Document:

Exhibit 4.6

 

DESCRIPTION
OF SECURITIES REGISTERED UNDER SECTION 12 OF THE SECURITIES

EXCHANGE ACT
OF 1934, AS AMENDED

 

The following is
a summary of the rights of the common units of fractional undivided beneficial interest (the “Units”) of Osprey Bitcoin
Trust (the “Trust”), which is the only class of securities of the Trust that is registered under Section 12 of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The description is intended as a summary, and
is qualified in its entirety by reference the Second Amended and Restated Declaration of Trust and Trust Agreement (the “Trust
Agreement”), which have been filed as an exhibit to this annual report on Form 10-K. Terms used but not defined
herein have the meaning set forth in the Trust’s Annual Report on Form 10-K for the year ended December 31,
2021, of which this exhibit is a part.

 

General

 

The Trust is authorized
under the Trust Agreement to create and issue an unlimited number of Units. The Trust issues Units only in connection with purchase
orders for a minimum of $25,000.00 initial investment ($10,000.00 minimum for additional investments). The Units represent common
units of fractional undivided beneficial interest in and ownership of the Trust and have no par value.

 

Generally, the Units
may be purchased from the Trust on an ongoing basis upon the order of an Accredited Investor to purchase a minimum of $25,000.00
of Units initial investment ($10,000.00 minimum for additional investments). Initially, each Unit represented 0.00138335 of a Bitcoin.
Unitholders that are not Accredited Investors may not purchase Units from the Trust upon orders. At this time, the Trust is not
operating a redemption program for Units and therefore Units are not redeemable by the Trust.

  

Description of Limited Rights

 

The Units do not represent
a traditional investment and should not be viewed as similar to “shares” of a corporation operating a business enterprise
with management and a board of directors. A Unitholder will not have the statutory rights normally associated with the ownership
of Units of a corporation. Each Unit is transferable (except to the extent restricted under the Securities Act), is fully paid
and non-assessable and entitles the holder to vote on the limited matters upon which Unitholders may vote under the Trust Agreement.
For example, Unitholders do not have the right to elect directors and will not receive dividends. The Units do not entitle their
holders to any conversion or pre-emptive rights or, except as discussed below, any redemption rights or rights to distributions.

 

Voting and Approvals

 

The Unitholders take
no part in the management or control of the Trust. Under the Trust Agreement, Unitholders have limited voting rights. However,
no amendments to the Trust Agreement that materially adversely affect the interests of Unitholders may be made without the vote
of at least a majority (over 50%) of the Units (not including any Units held by the Sponsor or its affiliates). The Sponsor may
generally make any other amendments to the Trust Agreement in its sole discretion without Unitholders’ consent.

 

Distributions

 

Pursuant to the terms
of the Trust Agreement, the Trust may make distributions on its Units in cash or in Units, with such frequency as the Sponsor may
determine.

 

The Units are offered
by the Trust and the Sponsor and its officers, in reliance upon the exemption from broker registration contained in Rule 3a4-1
of the Securities Exchange Act of 1934. Currently, the Trust does not expect to use underwriters, finders or other intermediaries
to offer or sell Units, but it may choose to do so, and in any such case pay the fees of such intermediaries itself or pass some
or all of such fees on to purchasers (in which case the Trust will make advanced disclosure of such fee arrangements to such purchasers).

 

In addition, if the
Trust is terminated and liquidated, the Sponsor will distribute to the Unitholders any amounts of the cash proceeds (or Bitcoin)
of the liquidation remaining after the satisfaction of all outstanding liabilities

    	 

    	

    

of the Trust and the establishment of reserves
for applicable taxes, other governmental charges and contingent or future liabilities as the Sponsor will determine. Unitholders
of record on the record date fixed by the Transfer Agent for a distribution will be entitled to receive their pro rata portions
of any distribution.

 

Issuance of Units

 

Generally, the Units
may be purchased from the Trust on an ongoing basis upon the order of an Accredited Investor to purchase a minimum of $25,000.00
of Units initial investment ($10,000.00 minimum for additional investments). As of December 31, 2021, each Unit represented 0.00034
of a Bitcoin. Investors that are not Accredited Investors may not purchase Units from the Trust upon orders. The Trust may from
time to time halt new issuances. As a result, the Units may trade at a substantial premium over, or substantial discount to, the
NAV per Unit. This is because market participants would not be able to take advantage of arbitrage opportunities created when the
market value of the Units deviates from the value of the Trust’s NAV per Unit.

 

Our calculation surrounding the number of
Units issued upon each purchase is described and demonstrated below:

 

	 	1.	Determine USD value received from investor: for example, $25,000 received on December 1, 2021;
	 	 	 
	 	2.	Use 4:00 pm, New York time, NAV per Unit price: $19.2663 NAV per Unit on December 1, 2021;
	 	 	 
	 	3.	Calculate the maximum number of whole Units that can be purchased at the price determined in Step 2 with the proceeds determined in Step 1: ($25,000/$19.2663 = 1,297 whole Units);
	 	 	 
	 	4.	Calculate the total value of those Units: 1,297 whole Units * $19.2663 NAV per Unit = $24,988.39;
	 	 	 
	 	5.	Calculate the difference between the proceeds received in Step 1 and the value of the Units in Step 4: $25,000.00 -$24,988.39 = $11.61;
	 	 	 
	 	6.	The unapplied USD amount for purchase of new Units (rounding difference) is allocated to the Trust as “Other Earnings”: $11.61. 

 

Redemption of Units

 

Due to regulatory restrictions,
the Trust is not currently operating a redemption program, and redemptions of Units are currently not permitted. Subject to receipt
of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption
program. Because the Trust does not believe that the SEC would, at this time, entertain an application for the waiver
of rules needed in order to operate an ongoing redemption program, the Trust currently has no intention of seeking regulatory approval
from the SEC to operate an ongoing redemption program.

 

Even if such relief
is sought, no assurance can be given as to the timing of such relief or that such relief will be granted. If such relief is granted
and the Sponsor approves a redemption program, the Units will be redeemable only in accordance with the provisions of the Trust
Agreement and ay applicable conditions imposed by the SEC or its Staff.

 

Transfer Restrictions

 

The Units are restricted
securities that may not be resold except in transactions exempt from registration under the Securities Act and state securities
laws and any such transaction must be approved by the Sponsor. In determining whether to grant approval, the Sponsor will specifically
look at whether the conditions of Rule 144 under the Securities Act and any other applicable laws have been met. Any attempt to
sell Units without the approval of the Sponsor in its sole discretion will be void ab initio. Pursuant to Rule 144, until the Trust
has been subject to the 

    	2

    	

    

reporting requirements of Section 13 under the Exchange Act for a period of 90 days, a minimum
one year holding period will apply to all Units purchased from the Trust, as set forth under Rule 144. The holding
period did not apply to purchases in the Rule 504 Offering.

 

Because of the
one-year holding period and the lack of an ongoing redemption program, Units should be considered an illiquid investment. No assurances
are given that after the one year holding period, there will be any market for the resale of Units, or, if there is such a market,
as to the price at which such Units may be sold into such a market.

 

Removal of Transfer Agent Legend 

 

On a periodic basis, the Trust will aggregate
the Units that have been held for the requisite holding period under Rule 144 by non-affiliates of the Trust to assess whether
the Rule 144 transfer restriction legends may be removed. Any Units that qualify for the removal of the Rule 144 transfer restriction
legends are presented to outside counsel, who may instruct the Transfer Agent to remove the transfer restriction legends from the
Shares, allowing the Shares to then be resold without restriction, including on OTCQX. The outside counsel requires that certain
representations be made, providing that:

 

		•	the Units subject to each sale have been held for the requisite holding period under Rule 144 by the selling Unitholder;

 

		•	the Unitholder is the sole beneficial owner of the Units;

 

		•	the Sponsor is aware of no circumstances in which the Unitholder would be considered an underwriter or engaged in the distribution
of securities for the Trust;

 

		•	none of the Units are subject to any agreement granting any pledge, lien, mortgage, hypothecation, security interest, charge,
option or encumbrance;

 

		•	none of the identified selling Unitholders is an affiliate of the Sponsor;

 

		•	the Sponsor consents to the transfer of the Units; and

 

		•	outside counsel and the Transfer Agent can rely on the representations.

 

In addition, because the Trust Agreement
prohibits the transfer or sale of Unis without the prior written consent of the Sponsor, the Sponsor must provide a written consent
that explicitly states that it irrevocably consents to the removal of the legend and the transfer and resale of the Units. Once
the transfer restriction legends have been removed from a Unit and the Sponsor has provided its written consent to the transfer
of that Unit, no consent of the Sponsor is required for future transfers of that particular Unit.

 

The Sponsor believes
the minimum one year holding period for Units purchased from the Trust will be shortened to six months, once the Trust has been
a Securities Exchange Act Reporting Company for at least 90 days, and all other requirements for resale of securities under Rule
144 under the Securities Act are met. As a general matter, Rule 144 under the Securities Act provides safe harbor from being deemed
engaged in a distribution (and therefore acting as an underwriter) to persons meeting the rule’s requirements. Section (d)(1)
of the Rule 144, provides generally if the issuer of the securities is, and has been for a period of ninety days immediately before
the sale, subject to the reporting requirements of Section 13 of 15(d) of the Securities Exchange Act (“Reporting Issuer”),
a minimum of six months must elapse between the later of the date of the acquisition of the securities from the issuer (or an affiliate
of the issuer) , and any resale of such securities in reliance on the rule (so long as the Trust is not delinquent in meeting its
reporting obligations). By contrast, paragraph (d)(2) of the Rule 144 provides that if the issuer of the securities is not a Reporting
Issuer, a minimum of one year must elapse between the later of the date of acquisition of the securities from the issuer (or any
affiliate of the issuer) and any resale in reliance on the rule. Pursuant to paragraph (d)(1) of Rule 144, ninety days after the
Trust becomes a Reporting Issuer for purposes of Rule 144, purchasers of Units from the Trust (or an affiliate, if applicable)
should therefore be able to rely on the six-month holding period required by the rule, provided all of other requirements of Rule
144 are met.

    	3

    	

    

The Sponsor relies on
the safe harbour provided by Rule 144, combined with representations provided by the selling Unitholder to make the representation
that the Sponsor is aware of no circumstance in which the selling Unitholder would be considered an underwriter
or engaged in the distribution of securities for the Trust. These include representations by the selling Unitholder that it is
the sole beneficial owner of the Units, that the Units have been fully paid for and held for the requisite period required by Rule
144, and that none of the Units are subject to any agreement granting any pledge, lien, mortgage, hypothecation, security interest,
charge, option or encumbrance. The Sponsor also confirms that it is not aware that the selling Unitholder is an affiliate of the
Sponsor or the Trust and obtains such representation from the selling Unitholder. To the extent the Sponsor is uncertain of its
ability to make these determinations, it will seek advice of counsel.

 

Book-Entry Form

 

Units of the Trust are
held primarily in book-entry form by the Transfer Agent. Transfers will be made in accordance with standard securities industry
practice. The Sponsor may cause the Trust to issue Units in certificated form in limited circumstances in its sole discretion.

 

Unit Splits

 

In its discretion, the
Sponsor may direct the Transfer Agent to declare a split or reverse split in the number of Units outstanding and to make a corresponding
change in the number of Units constituting a Basket. For example, if the Sponsor believes that the per Unit price in the secondary
market for Units has risen or fallen outside a desirable trading price range, it may declare such a split or reverse split.

    	4EX-4.5

 Exhibit 4.5 

DESCRIPTION OF SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE 

SECURITIES EXCHANGE ACT OF 1934 

AS OF DECEMBER 31, 2021 
 As of
December 31, 2021, we had two classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended, our Class A Common Stock and our public warrants. The following is a summary of the material terms of
these securities is not intended to be a complete summary of the rights and preferences of such securities, and is qualified by reference to our second amended and restated certificate of incorporation (the “Charter”), the second amended
and restated bylaws (the “Bylaws”) and the warrant-related documents described herein, which are exhibits to the Annual Report on Form 10-K of which this exhibit is a part. We urge to you read each
of the Charter, the Bylaws and the warrant-related documents described herein in their entirety for a complete description of the rights and preferences of our securities. 

Common Stock 
 The Certificate of Incorporation authorizes
the issuance of 410,000,000 shares of capital stock, par value of $0.0001 per share, consisting of (a) 400,000,000 shares of Class A Common Stock and (b) 10,000,000 shares of preferred stock. 

Class A Common Stock 
 Voting Power

 Except as otherwise required by law, the Charter or as otherwise provided in any certificate of designation for any series of preferred stock, the
holders of Class A Common Stock possess all voting power for the election of directors and all other matters requiring stockholder action. Holders of Class A Common Stock are entitled to one vote per share on matters to be voted on by
stockholders. 
 Director Elections 
 Under the Charter,
our Board of Directors (the “Board”) is divided into three classes, each of which generally serves 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. 

Dividend Rights 
 Subject to applicable law and the
rights, if any, of holders of outstanding preferred stock, holders of Class A Common Stock are entitled to receive such dividends and other distributions (payable in cash, property or capital stock) when, as and if declared thereon by the Board
from time to time out of any assets or funds legally available therefor, and will share equally on a per share basis in such dividends and distributions. 

Liquidation, Dissolution and Winding Up 
 Subject to
applicable law and the rights, if any, of holders of outstanding preferred stock, in the event of voluntary or involuntary liquidation, dissolution or winding-up, after payment or provision for payment of the
debts and other liabilities of Hyzon, the holders of Class A Common Stock will be entitled to receive all the remaining assets of Hyzon available for distribution to its stockholders, ratably in proportion to the number of shares of
Class A Common Stock held by them. 
 Preferred Stock 

The Charter provides that shares of preferred stock may be issued from time to time in one or more series. The Board is authorized to fix the voting rights, if
any, designations, powers, preferences and relative, participating, optional, special and other rights, if any, of each such series and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. 

  
 1 

 The Board is able to, without stockholder approval, issue preferred stock with voting and other rights that
could adversely affect the voting power and other rights of the holders of the Class A Common Stock and could have antitakeover effects. The ability of the Board to issue preferred stock without stockholder approval could have the effect of
delaying, deferring or preventing a change of control of Hyzon or the removal of Hyzon’s management. Hyzon has no Preferred Stock outstanding as of the date hereof. 

Warrants 
 Public Stockholders’ Warrants

 Each whole warrant entitles the registered holder to purchase one whole share of our Class A Common Stock at a price of $11.50 per share,
subject to adjustment as discussed below, Pursuant to the Warrant Agreement (as defined below), a warrant holder may exercise its warrants only for a whole number of shares of Class A Common Stock. This means that only a whole warrant may be
exercised at any given time by a warrant holder. The warrants will expire on July 16, 2026, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. 

We will not be obligated to deliver any shares of Class A Common Stock pursuant to the exercise of a warrant and will have no obligation to settle such
warrant exercise unless a registration statement under the Securities Act of 1933, as amended (the “Securities Act”) with respect to the shares of Class A Common Stock underlying the warrants is then effective and a prospectus
relating thereto is current, subject to our satisfying our obligations described below with respect to registration. No warrant will be exercisable and we will not be obligated to issue shares of Class A Common Stock upon exercise of a warrant
unless the 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 to use our best efforts to maintain the effectiveness of a registration statement
for the registration, under the Securities Act, of the shares of Class A Common Stock issuable upon exercise of the warrants and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of
the Warrant Agreement. 
 Notwithstanding the above, if our Class A Common Stock is at the time of any exercise of a warrant not listed on a national
securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a
“cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but we will be required to use our best efforts
to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. 
 Redemption of Warrants for Cash When
the Price Per Share of Class A Common Stock Equals or Exceeds $18.00 
 Once the warrants become exercisable, we may call the warrants for
redemption (except as described below 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 (the
“30-day redemption period”) to each warrant holder; and 

  

	 	•	 	 if, and only if, the reported last sale price of the Class A Common Stock equals or exceeds $18.00 per share
(as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before we send the notice of
redemption to the warrant holders. 

  
 2 

 We will not redeem the warrants for cash unless a registration statement under the Securities Act covering
the shares of Class A Common Stock issuable upon exercise of the warrants is effective and a current prospectus relating to those shares of Class A Common Stock is available throughout the 30-day
redemption period. Any such exercise would not be on a “cashless” basis and would require the exercising warrant holder to pay the exercise price for each warrant being exercised. 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.
However, the price of the Class A Common Stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) as well as the $11.50 (for whole shares) warrant
exercise price after the redemption notice is issued. 
 Redemption of Warrants for Cash When the Price Per Share of Class A Common Stock Equals
or Exceeds $10.00 
 Once the warrants become exercisable, we may call the warrants for redemption (except as described below with respect to the
private placement warrants): 
  

	 	•	 	 in whole and not in part; 

 

	 	•	 	 at a price of $0.01 per warrant, provided that holders will be able to exercise their warrants prior to
redemption and receive that number of shares of Class A Common Stock 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); 

  

	 	•	 	 upon a minimum of 30 days’ prior written notice; 

 

	 	•	 	 if, and only if, the last sale price of our Class A Common Stock equals or exceeds $10.00 per share (as
adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) on the trading prior to the date on which we send the notice of redemption to the warrant holders; and 

 

	 	•	 	 if the last sale price of our Class A Common Stock on the day prior to the date on which we send the notice
of redemption to the warrant holders is less than $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like), the private placement warrants must also be concurrently called for redemption on
the same terms 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 a 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), 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. 

 

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

  
 3 

 The “fair market value” of our Class A Common Stock shall mean the average reported last sale
price of our Class A Common Stock for the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. 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. 
 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-day year. For example, if the average reported last sale price of our Class A Common Stock for 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 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 average reported last sale price of our Class A Common Stock for the 10 trading days
ending on the third trading date prior to 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 whole warrant (subject to adjustment). Finally, as reflected in the table above, if the warrants are “out of the money” (i.e. the trading price of our Class A Common Stock is below the exercise price
of the warrants) 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 Class A Common Stock is 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 the warrants with an additional liquidity feature, which provides us with the flexibility to redeem the warrants without the warrants having to reach the $18.00 per share threshold. 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 the “redemption price” as determined pursuant to the above table. We have calculated
the “redemption prices” as set forth in the table above to reflect a Black-Scholes option pricing model with a fixed volatility input as of October 21, 2020. This redemption right provides us 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 effectively be required to pay the redemption price to
warrant holders if we choose to exercise this redemption right, 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. 

  
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 As stated above, we can redeem the warrants when the Class A Common Stock is 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 of Class A Common Stock. If we choose to redeem the warrants when the Class A Common Stock is 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 wait 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. 
 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 9.8% (or such other amount as a holder may
specify) of the shares of Class A Common Stock outstanding immediately after giving effect to such exercise. 
 Anti-Dilution Adjustments

 The stock prices set forth in the column headings of the table above shall be adjusted as of any date on which the number of shares issuable upon
exercise of a warrant is adjusted pursuant to the following three paragraphs. The adjusted stock prices in the column headings shall equal the stock 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 above 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 number of outstanding shares of
Class A Common Stock is increased by a stock dividend payable in shares of Class A Common Stock, or by a split-up of shares of Class A Common Stock or other similar event, then, on the effective
date of such stock dividend, split-up or similar event, the number of shares of Class A Common Stock issuable on exercise of each warrant will be increased in proportion to such increase in the
outstanding shares of Class A Common Stock. A rights offering to holders of Class A Common Stock entitling holders to purchase shares of Class A Common Stock at a price less than the fair market value will be deemed a stock dividend
of a number of shares of Class A Common Stock equal to the product of (i) the number of shares of Class A Common Stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering
that are convertible into or exercisable for Class A Common Stock) multiplied by (ii) 1 minus the quotient of (x) the price per share of Class A Common Stock paid in such rights offering divided by (y) the fair market value. For
these purposes (i) if the rights offering is for securities convertible into or exercisable for Class A Common Stock, in determining the price payable for Class A Common Stock, there will be taken into account any consideration
received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of Class A Common Stock as reported during the 10 trading day period ending
on the trading day prior to the first date on which the shares of Class A Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. 

In addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to
the holders of Class A Common Stock on account of such shares of Class A Common Stock (or other shares of our capital stock into which the warrants are convertible), other than (a) as described above, (b) certain ordinary cash
dividends, or (c) to satisfy the redemption rights of the holders of Class A Common Stock in connection with the 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. 

  
 5 

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

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

In case of any reclassification or reorganization of the outstanding shares of Class A Common Stock (other than those described above or that solely
affects the par value of such shares of Class A Common Stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does
not result in any reclassification or reorganization of our outstanding shares of Class A Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or
substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the
shares of our Class A Common Stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon
such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such
event. 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 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 value (as defined in the Warrant
Agreement) of the warrant. 
 The warrants have been issued in registered form under a warrant agreement (the “Warrant Agreement”) between
Continental Stock Transfer & Trust Company, as warrant agent, and us. The Warrant Agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision,
but requires the approval by the holders of at least 50% of the then outstanding public warrants to make any change that adversely affects the interests of the registered holders of public warrants. If an amendment adversely affects the private
placement warrants in a different manner than the public warrants or vice versa, then approval of holders of at least 65% of the then-outstanding public warrants and 65% of the then-outstanding private placement warrants, voting as separate classes,
is required. 
 The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant
agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable
to us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of Class A Common Stock or 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. 

  
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 No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a
holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number of shares of Class A Common Stock to be issued to the warrant holder. 

Private Placement Warrants 
 The private placement
warrants will not be redeemable by us (except as described above under “—Public Stockholders’ Warrants – Redemption of Warrants for Cash When the Price Per Share of Class A Common Stock Equals or Exceeds
$10.00”) so long as they are held by the initial purchasers of the private placement warrants or their permitted transferees. The initial purchasers, or their permitted transferees, have the option to exercise the private placement warrants
on a cashless basis. Otherwise, the private placement warrants have terms and provisions that are identical to those of the public warrants, including as to exercise price, exercisability and exercise period. If the private placement warrants are
held by holders other than the initial purchasers or their 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 public warrants. 

If holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering their 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 difference between the exercise price
of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” shall mean the average reported last sale 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. 
 Dividends 

We have not paid any cash dividends on the Class A Common Stock to date. We may retain future earnings, if any, for future operations, expansion and debt
repayment and have no current plans to pay cash dividends for the foreseeable future. Any decision to declare and pay dividends in the future will be made at the discretion of the Board and will depend on, among other things, our results of
operations, financial condition, cash requirements, contractual restrictions and other factors that the Board may deem relevant. In addition, our ability to pay dividends may be limited by covenants of any existing and future outstanding
indebtedness we or our subsidiaries incur. 
 Certain Anti-Takeover Provisions of Delaware Law and our Charter and Bylaws 

Under Section 203 of the DGCL, Hyzon is prohibited from engaging in any business combination with any stockholder for a period of three years following
the time that such stockholder (the “interested stockholder”) came to own at least 15% of our outstanding voting stock (the “acquisition”), except if: 
  

	 	•	 	 the Board approved the acquisition prior to its consummation; 

 

	 	•	 	 the interested stockholder owned at least 85% of the outstanding voting stock upon consummation of the
acquisition; or 

  

	 	•	 	 the business combination is approved by the Board, and by a 2/3 majority vote of the other stockholders in a
meeting. 

 Generally, a “business combination” includes any merger, consolidation, asset or stock sale or certain other
transactions resulting in a financial benefit to the interested stockholder. Subject to certain exceptions, an “interested stockholder” is a person who, together with that person’s affiliates and associates, owns, or within the
previous three years owned, 15% or more of our voting stock. 
 Under certain circumstances, declining to opt out of Section 203 of the DGCL will make
it more difficult for a person who would be an “interested stockholder” to effect various business combinations with Hyzon for a three-year period. This may encourage companies interested in acquiring Hyzon to negotiate in advance with the
Board because the stockholder approval requirement would be avoided if the Board approves the acquisition which results in the stockholder becoming an interested stockholder. This may also have the effect of preventing changes in the Board and may
make it more difficult to accomplish transactions which stockholders may otherwise deem to be in their best interests. 

  
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 Written Consent by Stockholders 

Under the Charter, subject to the rights of any series of Preferred Stock then outstanding, any action required or permitted to be taken by our stockholders
must be effected at a duly called annual or special meeting of our stockholders and may not be effected by any consent in writing by such stockholders. 

Special Meeting of Stockholders 
 Under the
Charter, special meetings of our stockholders may be called only by the chairperson of the Board, the Chief Executive Officer of Hyzon or the Board acting pursuant to a resolution adopted by a majority of the total number of authorized directors
whether or not there exist any vacancies in previously authorized directorships, and may not be called by any other person or persons. Only such business shall be considered at a special meeting of stockholders as shall have been stated in the
notice for such meeting. 
 Advance Notice Requirements for Stockholder Proposals and Director Nominations 

Under the Charter, advance notice of stockholder nominations for the election of directors and of business to be brought by stockholders before any meeting of
our stockholders shall be given in the manner and to the extent provided in our Bylaws. 
 Exclusive Forum 

The Charter provides that, unless Hyzon consents in writing to the selection of an alternative forum, to the fullest extent permitted by law, a state court
located within the State of Delaware (or, if no court located within the State of Delaware has jurisdiction, the federal district court for the District of Delaware) shall be the sole and exclusive forum for any internal or intra-corporate claim or
any action asserting a claim governed by the internal affairs doctrine as defined by the laws of the State of Delaware, including, but not limited to (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 of our directors, officers or other employees or stockholders to us or our stockholders; or (iii) any action asserting a claim arising pursuant to any provision of the DGCL or the Charter or the
Bylaws (in each case, as they may be amended from time to time), or as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware. 

Notwithstanding the foregoing, the Charter provides that, unless we consent in writing to the selection of an alternative forum, to the fullest extent
permitted by law, the sole and exclusive forum for any action asserting a cause of action arising under the Securities Act or any rule or regulation promulgated thereunder (in each case, as amended) shall be the federal district court for the
District of Delaware (or, if such court does not have jurisdiction over such action, any other federal district court of the United States); provided, however, that if the foregoing provisions are, or the application of such provisions to any person
or entity or any circumstance is, illegal, invalid or unenforceable, the sole and exclusive forum for any action asserting a cause of action arising under the Securities Act or any rule or regulation promulgated thereunder (in each case, as amended)
will be the Court of Chancery of the State of Delaware. To the fullest extent permitted by law, any person or entity purchasing or otherwise acquiring or holding any interest in our shares of capital stock will be deemed to have notice of and
consented to the forum provision in the Charter. 
 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. 

Listing of Securities 
 Our Class A Common Stock and
public warrants are listed on NASDAQ under the symbols “HYZN” and “HYZNW,” respectively. 

  
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