Document:

Exhibit
4.5

 

DESCRIPTION
OF REGISTRANT’S SECURITIES

 

As
of the date of the Annual Report on Form 10-K for the year ended December 31, 2021 (the “Report”) of Social Leverage Acquisition
Corp. I, a Delaware corporation (“we,” “us,” “our” or “the Company”), of which this exhibit
forms a part, the Company had the following three classes of securities registered under Section 12 of the Securities Exchange Act of
1934, as amended (the “Exchange Act”): (i) its units, consisting of one share of Class A common stock (as defined below)
and one-fourth of one redeemable warrant (as defined below), with each whole warrant entitling the holder thereof to purchase one share
of Class A common stock (the “units”), (ii) its Class A common stock, $0.0001 par value per share (“Class A common
stock”), and (iii) its public warrants, with each whole warrant exercisable for one share of Class A common stock for $11.50 per
share (the “warrants”). The following description summarizes the material terms of our capital stock and does not purport
to be complete. It is subject to, and qualified in its entirety by reference to, our amended and restated certification of incorporation,
our bylaws and our warrant agreement, each of which is incorporated by reference as an exhibit to the Report. Defined terms used herein
but not otherwise defined shall have the meaning ascribed to such terms in the Report

 

Pursuant
to the Company’s amended and restated certificate of incorporation, the Company is authorized to issue 80,000,000 shares
of Class A common stock with a par value of $0.0001 per share, 20,000,000 shares of Class B common stock with a par value of
$0.0001 per share and 1,000,000 shares of preferred stock, par value $0.0001 per share.

 

Units

 

Each
unit consists of one share of Class A common stock and one-fourth 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 company’s shares of Class A common stock.
Holders will 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 shares of Class A common stock and warrants. Additionally,
the units will automatically separate into their component parts and will not be traded after completion of our initial business combination.
No fractional warrants will be issued upon separation of the units and only whole warrants will trade.

 

Common
Stock

 

Common
stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders and vote together as
a single class, except as required by law; provided, that, prior to our initial business combination, holders of our Class B common
stock will have the right to elect all of our directors and remove members of the board of directors for any reason, and holders of our
Class A common stock will not be entitled to vote on the election of directors during such time. These provisions of our amended
and restated certificate of incorporation may only be amended if approved by holders of a majority of at least 90% of the outstanding
shares of our common stock voting at a stockholder meeting. On any other matter submitted to a vote of our stockholders, holders of our
Class B common stock and holders of our Class A common stock will vote together as a single class, except as required by applicable
law or stock exchange rule.

 

Unless
specified in our amended and restated certificate of incorporation or bylaws, or as required by applicable law or stock exchange rules,
the affirmative vote of holders of a majority of the outstanding shares of our common stock that are voted is required to approve any
such matter voted on by our stockholders, and, prior to our initial business combination, the affirmative vote of holders of a majority
of the outstanding shares of our Class B common stock is required to approve the election or removal of directors. There is no cumulative
voting with respect to the election of directors, with the result that the holders of more than 50% of the Class B common stock
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 80,000,000 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.

 

In
accordance with the NYSE corporate governance requirements, we are not required to hold an annual meeting until one year after our first
fiscal year end following our listing on the NYSE. 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 funds
in the trust account (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares,
subject to the limitations described herein. The per-share amount we will distribute to investors who properly redeem their shares will
not be reduced by the deferred underwriting commissions we will pay to the underwriters. The redemption rights will include the requirement
that a beneficial owner must identify itself in order to validly redeem its shares. Our initial stockholders, directors and officers
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 held by them in connection with the completion of our initial business combination or certain amendments
to our amended and restated certificate of incorporation. Permitted transferees of our initial stockholders, directors or officers will
be subject to the same obligations.

 

Unlike
some blank check companies that hold stockholder votes and conduct proxy solicitations in conjunction with their initial business combinations
and provide for related redemptions of public shares for cash upon completion of such initial business combinations even when a vote
is not required by applicable law or stock exchange listing requirements, if a stockholder vote is not required by applicable law or
stock exchange listing requirements 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 the initial
business combination and the redemption rights as is required under the SEC’s proxy rules. If, however, a stockholder approval
of the transaction is required by applicable law or stock exchange listing requirements, or we decide to obtain stockholder approval
for business or other reasons, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation
pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek stockholder approval, we will complete our initial
business combination only if a majority of the outstanding shares of our common stock voted are voted in favor of the business combination.
A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of the company
representing a majority of the voting power of all outstanding shares of capital stock of the company entitled to vote at such meeting.
However, the participation of our sponsor, directors, officers, advisors or any of their respective affiliates in privately-negotiated
transactions, if any, could result in the approval of our initial business combination even if a majority of our public stockholders
vote, or indicate their intention to vote, against such business combination. For purposes of seeking approval of the majority of our
issued and outstanding shares of common stock, non-votes will have no effect on the approval of our initial business combination once
a quorum is obtained. We intend to give not less than ten days nor more than 60 days prior written notice of any such meeting, if
required, at which a vote shall be taken to approve our initial business combination. These quorum and voting thresholds, and the voting
agreements of our initial stockholders, may make it more likely that we will consummate our initial business combination.

 

    2

     

    

 

If
we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business
combination pursuant to the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder,
together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group”
(as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate
of 15% of the shares of common stock sold in our initial public offering (“Initial Public Offering”), which we refer to as
the “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 the business combination. 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 (and their permitted transferees will agree), pursuant to the terms of a letter agreement entered into with us, to vote any founder
shares and any public shares held by them in favor of our initial business combination.

 

Pursuant
to our amended and restated certificate of incorporation, if we have not completed our initial business combination within 24 months
from the closing of our Initial Public Offering or during any Extension Period, we will (1) cease all operations except for the
purpose of winding up, (2) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the
public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest
earned on funds held in the trust account (net of taxes payable and less up to $100,000 of interest to pay dissolution expenses), divided
by the number of then issued and outstanding public shares, which redemption will completely extinguish public stockholders’ rights
as stockholders (including the right to receive further liquidating distributions, if any), and (3) 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, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed
to waive their rights to liquidating distributions from the trust account with respect to any founder shares held by them if we fail
to complete our initial business combination within 24 months from the closing of our Initial Public Offering or during any Extension
Period. However, if our initial stockholders, officers and directors acquire public shares, 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 at such time will
be entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision
is made for each class of stock, if any, having preference over the common stock. Our stockholders have no preemptive or other subscription
rights. There are no sinking fund provisions applicable to the common stock, except that we will provide our stockholders with the opportunity
to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, including
interest (which interest shall be net of taxes payable), upon the completion of our initial business combination, subject to the limitations
described in the Report.

 

    3

     

    

 

Founder
Shares

 

The
founder shares are designated as shares of Class B common stock and are identical to the shares of Class A common stock included
in the units sold in our Initial Public Offering, and holders of founder shares have the same stockholder rights as public stockholders,
except that: (1) prior to our initial business combination, only holders of our Class B common stock have the right to vote
on the election of directors and holders of a majority of our outstanding shares of Class B common stock may remove a member of
the board of directors for any reason; (2) the founder shares are subject to certain transfer restrictions contained in a letter
agreement that our initial stockholders, directors and officers have entered into with us; (3) pursuant to such letter agreement,
our initial stockholders, directors and officers have agreed to waive: (i) their redemption rights with respect to any founder shares
and public shares held by them, as applicable, in connection with the completion of our initial business combination; (ii) their
redemption rights with respect to any founder shares and public shares held by them 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 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
within 24 months from the closing of our Initial Public Offering or (B) with respect to any other provision relating to stockholders’
rights or pre-initial business combination activity; and (iii) 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 within 24 months from the closing
of our Initial Public Offering 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 the prescribed time
frame); (4) the founder shares will automatically convert into shares of our Class A common stock at the time of our initial business
combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution
rights, as described in more detail below; and (5) the founder shares are entitled to registration rights. If we submit our initial
business combination to our public stockholders for a vote, our initial stockholders have agreed (and their permitted transferees will
agree), pursuant to the terms of a letter agreement entered into with us, to vote their founder shares and any public shares held by
them purchased during or after our Initial Public Offering in favor of our initial business combination.

 

The
shares of Class B common stock will automatically convert into shares of Class A common stock at the time of our initial business
combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment as provided herein. In the case that
additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts issued
in our Initial Public Offering and related to the closing of our initial business combination, the ratio at which the shares of Class B
common stock will convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the issued and
outstanding shares of Class B common stock agree to waive such anti-dilution adjustment with respect to any such issuance or deemed
issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock
will equal, in the aggregate, on an as-converted basis, 20% of the sum of all common stock issued and outstanding upon the completion
of our Initial Public Offering plus all shares of Class A common stock (net of the number of shares of Class A common stock
redeemed in connection with our initial business combination) and equity-linked securities issued or deemed issued in connection with
our initial business combination, excluding any shares or equity-linked securities issued, or to be issued, to any seller in our initial
business combination.

 

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

 

Redeemable
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 30 days after the completion of our initial business combination
or 12 months from the closing of our Initial Public Offering, except as described below. Pursuant to the warrant agreement, a warrant
holder may exercise its warrants only for a whole number of shares of Class A common stock. The warrants will expire at 5:00 p.m.,
New York City time, on the fifth anniversary of our completion of an initial business combination, or earlier upon redemption or
liquidation.

 

    4

     

    

 

We
will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation
to settle such warrant exercise unless a registration statement under the Securities Act of 1933 (the “Securities Act”) covering
the issuance of the shares of Class A common stock issuable upon exercise of the warrants is then effective and a prospectus relating
thereto is current, subject to our satisfying our obligations described below with respect to registration, or a valid exemption from
registration is available, including in connection with a cashless exercise permitted as a result of a notice of redemption described
below under “Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00.” No warrant
will be exercisable for cash or on a cashless basis, and we will not be obligated to issue any shares to holders seeking to exercise
their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state
of the exercising holder, or an exemption is available. 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 the event that a warrant is not exercisable, 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.

 

No
public warrants will be exercisable for cash unless we have an effective and current registration statement covering the warrant shares
issuable upon exercise of the warrants and a current prospectus relating to such warrant shares. Notwithstanding the foregoing, if a
registration statement covering the issuance of the warrant shares issuable upon exercise of the public warrants is not effective within
60 days from the closing of our initial business combination, warrant holders may, until such time as there is an effective registration
statement and during any period when we shall have failed to maintain an effective registration statement or a current prospectus, exercise
warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act. If an exemption from registration
is not available, holders will not be able to exercise their warrants on a cashless basis. In no event will we be required to net cash
settle any warrant, or issue securities or other compensation in exchange for the warrants in the event that we are unable to register
or qualify the shares underlying the warrants under the Securities Act or applicable state securities laws.

 

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 warrants (except as described herein with respect to the private placement warrants):

 

		●	in
whole and not in part;

 

		●	at
a price of $0.01 per warrant;

 

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

 

		●	if,
and only if, the last reported sale price of our Class A common stock for any 20-trading days within a 30-trading day period ending
on the third trading day prior to the date on which we send the notice of redemption to the warrant holders (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).

 

    5

     

    

 

We
will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance of the
shares of 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 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. 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 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 to each warrant holder provided that holders
will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference
to the table below, based on the redemption date and the “fair market value” of our Class A common stock (as defined
below) 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 share (as adjusted for adjustments to the number of shares issuable
upon exercise or the exercise price of a warrant); 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, the private placement warrants must also be concurrently called for redemption on the same terms as the
outstanding public warrants, as described above.

 

Holders
may elect to exercise their warrants on a cashless basis at any time after we have given the notice of redemption and prior to the applicable
redemption date. 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 ten trading days immediately following the date on which the notice of redemption is sent to the
holders of warrants, and the number of months that the corresponding redemption date precedes the expiration date of the warrants, each
as set forth in the table below. We will provide our warrant holders with the final fair market value no later than one business day
after the ten-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 share prices in the column
headings will equal the share prices immediately prior to such adjustment, multiplied 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. The number of shares in the table below shall be adjusted in the same manner and
at the same time as the number of shares issuable upon exercise of a warrant. 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.

 

	Redemption Date (period to

    expiration of warrants)	 	Fair
    Market Value of Class A Common Stock
	≤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 (calculated for purposes of the table as the period to expiration of the warrants) 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 ten trading days immediately following the date on which the notice
of redemption is sent to the holders of the warrants is $11.00 per share, and at such time there are 57 months until the expiration of
the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 shares of Class A
common stock for each whole warrant. For an example where the exact fair market value and redemption date are not as set forth in the
table above, if the volume weighted average price of our Class A common stock during the ten trading days immediately following
the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share, and at such time there are 38
months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants
for 0.298 shares of Class A common stock for each whole warrant. In no event will the warrants be exercisable in connection with
this redemption feature for more than 0.361 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 some 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 shares of 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. This redemption right provides us with an
additional mechanism by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as
the warrants would no longer be outstanding and would have been exercised or redeemed. We will be required to pay the applicable redemption
price to warrant holders if we choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of
the warrants if we determine it is in our best interest to do so. As such, we would redeem the warrants in this manner when we believe
it is in our best interest to update our capital structure to remove the warrants and pay the redemption price to the warrant holders.

 

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

 

No
fractional shares of Class A common stock will be issued upon exercise. If, upon exercise, a holder would be entitled to receive
a fractional interest in a share, we will round down to the nearest whole number of the number of shares of 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 shares
of Class A common stock, the Company (or surviving company) will use its commercially reasonable efforts to register under the Securities
Act the security issuable upon the exercise of the warrants.

 

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

 

    8

     

    

 

Anti-dilution
Adjustments.    If the number of issued and outstanding shares of Class A common stock is increased by a
stock dividend payable in shares of Class A common stock, or by a split-up of shares of Class A common stock or other similar
event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Class A common stock
issuable on exercise of each warrant will be increased in proportion to such increase in the issued and outstanding shares of Class A
common stock. A rights offering made to all or substantially all holders of Class A common stock entitling holders to purchase shares
of Class A common stock at a price less than the “historical fair market value” (as defined below) will be deemed a
share dividend of a number of shares of Class A common stock equal to the product of (1) 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 shares of Class A common stock) and (2) one minus the quotient of (x) the price per
share of Class A common stock paid in such rights offering divided by (y) the historical fair market value. For these purposes,
(1) if the rights offering is for securities convertible into or exercisable for shares of 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 (2) “historical fair market value” means the volume
weighted average price of Class A common stock during the ten-trading day period ending on the trading day prior to the first date
on which the shares of Class A common stock trade on the applicable exchange or in the applicable market, regular way, without the
right to receive such rights.

 

In
addition, if we, at any time while the warrants are outstanding and unexpired, pay to all or substantially all of the holders of Class A
common stock a dividend or make a distribution in cash, securities or other assets to the holders of Class A common stock on account
of such shares of Class A common stock (or other 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 for stock splits, stock dividends, reorganizations, recapitalizations and the like)
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 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 within 24 months from the closing of the Initial Public Offering or (B) with respect to any other provision relating
to stockholders’ rights or pre-initial business combination activity, or (e) in connection with the redemption of our public
shares upon our failure to complete our initial business combination, then the warrant exercise price will be decreased, effective immediately
after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on
each shares of Class A common stock in respect of such event.

 

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

 

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

 

In
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 of Class A common stock (with such issue price or effective issue price to be determined in good faith by our board of directors
and, in the case of any such issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor
or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds
from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial
business combination on the date of the completion of our initial business combination (net of redemptions), and (z) the volume
weighted average trading price of our Class A common stock during the 20-trading day period starting on the trading day prior to
the day on which we 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 and $10.00 per share redemption trigger prices described above under “— Redemption of warrants
when the price per share of Class A common stock equals or exceeds $18.00” and “— 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
180% and 100%, respectively, of the higher of the Market Value and the Newly Issued Price.

 

    9

     

    

 

In
case of any reclassification or reorganization of the issued and outstanding shares of Class A common stock (other than those described
above or that solely affects the par value of such shares of Class A common stock), or in the case of any merger or consolidation
of us with or into another corporation (other than a merger or consolidation in which we are the continuing corporation and that does
not result in any reclassification or reorganization of our issued and outstanding shares of Class A common stock), or in the case
of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an
entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive,
upon the basis and upon the terms and conditions specified in the warrants and in lieu of the shares of our Class A common stock
immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares,
stock or other equity 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. However, if such holders were entitled to exercise a right of election as to the kind
or amount of securities, cash or other assets receivable upon such merger or consolidation, then the kind and amount of securities, cash
or other assets for which each warrant will become exercisable will be deemed to be the weighted average of the kind and amount received
per share by such holders in such merger or consolidation that affirmatively make such election, and if a tender, exchange or redemption
offer has been made to and accepted by such holders (other than a tender, exchange or redemption offer made by the company in connection
with redemption rights held by stockholders of the company as provided for in the company’s amended and restated certificate of
incorporation or as a result of the redemption of shares of Class A common stock by the company if a proposed initial business combination
is presented to the stockholders of the company for approval) under circumstances in which, upon completion of such tender or exchange
offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of
which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the
Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning
of Rule 13d-3 under the Exchange Act) more than 50% of the issued and outstanding shares of Class A common stock, the holder
of a warrant will be entitled to receive the highest amount of cash, securities or other property to which such holder would actually
have been entitled as a stockholder if such warrant holder had exercised the warrant prior to the expiration of such tender or exchange
offer, accepted such offer and all of the shares of Class A common stock held by such holder had been purchased pursuant to such
tender or exchange offer, subject to adjustment (from and after the consummation of such tender or exchange offer) as nearly equivalent
as possible to the adjustments provided for in the warrant agreement. Additionally, if less than 70% of the consideration receivable
by the holders of Class A common stock in such a transaction is payable in the form of common stock in the successor entity that
is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed
for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within
30 days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant
agreement based on the per share consideration minus Black-Scholes Warrant Value (as defined in the warrant agreement) of the warrant.

 

The
warrants will be issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as
warrant agent, and us. The warrant agreement provides that (a) the terms of the warrants may be amended without the consent of any
holder for the purpose of (i) curing any ambiguity or correct any mistake, including to conform the provisions of the warrant agreement
to the description of the terms of the warrants and the warrant agreement, or defective provision or (ii) adding or changing any
provisions with respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem
necessary or desirable and that the parties deem to not adversely affect the rights of the registered holders of the warrants and (b) all
other modifications or amendments require the vote or written consent of at least 65% of the then outstanding public warrants and, solely
with respect to any amendment to the terms of the private placement warrants or any provision of the warrant agreement with respect to
the private placement warrants, at least 65% of the then outstanding private placement warrants. You should review a copy of the warrant
agreement, which is filed as an exhibit to this Report, for a complete description of the terms and conditions applicable to the warrants.

 

    10

     

    

 

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 shares of Class A common stock. After the issuance of shares of Class A common stock upon exercise of the warrants,
each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders.

 

No
fractional warrants will be issued upon separation of the units and only whole warrants will trade.

 

We
have agreed that, subject to applicable law, any action, proceeding or claim against us arising out of or relating in any way to the
warrant agreement will be brought and enforced in the courts of the State of New York or the United States District Court for
the Southern District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum
for any such action, proceeding or claim. See “Risk Factors — Our warrant agreement designates the courts of the State
of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum
for certain types of actions and proceedings that may be initiated by holders of our warrants, which could limit the ability of warrant
holders to obtain a favorable judicial forum for disputes with our company.”

 

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 liabilities, including judgments, costs and reasonable counsel
fees that may arise out of acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence,
willful misconduct or bad faith of the indemnified person or entity.

 

Our
Amended and Restated Certificate of Incorporation

 

Our
amended and restated certificate of incorporation contains certain requirements and restrictions that will apply to us until the completion
of our initial business combination. These provisions (other than amendments relating to provisions governing the election or removal
of directors prior to our initial business combination, which require the approval of a majority of at least 90% of the outstanding shares
of our common stock voting in a stockholder meeting) cannot be amended without the approval of the holders of at least 65% of our outstanding
common stock. Our initial stockholders, who collectively beneficially own 20% of our shares of 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. Unless
specified in our amended and restated certificate of incorporation or bylaws, or as required by applicable law or stock exchange rules,
the affirmative vote of a majority of the outstanding shares of our common stock that are voted is required to approve any such matter
voted on by our stockholders, and, prior to our initial business combination, the affirmative vote of holders of a majority of the outstanding
shares of our Class B common stock is required to approve the election or removal of directors. Specifically, our amended and restated
certificate of incorporation provides, among other things, that:

 

		●	if
we have not completed our initial business combination within 24 months from the closing of our Initial Public Offering or during any
Extension Period, we will: (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible
but not more than ten business days thereafter, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the trust account, including interest earned on the funds in the trust account (net of taxes payable
and less up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding public shares,
which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further
liquidating distributions, if any); and (3) 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;

 

    11

     

    

 

		●	prior
to our initial business combination, we may not issue additional shares of capital stock that would entitle the holders thereof to (1) receive
funds from the trust account or (2) vote (a) on any initial business combination or (b) on any amendment to the articles
of our amended and restated certificate of incorporation that govern certain rights of holders related to our consummation of an initial
business combination;

 

		●	although
we do not intend to enter into a business combination with a target business that is affiliated with our sponsor, our directors or our
officers, we are not prohibited from doing so; and in the event we seek to enter into such a transaction, we, or a committee of independent
and disinterested directors, will obtain an opinion from an independent investment banking firm or another independent entity that commonly
renders valuation opinions that such initial business combination is fair to our company from a financial point of view

 

		●	if
a stockholder vote on our initial business combination is not required by law or stock exchange rules, if applicable, to approve the
proposed initial business combination 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;

 

		●	as
long as our securities are listed on the NYSE, our initial business combination must be with one or more operating businesses or assets
with a fair market value equal to at least 80% of the net assets held in trust (net of amounts disbursed to management for working capital
purposes and excluding the amount of any deferred underwriting discount held in trust);

 

		●	if
our stockholders approve an amendment to our amended and restated certificate of incorporation (A) 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 within 24 months from the closing of our Initial Public Offering or (B) with respect
to any other provision relating to stockholders’ rights or pre-initial business combination activity, we will provide our public
stockholders with the opportunity to redeem all or a portion of their shares of 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 funds held in the trust
account (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares; and

 

		●	we
will not effectuate our initial business combination solely 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 following such redemptions, or any greater net tangible
asset or cash requirement that may be contained in the agreement relating to the business combination.

 

    12

     

    

 

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

 

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

 

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

 

		●	an
affiliate of an interested stockholder; or

 

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

 

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

 

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

 

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

 

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

 

Our
authorized but unissued common stock and preferred stock are available for future issuances without stockholder approval 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.

 

Our
amended and restated certificate of incorporation provides that prior to our initial business combination, holders of our Class B
common stock will have the right to elect all of our directors and may remove members of our board of directors for any reason.

 

Exclusive
Forum for Certain Lawsuits

 

Our
amended and restated certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum,
the Court of Chancery of the State of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive forum for any
(1) derivative action or proceeding brought on behalf of our company, (2) action asserting a claim of breach of a fiduciary duty owed
by any director, officer, employee or agent of our company to our company or our stockholders, or any claim for aiding and abetting any
such alleged breach, (3) action asserting a claim against our company or any director, officer or employee of our company arising pursuant
to any provision of the DGCL or our amended and restated certificate of incorporation or our bylaws, or (4) action asserting a claim
against us or any director, officer or employee of our company governed by the internal affairs doctrine except for, as to each of (1)
through (4) above, any claim (A) as to which the Court of Chancery 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) or (B) which is vested in the exclusive jurisdiction of a court or forum other than the
Court of Chancery.

 

    13

     

    

 

Notwithstanding
the foregoing, the provisions of the preceding paragraph will not apply to suits brought to enforce any liability or duty created by
the Securities Act or the Exchange Act or otherwise arising under federal securities laws. Section 22 of the Securities Act creates concurrent
jurisdiction for federal and state courts over all claims brought to enforce any duty or liability created by the Securities Act or the
rules and regulations thereunder, and our amended and restated certificate of incorporation provides that the federal district courts
of the United States of America will, to the fullest extent permitted by law, be the sole and exclusive forum for resolving any complaint
asserting a cause of action arising under the federal securities laws, including the Securities Act and the rules and regulations thereunder,
unless we consent in writing to the selection of an alternative forum. Our decision to adopt such a federal forum provision followed
a decision by the Supreme Court of the State of Delaware holding that such provisions are facially valid under Delaware law. While there
can be no assurance that federal or state courts will follow the holding of the Delaware Supreme Court or determine that our federal
forum provision should be enforced in a particular case, application of our federal forum provision means that suits brought by our stockholders
to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder must be brought in federal court
and cannot be brought in state court. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all claims brought to
enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. Accordingly, actions by our stockholders
to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder must be brought in federal court.
Our stockholders will not be deemed to have waived our compliance with the federal securities laws and the regulations promulgated thereunder.

 

Although
we believe the forum selection provisions, to the extent enforceable, benefits us by providing increased consistency in the application
of Delaware law in the types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against our
directors, officers, other employees or stockholders. Furthermore, the enforceability of choice of forum provisions in other companies’
certificates of incorporation has been challenged in legal proceedings, and it is possible that a court could find these types of provisions
to be inapplicable or unenforceable.

 

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, if any.

 

Advance
Notice Requirements for Stockholder Proposals and Director Nominations

 

Our
bylaws provide for advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors,
other than nominations made by or at the direction of our board of directors or a committee of our board of directors. In order for any
matter to be “properly brought” before a meeting, a stockholder will have to comply with advance notice requirements and
provide us with certain information. Generally, to be timely, a stockholder’s notice must be received at our principal executive
offices not less than 90 days nor more than 120 days prior to the first 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 requirements as to the form and content of a stockholder’s
notice. Our bylaws allow the chairman of the meeting at a meeting of the stockholders to adopt rules and regulations for the conduct
of meetings which may have the effect of precluding the conduct of certain business at a meeting if the rules and regulations are not
followed. These provisions may also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect
the acquirer’s own slate of directors or otherwise attempting to influence or obtain control of us.

 

Action
by Written Consent

 

Any
action required or permitted to be taken by our 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 with respect to which
action may be taken by written consent.

 

 

 

14Exhibit 10.26

 

EMPLOYMENT
AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT, entered into July 16, 2015, by and between Virtual Piggy, Inc., a Delaware corporation (the "Company")
and Scott A McPherson (the "Employee").

 

WITNESSETH:

 

WHEREAS, the Company
wishes to employ the Employee as Chief Financial Officer of the Company and the Employee is willing to serve the Company in such capacity.

 

NOW, THEREFORE,
in consideration of the mutual covenants contained herein, and other good and valuable consideration, the parties hereto agree as follows:

 

Section 1.        Employment

 

The Company will
employ the Employee, and the Employee will perform services for the Company and its subsidiaries, on the terms and conditions set forth
in this Agreement.

 

Section 2.        Duties

 

The Employee will
serve the Company as its Chief Financial Officer. The Employee will have such duties and responsibilities as are assigned to him by the
Board of Directors of the Company commensurate with the Employee's position, including responsibility for all financial matters relating
to the Company and its subsidiaries, subject to the direction of the Board of Directors. The Employee will perform his duties hereunder
faithfully and to the best of his abilities and in furtherance of the business of the Company and its subsidiaries, and will devote his
business time, energy, attention and skill, as needed, to the business of the Company and its subsidiaries and to the promotion of its
interests, except as otherwise agreed by the Company.

 

Section 3.        Term

 

This Agreement
shall have an initial term of two years, beginning as of the Employee's first day of work, July 16, 2015 (the "Effective Date").
It shall renew for successive one-year periods unless
either party gives notice of an intent to not renew this Agreement at least 60 days prior to the renewal date. Notwithstanding the foregoing
Section 3, this Agreement and the Employee's employment hereunder shall be "at will" and is terminable at any time by either
party, without further economic obligation beyond the termination date except as required by law.

 

Section 4.        Salary

 

The
Employee will receive as compensation for his duties and obligations to the Company pursuant to this Agreement during its
effectiveness a base salary at the annual rate of (i) One Hundred Fifty Thousand Dollars ($150,000) until such time as the Company
is able to raise $3 million in either debt or equity, at which time the employee's compensation will be renegotiated to a higher
level more commensurate with his experience and position, payable in substantially equal installments in accordance with the
Company's standard payroll practices. It is agreed between the
parties that the Company will review the base annual salary annually and, in light of such review, may, after the initial increase
(but will not be obligated to), in the discretion of the Board of Directors of the Company or any Compensation Committee thereof,
increase such applicable annual base salary taking into account any change in the Employee's responsibilities, increases in the cost
of living, performance by the Employee, and other pertinent factors.

 

    	 	 	 

    	 

    

 

Bonus

 

The
Employee will be eligible for an annual bonus in the form of cash or Company common stock as determined at the sole discretion of the
Board of Directors of the Company or any Compensation Committee thereof.

 

Annual bonuses
payable hereunder shall be calculated after the close of the end of the calendar year, and thereafter paid in a single lump sum by no
later than the 15th day of the third month following the end of the calendar year in which the right to the bonus is no longer subject
to a substantial risk of forfeiture (as defined for purposes of Internal Revenue Code Section 409A, including Treasury Regulations Section
l.409A-l (d)).

 

Section 5.        Employee
Benefits

 

Subject
to any applicable probationary or similar periods, during the period of his employment with the Company, the Employee will be entitled
to participate in all employee benefit programs of the Company applicable to senior officers of the Company, as such programs may be in
effect from time to time. The Company will pay the employee's health benefits in full, until such
time as the Company raises $3 million in either
debt or equity, at which time the employee
will participate in the Company's health plan. Subject to any applicable probationary or similar periods,
during his period of employment with the Company, the Employee will also be entitled to participate in all retirement programs of the
Company for which current employees are eligible, as such programs may be in effect from time to time (including the Company's 401(k)
plan).

 

Section 6.        Business
Expenses

 

All
reasonable travel and other out-of-pocket expenses incidental to the rendering of services by the Employee hereunder will be paid by the
Company, and, if expenses are paid in the first instance by the Employee, the Company will reimburse him therefor upon presentation of
proper invoices, subject in each case to compliance with the Company's
reimbursement policies and procedures. All reimbursements will be paid in the same taxable year
in which the expense is incurred,
provided that expenses incurred toward the end of the calendar year that cannot administratively be reimbursed before the year end shall
be reimbursed by no later than March 15th of the calendar year following the calendar year
in which the expense was incurred.

 

Section 7.        Vacations
and Sick Leave

 

The Employee will
be entitled to holidays,
reasonable vacation
and reasonable sick leave each year, in accordance with policies of the Company, as
determined by the Board of Directors, provided, however, that the Employee will be entitled to a
minimum of four (4) weeks' vacation per year.

 

    	 	2	 

    	 

    

 

Section 8.        Confidential
Information

 

The Employee agrees
to keep secret and retain in the strictest confidence all confidential matters which relate to the Company or any affiliate of the Company,
including, without limitation, customer lists, client lists, trade secrets, pricing policies and other business affairs of the Company
and any affiliate of the Company learned by him from the Company or any such affiliate or otherwise before or after the date of this Agreement,
and not to disclose any such confidential matter to anyone outside the Company, or any of its affiliates, whether during or after his
period of service with the Company, except as may be required in the course of a legal or governmental proceeding. Upon request by the
Company, the Employee agrees to deliver promptly to the Company upon termination of his services for the Company, or at any time thereafter
as the Company may request, all Company or affiliate memoranda, notes, records, reports, manuals, drawings, designs, computer files in
any media and other documents (and all copies thereof) relating to the Company's or any affiliate's business and all property of the Company
or any affiliate associated therewith, which he may then possess or have under his control.

 

Section 9.        Successors
and Assigns

 

This Agreement
will be binding upon and inure to the benefit of the Employee, his heirs, executors, administrators and beneficiaries, and the Company
and its successors and assigns.

 

Section 10.        Governing
Law

 

This
Agreement will be governed by and construed and enforced in accordance
with the laws of the State of California, without reference to rules relating to conflicts of law.

 

Section 11.        Entire
Agreement

 

This
Agreement constitutes the full and complete understanding and agreement
of the parties and supersedes all prior understandings and agreements as to employment of the Employee.
 This Agreement cannot be amended, changed, modified or terminated without the written consent of
the parties hereto.

 

Section 12.        Waiver
of Breach

 

The
waiver of either party of a breach of any term of this Agreement will not operate nor be construed as
a waiver of any subsequent
breach thereof.

 

Section 13.        Notices

 

Any
notice, report, request or other communication given under this
Agreement will be written and will be effective upon delivery
when delivered personally, by overnight courier or by fax.
Unless otherwise notified by
any of the parties, notices
will be sent to
the parties as follows:

		(i)	if to the Employee, at the address set forth in the Company's records; and (ii)
if to the Company, to Virtual Piggy, Inc., 1221
Hermosa Avenue, Suite 210, Hermosa Beach, CA 90254, Attention: Board of Directors.

 

    	 	3	 

    	 

    

 

Section 14.        Severability

 

If any
one or more of the provisions contained in this Agreement will be invalid, illegal or unenforceable in any respect under any
applicable law, the validity, legality and enforceability of the remaining provisions contained herein will not in any way be
affected or impaired thereby.

 

Section 15.        Counterparts

 

This Agreement may
be executed in counterparts, each of which will be deemed to be an original but all of which together will constitute one and the same
instrument. Delivery of signatures by facsimile or electronic image shall be valid for all purposes hereunder.

 

Section 16.        Internal
Revenue Code Section 409A Compliance.

 

(a)       The
parties hereto recognize that certain provisions of this Agreement may be affected by Section 409A of the Internal Revenue Code and guidance
issued thereunder, and agree to amend this Agreement, or take such other action as may be necessary or advisable, to comply with Section
409A.

 

(b)       Notwithstanding
anything herein to the contrary, it is expressly understood that at any time the Company (or any successor or related employer
treated as the service recipient for purposes of Internal Revenue Code Section 409A) is publicly traded on an established securities
market (as defined for purposes of Internal Revenue Code Section 409A), if a payment or provision of an amount or benefit
constituting a deferral of compensation is to be made pursuant to the terms of this Agreement to the Employee on account of a
Separation from Service at a time when the Employee is a Specified Employee (as defined for purposes of lnternal Revenue Code
Section 409A(a)(2)(B)(i)), such deferred compensation shall not be paid to the Employee prior to the date that is six (6) months
after the Separation from Service or as otherwise permitted under Treasury Regulations Section l .409A-3(i)(2).

 

		(c)	For purposes of this Agreement, the following definitions shall apply:

 

		(i)	"Separation from Service" means, generally, a termination of employment with the Company (or
any successor or related employer treated as the service recipient for purposes of lnternal Revenue Code Section 409A), and shall have
the same meaning as such term has for purposes of Internal Revenue Code Section 409A (including Treasury Regulation Section l.409A-l (h)).

 

		(ii)	"Involuntary Separation from Service" means a Separation from Service due to the independent
exercise of the unilateral authority of the Company (or any successor or related employer treated as the service recipient for purposes
of Internal Revenue Code Section 409A) to terminate the Employee's employment, other than due to the Employee's implicit or explicit request,
where the Employee was willing and able to continue employment with the
Company. Notwithstanding the foregoing, a termination for Good Reason may constitute an Involuntary Separation from Service. Involuntary
Separation from Service shall have the same meaning as such term has for purposes of Internal Revenue Code Section 409A (including Treasury
Regulation Section l.409A-l (n)).

 

[signature page follows]

 

    	 	4	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

 

The Company:

 

VIRTUAL PIGGY, INC.

 

 

	By:	/s/ Ernest Cimadamore
	 	Ernest Cimadamore

Title:
Secretary

 

 

 

Employee:

 

/s/ Scott A. McPherson

Scott A. McPherson

 

 

5

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