the duration of the non-compete period as reduced by judicial determination.

 

    16

     

    

 

3.14         Survival of
the Executive’s Obligations. The Executive’s obligations under this Agreement shall survive regardless of whether
the Executive incurs a Termination of Employment, voluntarily or involuntarily, by the Company or the Executive, with or without
Cause.

 

3.15         Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together
will constitute one and the same instrument.

 

3.16         Governing Law.  This
Agreement and any action or proceeding related to it shall be governed by and construed under the laws of the State of Minnesota.

 

3.17         Captions and
Gender. The use of Captions and Section headings herein is for purposes of convenience only and shall not affect the interpretation
or substance of any provisions contained herein. Similarly, the use of the masculine gender with respect to pronouns in this Agreement
is for purposes of convenience and includes either sex who may be a signatory.

 

3.18         No guarantee
of tax treatment.  Nothing herein shall be construed as an entitlement to or guarantee of any particular tax treatment
to the Executive. This Agreement is drafted and shall be interpreted to be exempt from Code Section 409A.

 

IN WITNESS WHEREOF, the Executive and a
duly authorized representative of the Company have signed this Agreement.

 

 

 

	 EXECUTIVE:   	 	 	COMPANY:
	 	 	 	 
	 /s/ Anita Kumar 	 	 	COMMUNICATIONS SYSTEMS INC.
	 	 	 	 
	
         
	 	By: 	
        /s/ Roger H.D. Lacey

	 	 	 	 
	 	 	Its:	CEO and Executive Chairman

 

    17

     

    

 

EXHIBIT B

 

GENERAL RELEASE OF
CLAIMS

 

(Signed After Employment
Ends)

 

This General Release is provided pursuant
to and in accordance with the terms of the Employment Agreement dated the 1st day of December, 2020 between Communication Systems
Inc. (the “Company”) and Anita Kumar (“Employee”).

 

1.             Release
of Claims. In consideration of the Severance and other valuable consideration described in the Employment Agreement and herein,
the Employee, on behalf of herself and her heirs, successors and assigns, hereby releases, agrees not to sue, and forever discharges
Communications Systems Inc., any affiliated entities, and their respective present and former shareholders, members, partners,
officers, directors, governors, managers, employees, representatives, consultants, insurers, agents, and the successors and assigns
of each, in their individual and official capacities (collectively, “Released Parties”), of and from all claims, demands,
actions, causes of action, administrative claims, liability, damages, punitive and liquidated damages, attorneys’ fees, costs
and disbursements, individual and/or class action claims, and demands of any kind whatsoever that she has or might have against
any of them, known or unknown, in law or equity, contract or tort, however originating or existing, through the time she signs
this General Release. This General Release includes all claims the Employee could bring on her own behalf as well as those that
could be brought by any other person or organization on her behalf. Employee agrees not to voluntarily become a member of any class
or voluntarily participate in any proceeding or case in which a claim against any Released Party arises, in whole or in part, from
an event that occurred before she signed this General Release.

 

Without limiting the generality of the foregoing,
this Release includes but is not limited to any claims the Employee may have for wages, bonuses, commissions, penalties, deferred
compensation, paid time off, claims arising out of equity agreements, defamation, emotional distress, alleged violation of Title
VII of the Civil Rights Act, the Americans with Disabilities Act, the Employment Retirement Income Security Act of 1976, the Age
Discrimination in Employment Act as amended, the Family and Medical Leave Act, the Minnesota Human Rights Act, and any claim for
discrimination, harassment or retaliation based on protected status. This release does not waive any claims that are not waivable
as a matter of law.

 

The Employee has not filed any charge, complaint,
or action of any type against any Released Party, including but not limited to any claims arising at law, in equity or under the
jurisdiction of any government agency. If any claim is filed on Employee’s behalf, the Severance is in complete satisfaction
of any such claim and recovery in connection therewith.

 

2.             Consideration
Period. The Employee is advised to review this General Release with an attorney of her choosing. She has twenty-one (21) days
from the date she receives this Release to consider whether to sign it.

 

    18

     

    

 

3.             Rescission.
Employee has seven (7) days after signing this Agreement to rescind the release as to claims arising under the Age Discrimination
in Employment Act and fifteen (15) days after signing this Agreement to rescind the release as to claims arising under the Minnesota
Human Rights Act. In order to be effective, the rescission must: (i) be in writing; (ii) delivered to the Company, c/o ______________,
10900 Red Circle Drive, Minnetonka, MN 55343 by hand or by mail within the required period; and (iii) if delivered by mail, the
rescission must be postmarked within the statutory period, properly addressed to ______________ as set forth above, and sent by
certified mail or via FedEx. This General Release will be effective upon the expiration of the fifteen (15) day period without
rescission of any part of this General Release. (the “Effective Date”). If the Employee rescinds any part of the release
of claims, at the Company’s option she may not receive the Severance described in Section 3(g) of the Employment Agreement.

 

4.             No
Other Representations. The Employee has read and understands all provisions of this General Release and provides it knowingly
and voluntarily. Employee has not relied on any representations, statements or representations of any type other than the express
terms of the Employment Agreement and this General Release. This General Release is the result of negotiation and compromise between
the parties and shall not be interpreted against the Company for originally drafting this General Release.

 

5.             Breach.
In the event Employee breaches this General Release, she shall be responsible for any and all costs and attorney’s fees incurred
by the Company in enforcing the terms of this General Release.

 

I have read, understand and agree to the
terms and conditions set forth above, and sign this General Release freely, voluntarily, and with full knowledge and understanding
of its meaning.

 

 

	Date:______________, 2020 ___________________________	 	 
	 	Anita Kumar	 

 

    19Exhibit 4.5

 

DESCRIPTION OF SECURITIES

 

The following summary
of the material terms of the securities of Senior Connect Acquisition Corp. I, 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, as may be amended,
our bylaws and the warrant agreement, dated December 10, 2020, 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, 2020 (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 bylaws and the
Warrant Agreement in their entirety for a complete description of the rights and preferences of our securities.

 

General

 

We are a Delaware corporation
and our affairs are governed by our amended and restated certificate of incorporation and the DGCL. Pursuant to our amended and
restated certificate of incorporation, we are authorized to issue 400,000,000 shares of common stock, $0.0001 par value each,
including 380,000,000 shares of Class A common stock and 20,000,000 shares of Class B common stock, as well
as 1,000,000 shares of preferred stock, $0.0001 par value each. The following description summarizes certain terms of our
capital stock as set out more particularly in our amended and restated certificate of incorporation. 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 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 Class A common stock at a price of $11.50 per share, subject
to adjustment. Pursuant to the Warrant Agreement, a warrant holder may exercise its warrants only for a whole number of the shares
of Class A common stock. This means only a whole warrant may be exercised at any given time by a warrant holder. For example,
if a warrant holder holds one-half of one warrant to purchase a share of Class A common stock, such warrant will not
be exercisable. If a warrant holder holds two-halves of one warrant, such whole warrant will be exercisable for one share
of Class A common stock at a price of $11.50 per share. The Class A common stock and warrants comprising the units began
separate trading on February 2, 2021. Holders have the option to continue to hold units or separate their units into the component
securities. Holders will need to have their brokers contact our transfer agent in order to separate the units into Class A
common stock and warrants. 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.

 

Common Stock

 

Prior to December 31,
2020, there were 10,350,000 shares of Class B common stock outstanding, all of which were held of record by our initial
stockholders, so that our initial stockholders own 20% of our issued and outstanding shares. Upon the closing of the Public Offering,
51,750,000 of our shares of common stock were outstanding, including:

 

		●	41,400,000 shares of Class A common stock underlying
units issued as part of the Public Offering; and

 

		●	10,350,000 shares of Class B common stock
held by our initial stockholders.

 

Stockholders of record
are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of Class A common stock
and holders of 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 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 is 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 380,000,000 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 initial business combination.
Our board of directors is divided into three classes with only one class of directors being elected in each year and each class
(except for those directors appointed prior to our first annual meeting of stockholders) serving a three-year term.

 

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
public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business
combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated
as of two business days prior to the 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, divided by the number of then outstanding public shares,
subject to the limitations described herein. The amount in the trust account was initially $10.00 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 initial stockholders, officers and directors 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 public shares they hold
in connection with (i) the completion of our initial business combination and (ii) a stockholder vote to approve an amendment
to our amended and restated certificate of incorporation that would affect the substance or timing of our obligation to allow redemption
in connection with our initial business combination or to redeem 100% of our public shares if we have not completed an initial
business combination by December 15, 2022. Unlike many special purpose acquisition 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 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 our 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 reasons, we will, like many
special purpose acquisition 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 shares of common stock voted are voted in favor of our initial business combination. However, the participation
of our sponsor, officers, directors, advisors or their respective affiliates in privately-negotiated transactions (as described
in this prospectus), 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 initial business combination. For purposes of seeking approval
of the majority of our outstanding shares of common stock, non-votes will have no effect on the approval of our initial business
combination once a quorum is obtained.

 

If we seek stockholder
approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination
pursuant to the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder, together
with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group”
(as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to Excess Shares,
without our prior consent. However, we would not be restricting our stockholders’ ability to vote all of their shares (including
Excess Shares) for or against our initial business combination. Our stockholders’ inability to redeem the Excess Shares will
reduce their influence over our ability to complete our initial business combination, and such stockholders could suffer a material
loss in their investment if they sell such Excess Shares on the open market. Additionally, such stockholders will not receive redemption
distributions with respect to the Excess Shares if we complete our initial business combination. And, as a result, such stockholders
will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their
shares in open market transactions, potentially at a loss.

 

If we seek stockholder
approval in connection with our initial business combination, our initial stockholders, officers and directors have agreed to vote
any founder shares they hold and any public shares purchased during or after the Public Offering in favor of our initial business
combination. As a result, in addition to our initial stockholders’ founder shares, we would need 15,525,001, or 37.5% (assuming
all issued and outstanding shares are voted) of the 41,400,000 public shares sold in the Public Offering to be voted in favor of
an initial business combination in order to have our initial business combination approved. Additionally, each public stockholder
may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction.

 

    2

     

    

 

Pursuant to our amended
and restated certificate of incorporation, if we are unable to complete our initial business combination by December 15, 2022by
December 15, 2022, 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 interest earned on the funds held in the trust account
and not previously released to us to pay our taxes (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), and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of our remaining stockholders and our board of directors, liquidate and dissolve, 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 entered into agreements with us, pursuant to which they have agreed to waive their rights to
liquidating distributions from the trust account with respect to their founder shares if we fail to complete our initial business
combination by December 15, 2022 or during any Extension Period. However, if our initial stockholders or management team acquire
public shares after the 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 a business combination, our stockholders are entitled to share ratably in all assets
remaining available for distribution to them after payment of liabilities and after provision is made for each class of shares,
if any, having preference over the common stock. Our stockholders have no preemptive or other subscription rights. There are no
sinking fund provisions applicable to the common stock, except that we will provide our public stockholders with the opportunity
to redeem their public shares for cash at a per share price equal to the aggregate amount then on deposit in the trust account,
including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, divided by
the number of then outstanding public shares, upon the completion of our initial business combination, subject to the limitations
described herein.

 

Founder Shares

 

The founder shares are
designated as Class B common stock and, except as described below, are identical to the shares of Class A common stock
included in the units sold in the 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
initial stockholders, officers and directors 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 public shares they hold in connection with the completion
of our initial business combination, (B) to waive their redemption rights with respect to any founder shares and public shares
they hold in connection with a stockholder vote to approve an amendment to our amended and restated certificate of incorporation
to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or
to redeem 100% of our public shares if we have not consummated an initial business combination by December 15, 2022 or with respect
to any other provisions 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 they hold if we fail
to complete our initial business combination by December 15, 2022 or during any Extension 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, and (iii) the founder shares are automatically convertible into Class A
common stock concurrently with or immediately following the consummation of our initial business combination on a one-for-one basis,
subject to adjustment as described herein and in our amended and restated certificate of incorporation. If we submit our initial
business combination to our public stockholders for a vote, our initial stockholders have agreed to vote their founder shares and
any public shares purchased during or after the Public Offering in favor of our initial business combination.

 

    3

     

    

 

The founder shares will
automatically convert into shares of Class A common stock concurrently with or immediately following the consummation 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 connection with our initial business combination,
the number of shares of Class A common stock issuable upon conversion of all founder shares will equal, in the aggregate,
on an as-converted basis, 20% of the total number of shares of Class A common stock outstanding after such conversion
(after giving effect to any redemptions of shares of Class A common stock by public stockholders), including the total number
of shares of Class A common stock issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities
or rights issued or deemed issued, by the company in connection with or in relation to the consummation of the initial business
combination, excluding any shares of Class A common stock or equity-linked securities or rights exercisable for or convertible
into shares of Class A common stock issued, or to be issued, to any seller in the initial business combination and any private
placement warrants issued to our sponsor, officers or directors upon conversion of working capital loans, provided that such conversion
of founder shares will never occur on a less than one-for-one basis.

 

With certain limited
exceptions, the founder shares are not transferable, assignable or salable (except to our officers and directors and other persons
or entities affiliated with our sponsor, each of whom will be subject to the same transfer restrictions) until the earlier to occur
of (A) one year after the completion of our initial business combination or earlier if, subsequent to our initial business
combination, the closing price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits,
stock capitalizations, 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, and (B) the date following the completion
of our initial business combination on which we complete a liquidation, merger, capital stock exchange or other similar transaction
that results in all of our stockholders having the right to exchange their Class A common stock for cash, securities or other
property.

 

Preferred Stock

 

Our amended and restated
certificate of incorporation authorizes 1,000,000 shares of preferred stock and 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
thereof, applicable to the shares of each series. Our board of directors will be able to, without stockholder approval, issue shares
of 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 shares of 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 shares 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. No shares of preferred stock
were issued or registered in the Public Offering.

 

Warrants

 

Public Stockholders’
Warrants

 

Each whole warrant entitles
the registered holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment
as discussed below, at any time commencing on the later of 12 months from the closing of the Public Offering and 30 days
after the completion of our initial business combination, provided in each case that we have an effective registration statement
under the Securities Act covering the shares of Class A common stock issuable upon exercise of the warrants and a current
prospectus relating to them is available (or we permit holders to exercise their warrants on a cashless basis under the circumstances
specified in the Warrant Agreement) and such shares are registered, qualified or exempt from registration under the securities,
or blue sky, laws of the state of residence of the holder. Pursuant to the Warrant Agreement, a warrant holder may exercise its
warrants only for a whole number of shares of Class A common stock. This means only a whole warrant may be exercised at a
given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will
trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant. The warrants
will expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or
earlier upon redemption or liquidation.

 

    4

     

    

 

We will not be obligated
to deliver any 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 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 a share of Class A common
stock upon exercise of a warrant unless the share of 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 have agreed that
as soon as practicable, but in no event later than fifteen (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
Class A common stock issuable upon exercise of the warrants. We will use our best efforts to cause the same to become effective
and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration
or redemption of the warrants in accordance with the provisions of the Warrant Agreement. If a registration statement covering
the 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. Notwithstanding
the above, if our Class A common stock are at the time of any exercise of a warrant not listed on a national securities exchange
such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we
may, at our option, require holders of 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 lesser of (A) 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 and (B) 0.361. 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.

 

Redemption of warrants when
the price per share of Class A common stock equals or exceeds $18.00.

 

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

 

		●	in whole and not in part;

 

    5

     

    

 

		●	at a price of $0.01 per warrant;

 

		●	upon a minimum of 30 days’ prior written
notice of redemption to each warrant holder; and

 

		●	if, and only if, the closing price of the Class A
common stock for any 20 trading days within a 30-trading day period ending three trading days before we send the notice of
redemption to the warrant holders (which we refer to as the “Reference Value”) equals or exceeds $18.00 per share
(as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under
the heading “— Warrants — Public Stockholders’ Warrants — Anti-Dilution Adjustments”).

 

We will not redeem the
warrants as described above unless a registration statement under the Securities Act covering the issuance of the Class A
common stock issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A
common stock is available throughout the 30-day redemption period. 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 his, her or its warrant prior to the scheduled redemption date. Any such exercise
would not be done on a “cashless” basis and would require the exercising warrant holder to pay the exercise price for
each warrant being exercised. However, the price of the Class A common stock may fall below the $18.00 redemption trigger
price (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described
under the heading “— Warrants — Public Stockholders’ Warrants — Anti-dilution Adjustments”)
as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued.

 

Redemption of warrants when
the price per share of Class A common stock equals or exceeds $10.00.

 

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

 

		●	in whole and not in part;

 

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

 

		●	if, and only if, the Reference Value (as defined above
under “Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00”) equals
or exceeds $10.00 per public share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise
price of a warrant as described under the heading “— Warrants — Public Stockholders’ Warrants —
Anti-Dilution Adjustments”); and

 

		●	if the Reference Value is less than $18.00 per share
(as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under
the heading “— Warrants — Public Stockholders’ Warrants — Anti-Dilution Adjustments”),
the private placement warrants must also be concurrently called for redemption on the same terms (except as described above with
respect to a holder’s ability to cashless exercise its warrants) as the outstanding public warrants, as described above.

 

Beginning on the date
the notice of redemption is given until the warrants are redeemed or exercised, holders may elect to exercise their warrants on
a cashless basis. The numbers in the table below represent the number of shares of Class A common stock that a warrant holder
will receive upon such cashless exercise in connection with a redemption by us pursuant to this redemption feature, based on the
“fair market value” of our Class A common stock on the corresponding redemption date (assuming holders elect to
exercise their warrants and such warrants are not redeemed for $0.10 per warrant), determined for these purposes based on volume
weighted average price of our Class A common stock during the 10 trading days immediately following the date on which the
notice of redemption is sent to the holders of warrants, and the number of months that the corresponding redemption date precedes
the expiration date of the warrants, each as set forth in the table below. We will provide our warrant holders with the final fair
market value no later than one business day after the 10-trading day period described above ends. Pursuant to the Warrant
Agreement, references above to Class A common stock shall include a security other than Class A common stock into which
the Class A common stock have been converted or exchanged for in the event we are not the surviving company in our initial
business combination. The numbers in the table below will not be adjusted when determining the number of shares of Class A
common stock to be issued upon exercise of the warrants if we are not the surviving entity following our initial business combination.

 

    6

     

    

 

The share prices set
forth in the column headings of the table below will be adjusted as of any date on which the number of shares issuable upon exercise
of a warrant or the exercise price of a warrant is adjusted as set forth under the heading “— Anti-dilution Adjustments”
below. If the number of shares issuable upon exercise of a warrant is adjusted, the adjusted stock prices in the column headings
will equal the stock prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the exercise
price of the warrant after such adjustment and the denominator of which is the exercise price of the warrant immediately prior
to such adjustment. In such an event, the number of shares in the table below shall be adjusted by multiplying such share amounts
by a fraction, the numerator of which is the number of shares deliverable upon exercise of a warrant immediately prior to such
adjustment and the denominator of which is the number of shares deliverable upon exercise of a warrant as so adjusted. If the exercise
price of a warrant is adjusted, (a) in the case of an adjustment pursuant to the fifth paragraph under the heading “—
Anti-dilution Adjustments” below, the adjusted share prices in the column headings will equal the unadjusted share price
multiplied by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued Price as set forth under
the heading “— Anti-dilution Adjustments” and the denominator of which is $10.00 and (b) in the case
of an adjustment pursuant to the second paragraph under the heading “— Anti-dilution Adjustments” below,
the adjusted share prices in the column headings will equal the unadjusted share price less the decrease in the exercise price
of a warrant pursuant to such exercise price adjustment.

 

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

 

    7

     

    

 

The exact fair market
value and redemption date may not be set forth in the table above, in which case, if the fair market value is between two values
in the table or the redemption date is between two redemption dates in the table, the number of shares of Class A common stock
to be issued for each warrant exercised will be determined by a straight-line interpolation between the number of shares set
forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or
366-day year, as applicable. For example, if the volume weighted average price of our Class A common stock during the
10 trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is $11.00
per share, and at such time there are 57 months until the expiration of the warrants, holders may choose to, in connection
with this redemption feature, exercise their warrants for 0.277 Class A common stock for each whole warrant. For an example
where the exact fair market value and redemption date are not as set forth in the table above, if the volume weighted average price
of our Class A common stock during the 10 trading days immediately following the date on which the notice of redemption is
sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months until the expiration of the
warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.298 Class A common
stock for each whole warrant. In no event will the warrants be exercisable on a cashless basis in connection with this redemption
feature for more than 0.361 shares of Class A common stock per warrant (subject to adjustment). Finally, as reflected
in the table above, if the warrants are out of the money and about to expire, they cannot be exercised on a cashless basis in connection
with a redemption by us pursuant to this redemption feature, since they will not be exercisable for any shares of Class A
common stock.

 

This redemption feature
differs from the typical warrant redemption features used in other blank check offerings, which typically only provide for a redemption
of warrants for cash (other than the private placement warrants) when the trading price for the Class A common stock exceeds
$18.00 per share for a specified period of time. This redemption feature is structured to allow for all of the outstanding warrants
to be redeemed when the Class A common stock are trading at or above $10.00 per share, which may be at a time when the trading
price of our Class A common stock is below the exercise price of the warrants. We have established this redemption feature
to provide us with the flexibility to redeem the warrants without the warrants having to reach the $18.00 per share threshold set
forth above under “— Redemption of warrants when the price per share of Class A common stock equals or exceeds
$18.00.” Holders choosing to exercise their warrants in connection with a redemption pursuant to this feature will, in effect,
receive a number of shares for their warrants based on an option pricing model with a fixed volatility input as of the date of
this prospectus. This redemption right provides us with an additional mechanism by which to redeem all of the outstanding warrants,
and therefore have certainty as to our capital structure as the warrants would no longer be outstanding and would have been exercised
or redeemed and we will be required to pay the applicable redemption price to warrant holders if we choose to exercise this redemption
right and it will allow us to quickly proceed with a redemption of the warrants if we determine it is in our best interest to do
so. As such, we would redeem the warrants in this manner when we believe it is in our best interest to update our capital structure
to remove the warrants and pay the applicable redemption price to the warrant holders.

 

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

 

No fractional Class A
common stock will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a
share, we will round down to the nearest whole number of the number of Class A common stock to be issued to the holder. If,
at the time of redemption, the warrants are exercisable for a security other than the shares of 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.

 

    8

     

    

 

Redemption Procedures

 

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

 

Anti-Dilution Adjustments

 

If the number of outstanding
shares of Class A common stock is increased by a stock capitalization or stock dividend payable in shares of Class A
common stock, or by a split-up of common stock or other similar event, then, on the effective date of such stock capitalization
or 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 common stock. A rights offering made to all
or substantially all holders of common stock entitling holders to purchase Class A common stock at a price less than the “historical
fair market value” (as defined below) 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 minus the quotient of (x) the price per share of Class A common stock paid in such rights offering
and (y) the historical 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) “historical fair market value” means the volume weighted average price of Class A common stock as reported
during the 10 trading day period ending on the trading day prior to the first date on which the 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 all or substantially all of the holders of the Class A common stock on account of such Class A common stock
(or other securities into which the warrants are convertible), other than (a) as described above, (b) any cash dividends
or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid on the
Class A common stock during the 365-day period ending on the date of declaration of such dividend or distribution does
not exceed $0.50 (as adjusted to appropriately reflect any other adjustments and excluding cash dividends or cash distributions
that resulted in an adjustment to the exercise price or to the number of shares of Class A common stock issuable on exercise
of each warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than
$0.50 per share, (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 (A) to modify the substance or timing
of our obligation to provide holders of our Class A common stock the right to have their shares redeemed in connection with
our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination
by December 15, 2022 or (B) with respect to any other provisions 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 Class A common stock is decreased by a consolidation, combination, reverse stock split or reclassification 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.

 

    9

     

    

 

In addition, if (x) we
issue additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection
with the closing of our initial business combination at 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 our board of directors and, in the case of any such
issuance to our initial stockholders or their respective 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 consummation of our initial business combination (net of
redemptions), and (z) the volume weighted average trading price of our Class A common stock during the 20 trading day
period starting on the trading day prior to the day on which we consummate 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, the $18.00 per share redemption trigger price described above
under “— Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00”
will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the
$10.00 per share redemption trigger price described above under “— Redemption of warrants when the price per share
of Class A common stock equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of
the Market Value and the Newly Issued Price.

 

In case of any reclassification
or reorganization of the outstanding Class A common stock (other than those described above or that solely affects the par
value of such 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 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 Class A common stock immediately theretofore purchasable and receivable
upon the exercise of the rights represented thereby, the kind and amount of shares of Class A common stock or other securities
or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution
following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants
immediately prior to such event. If less than 70% of the consideration receivable by the holders of Class A common stock in
such a transaction is payable in the form of Class A common stock in the successor entity that is listed for trading on a
national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or
quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within thirty
days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the Warrant Agreement
based on the Black-Scholes Warrant Value (as defined in the Warrant Agreement) of the warrant. 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, and that all other modifications or amendments will require the vote or written consent
of the holders of at least 50% of the then outstanding public warrants, and, solely with respect to any amendment to the terms
of the private placement warrants, a majority of the then outstanding private placement warrants. You should review a copy of the
Warrant Agreement, which is filed as an exhibit to this Form 10-K, for a complete description of the terms and conditions applicable
to the warrants.

 

The warrants may be
exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with
the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment
of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number
of warrants being exercised. The warrant holders do not have the rights or privileges of holders of common stock and any voting
rights until they exercise their warrants and receive Class A common stock. After the issuance of Class A common stock
upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted
on by stockholders.

 

    10

     

    

 

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.

 

Private Placement Warrants

 

Except as described
below, the private placement warrants have terms and provisions that are identical to those of the warrants sold as part of the
units in the Public Offering. The private placement warrants (including the Class A common stock issuable upon exercise of
the private placement warrants) are not transferable, assignable or salable until 30 days after the completion of our initial
business combination (except pursuant to limited exceptions as described under “Principal Shareholders — Transfers
of Founder Shares and Private Placement Warrants,” to our officers and directors and other persons or entities affiliated
with the initial purchasers of the private placement warrants) and they will not be redeemable by us so long as they are held by
our sponsor or its permitted transferees (except as otherwise set forth herein). Our sponsor, or its permitted transferees, has
the option to exercise the private placement warrants on a cashless basis. If the private placement warrants are held by holders
other than our sponsor or its permitted transferees, the private placement warrants will be redeemable by us in all redemption
scenarios and exercisable by the holders on the same basis as the warrants included in the units sold in the Public Offering.

 

If holders of the private
placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its
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 “Sponsor fair
market value” (defined below) over the exercise price of the warrants by (y) the Sponsor fair market value. For these
purposes, the “Sponsor fair market value” shall mean the average reported closing price of the Class A common
stock for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent
to the warrant agent. The reason that we have agreed that these warrants will be exercisable on a cashless basis so long as they
are held by our sponsor and its permitted transferees is because it is not known at this time whether they will be affiliated with
us following a business combination. If they remain affiliated with us, their ability to sell our securities in the open market
will be significantly limited. We have policies in place that restrict insiders from selling our securities except during specific
periods of time. Even during such periods of time when insiders will be permitted to sell our securities, an insider cannot trade
in our securities if he or she is in possession of material non-public information. Accordingly, unlike public stockholders
who could exercise their warrants and sell the Class A common stock received upon such exercise freely in the open market
in order to recoup the cost of such exercise, the insiders could be significantly restricted from selling such securities. As a
result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate.

 

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 $1,500,000 of such loans may be convertible into warrants of the post business combination entity at a price of $1.00 per
warrant at the option of the lender. Such warrants would be identical to the private placement warrants.

 

Our initial stockholders
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, transfers can be made to our officers and directors and other persons or entities
affiliated with the sponsor.

 

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 a business combination.
The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and
general financial condition subsequent to completion of a business combination. The payment of any cash dividends subsequent to
a business combination will be within the discretion of our board of directors at such time. If we incur any indebtedness, our
ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

 

    11

     

    

 

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 or intentional misconduct of the indemnified
person or entity. Continental Stock Transfer & Trust Company has agreed that it has no right of set-off or any right,
title, interest or claim of any kind to, or to any monies in, the trust account, and has irrevocably waived any right, title, interest
or claim of any kind to, or to any monies in, the trust account that it may have now or in the future. Accordingly, any indemnification
provided will only be able to be satisfied, or a claim will only be able to be pursued, solely against us and our assets outside
the trust account and not against the any monies in the trust account or interest earned thereon.

 

Amended and Restated Certificate of
Incorporation

 

Our amended and restated
certificate of incorporation contains certain requirements and restrictions relating to the 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 20% of our common stock, may participate
in any vote to amend our amended and restated certificate of incorporation and will have the discretion to vote in any manner they
choose. Specifically, our amended and restated certificate of incorporation provides, among other things, that:

 

		●	If we are unable to complete our initial business
combination by December 15, 2022, 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 interest earned on the funds held in the
trust account and not previously released to us to pay our taxes (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), and (iii) as promptly
as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors,
liquidate and dissolve, subject in each case to our obligations under Delaware law to provide for claims of creditors and in all
cases subject to the requirements of other applicable law;

 

		●	Prior to our initial business combination, we may
not issue additional securities that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote
as a class with our public shares (a) on our initial business combination or (b) to approve an amendment to our amended
and restated certificate of incorporation to (x) extend the time we have to consummate a business combination beyond 24 months
from the closing of the Public Offering or (y) amend the foregoing provisions;

 

		●	Although we do not intend to enter into a business
combination with a target business that is affiliated with our sponsor, our directors or our executive 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 which is a member of FINRA or a valuation or appraisal firm that such a business combination
is fair to our company from a financial point of view;

 

		●	If a stockholder vote on our initial business combination
is not required by law and we do not decide to hold a stockholder vote for business or other 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 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;

 

    12

     

    

 

		●	We must consummate an initial business combination
with one or more operating businesses or assets with a fair market value of at least 80% of the assets held in the trust account
(net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting
commissions) at the time of the agreement to enter into the initial business combination;

 

		●	If our stockholders approve an amendment to our amended
and restated certificate of incorporation to modify the substance or timing of our obligation to allow redemption in connection
with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination
by December 15, 2022, or with respect to any other provisions relating to stockholders’ rights or pre-initial business
combination activity, we will provide our public stockholders with the opportunity to redeem all or a portion of their 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,
divided by the number of then outstanding public shares, subject to the limitations described herein; 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.

 

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

 

We will be subject to
the provisions of Section 203 of the DGCL regulating corporate takeovers upon completion of the Public Offering. 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;

 

    13

     

    

 

		●	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, unless we consent in writing to the selection of an alternative forum, that (i) any
derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed
by any director, officer or other employee to us or our stockholders, (iii) any action asserting a claim against us, our directors,
officers or employees arising pursuant to any provision of the DGCL or our amended and restated certificate of incorporation or
bylaws, or (iv) any action asserting a claim against us, our directors, officers or employees governed by the internal affairs
doctrine may be brought only in the Court of Chancery in the State of Delaware, except any claim (A) as to which the Court
of Chancery of 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, although our stockholders
will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder.

 

Notwithstanding the
foregoing, our amended and restated certificate of incorporation provides that the exclusive forum provision will not apply to
suits brought to enforce a duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive
jurisdiction. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any
duty or liability created by the Exchange Act or the rules and regulations thereunder. Additionally, unless we consent in writing
to the selection of an alternative forum, the federal courts shall be the exclusive forum for the resolution of any complaint asserting
a cause of action arising under the Securities Act against us or any of our directors, officers, other employees or agents. Any
person or entity purchasing or otherwise acquiring any interest in our securities shall be deemed to have notice of and consented
to these provisions.

 

Special Meeting of Stockholders

 

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

 

Advance Notice Requirements
for Stockholder Proposals and Director Nominations

 

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

 

    14

     

    

 

Action by Written Consent

 

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

 

Classified Board of Directors

 

Our board of directors
will initially be divided into three classes, Class I, Class II and Class III, with members of each class serving staggered three-year terms.
Our amended and restated certificate of incorporation provides that the authorized number of directors may be changed only by resolution
of the board of directors. Subject to the terms of any preferred stock, any or all of the directors may be removed from office
at any time, but only for cause and only by the affirmative vote of holders of a majority of the voting power of all then outstanding
shares of our capital stock entitled to vote generally in the election of directors, voting together as a single class. Any vacancy
on our board of directors, including a vacancy resulting from an enlargement of our board of directors, may be filled only by vote
of a majority of our directors then in office.

 

Class B Common Stock
Consent Right

 

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

 

Securities Eligible for Future Sale

 

Immediately after the
Public Offering we had 51,750,000 shares of common stock outstanding. Of these shares, the shares of Class A common stock
sold in the Public Offering (41,400,000 shares) are freely tradable without restriction or further registration under the
Securities Act, except for any Class A common stock purchased by one of our affiliates within the meaning of Rule 144
under the Securities Act. All of the outstanding founder shares (10,350,000 founder shares) and all of the outstanding private
placement warrants (10,280,000 warrants) are restricted securities under Rule 144, in that they were issued in private transactions
not involving a public offering.

 

Rule 144

 

Pursuant to Rule 144,
a person who has beneficially owned restricted shares or warrants for at least six months would be entitled to sell their securities
provided that (i) such person is not deemed to have been one of our affiliates at the time of, or at any time during the three
months preceding, a sale and (ii) we are subject to the Exchange Act periodic reporting requirements for at least three months
before the sale and have filed all required reports under Section 13 or 15(d) of the Exchange Act during the 12 months
(or such shorter period as we were required to file reports) preceding the sale.

 

Persons who have beneficially
owned restricted shares or warrants for at least six months but who are our affiliates at the time of, or at any time during the
three months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within
any three-month period only a number of securities that does not exceed the greater of:

 

		●	1% of the total number of shares of common stock then
outstanding, which will equal 414,000 shares immediately after the Public Offering; or

 

		●	the average weekly reported trading volume of the
Class A common stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the
sale.

 

    15

     

    

 

Sales by our affiliates
under Rule 144 are also limited by manner of sale provisions and notice requirements and to the availability of current public
information about us.

 

Restrictions on the Use
of Rule 144 by Shell Companies or Former Shell Companies

 

Rule 144 is not
available for the resale of securities initially issued by shell companies (other than business combination related shell companies)
or issuers that have been at any time previously a shell company. However, Rule 144 also includes an important exception to
this prohibition if the following conditions are met:

 

		●	the issuer of the securities that was formerly a shell
company has ceased to be a shell company;

 

		●	the issuer of the securities is subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act;

 

		●	the issuer of the securities has filed all Exchange
Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that
the issuer was required to file such reports and materials), other than Form 8-K reports; and

 

		●	at least one year has elapsed from the time that the
issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.

 

		●	As a result, our initial stockholders will be able
to sell their founder shares and private placement warrants, as applicable, pursuant to Rule 144 without registration one
year after we have completed our initial business combination.

 

Registration Rights

 

The holders of (i) the
founder shares and (ii) the private placement warrants, including any private placement warrants that may be issued upon conversion
of working capital loans (and the shares of Class A common stock issuable upon exercise of such warrants) have registration
rights to require us to register a sale of any of our securities held by them prior to the consummation of our initial business
combination pursuant to a registration rights agreement. Pursuant to the registration rights agreement and assuming the underwriters
exercise their over-allotment option in full and $1.5 million of working capital loans are converted into private placement
warrants, we will be obligated to register up to 22,130,000 shares of Class A common stock and 11,780,000 warrants. The
number of shares of Class A common stock includes (i) 10,350,000 shares of Class A common stock to be issued upon
conversion of the founder shares, (ii) 10,280,000 shares of Class A common stock underlying the private placement warrants
and (iii) 1,500,000 shares of Class A common stock underlying the private placement warrants issued upon conversion of
working capital loans. The number of warrants includes 10,280,000 private placement warrants and 1,500,000 private placement warrants
issued upon conversion of working capital loans. The holders of these securities are entitled to make up to three demands, excluding
short form demands, that we register such securities. In addition, the holders have certain “piggy-back” registration
rights with respect to registration statements filed subsequent to our completion of our initial business combination. We will
bear the expenses incurred in connection with the filing of any such registration statements.

 

Listing of Securities

 

Our units, Class A common
stock and warrants are currently listed on Nasdaq under the symbol “SNRHU,” “SNRH” and “SNRHW,”
respectively.

 

 

16

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