Document:

Exhibit 10.1

 

March 23, 2022

Gordon W. Kinder

[*]

[*]

[*]

 

 

		Re:	Separation Agreement

 

Dear Gordon:

 

This letter, when it becomes
effective, will constitute the Separation Agreement (the “Agreement”) between you and Bluejay Diagnostic, Inc. (“the
Company”) and contains the terms of your separation from employment with the Company.

 

1. Separation
from Employment. Your employment with the Company will end effective March 23, 2022 (your “Separation Date”). You will
be paid your wages and other compensation in full through the Separation Date, including accrued but unused paid-time-off, if any remains,
in a lump sum, on March 23, 2022, in each case less applicable deductions and withholdings. You acknowledge that you have submitted and
been paid for all business expenses.

 

2. Separation
Pay. In consideration for the general release and the other promises and representations by you in this Agreement, the Company agrees
to provide you with $125,000.00, which is equal to six months of your base salary in effect on the Separation Date (the “Separation
Pay”), and $22,465.75, which is equal to 40% of your yearly base salary earned through the Separation Date (the “Separation
Bonus”). The Separation Pay and Separation Bonus shall be paid in six (6) equal bi-weekly installments starting on the first regularly
scheduled payday after this Agreement becomes effective and enforceable pursuant to Paragraph 17 below. Thereafter, the remaining installments
will be paid on the next five (5) regularly scheduled paydays. The Separation Pay and Separation Bonus shall be reduced by all applicable
payroll withholding taxes and any other deductions required by law or previously authorized by you.

 

In addition, in consideration
for the general release and the other promises and representations by you in this Agreement, the Company agrees to accelerate the vesting
of the option grants previously provided to you, including (i) those provided to you in the July 1, 2021 Restated Employment Agreement
between you and the Company (your “Employment Agreement”) in paragraph 2(c) therein; and (ii) those provided to you as part
of your 2021 Annual Bonus. The Company further agrees to eliminate the 90-day limitation on the exercise of such options, as laid out
in Bluejay Diagnostics, Inc, 2021 Stock Plan Incentive Stock Option Agreements, such that the grants shall be exercisable for their full
ten-year term.

 

3. Health
Plan. Your coverage under the Company’s benefit plans will cease as of your Separation Date, subject to being reinstated retroactively
to that date if you timely elect continued coverage under COBRA or applicable state law. You will be separately informed in writing of
your continuation rights and obligations under COBRA or other applicable law. Unless modified by law, if you elect to continue your group
health benefits under COBRA or other applicable law, you shall be responsible for paying the entire required premium in order to maintain
such coverage.

 

4. No
Further Obligations. Except for the obligations expressly set forth in this Agreement, following the Separation Date, you will not
be entitled to any compensation, payments or benefits of any kind from the Company or the Released Parties (as that term is defined below),
and you expressly acknowledge and agree that you are not entitled to, have no rights to, and will not receive any additional compensation,
payments or benefits of any kind from the Company or the Released Parties, and that no representations or promises have been made to you
to the contrary.

 

5. Sufficiency
of Consideration. You understand and agree that in consideration for your acceptance of this Separation Agreement you are receiving
compensation and/or benefits in excess of those to which you are otherwise entitled, and you acknowledge the sufficiency of such compensation
and/or benefits.

 

     

     

    

 

6. Release
of Claims and Other Covenants.

 

In consideration of the agreement
of the Company to provide you with the Separation Pay:

 

		6.1	You hereby release and forever discharge the Company and the Released Parties (as defined in Section 6.2)
with respect to any waivable claim, damage, cost, debt, demand, suit, cause of action and liability of any kind or nature whatsoever,
including but not limited to attorneys’ fees, whether known or unknown, fixed or contingent, that you ever had or may now or hereafter
have or claim to have or incur as a result of any matter whatsoever through the date of your execution of this Separation Agreement, or
based upon the relationship that has heretofore existed between you and the Company, or arising out of or based upon any act, omission
or event which occurred prior to the date of your execution of this Separation Agreement.

 

		6.2	The Released Parties include: (i) the Company (ii) all current and former Company parents, subsidiaries,
related companies, affiliates, partnerships or joint ventures, and (iii) with respect to each entity set forth in (i) and (ii) above,
their predecessors, successors, current and former employees, officers, directors, owners, representatives, assigns, attorneys, advisors,
agents, insurers, employee benefit programs (and the trustees, administrators, and fiduciaries of such programs).

 

		6.3	This general release includes but is not limited to claims arising out of or in connection with (i) your
employment relationship with the Released Parties (ii) any allegation that one or more of the Released Parties wrongfully or unlawfully
terminated your employment or discharged you (iii) any allegation of violation of Title VII of the Civil Rights Act of 1964, the Employee
Retirement Income Security Act of 1974, the Age Discrimination in Employment Act, the Americans with Disabilities Act of 1990, the Family
and Medical Leave Act of 1993, the National Labor Relations Act, the Genetic Information Act of 2008, the Worker’s Adjustment and
Retraining Notification Act, the Massachusetts Wage Act, the Massachusetts Fair Employment Practices Law, the Massachusetts Civil Rights
Act, the Massachusetts Equal Rights Act, the Minimum Fair Wage Act, the Massachusetts Plant Closing Law, the Massachusetts Equal Pay Act,
the Massachusetts Parental Leave Act, the Massachusetts Sexual Harassment Statute, and any local laws that may be legally waived, all
as amended (iv) any allegation of defamation, intentional or negligent infliction of emotional distress, workplace harassment or discrimination,
retaliation, invasion of privacy, violation of public policy, negligence or any other tort (v) any allegation of a breach of any contract
of employment, express or implied, or of a violation of any Company policy or procedure, of the provisions of the Constitution of the
United States or the constitution of any state, or of any other law, rule, regulation or ordinance pertaining to employment and/or the
termination of employment and/or (vi) any other statutory or common law cause of action.

 

		6.4	You will not file any lawsuit or participate in any class action lawsuit against the Company or the Released
Parties with respect to any claims or liability released in this Paragraph 6.

 

		6.5	You do not release: (a) vested retirement or savings plan benefit amounts for which you are eligible under
the terms of any underlying plan documents to which the Company is a party, such items to be governed exclusively by the terms and conditions
of the applicable plan documents; (b) any rights or claims that may arise after you sign this Agreement; (c) your right to file a claim
for unemployment benefits or (d) any claim which cannot be released as a matter of law.

 

    2

     

    

 

7. Notice
to Employee. Nothing in this Agreement shall be interpreted as interfering with your right to file, assist or participate in a charge
or claim with the Equal Employment Opportunity Commission, the Massachusetts Commission Against Discrimination, or other administrative
agency with jurisdiction, prohibiting you from reporting possible violations of law to any government agency that is responsible for enforcing
such laws, or making other disclosures that are protected under whistleblower provisions of law. Notwithstanding the foregoing, you agree
that you shall not obtain, and hereby waive your right to, any monetary or other individual relief for any claim or liability released
in this Agreement to the fullest extent allowed under law. 

 

8. Affirmations
Regarding Wages. You affirm that you have reported all hours worked through the Separation Date and that after your receipt of the
salary and vacation compensation described in Paragraph 1 above you will have received all wages to which you may be entitled through
the Separation Date. You represent that you are not aware of any facts on which a claim under the Fair Labor Standards Act or under applicable
state minimum wage or wage payment laws could be brought.

 

9. No
Assignment. You represent that you have not assigned or otherwise transferred to any party any claim that is being released pursuant
to this Separation Agreement.

 

10. Disclosure
of Claims Filed. You represent that you have disclosed any complaints or charges you have filed against the Company or the Released
Parties involving any events up to and including the date of this Separation Agreement.

 

11. Employment
Relationship Severed. You recognize that your employment relationship with the Company has been permanently severed as of the Separation
Date, and that the Company has no obligation, contractual or otherwise, to rehire, reemploy, recall or hire you in the future. You
acknowledge that you are required to ensure that your employment status on all applicable social media sites, including but not limited
to, LinkedIn, Twitter and Facebook, does not indicate or otherwise suggest that you are a current employee of the Company.  You agree
not to seek reinstatement, reemployment, or future employment as a new employee of the Company or with any of its divisions, subsidiaries
or affiliated companies at any time in the future.

 

12. Confidentiality.

 

		12.1	You acknowledge that it is the policy of the Company and its affiliates to guard as confidential certain
proprietary information not available to the public and relating to the business affairs of the Company and its affiliates. You will not
use for your own benefit or for the benefit of any third party, nor shall you disclose to any third party, without prior written consent
of the Company, any trade secrets or otherwise confidential information of or regarding the Company, its affiliates, customers, or other
third parties, including but not limited to the following types of information: proprietary operations, process, product or proposed product
information; financial and pricing data; customer or supplier lists and non-public customer information (such as contract terms, preferences,
credit or purchase history); computer programs; and corporate strategies, growth and marketing plans. This restriction shall not apply
with respect to any information that (i) is or becomes generally available to the public other than as a result of an unauthorized disclosure,
(ii) has been independently developed and disclosed by others without violating this Agreement or the legal rights of any party, or (iii)
otherwise enters the public domain through lawful means.

 

		12.2	You acknowledge your continued obligations to comply with the post-termination covenants contained in
your Employment Agreement. You acknowledge that a copy of that Agreement has been provided to you. You acknowledge that the restrictions
contained therein are valid and reasonable and are necessary to protect the Company’s legitimate business interests.

 

		12.3	You will treat the terms of this Separation Agreement as confidential and will not disclose the terms
of the Separation Agreement or the amount of separation pay provided you pursuant to this Separation Agreement to any person, except your
spouse or partner, children or parents, your attorney, accountant or tax advisor, provided that they also maintain the confidentiality
of the terms of this Separation Agreement.

 

		12.4	Notice Regarding Certain Disclosures.  You may be entitled to immunity and protection from
retaliation under the Defend Trade Secrets Act of 2016 for disclosing a trade secret under certain limited circumstances. For example,
you will not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that:
(A) is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and was
made solely for the purpose of reporting or investigating a suspected violation of the law; or (B) is made in a complaint or other document
filed in a lawsuit or other proceeding so long as such filings are made under seal.  Additionally, disclosure may be permitted when
filing a lawsuit claiming retaliation for reporting a suspected violation of law so long as the disclosure is only made to your attorney
or in documents filed under seal.

 

		12.5	Non-Disparagement. You agree that you will not say, write or cause to be said or written any statement
that is knowingly or recklessly false about the Company or any of the Released Parties, or make negative statements about the Company’s
products or services. The Company agrees that its executives, managers, and other authorized representatives will not say, write or cause
to be said or written any statement that is knowingly or recklessly false about you, or make any negative statements about you. Nothing
herein shall prohibit you, the Company, or any individual from making truthful statements that are required by applicable law or legal
process.

 

    3

     

    

 

13. Return
of Company Property. You certify that you have returned, or will return by March 28, 2022, all property of the Company in your possession
or control that you obtained during the course of your employment, including all documents, files, computers and other equipment, computer
software, data and building access cards. You further affirm that you have not made or retained, and will not make or retain, any copies
of the property referenced herein.

 

14. Breach
of Agreement. In the event that you breach any of your promises or obligations in this Agreement, you agree that, unless prohibited
by law, the Company will be entitled to discontinue providing any additional Separation Pay or other benefits and to obtain all other
relief provided by law or equity, specifically including injunctive relief, to the fullest extent permitted by law.

 

15. Non-Admission
of Liability. You acknowledge that this Agreement is entered into solely for the purpose of terminating your employment relationship
with the Company on an amicable basis and shall not be construed as an admission of liability or wrongdoing by the Company, and that the
Company expressly denies any such liability or wrongdoing.

 

16. Cooperation.
You agree to respond to reasonable requests for information pertaining to the details concerning the matters on which you were involved
while you were employed at the Company, at times convenient to you. In providing such information, you shall not have the authority to
bind the Company or other Released Parties with respect to any matter.

 

17. Attorney
Consultation and Review. You are advised to consult with an attorney before you execute this Agreement. You have a period of 21 days
in which to consider this Agreement. The 21-day period starts on the date you receive this Agreement and any changes to the Agreement,
whether material or immaterial, have not restarted the running of the 21-day period. If you do not sign and return this Agreement within
21 days of your receipt of this Agreement, the offer herein will be withdrawn. Following your execution of the Agreement, you will have
a 7-day period in which to revoke your acceptance of this Agreement, in writing, to Mr. Neil Dey, Chief Executive Officer of Bluejay Diagnostics,
Inc. If you choose not to revoke, this Agreement will become effective and enforceable on the 8th day after you sign this Agreement.
If you choose to revoke, the Agreement will be void.

 

18. Knowing
and Voluntary Entry of Agreement. You acknowledge and agree that you have entered into this Separation Agreement freely, knowingly
and voluntarily and that you have read and understand this entire Separation Agreement.

 

19. Severability
of Provisions. You agree that if any court of competent jurisdiction finds a provision of this Separation Agreement to be void, unlawful,
or unenforceable under any applicable statute or controlling law, the remainder of this Separation Agreement shall continue in full force
and effect, provided that should the release in Paragraph 6 be determined to be void, unlawful or unenforceable by a court or arbitrator,
the Company reserves the right to declare the Separation Agreement void in its entirety.

 

20. Choice
of Law and Forum Selection. Except to the extent preempted by federal law, this Separation Agreement is made and entered into in the
Commonwealth of Massachusetts and the rights and obligations of the parties will be governed in accordance with the laws of the Commonwealth
of Massachusetts that are applicable to contracts made and to be performed in that Commonwealth and without regard to the principles of
conflict of laws. Any legal actions or proceedings against either party arising out of this Separation Agreement or your employment with
the Company will be brought in any court of appropriate jurisdiction sitting in Middlesex County, Massachusetts. Each party submits to
and accepts the exclusive jurisdiction of such courts for the purpose of legal actions or proceedings and waives any objection to this
choice of venue.

 

21. Entire
Agreement. You agree that this Agreement, including any Exhibit(s) hereto and any documents specifically referenced herein, sets forth
the entire agreement between the parties hereto, and fully supersedes any prior obligation of the Company to you. You acknowledge that
you have not relied on any representations, promises, or agreements of any kind made to you in connection with your decision to accept
this Separation Agreement, except for those set forth herein.

 

22. Binding
Agreement. This Separation Agreement will be binding on and inure to the benefit of the parties and their legal representatives, successors
and assigns.

 

23. Compliance
with Section 409A of the Internal Revenue Code. The terms “separation from employment”, “end of employment”,
“terminated employment”, “severance of employment” or any similar term under this Separation Agreement will be
interpreted to mean “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”) to the extent necessary to comply with Section 409A of the Code.

 

If you agree with the terms
of this Separation Agreement, please sign in the space provided below and return it to me within twenty-one days of your receipt of this
Separation Agreement. An additional copy has been provided for you to keep.

 

    4

     

    

 

	 	Sincerely,
	 	 
	 	/s/ Neil Dey
	 	Neil Dey
	 	Chief Executive Officer
	 	Bluejay Diagnostics, Inc.

 

By signing below, I acknowledge
that I have read this Separation Agreement, that I understand and agree to the terms of this Separation Agreement, and that I am signing
this Separation Agreement voluntarily.

 

	3/30/22	 	/s/ Gordon Kinder
	Date Signed	 	Gordon Kinder

 

 

5EX-4.5

 Exhibit 4.5 

DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 As of December 31, 2021, Integral Acquisition Corporation 1 (“we,” “our,” “us” or 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-half 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”). 
 Pursuant to our amended and restated certificate of incorporation, our authorized capital
stock consists of 110,000,000 shares of common stock, including 100,000,000 shares of Class A common stock, $0.0001 par value and 10,000,000 shares of Class B common stock, $0.0001 par value, and 1,000,000 shares of undesignated preferred
stock, $0.0001 par value. The following description summarizes the material terms of our capital stock and does not purport to be complete. It is subject to, and qualified in its entirety by reference to, our amended and restated certificate of
incorporation, our bylaws and our warrant agreement, each of which is incorporated by reference as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2021 (the
“Report”) of which this Exhibit 4.5 is a part. 
 Defined terms used herein but not otherwise defined shall have the meaning
ascribed to such terms in the Report. 
 Units 

Each unit consists of one share of Class A common stock and one-half of one redeemable
warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of the
shares of Company’s Class A common stock. 
 Common Stock 

Stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of Class A
common stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders except as required by law. There is no cumulative voting with respect to the election of directors,
with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of
funds legally available therefor. 
 We will provide our public stockholders with the opportunity to redeem all or a portion of their public
shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business
days prior to the consummation of our initial business combination, including interest earned on the funds held in the Trust Account (which interest shall be net of taxes payable), divided by the number of then outstanding public shares, subject to
the limitations described herein. Our initial stockholders, sponsor, officers, and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and
public shares they hold in connection with the completion of our initial business combination. 
 If we seek stockholder approval of our
initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder, together
with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to
Excess Shares, without our prior consent. However, we would not be restricting our stockholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Our stockholders’ inability to
redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and such stockholders could suffer a material loss in their investment if they sell such Excess Shares on the open market.
Additionally, such stockholders will not receive redemption distributions with respect to the Excess Shares if we complete our initial business combination. And, as a result, such stockholders will continue to hold that number of shares exceeding
15% and, in order to dispose such shares would be required to sell their shares in open market transactions, potentially at a loss. 

 In the event of a liquidation, dissolution or winding up of the Company after a business
combination, our stockholders are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the common
stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the common stock, except that we will provide our public stockholders with the opportunity to redeem their public shares for
cash at a per share price equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (which interest shall be net of taxes payable), divided by the number of then outstanding
public shares, upon the completion of our initial business combination, subject to the limitations described herein. 
 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 30 days after the completion of our initial business combination; provided, that we have an effective registration statement under the Securities Act covering the shares of Class A common stock
issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and such shares are
registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of
Class A common stock. 
 The warrants will expire five years after the completion of our initial business combination, at 5:00 p.m.,
New York City time, or earlier upon redemption or liquidation. 
 We will not be obligated to deliver any Class A common stock pursuant
to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A common stock underlying the warrants is then effective and a
prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration. No warrant will be exercisable, and we will not be obligated to issue a share of Class A common stock upon exercise
of a warrant unless the share of Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. 

In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such
warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required to net cash settle any warrant. In the event that a registration statement is not effective for the
exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of Class A common stock underlying such unit. 

We have agreed that as soon as practicable, but in no event later than fifteen (15) business days after the closing of our initial
business combination, we will use our best efforts to file with the SEC a post-effective amendment to the Registration Statement or a new registration statement for the registration, under the Securities Act, of the Class A common stock
issuable upon exercise of the warrants. We will use our best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the
warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the sixtieth (60th) business day after the
closing of our initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an effective registration statement, exercise warrants on a
“cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if our Class A common stock are at the time of any exercise of a warrant not listed on a national
securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a
“cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, and in the event we do not so elect, we will use
our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of
Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the excess of the “fair market value” (defined
below) less the exercise price of the warrants by (y) the fair market value. The “fair market value” as used in this paragraph shall mean the average last reported sale price of the Class A common stock for the 10 trading days
ending on the third trading day immediately prior to the date on which the notice of exercise is received by the warrant agent. 

 Redemption of public warrants. 

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

 

	•	 in whole and not in part; 

 

	•	 at a price of $0.01 per public warrant; 

 

	•	 upon a minimum of 30 days’ prior written notice of redemption to each holder of public warrants; and

  

	•	 if, and only if, the closing price of the Class A common stock equals or exceeds $18.00 per share (subject
to adjustments as described under the heading “— Warrants — Public Stockholders’ Warrants — Anti-Dilution Adjustments”) for any 20 trading days within
a 30-trading day period ending three trading days before we send the notice of redemption to the holders of public warrants. 

We will not redeem the public warrants as described above unless a registration statement under the Securities Act covering the shares of
Class A common stock issuable upon exercise of the public 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 public 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. 
 If we call the public warrants for redemption in the manner described above, we will
have the option to require all holders that wish to exercise such public warrants to do so on a “cashless basis.” In determining whether to require all holders to exercise their public warrants on a “cashless basis,” we will
consider, among other factors, our cash position, the number of public warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our
public warrants. In such event, each holder would pay the exercise price by surrendering the public 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 public warrants, multiplied by the difference between the exercise price of the public warrants and the “fair market value” (defined below) by (y) the fair market value. The
“fair market value” means the average last reported sale price of the Class A common stock for the 10 trading days ending on the trading day prior to the date on which the notice of redemption is sent to the holders of the public
warrants. If we take advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares of Class A common stock to be received upon exercise of the public warrants, including the
“fair market value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an attractive option to
us if we do not need the cash from the exercise of the public warrants after our initial business combination. If we call our public warrants for redemption and we do not take advantage of this option, holders of private placement warrants would
still be entitled to exercise their private placement warrants for cash or on a cashless basis as described in more detail below. 
 Redemption
Procedures 
 A holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder
will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of
4.9% or 9.9% (as specified by the holder) of the Class A common stock outstanding immediately after giving effect to such exercise. 

Anti-Dilution Adjustments 
 The
warrants have certain anti-dilution and adjustments rights upon certain events. 
 In addition, if (x) we issue additional shares of
Class A common stock or equity-linked securities (other than any forward purchase shares) for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less than
$9.20 per share (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our 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 consummation of our initial business combination (net of redemptions), and (z) the volume weighted average trading price of our Class A common stock during the 20
trading day period starting on the trading day prior to the day on which we consummate our initial business combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the
nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above under “— Redemption of public warrants” will be adjusted (to the nearest
cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. 

 The warrants will be issued in registered form under a warrant agreement between
Continental, as warrant agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, and that all other modifications or
amendments will require the vote or written consent of the holders of a majority of the then outstanding public warrants, and, solely with respect to any amendment to the terms of the private placement warrants, a majority of the then outstanding
private placement warrants. You should review a copy of the warrant agreement, which was filed with the Registration Statement, for a complete description of the terms and conditions applicable to the warrants. 

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

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

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