Document:

Exhibit
10.1

 

LEASE
AGREEMENT

 

THIS
LEASE AGREEMENT (“Lease”) is made as of April 1, 2022 (the “Effective Date”), by and between PW
MillPro NE LLC, a Nebraska LLC, with an address of which for notice purposes is C/O Power REIT, 301 Winding Road, Old Bethpage, New
York 11804 (“Landlord”) and Millennium Produce of Nebraska LLC, a Nebraska LLC, with an address of which for
notice purposes is 301 Winding Road, Old Bethpage, New York 11804, (“Tenant”).

 

WHEREAS,
on or prior to the date hereof, Landlord has acquired all of the right, title and interest in that certain 88-acre parcel of property
being more particularly described on Exhibit 1 attached hereto and incorporated herein (the “Property”), together with all
rights appurtenant thereto and with all improvements located or to be constructed thereon in accordance with the terms hereof (collectively,
the “Premises”); and

 

WHEREAS,
in connection with the lease of the Property by Tenant, Tenant has agreed to purchase and install improvement items for the 1,064,780
square foot greenhouse, 12,986 square foot office, 12,975 square foot packing space, a 10,500 square foot storage and distribution
space and a 21 room employee housing building (collectively the “Buildings”) and Landlord has agreed to provide certain
funds towards the cost of such construction based upon an agreed upon budget of Landlord costs as attached hereto as Exhibit 2
(the “Project Budget”);

 

NOW,
THEREFORE, for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, Landlord and Tenant, intending
to be legally bound, enter into the Lease on the following terms, conditions and covenants:

 

1.
PROPERTY; TERM.

 

1.1
PREMISES. On or prior to the date hereof, Landlord has acquired the Property. Landlord hereby leases to Tenant and Tenant hereby leases
from Landlord the Property, being that certain property for all purposes of this Lease and irrespective of any variation thereof which
might ever be determined by measurement (together, the land and Buildings shall be referred to as the “Premises”). The Premises
is situated on the real property described in Exhibit 1 attached hereto. 

 

1.2
LEASE TERM. 

 

(a)
Initial Term. The initial term of this Lease (“Initial Term”) shall be one hundred and twenty (120) full calendar
months from the Effective Date, plus the portion of the month in which the Effective Date occurs if the Effective Date is other than
the first day of the month. 

 

    	 

    	 

    

 

(b)
Options to Renew. Provided Tenant is not in default of any of the terms or conditions of the Lease beyond the applicable notice and cure
period at the time of exercise, Tenant is granted four (4) successive options (each, an “Option Term”, collectively,
the “Option Terms”, and successively the “First Option Term,” the “Second Option Term,”
the “Third Option Term,” and the “Fourth Option Term”) to extend the term of the Lease following
the initial Term and then following the First Option Term if so exercised, upon the following terms and conditions. Each Option Term
shall be for five (5) years. The Tenant shall deliver written notice of its intent to exercise each Option Term, delivering such
written notice to Landlord prior to but not after the date which is 365 days prior to the expiration of the Initial Term (as to the First
Option Term), 365 days prior to the expiration of the First Option Term (for the Second Option Term), 365 days prior to the expiration
of the Second Option Term (for the Third Option Term), or 365 days prior to the expiration of the Third Option Term (for the Fourth Option
Term), but no earlier than the date which is fifteen (15) months prior to the expiration of the then current Term. Subject to the conditions
herein expressed, delivery of the written notice of the intent to exercise the then applicable Option Term shall irrevocably commit the
Tenant to the Option Term so exercised. Each Option Term shall be subject to all the terms, covenants and conditions of the Lease, except
as modified by this provision (meaning, no further options will be re-imposed, subject only to the Second Option Term). If Tenant does
not so exercise any such Option Term in the time and manner herein provided, time being strictly of the essence, any and all of Tenant’s
option rights for the Option Term at bar (and any otherwise succeeding Option Term) shall irrevocably be deemed waived. The Base Rent
and monthly installments thereof for each year of each Option Term shall be as specified on the attached Rent Schedule, if exercised.

 

The
Initial Term, as so extended in accordance with the terms hereof, shall be referred to hereinafter as the “Term.” Tenant
shall have no right to operate its business on the Premises until Tenant has provided Landlord with a certificate of insurance evidencing
the insurance coverages that Tenant is obligated to maintain pursuant to this Lease. 

 

1.2.1
Zoning Approvals: Tenant represents and warrants that prior to commencement of operation, they will have obtained and will maintain
all required state and local permits, licenses and approvals, including any local land use and zoning permits necessary for their construction
of the Buildings and all related improvements (the “Permits and Approvals”) and none of the Permits and Approvals have been
appealed. Tenant further represents and warrants that they have provided copies of all Permits and Approvals to Landlord.

 

2.
RENT AND OTHER CHARGES.

 

2.1
BASE RENT. Tenant agrees to pay monthly rent (“Base Rent”) on the first day of each month of the Term, together with any
and all rental, sales or use taxes levied by any governmental body for the use or occupancy of the Premises and any rent or other charges
payable hereunder in accordance with the column entitled “Monthly Rent” on the Rent Schedule attached as Exhibit 3.

 

2.1.1
Rent Payment Address: Base Rent (and any and all other items of rent, additional rent or sums due Landlord hereunder) shall be
paid without demand, without necessity of notice, without reduction, without set off and without deduction in wire transfer of immediately
available funds or by check or money order to Landlord at 301 Winding Road, Old Bethpage, New York 11804 or such other address as Landlord
directs in writing from time to time at least 30 days prior to next rental installment where such writing is given in accordance with
the notice provisions of this Lease. Rent may NOT be paid in cash.

 

2.2
LATE CHARGES. If any Base Rent or other payment due under this Lease is not received by Landlord within five (5) days of the due date
of such payment, Tenant shall pay, in addition to such payment a late charge equal to the greater of (i) three percent (3.0%) of the
payment which is past due or (ii) Two Hundred Fifty and No/100 Dollars ($250.00). If any payment due from Tenant shall remain overdue
for more than ten (10) days, interest shall accrue daily on the past due amount from the date such amount was due until paid or judgment
is entered at a rate equivalent to the lesser of ten percent (10%) per annum and the highest rate permitted by law. Interest on the past
due amount shall be in addition to and not in lieu of the five percent (3.0%) late charge or any other remedy available to Landlord.

 

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2.3
ADDITIONAL RENT. This Lease shall be deemed to be a “triple net” lease, it being the express understanding and intent of
Landlord and Tenant that the Base due hereunder shall be absolutely net to Landlord and that all costs and expenses for the Premises,
to the extent practicable, shall be paid directly to the applicable service provider or entity charging such expense by Tenant. Except
as otherwise expressly set forth herein, Tenant shall pay all expenses arising in connection with the Premises, including without limitation,
all Operating Expenses (as hereinafter defined). All charges payable by Tenant under the terms of this Lease other than Base Rent are
called “Additional Rent.” The term “Rent” shall mean Base Rent and Additional Rent.

 

2.4
OPERATING EXPENSES. 

 

2.4.1
DEFINITIONS. For all purposes of this Lease, the following terms shall have the meanings ascribed to them herein.

 

2.4.1.1
“Operating Expenses” shall mean any reasonable and actual expenses incurred whether by Landlord or by others on behalf
of Landlord, arising out of Landlord’s maintenance, operation, management, insuring, repair, replacement (if such replacement is
generally regarded in the industry as increasing operating efficiency or is required under any Applicable Law that was not in effect
or not applicable to the Property on the Effective Date) and administration of the Buildings and the Premises including, without limitation:
(i) all real estate, personal property and other ad valorem taxes, and any other levies, charges, local improvement rates, and assessments
whatsoever assessed or charged against the Buildings, the Premises and the equipment and improvements owned by Landlord therein contained,
including any amounts assessed or charged in substitution for or in lieu of any such taxes, excluding only income or capital gains taxes
imposed upon Landlord, and including all fees and costs associated with the appeal of any assessment on taxes; (ii) insurance that Landlord
is obligated or permitted to obtain under this Lease and any reasonable industry standard deductible amount applicable to any claim made
by Landlord under such insurance; and (iii) dues and assessments under any applicable deed restrictions or declarations of covenants
and restrictions.

 

2.4.1.2
Operating Expenses shall, however, exclude: (i) interest and amortization on mortgages and other debt costs or ground lease payments,
if any; (ii) depreciation of Buildings and other improvements (except permitted amortization of certain capital expenditures); (iii)
legal fees in connection with leasing, tenant disputes or enforcement of leases; (iv) real estate brokers’ commissions or marketing
costs; (v) improvements or alterations to tenant spaces not required by law or Landlord’s insurance underwriting standards; (vi)
the cost of providing any service directly to, and paid directly by, any tenant; (vii) costs of any items to the extent Landlord receives
reimbursement from insurance proceeds or from a warranty or other such third party (such proceeds to be deducted from Operating Expenses
in the year in which received); and (viii) capital expenditures, except those (a) made primarily to reduce Operating Expenses or increases
therein, or to comply with laws or insurance requirements (excluding capital expenditures to cure violations of laws or insurance requirements
that existed prior to the date of this Lease), or (b) for replacements (as opposed to additions or new improvements); provided, any such
permitted capital expenditure shall be amortized (with interest at the prevailing loan rate available to Landlord when the cost was incurred)
over: (x) the period during which the reasonable estimated savings in Operating Expenses equals the expenditure, if applicable, or (y)
the useful life of the item as reasonably determined by Landlord, but in no event fewer than five (5) years nor more than ten (10) years.

 

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2.4.2
PAYMENT OF OPERATING EXPENSES. In addition to the payment of Base Rent, Tenant shall pay to Landlord all Operating Expenses in accordance
with the terms hereof. Landlord shall bill Tenant for its Operating Expenses as incurred and such payment will be due in full with the
next monthly rent payment. All such amounts are deemed items of additional rent and are subject to sales tax (if applicable) which Tenant
shall pay together with all such moneys as and when paid to Landlord.

 

2.4.3
UTILITIES; JANITORIAL SERVICES.

 

2.4.3.1
Utilities at the Premises. Tenant shall be solely responsible for and shall promptly pay directly to the service providers all
charges for gas, heat, light, electricity, water, sewer, security, power, telephone and any other utility or service used in or servicing
the Premises exclusively and all other costs and expenses involved in the care, maintenance, and use thereof and not related to the rest
of the Premises. Such charges shall include all security deposits and other charges by utility companies.

 

2.4.3.2
Property Services. Tenant shall be solely responsible for and shall promptly pay for all window washing, janitorial service and
trash and debris removal charges relating to the Premises. Tenant shall maintain the Premises in a clean and orderly fashion.

 

3.
USE OF PROPERTY.

 

3.1
PERMITTED USES. Tenant may use the Premises for a State of Nebraska food crop cultivation facility and for no other use or purpose whatsoever
if not in compliance with the Permits and Approvals. Tenant shall NOT be permitted to sell any product to be consumed on site whatsoever.
Landlord and Tenant acknowledge and agree that the Permitted Use is the intended use to be permitted under this Lease. Notwithstanding
anything herein to the contrary, Landlord acknowledges and agrees that Tenant’s Permitted Use shall not be a violation of this
Lease while and so long as Tenant is properly approved with all Permits and Approvals in good standing (the “Legal Compliance Clarification”).

 

3.2
COMPLIANCE WITH LAWS.

 

3.2.1
LANDLORD’S COMPLIANCE. Tenant shall be responsible for any costs associated with making any modifications to the Buildings required
pursuant to any federal, state or local laws, ordinances, Buildings codes, and rules and regulations of governmental entities having
jurisdiction over the Premises, including but not limited to the Board of Fire Underwriters and the Americans with Disabilities Act (“ADA”),
all regulations and orders promulgated pursuant to the ADA. Further, Tenant shall remain responsible for ADA compliance for its employees
and within the Buildings.

 

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3.2.2
TENANT’S COMPLIANCE. Tenant shall materially comply with all Applicable Laws and operational registrations and licenses and shall
promptly comply with all governmental orders and directives for the correction, prevention, and abatement of any nuisances and any violation
of Applicable Laws in, upon, or connected with the Premises, all at Tenant’s sole expense. Tenant warrants that all improvements
or alterations of the Premises made by Tenant or Tenant’s employees, agents or contractors, either prior to Tenant’s occupancy
of the Premises or during the Term, will comply with all Applicable Laws, including any and all on site security requirements set forth
under Applicable Laws or as otherwise reasonably required by Landlord given the safety concerns associated with the Permitted Use hereunder.
In the event that (i) Tenant’s specific use and occupancy of the Premises, or (ii) any alterations to the Premises performed by
or on behalf of Tenant pursuant to this Lease, necessitates or triggers any modifications (including structural modifications) to the
Premises or Buildings or alterations to the Buildings systems, the same shall be made by Landlord pursuant to a budget reasonably agreed
upon by Landlord and Tenant and promptly reimbursed by Tenant within thirty (30) days after written demand by Landlord, including backup
substantiating Tenant’s proportionate share of the expenses. In addition, Tenant warrants that its use of the Premises will be
in material compliance with all Applicable Laws subject to the Legal Compliance Clarification.

 

3.3
HAZARDOUS MATERIAL. Throughout the Term, Tenant will not bring upon the Premises or release, discharge, store, dispose, or transport
of any Hazardous Materials (as hereinafter defined) on, under, in, above, to, or from the Premises or the Buildings, except that de minimis
quantities of Hazardous Materials may be used in the Premises as necessary for the customary maintenance of the Premises provided that
same are used, stored and disposed of in strict compliance with Applicable Laws. For purposes of this provision, the term “Hazardous
Materials” will mean and refer to any wastes, materials, or other substances of any kind or character that are or become regulated
as hazardous or toxic waste or substances, or which require special handling or treatment, under any Applicable Laws.

 

If
Tenant’s activities at the Premises or Tenant’s use of the Premises (a) result in a release of Hazardous Materials that is
not in compliance with Applicable Laws or permits issued thereunder; (b) gives rise to any claim that requires a response under Applicable
Laws or permits issued thereunder; (c) causes a significant public health threat; or (d) causes the presence at the Premises, Buildings
of Hazardous Materials in levels that violate Applicable Laws or permits issued thereunder, then Tenant shall, at its sole cost and expense:
(i) immediately provide verbal notice thereof to Landlord as well as notice to Landlord in the manner required by this Lease, which notice
shall identify the Hazardous Materials involved and the emergency procedures taken or to be taken; and (ii) promptly take all action
in response to such situation required by Applicable Laws, provided that Tenant shall first obtain Landlord’s approval of the non-emergency
remediation plan to be undertaken. Landlord hereby represents that to the best of its knowledge and belief as of the Effective Date there
are no Hazardous Materials at the Buildings or on the Premises which exceed levels that require remediation or similar clean up or curative
action be taken.

 

Tenant
shall at all times indemnify and hold harmless Landlord against and from any and all claims, suits, actions, debts, damages, costs, losses,
obligations, judgments, charges and expenses (including reasonable attorneys’ fees) of any nature whatsoever suffered or incurred
by Landlord to the extent they were caused by the following activities of Tenant at the Premises, Buildings or Property during the Term
of this Lease and arise from events or conditions which came into existence after the Effective Date not caused by Landlord or other
tenants: (i) any release or disposal of any Hazardous Materials at the Premises, Buildings or Property by Tenant, or (ii) the violation
of any Applicable Laws at the Premises, Buildings or Property pertaining to protection of the environment, public health and safety,
air emissions, water discharges, hazardous or toxic substances, solid or hazardous wastes or occupational health and safety. The indemnification
obligations of Tenant shall survive the expiration or earlier termination of this Lease.

 

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3.4
ACCESS.

 

3.4.1
LANDLORD’S ACCESS. Landlord shall be entitled at all reasonable times and upon reasonable notice to enter the Premises to examine
them and to make such repairs, alterations, or improvements thereto as Landlord is required by this Lease to make or which Landlord considers
necessary or desirable; provided, Landlord shall comply with all law in respect of any such entry; Landlord may require Tenant provide
an accompanying staff member or employee with any such entry; Landlord will honor any specifically closed-off areas as may be required
by law for security and safety; but Landlord may nonetheless act as prudent and necessary in case of emergency. Tenant shall not unduly
obstruct any pipes, conduits, or mechanical or other electrical equipment so as to prevent reasonable access thereto. Landlord shall
exercise its rights under this section, to the extent possible in the circumstances, in such manner so as to reduce, if practical, interference
with Tenant’s use and enjoyment of the Premises. Subject to the foregoing, Landlord and its agents have the right to enter the
Premises at all reasonable times and upon reasonable notice to show them to prospective purchasers, lenders, or anyone having a prospective
interest in the Buildings, and, during the last six (6) months of the Term or any renewal thereof, to show them to prospective tenants.
Landlord will have the right at all times to enter the Premises with Tenant or licensed individual(s) on behalf of the Tenant to escort
the Landlord in the event of an emergency affecting the Premises, subject to any applicable limitations required by any applicable regulations.
Although Landlord shall not have the right to place “For Lease” signs in the Premises, or upon the exterior of the Premises
itself, nothing herein shall limit Landlord’s rights to promote, advertise, place “For Lease” signs or otherwise market
leasing of the Property in whatever lawful manner Landlord may elect, as long as such manner(s) do not materially interfere with the
Premises. 

 

3.4.2
TENANT’S ACCESS. Tenant shall have access to the Premises twenty-four (24) hours per day, seven (7) days per week, 365 days per
year, subject to reasonable security measures and except in the event of an emergency, casualty, force majeure or similar event which
causes Landlord to limit access to tenants, which limitation of access shall be for the shortest duration as reasonably possible.

 

3.5
QUIET POSSESSION. Provided Tenant is not in default beyond applicable notice and cure periods, Tenant shall be entitled to peaceful and
quiet enjoyment of the Premises for the Term without interruption or interference by Landlord or any person claiming through Landlord.

 

3.6
COVENANTS AND RESTRICTIONS. Tenant hereby acknowledges and agrees that the Buildings, and Tenant’s occupancy thereof, is subject
to all matters of Public Record.

 

4.
TENANT ALTERATIONS AND IMPROVEMENTS.

 

4.1
TENANT IMPROVEMENTS; CONDITION OF PREMISES. Except as expressly provided in this Lease, Tenant acknowledges and agrees that Landlord
has not undertaken to perform any modification, alteration or improvements to the Premises, and Tenant further waives any defects in
the Premises and acknowledges and accepts the Premises in their “AS IS” condition, and as suitable for the purpose for which
they are leased. Tenant acknowledges and agrees that if Tenant desires to expand its existing operations at the Premises or elsewhere,
Landlord shall have the ability to lease space to Tenant for such operations on comparable terms and conditions as set forth in this
Lease. Tenant shall continue to be responsible for all of its own construction and operational costs and expenses at all such additional
facilities; provided, however, Landlord and Tenant covenant and agree to use their good faith efforts to cooperate with each other to
establish a mutually agreed upon budget, lease terms and the conditions for the lease by Landlord to Tenant of all such facilities.

 

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4.2
TENANT ALTERATIONS. Tenant will not make or allow to be made any alterations in or to the Premises without first obtaining the written
consent of Landlord, which consent may be granted or withheld in Landlord’s sole discretion; provided, however that such Landlord
consent shall not be required for changes that are not to the exterior, or are not to the structure, or are not to Buildings systems,
or which are merely cosmetic in nature. All Tenant alterations will be accomplished in a good and workmanlike manner at Tenant’s
sole expense, in conformity with all Applicable Laws by a licensed and bonded contractor approved in advance by Landlord, such approval
of contractor not to be unreasonably withheld or delayed. All contractors performing alterations in the Premises shall carry workers’
compensation insurance, commercial general liability insurance, automobile insurance and excess liability insurance in amounts reasonably
acceptable to Landlord and shall deliver a certificate of insurance evidencing such coverages to Landlord prior to commencing work in
the Premises. Upon completion of any such work, Tenant shall provide Landlord with “as built” plans, copies of all construction
contracts, and proof of payment for all labor and materials. All alterations or improvements, shall remain with the Premises upon Lease
termination or expiration and will be surrendered to Landlord along with the Premises at such time and will be deemed owned by Landlord
at all times from and after and upon completion thereof (but rights to the use of same and Tenant’s obligations to keep in good
order, condition and repair and maintain same, as a part of the Premises, shall remain with Tenant pursuant to this Lease during the
term of this Lease). Tenant will have no authority or power, express or implied, to create or cause any construction lien or mechanics’
or materialmen’s lien or claim of any kind against the Premises, the Property or any portion thereof. Landlord’s interest
in the Premises is not and shall not be subject to any liens as a result of Tenant’s use or occupancy of the Premises including
specifically, without limitation, for improvements made by Tenant, and all such liens are expressly prohibited. Tenant will promptly
cause any such liens or claims to be released by payment, bonding or otherwise within thirty (30) days after request by Landlord, and
will indemnify Landlord against losses arising out of any such claim including, without limitation, legal fees and court costs. Landlord
has the right, but not the obligation, to discharge any such lien. Any amount paid by Landlord for such purpose and Landlord’s
related reasonable attorneys’ fees shall be paid by Tenant to Landlord upon demand and shall accrue interest from the date paid
by Landlord until Landlord is reimbursed therefor at the highest rate permitted by Law. NOTICE IS HEREBY GIVEN THAT LANDLORD WILL NOT
BE LIABLE FOR ANY LABOR, SERVICES OR MATERIAL FURNISHED OR TO BE FURNISHED TO TENANT, OR TO ANYONE HOLDING THE PREMISES THROUGH OR UNDER
TENANT, AND THAT NO MECHANICS’ OR OTHER LIENS FOR ANY SUCH LABOR, SERVICES OR MATERIALS WILL ATTACH TO OR AFFECT THE INTEREST OF
LANDLORD IN THE PREMISES. TENANT WILL DISCLOSE THE FOREGOING PROVISIONS TO ANY CONTRACTOR ENGAGED BY TENANT PROVIDING LABOR, SERVICES
OR MATERIAL TO THE PREMISES.

 

4.3
TENANT CONSTRUCTION OF IMPROVEMENTS. Tenant covenants and agrees to lawfully and on a lien free basis, construct and install the improvements
to the Buildings pursuant to the plans and specifications jointly agreed upon by Landlord and Tenant, all such construction and installation
to be done in accordance with all applicable laws, rules and regulations. Such improvements shall be completed on or before March 2023.
Landlord covenants and agrees to fund the cost related to the above referenced construction up to the amount described on Exhibit
2 attached hereto (the “Project Budget”). Tenant covenants and agrees that Tenant shall be responsible for any and all
costs in excess of the Project Budget. Payments for the Project Budget shall be made based on progress payments based on actual out of
pocket expenses incurred to third parties with the balance, if any, paid as a development fee upon “completion” which is
defined hereunder as the later to occur of: (i) receipt of a Certificate of Occupancy by the applicable local and State authorities,
(ii) receipt of lien waivers from all contractors who worked on site, and (iii) the commencement of lawful operations in the Addition.
All contractors must submit insurance certificates acceptable to Landlord and naming Landlord prior to commencement of work.

 

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4.4
FUTURE CONSTRUCTION PROJECTS BY TENANT. Tenant covenants and agrees that Landlord shall be provided with the right (but not the obligation)
to finance future capital projects of Tenant, at the Property on similar terms to this Lease or as otherwise mutually agreed upon by
the parties. During the Term of this Lease, Tenant, will NOT own, operate or invest in a facility that is reasonably likely to have a
negative impact on the performance of the Property or their business during the Term of this Lease unless the parties mutually agree
that the operations at this Property support the need for additional facilities.

 

5.
INSURANCE AND INDEMNITY. 

 

5.1
TENANT’S INSURANCE. Tenant will throughout the Term (and any other period when Tenant is in possession of the Premises) carry and
maintain, at its sole cost and expense, the following types of insurance, which shall provide coverage on an occurrence basis in the
amounts specified with deductible amounts reasonably satisfactory to Landlord:

 

(a)
COMMERCIAL GENERAL LIABILITY INSURANCE. Commercial general liability (“CGL”) insurance with coverage for premises/operations,
personal and advertising injury, products/completed operations and contractual liability with combined single limits of liability of
not less than $1,000,000 per occurrence, $2,000,000 in the annual aggregate for bodily injury and property damage per occurrence. The
policy shall name the Indemnified Parties as additional insureds on a primary and non-contributory basis for all ongoing and completed
operations under ISO Forms CG20 38 04 13 and CG 20 37 or their equivalents. The coverage provided under this CGL policy shall be written
on an “occurrence” basis with no policy provisions that preclude coverage for any workers employed at the job site or that
otherwise restrict, reduce, limit or impair contractual liability coverage or the status of any additional insureds. Completed Operations
coverage shall remain in force for not less than five (5) years after completion of the work and shall include the Indemnified Parties
as additional insureds on a primary and non-contributory basis.

 

(b)
COMPREHENSIVE AUTOMOBILE LIABILITY INSURANCE. Comprehensive automobile liability insurance with a limit of not less than $1,000,000 per
occurrence for bodily injury, $500,000 per person and $100,000 property damage or a combined single limit of $1,000,000 for both Tenant-owned
and leased vehicles.

 

(c)
UMBRELLA COVERAGE. Tenant shall also carry and maintain Umbrella Liability Insurance in an amount not less than $5,000,000 providing
excess coverage over all limits and coverages required in paragraph (b) and (c) above in this section and naming the Indemnified Parties
as additional insureds on a primary and non-contributory basis.

 

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(d)
PROPERTY INSURANCE. Insurance of personal property, decorations, trade fixtures, furnishings, equipment, alterations, leasehold improvements
and betterments made by Tenant on a replacement cost basis, with coverage equal to not less than one hundred percent (100%) of the full
replacement value of the insured property. Such insurance shall be written on the ISO Special Perils form including but not limited to
the perils of fire, extended coverage, windstorm, vandalism, malicious mischief and sprinkler leakage, for the full replacement cost
value of the covered items and in amounts that meet any co-insurance clause of the policies of insurance with a deductible amount not
to exceed $10,000. Tenant’s policy will also include business interruption/extra expense coverage in amounts sufficient to insure
twelve (12) months of interrupted business operations at the Premises including payment of rent. Landlord shall be listed as a loss payee
with respect to their interest in the Premises.

 

All
policies referred to above shall: (i) be taken out with insurers permitted to write policies in the state of Nebraska having a minimum
A.M. Best’s rating of A, Class VII or as otherwise permitted by Landlord; (ii) be non-contributing with, and shall apply only as
primary and not as excess to any other insurance available to Landlord or any mortgagee of Landlord; and (iii) contain an obligation
of the insurers to endeavor to notify Landlord not less than thirty (30) days prior to any material change, cancellation or termination
of any such policy except not less than ten (10) days prior in the case of termination due to Tenant’s nonpayment of premiums.
Landlord and Landlord’s property manager, and any mortgagees named by Landlord, shall be named as additional insureds on the CGL
and automobile liability policies. Tenant shall provide certificates of insurance on or before the Effective Date and thereafter at times
of renewal or changes in coverage or insurer, and, if required by a mortgagee, copies of such insurance policies certified by Tenant’s
insurer as being complete and current promptly upon request. If (a) Tenant fails to take out or to keep in force any insurance referred
to in this Section 5.1, or should any such insurance not be approved by either Landlord or any mortgagee, and (b) Tenant does not commence
and continue to diligently cure such default within five (5) business days after notice by Landlord to Tenant specifying the nature of
such default, then Landlord has the right, without assuming any obligation in connection therewith, to procure such insurance at the
sole cost of Tenant, and all outlays by Landlord shall be paid by Tenant to Landlord without prejudice to any other rights or remedies
of Landlord under this Lease. Tenant shall not keep or use in the Premises any article that may be prohibited by any fire or casualty
insurance policy in force from time to time covering the Premises or the Buildings.

 

(e)
WORKERS’ COMPENSATION. Workers’ compensation insurance covering all employees of Tenant, as required by the laws of the State
of Nebraska, and employers’ liability coverage subject to limits required by law.

 

(f)
BUILDERS RISK. During construction work on the Property, Tenant shall procure and pay for a Builders Risk related to the contemplated
construction activities reasonably acceptable to Landlord. Landlord shall be named as a loss payee with respect to its interest in the
Property during construction.

 

5.2
LANDLORD’S INSURANCE. During the Term, Landlord, at its option, may carry and maintain the following types of insurance: (i) property
insurance on the Buildings covering “All Risks” perils in an amount equal to the full replacement cost of the Buildings (excluding
any property with respect to which Tenant and other tenants are obliged to insure pursuant to Section 5.1 or similar sections of their
respective leases); and (ii) commercial general liability insurance with respect to Landlord’s operations on the Property. Landlord
may maintain any other commercially reasonable insurance coverages relating to the Premises, or Tenant’s activities and operations
therein. All costs of such insurance are properly includable in Operating Expenses and shall be reimbursed by Tenant.

 

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5.3
RELEASE AND WAIVER OF SUBROGATION RIGHTS. The parties hereto, for themselves and anyone claiming through or under them, hereby release
and waive any and all rights of recovery, claim, action or cause of action, against each other, their respective agents, directors, officers
and employees, for any loss or damage to all property, whether real, personal or mixed, located in the Premises or the Buildings, by
reason of any cause against which the releasing party is actually insured or, regardless of the releasing party’s actual insurance
coverage, against which the releasing party is required to be insured pursuant to the provisions of Sections 5.1 or 5.2. This mutual
release and waiver shall apply regardless of the cause or origin of the loss or damage, including negligence of the parties hereto, their
respective agents and employees except that it shall not apply to willful conduct. Each party agrees to provide the other with reasonable
evidence of its insurance carrier’s consent to such waiver of subrogation upon request. This Section 5.3 supersedes any provision
to the contrary which may be contained in this Lease.

 

5.4
INDEMNIFICATION OF THE PARTIES. 

 

5.4.1
TENANT’S INDEMNITY. Tenant hereby agrees to indemnify, defend and hold harmless Landlord from and against any and all liability
for any loss, injury or damage, and all costs, expenses, court costs and reasonable attorneys’ fees, imposed on Landlord by any
person whomsoever that occurs (i) in the Premises, except for any such loss, injury or damage that is caused by or results from the gross
negligence or willful misconduct of Landlord, its employees or agents; or (ii) anywhere in the Property outside of the Premises as a
result of the gross negligence or willful misconduct of Tenant, its employees, agents or contractors; or (iii) imposed upon or suffered
by Landlord due to breach or violation of Tenant’s obligations under this Lease which breach or violation in turn gives rise to
any such liability, costs, expenses, court costs and reasonable attorneys’ fees suffered by or imposed upon Landlord.

 

5.4.2
LANDLORD’S INDEMNITY. Landlord hereby indemnifies Tenant from, and agrees to hold Tenant harmless against, any and all liability
for any loss, injury or damage, including, without limitation, all costs, expenses, court costs and reasonable attorneys’ fees,
imposed on Tenant by any person whomsoever, that occurs in the Buildings or anywhere in the Property and that is caused by or results
from the gross negligence or willful misconduct of Landlord or its employees or agents. 

 

The
provisions of this Section 5.4 shall survive the expiration or earlier termination of this Lease.

 

6.
DAMAGE, DESTRUCTION AND CONDEMNATION.

 

6.1
DESTRUCTION OR DAMAGE TO PREMISES. If the Premises are at any time damaged or destroyed in whole or in part by fire, casualty or other
causes, Landlord shall have sixty (60) days from such damage or destruction to determine and inform Tenant whether Landlord will restore
the Premises to substantially the condition that existed immediately prior to the occurrence of the casualty. If Landlord elects to rebuild,
Landlord shall complete such repairs to the extent of insurance proceeds within one hundred eighty (180) days from the end of the sixty
(60) day period. If such repairs have not been completed within that 180-day period, and Tenant desires to terminate the Lease as a result
thereof, then Tenant must notify Landlord prior to Landlord’s completion of the repairs of Tenant’s intention to terminate
this Lease. Landlord shall then have ten (10) days after Landlord’s receipt of written notice of Tenant’s election to terminate
to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to the expiration
of such ten-day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord,
promptly and diligently, and at its sole cost and expense, repair and restore any improvements to the Premises made by Tenant to the
condition which existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s
reasonable estimation, the Premises cannot be restored within two hundred forty (240) days of such damage or destruction, then either
Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) nor
more than sixty (60) days after the date such notice is given. Until the restoration of the Premises is complete, there shall be an abatement
or reduction of Base Rent in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration
bears to the total square footage of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant,
its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors,
in which event there shall be no such abatement.

 

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Notwithstanding
the foregoing provisions of this paragraph, if damage to more than fifty percent (50%) of the Premises or destruction of the Premises
shall occur within the last year of the Term, as the same may be extended as provided hereinafter and Landlord notifies Tenant that (i)
Landlord will restore the Premises to their condition prior to the casualty, and (ii) Landlord desires to extend the Term of the Lease
with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of
the completion of the repairs to the Premises, provided Tenant gives written notice to Landlord of Tenant’s agreement to extend
the Term within fifteen (15) days after receipt of Landlord’s notice. Such extension shall be on the terms and conditions provided
herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s
notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair
and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord
at its option shall have the right to terminate this Lease as of the date of the damaging event, or to restore the Premises and the Lease
shall continue for the remainder of the then unexpired Term, or until the Lease is otherwise terminated as provided herein.

 

6.2
CONDEMNATION.

 

6.2.1
TOTAL OR PARTIAL TAKING. If the whole of the Premises (provided that if 60% or more of the Premises are taken, Tenant may deem that all
of the Premises are taken), or such portion thereof as will make the Premises unusable, in Landlord’s reasonable judgment, for
the purposes leased hereunder, shall be taken by any public authority under the power of eminent domain or sold to public authority under
threat or in lieu of such taking, the Term shall cease as of the day possession or title shall be taken by such public authority, whichever
is earlier (“Taking Date”), whereupon the rent and all other charges shall be paid up to the Taking Date with a proportionate
refund by Landlord of any rent and all other charges paid for a period subsequent to the Taking Date. If less than the whole of the Premises,
or less than such portion thereof as will make the Premises unusable as of the Taking Date, is taken, Base Rent and other charges payable
to Landlord shall be reduced in proportion to the amount of the Premises taken. If this Lease is not terminated, Landlord shall repair
any damage to the Premises caused by the taking to the extent necessary to make the Premises reasonably tenantable within the limitations
of the available compensation awarded for the taking (exclusive of any amount awarded for land).

 

6.2.2
AWARD. All compensation awarded or paid upon a total or partial taking of the Premises or Buildings including the value of the leasehold
estate created hereby shall belong to and be the property of Landlord without any participation by Tenant; Tenant shall have no claim
to any such award based on Tenant’s leasehold interest. However, nothing contained herein shall be construed to preclude Tenant,
at its cost, from independently prosecuting any claim directly against the condemning authority in such condemnation proceeding for damage
to, or cost of removal of, stock, trade fixtures, furniture, and other personal property belonging to Tenant; provided, however, that
no such claim shall diminish or otherwise adversely affect Landlord’s award or the award of any mortgagee.

 

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7.
MAINTENANCE AND REPAIRS.

 

7.1
Tenant shall, at its expense, throughout the Term and all renewals and extensions thereof, maintain in good order, condition and repair
the Premises, including but not limited to heating and air conditioning equipment, walls, floors and ceilings, window exteriors, mechanical
and electrical systems and equipment exclusively serving the Premises, electric light fixtures, bulbs, tubes and tube casings, doors,
floor coverings, dock doors, levelers, plumbing system and plumbing fixtures, Tenant’s signs and utility facilities not maintained
by Landlord. Landlord shall use reasonable efforts to extend to Tenant the benefit from warranties on such items, if any, that have been
made by Landlord’s contractors or vendors and to extend to Tenant, as and if available, any bulk buying power that Landlord may
have with such contractors or vendors. If any portion of the Premises or any system or equipment in the Premises which Tenant is obligated
to repair cannot be fully repaired, Tenant shall promptly replace the same, regardless of whether the benefit of such replacement extends
beyond the Term. Tenant shall, at Tenant’s expense, maintain a preventive maintenance contract providing for the regular inspection
(at least quarterly) and maintenance of the heating and air conditioning system by a licensed and qualified heating and air conditioning
contractor, or Tenant shall perform such HVAC inspection and maintenance with duly licensed and qualified employee. The cost of such
preventive maintenance contract shall be paid by Tenant and an expense solely chargeable to Tenant; but if Landlord so elects, same may
be billed directly by Landlord to Tenant where Landlord on Tenant’s behalf enters into such preventive maintenance contract and
in such case shall be deemed Additional Rent (Landlord alone may so elect whether to enter into such preventive maintenance contract
on Tenant’s behalf). Landlord shall have the right, upon notice to Tenant, to undertake the responsibility for preventive maintenance
of any other system or component at Tenant’s expense. Tenant shall be responsible for janitorial services and trash removal from
the Premises, at Tenant’s expense. Landlord and Tenant intend that, at all times during the Term, Tenant shall maintain the Premises
in good order and condition and appearances reasonably commensurate with the balance of the Property.

 

All
of Tenant’s obligations to maintain and repair shall be accomplished at Tenant’s sole expense. If Tenant fails to maintain
and repair the Premises as required by this Section, Landlord may, on 10 days’ prior written notice (except that no notice shall
be required in case of emergency), enter the Premises and perform such maintenance or repair on behalf of Tenant; provided such entry
is made in compliance with Applicable Laws. In such cases, Tenant shall reimburse Landlord immediately upon demand for all costs incurred
in performing such maintenance or repair plus an administration fee equal to 5% of such actual and reasonable costs or expenses.

 

7.2
CONDITION UPON TERMINATION. Upon the termination of the Lease, Tenant shall surrender the Premises to Landlord, broom clean and with
all systems in good working order, condition and repair, except for damage caused by casualty, condemnation and ordinary wear and tear
which Tenant was not otherwise obligated to remedy under any provision of this Lease. However, Tenant shall not be obligated to repair
any damage that Landlord is required to repair under Section 7.1. Subject to the foregoing, Tenant shall repair, at Tenant’s expense,
any damage to the Premises and the Buildings caused by the removal of any of Tenant’s personal property. In no event shall Tenant
remove any of the following materials or equipment: any power wiring or power panels; light fixtures; environmental control systems;
heaters, air conditioners, or any other heating or air conditioning equipment (other than movable equipment brought upon the Premises
by Tenant); plumbing fixtures; or other similar Buildings operating equipment.

 

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8.
DEFAULT AND REMEDIES.

 

8.1
DEFAULT BY TENANT. The following will be events of default by Tenant under this Lease:

 

(a)
Failure to pay when due any installment of Rent or any other payment required pursuant to this Lease within five (5) days of due date;

 

(b)
The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication
of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a
receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30
days of such filing, adjudication, admission or appointment, as applicable;

 

(c)
A transfer in fraud of creditors or an assignment for the benefit of creditors, by Tenant;

 

(d)
The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and
the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;

 

(e)
The liquidation, termination or dissolution of Tenant;

 

(f)
Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than
the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be
cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s
notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed
a total of sixty (60) days from the date of Landlord’s notice;

 

(g)
Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12)
month period;

 

(h)
Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and

 

8.2
REMEDIES. Upon the occurrence of any event of default set forth in Section 8.1, Landlord shall be entitled to the following remedies:

 

(a)
Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date
of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.

 

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(b)
Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be
immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present
value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;

 

(c)
Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for
all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount
due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any
cost to retrofit or alter the Premises.

 

(d)
After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required
of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting
compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from
such action.

 

(e)
If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially
reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property.

 

The
above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s
election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver.

 

8.3
COSTS. If any litigation or other court action, arbitration or similar adjudicatory proceeding is commenced by any party to enforce its
rights under this Lease against any other party, all fees, costs and expenses, including, without limitation, reasonable attorneys’
fees and court costs, incurred by the prevailing party in such litigation, action, arbitration or proceeding shall be reimbursed by the
non-prevailing party; provided, that if a party to such litigation, action, arbitration or proceeding prevails in part, and loses in
part, the court, arbitrator or other adjudicator presiding over such litigation, action, arbitration or proceeding shall award a reimbursement
of the fees, costs and expenses incurred by such party on an equitable basis. .

 

8.4
WAIVER. No delay or omission by Landlord in exercising a right or remedy shall exhaust or impair the same or constitute a waiver of,
or acquiescence to, a default.

 

8.5
DEFAULT BY LANDLORD. In the event of any default by Landlord, Tenant’s exclusive remedy shall be an action for damages, but prior
to any such action Tenant will give Landlord written notice specifying such default with particularity, and Landlord shall have a period
of thirty (30) days following the date of such notice in which to commence the appropriate cure of such default. Unless and until Landlord
fails to commence and diligently pursue the appropriate cure of such default after such notice or complete same within a reasonable period
of time, Tenant shall not have any remedy or cause of action by reason thereof. Notwithstanding any provision of this Lease, neither
Landlord nor any officer, director, partner, shareholder, or member of Landlord shall have any individual or personal liability whatsoever
under this Lease. In the event of any breach or default by Landlord of any term or provision of this Lease, Tenant agrees to look solely
to the equity or interest then-owned by Landlord in the Premises (together with insurance proceeds, condemnation awards and sale proceeds),
and in no event shall any deficiency judgment be sought or obtained against Landlord, nor any officer, director, partner, shareholder,
or member of Landlord. Notwithstanding any provision of this Lease, Landlord shall not be liable to Tenant or any other person for consequential,
special or punitive damages, including without limitation, lost profits.

 

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9.
PROTECTION OF LENDERS. Landlord represents and warrants that as of the date hereof, there either is no mortgage or ground lease affecting
the Property or if there is a mortgage, the lender holding same shall have confirmed it does not object to this Lease.

 

9.1
SUBORDINATION AND ATTORNMENT. This Lease shall be subject and subordinated at all times to the terms of each and every ground or underlying
lease which now exists or may hereafter be executed affecting the Premises under which Landlord shall claim, and to the liens of each
and every mortgage and deed of trust in any amount or amounts whatsoever now or hereafter existing encumbering the Premises, Buildings
or the Property, and to all modifications, renewals and replacements thereto without the necessity of having further instruments executed
by Tenant to effect such subordination. Tenant, upon demand, shall further evidence its subordination by executing a subordination and
attornment agreement in form and substance mutually acceptable to Tenant and Landlord and its mortgagee or ground lessor, which subordination
and attornment agreement must provide that so long as no default or event which with the passing of time or giving of notice would constitute
a default exists under this Lease, the peaceable possession of Tenant in and to the Premises, and continued Permitted Use thereof, for
the Term shall not be disturbed in the event of the foreclosure of the subject mortgage or termination of the subject ground or underlying
lease affecting the Premises. If Landlord’s interest in the Buildings or Property is acquired by any ground lessor, mortgagee,
or purchaser at a foreclosure sale or transfer in lieu thereof, Tenant shall attorn to the transferee of or successor to Landlord’s
interest in the Lease, Premises, Buildings or Property and recognize such transferee or successor as Landlord under this Lease. Notwithstanding
the foregoing, any mortgagee under any mortgage shall have the right at any time to subordinate any such mortgage to this Lease on such
terms and subject to such conditions as the mortgagee in its discretion may consider appropriate.

 

9.2
ESTOPPEL CERTIFICATES. Within ten (10) days of receipt of written request from Landlord, any lender or prospective lender of the Buildings,
or at the request of any purchaser or prospective purchaser of the Buildings, Tenant shall deliver an estoppel certificate, attaching
a true and complete copy of this Lease, including all amendments relative thereto, and certifying with particularity, among other things,
(i) a description of any renewal or expansion options, if any; (ii) the amount of rent currently and actually paid by Tenant under this
Lease; (iii) that the Lease is in full force and effect as modified; (iv) Tenant is in possession of the Premises; (v) stating whether
either Landlord to the best of its knowledge or Tenant is in default under the Lease and, if so, summarizing such default(s) if known;
and (vi) stating whether Tenant or Landlord has any offsets or claims against the other party and, if so, specifying with particularity
the nature and amount of such offset or claim if known. Landlord shall likewise deliver a similar estoppel certificate within ten (10)
days of the receipt of a written request from Tenant, any lender or prospective lender of Tenant, or assignee approved by Landlord, certifying
the status of Tenant’s monetary obligations under this Lease.

 

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9.3
TENANT’S FINANCIAL CONDITION AND OTHER OPERATING REPORTS. 

 

Tenant
shall provide Landlord with:(A) certified financial statements by an authorized officer of Tenant regarding Tenant’s operations
at the Premises, including standard profit and loss statements, actual sales vs. projected sales, an income statement and balance sheet,
all of which show that Tenant has the financial wherewithal to meet its obligations as they are due within twenty (20) days after the
end of each calendar month, and (B) certified financials from an authorized officer or by a third party accounting firm reasonably acceptable
to Landlord, to be delivered within 90 days of the end of each calendar year during the Term. Tenant hereby agrees not to make any distributions
to owners/investors of Tenant until such time as Tenant has achieved cash flow sufficient to establish a cash reserve equal to six (6)
months of Tenant’s operating expenses, including but limited to, Rent (the “Working Capital Reserve”). Once Tenant
has established the Working Capital Reserve in Tenant’s bank account (as certified to Landlord monthly), Tenant may distribute
excess cash flow earned thereafter to its owners/investors in accordance with its Operating Agreement. In addition to and not by way
of limitation of the foregoing, Tenant covenants and agrees that during the Term of this Lease, (i) the salaries for certain owners/
officers of Tenant shall be as set forth on the attached Exhibit 4, all of which will be annually certified as such by an authorized
officer of Tenant on or before January 15th of each Lease year during the Term and (ii) absolutely no additional salary shall be paid
to the identified owners/officers of Tenant other than as set forth on Exhibit 4 until and after the Working Capital Reserve has been
established and so long as it is maintained, and (iii) absolutely no distributions will be made to owners/investors in Tenant unless
and until the Working Capital Reserve amount has been achieved and is being maintained in Tenant’s bank account. During the Term
hereof, Landlord, shall have full rights to inspect the books and records of Tenant on reasonable notice and during normal business hours
and to have an audit of such books and records done at its own expense to confirm the accuracy and completeness thereof; provided, such
audit is performed in connection with all Applicable Laws. Landlord and Tenant acknowledge and agree that Landlord is not intended
to nor will it actually have any control over Tenant’s business located at the Premises or elsewhere rather it is intended to support
the viability of Tenant and its ability to meet its financial obligations.

 

10.
LANDLORD’S LIABILITY; CERTAIN DUTIES. As used in the Lease, the term “Landlord” means only the current owner or owners
of the fee title to the Buildings or the leasehold estate under a ground lease of the Buildings at the time in question. Each landlord
is obligated to perform the obligations of Landlord under this Lease only during the time such landlord owns such interest or title.
Any landlord who transfers its title or interest is relieved of all liability with respect to the obligations of Landlord under this
Lease to be performed on or after the date of transfer, provided that such transfer is not for the primary purpose of avoiding such obligations.
However, each landlord shall deliver to its transferee all funds previously paid by Tenant if such funds have not yet been applied under
the terms of this Lease.

 

11.
MISCELLANEOUS PROVISIONS.

 

11.1
SECURITY DEPOSIT. Tenant shall remit to Landlord a security deposit in the amount of One Hundred and Ninety-Three Thousand Dollars ($193,000)
by wire transfer of immediately available funds or other form acceptable to Landlord in its sole discretion (“Security Deposit”)
on the Effective Date. The Security Deposit represents security for the faithful performance and observance by Tenant of each and every
term of this Lease. Landlord may apply all or part of the Security Deposit to any unpaid Rent or other charges due from Tenant or to
cure any other default of Tenant. The Security Deposit shall not constitute liquidated damages. If after notice, Tenant fails to cure
and Landlord uses any part of the Security Deposit, Tenant shall restore the Security Deposit to its full amount within ten (10) days
after written notice from Landlord. No interest shall accrue to or for the benefit of Tenant on the Security Deposit. Landlord shall
not be required to keep the Security Deposit separate from its other accounts, and no trust relationship is created with respect to the
Security Deposit. Landlord shall not be obligated to return the Security Deposit to Tenant upon the expiration or earlier termination
of the Lease unless and until all of the following events occur: (i) the payment in full of all Rent due pursuant to the Lease; and (ii)
the repair of any and all damage to the Premises beyond that caused by casualty, condemnation and normal wear and tear.

 

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11.2
INTERPRETATION. The captions of the Articles or Sections of this Lease are to assist the parties in reading this Lease and are not a
part of the terms or provisions of this Lease. Whenever required by the context of this Lease, the singular shall include the plural
and the plural shall include the singular. The masculine, feminine and neuter genders shall each include the other. In any provision
relating to the conduct, acts or omissions of Tenant the term “Tenant” shall include Tenant’s agents, employees, contractors,
invitees, successors or others using the Premises, Buildings or Property with Tenant’s expressed or implied permission. This Lease
will not be construed more or less favorably with respect to either party as a consequence of the Lease or various provisions hereof
having been drafted by one of the parties hereto.

 

11.3
INCORPORATION OF PRIOR AGREEMENTS; MODIFICATIONS. This Lease is the only agreement between the parties pertaining to the lease of the
Premises and no other agreements either oral or otherwise shall be effective unless embodied herein. All amendments to this Lease shall
be in writing and signed by Landlord and Tenant. Any other purported amendment shall be void.

 

11.4
NOTICES. Any notice or document (other than rent) required or permitted to be delivered by the terms of this Lease shall be in writing
and delivered by: (i) hand delivery; (ii) certified mail, return receipt requested; or (iii) guaranteed overnight delivery service. Notices
to Tenant shall be delivered to the address specified in the introductory paragraph of this Lease. Notices to Landlord shall be delivered
to the address specified in the introductory paragraph of this Lease. All notices shall be effective upon delivery or attempted delivery
during normal business hours. Either party may change its notice address upon notice to the other party, given in accordance herewith
by an authorized officer, partner, or principal.

 

11.5
RADON GAS NOTICE. Radon is a naturally occurring radioactive gas that, when it has accumulated in a Buildings in sufficient quantities,
may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been
found in Buildings in Nebraska. Additional information regarding radon and radon testing may be obtained from your county health department.

 

11.6
WAIVERS. All waivers must be in writing and signed by the waiving party. Either party’s failure to enforce any provision of this
Lease or its acceptance of Rent shall not be a waiver and shall not prevent such party from enforcing that provision or any other provision
of this Lease in the future. No statement on a payment check from Tenant or in a letter accompanying a payment check shall be binding
on Landlord. Landlord may, with or without notice to Tenant, negotiate such check without being bound to the conditions of such statement.

 

11.7
NO RECORDATION. Tenant shall not record this Lease or any memorandum of lease.

 

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11.8
FORCE MAJEURE. The performance by either party to this Lease of its obligations (except the payment of Rent or other sums of money owed
by Tenant) shall be excused by delays attributable to events beyond that party’s control for a period of time that is sufficient
for the party to perform its obligations after the cessation of the Force Majeure event acting in a diligent, commercially reasonable
manner. Events beyond a party’s control include, but are not limited to, acts of the other party, acts of God (including reasonable
preparation therefor), war, civil commotion, labor disputes, strikes, fire, flood or other casualty, failure of power, shortages of labor
or material, government action, regulation or restriction (including extraordinary delay in the issuance of any permit, permit approval
or Buildings permit inspection) and unusually inclement weather conditions. Events beyond a party’s control shall not include changes
in economic or market conditions, or financial or internal problems of the non-performing party, or problems that can be satisfied by
the payment of money.

 

11.9
EXECUTION OF LEASE. Submission or preparation of this Lease by Landlord shall not constitute an offer by Landlord or option for the Premises,
and this Lease shall constitute an offer, acceptance or contract only as expressly specified by the terms of this Section 11.10. In the
event that Tenant executes this Lease first, such action shall constitute an offer to Landlord, which may be accepted by Landlord by
executing this Lease, and once this Lease is so executed by Landlord and delivered to Tenant, such offer may not be revoked by Tenant
and this Lease shall become a binding contract. In the event that Landlord executes this Lease first, such action shall constitute an
offer to Tenant, which may be accepted by Tenant only by delivery to Landlord of a fully executed copy of this Lease, together with a
fully executed copy of any and all guaranty agreements and addenda provided that in the event that any party other than Landlord makes
any material or minor alteration of any nature whatsoever to any of said documents, then such action shall merely constitute a counteroffer,
which Landlord, may, at Landlord’s election, accept or reject. Notwithstanding that the Effective Date may occur and the Term may
commence after the date of execution of this Lease, upon delivery and acceptance of this Lease in accordance with the terms of this Lease,
this Lease shall be fully effective, and in full force and effect and valid and binding against the parties in accordance with, but on
and subject to, the terms and conditions of this Lease.

 

11.10
AUTHORITY.

 

11.10.1
TENANT’S AUTHORITY. As a material inducement to Landlord to enter into this Lease, Tenant, intending that Landlord rely thereon,
represents and warrants to Landlord that:

 

(i)
Tenant and the party executing on behalf of Tenant are fully and properly authorized to execute and enter into this Lease on behalf of
Tenant and to deliver this Lease to Landlord;

 

(ii)
This Lease constitutes a valid and binding obligation of Tenant, enforceable against Tenant in accordance with the terms of this Lease;

 

(iii)
Tenant is duly organized, validly existing and in good standing under the laws of the state of Tenant’s organization and has full
power and authority to enter into this Lease, to perform Tenant’s obligations under this Lease in accordance with the terms of
this Lease, and to transact business in the state in which the Premises are located; and

 

(iv)
The execution of this Lease by the individual or individuals executing this Lease on behalf of Tenant, and the performance by Tenant
of Tenant’s obligation under this Lease, have been duly authorized and approved by all necessary corporate or partnership action,
as the case may be, and the execution, delivery and performance of this Lease by Tenant is not in conflict with Tenant’s bylaws
or articles of incorporation (if a corporation), agreement of partnership (if a partnership), and other charters, agreements, rules or
regulations governing Tenant’s business as any of the foregoing may have been supplemented or amended in any manner.

 

    	18

    	 

    

 

11.10.2
LANDLORD’S AUTHORITY. As a material inducement to Tenant to enter into this Lease, Landlord, intending that Tenant rely thereon,
represents and warrants to Tenant that:

 

(i)
Landlord is the fee owner of the Property.

 

(ii)
Landlord and the party executing on behalf of Landlord are fully and properly authorized to execute and enter into this Lease on behalf
of Landlord and to deliver this Lease to Tenant;

 

(iii)
This Lease constitutes a valid and binding obligation of Landlord, enforceable against Landlord in accordance with the terms of this
Lease;

 

(iv)
Landlord is duly organized, validly existing and in good standing under the laws of the state of Landlord’s organization and has
full power and authority to enter into this Lease, to perform Landlord’s obligations under this Lease in accordance with the terms
of this Lease, and to transact business in the state in which the Premises are located; and

 

(v)
The execution of this Lease by the individual or individuals executing this Lease on behalf of Landlord, and the performance by Landlord
of Landlord’s obligation under this Lease, have been duly authorized and approved by all necessary corporate or partnership action,
as the case may be, and the execution, delivery and performance of this Lease by Landlord is not in conflict with Landlord’s bylaws
or articles of incorporation (if a corporation), agreement of partnership (if a partnership), and other charters, agreements, rules or
regulations governing Landlord’s business as any of the foregoing may have been supplemented or amended in any manner

 

11.11
CHOICE OF LAW. This Lease shall be governed by the laws of the State of Nebraska.

 

11.12
COUNTERPART. This Lease may be executed in multiple counterparts, each counterpart of which shall be deemed an original and any of which
shall be deemed to be complete of itself and may be introduced into evidence or used for any purpose without the production of the other
counterpart or counterparts. Signatures appearing hereon that have been reproduced, applied, provided, delivered or transmitted by facsimile,
email, DocuSign or other electronic means shall be equally binding and effective as original signatures hereon, and shall be deemed duly
and effectively delivered if so transmitted or provided.

 

11.13
HOLDING OVER. If Tenant remains in possession of the Premises after the end of the Term without having executed and delivered a new lease
or an agreement extending the Term, there shall be no tacit renewal of this Lease or the Term, and Tenant shall be deemed to be occupying
the Premises from month to month at a monthly Base Rent payable in advance on the first day of each month equal to one hundred twenty-five
percent (125%) first month, one hundred fifty percent (150%) second month and two hundred percent (200%) thereafter of the monthly amount
of Base Rent payable during the last month of the Term, and otherwise upon the same terms as set forth in this Lease, so far as they
are applicable to a month to month tenancy. In addition to and not limiting any other rights or remedies which Landlord may have on account
of Tenant holding over without written consent of Landlord, Tenant shall be liable for any and all direct and consequential damages incurred
by Landlord on account of such unapproved holding over including claims by tenants entitled to future possession.

 

    	19

    	 

    

 

11.14
TIME IS OF THE ESSENCE. Time is of the essence of this Lease and all provisions contained herein.

 

11.15
APPROVAL OF PLANS AND SPECIFICATIONS. Neither review nor approval by or on behalf of Landlord of any Tenant’s plans nor any plans
and specifications for any Tenant Alterations or any other work shall constitute a representation or warranty by Landlord, any of Landlord’s
beneficiaries or any of their respective agents, partners or employees that such plans and specifications either (i) are complete or
suitable for their intended purpose, or (ii) comply with Applicable Laws, it being expressly agreed by Tenant that neither Landlord,
nor any of Landlord’s beneficiaries nor any of their respective agents, partners or employees assume any responsibility or liability
whatsoever to Tenant or to any other person or entity for such completeness, suitability or compliance.

 

11.16
RELATIONSHIP. Landlord and Tenant disclaim any intention to create a joint venture, partnership or agency relationship.

 

11.17
BROKERS. Tenant covenants, represents and warrants that there was and is no broker, finder or commissioned procuring cause or participant
in commissions associated with Tenant’s efforts (any such person being a “Tenant’s Broker”) in connection
with the negotiation and consummation of this Lease. Tenant agrees to indemnify and defend Landlord against any loss, liability, or expense
(including reasonable attorney’s fees and costs) arising out of claims for fees or commissions from anyone other than a broker
retained or hired by Landlord claiming to have represented Tenant in connection with the lease of the Premises.

 

11.18
WAIVER OF TRIAL BY JURY. LANDLORD AND TENANT EACH HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY WAIVE TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER ON ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY
WAY CONNECTED WITH THIS LEASE. THE PARTIES FURTHER HEREBY WAIVE THE RIGHT TO CONSOLIDATE ANY ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED
WITH ANY OTHER ACTION IN WHICH A JURY TRIAL HAS NOT BEEN WAIVED. 

 

11.19
RIDERS AND EXHIBITS. All Riders, Addenda and Exhibits attached hereto and referenced herein shall be deemed to be a part hereof and are
hereby incorporated.

 

    	20

    	 

    

 

11.20
TENANT ASSIGNMENT. Tenant will not assign this Lease, in whole or in part, or sublease the Premises, in whole or in part without the
prior consent of Landlord. Tenant shall pay to Landlord all direct costs and shall reimburse Landlord for all expenses (including reasonable
attorneys’ fees) incurred by Landlord in connection with any assignment or sublease requested by Tenant. Landlord may, in its reasonable
discretion, consider all factors cognizable by law as reasonable to evaluate and consider in making its determination of whether to consent,
including making a study of the financial wherewithal and credit of any proposed successor or subtenant and, in the case of an assignment,
may require additional guaranties as appropriate to satisfy reasonable financial standards and criteria for approval. Any guaranty of
an individual offered shall be joined by spouse and shall be in Landlord’s then current commercially reasonable form. Landlord
may condition any consent to any assignment, upon the execution and delivery of Landlord’s commercially reasonable form of instrument,
executed by Landlord, Tenant, the successor (assignee) tenant, and any new guarantor(s) then so arising, under the terms of which (i)
the Tenant (as assignor) agrees and confirms to the foregoing continued obligations and liabilities and assigns all of its rights, title
and interest in and to the Lease and all moneys having been paid thereunder, including any security deposit, (ii) the successor (as assignee)
agrees to assume the Lease in all respects and to assume all obligations of payment and performance thereunder, past, present and future,
including for the express benefit of Landlord and accepts the Premises in its then as-is condition, (iii) Landlord shall not be liable
for, and Tenant and the successor (as assignee) shall, jointly and severally, hold Landlord harmless against and indemnify Landlord for
and from any commission(s) payable associated with the assignment, and (iv) the successor (as assignee) agrees to provide all proper
current evidence of insurance as called for in this Lease prior to first entry upon, on or into the Premises. Landlord may condition
any consent to any sublease, upon the execution and delivery to Landlord of a commercially reasonable form of sublease agreement as between
Tenant and such subtenant, under the terms of which (i) Tenant shall continue to remain primarily liable for the payment of all amounts
of rental and other sums and performance of all covenants required of Tenant under the Lease, (ii) there shall be no modifications or
amendments of the sublease without the prior written consent of Landlord, (iii) the subtenant shall not be granted any rights of Tenant
under the Lease nor the power to exercise same, (iv) it is provided that in the event of any default under the terms and provisions of
the Lease, Landlord shall have the right to collect the rental attributable to the subleased space directly from the subtenant without
waiving any of Landlord’s rights against Tenant, (v) Landlord shall not be liable for, and Tenant and the subtenant shall, jointly
and severally, hold Landlord harmless against and indemnify Landlord for and from any commission(s) payable associated with the sublease,
and (vi) nothing in the sublease will be deemed to amend or modify the Lease as between Tenant and Landlord, and the subtenant will expressly
confirm and acknowledge that the sublease is inferior and subordinate to the Lease in all respects.

 

11.21
LANDLORD ASSIGNMENT. Landlord will have the right to sell, transfer or assign, in whole or in part, its rights and obligations under
this Lease. Any such sale, transfer or assignment will operate to release Landlord from any and all liability under this Lease arising
after the date of such sale, assignment or transfer, so long as successor landlord assumes the obligations of landlord hereunder.

 

11.22
NOTWITHSTANDING ANY OTHER TERM OR CONDITION OF THIS LEASE THE FOLLOWING ADDITIONAL PROPERTY SPECIFIC TERMS AND CONDITIONS SHALL GOVERN
AND CONTROL:

 

A.
OUTSIDE STORAGE - Under no circumstances shall Tenant store or display its goods or merchandise outside of the Buildings with the exception
of specifically requested and approved by Landlord hard goods or materials that are specifically required for Tenant’s operations
that cannot be stored within the Buildings (e.g., soil) Tenant shall ensure any outside storage is neat and organized and in compliance
with all applicable Laws and Tenant shall not store any plants or other finished materials outside of the Buildings

 

B.
HVAC/ENVIRONMENTAL CONTROLS, GREENHOUSE ROOF AND SYSTEMS REPAIR AND MAINTENANCE: Tenant shall, at Tenant’s sole expense repair
and in accordance with the terms of this Lease, shall have a maintenance agreement for the HVAC/Environmental Controls, Greenhouse Roof
and Systems unless such work will be performed by a duly qualified employee of Tenant or of Tenant’s Affiliate, and will be responsible
for any repairs and replacement for HVAC/Environmental Controls, Greenhouse Roof and Systems at all times during the Lease Term. 

 

    	21

    	 

    

 

C.
TENANT’S PRIMARY DUTY. All agreements and covenants to be performed or observed by Tenant under this Lease shall be at Tenant’s
sole cost and expense and without any abatement of rent. If Tenant fails to pay any sum of money to be paid by Tenant or to perform any
other act to be performed by Tenant under this Lease, Landlord shall have the right, but shall not be obligated, and without waiving
or releasing Tenant from any obligations of Tenant, to make any such payment or to perform any such other act on behalf of Tenant in
accordance with this Lease. All sums so paid by Landlord and all costs incurred or paid by Landlord shall be deemed additional rent hereunder
and Tenant shall pay the same to Landlord on written demand, together with interest on all such sums and costs from the date of expenditure
by Landlord to the date of repayment by Tenant at the rate of ten percent (10%) per annum.

 

D.
ABANDONED PROPERTY. If Tenant abandons the Premises, or is dispossessed by process of law or otherwise, any movable furniture,
equipment, trade fixtures or personal property belonging to Tenant and left in the Premises shall be deemed to be abandoned, at the option
of Landlord, and Landlord shall have the right to sell or otherwise dispose of such personal property in any commercially reasonable
manner.

 

E.
SIGNAGE: All signage that will be visible from the exterior of the Buildings must be approved, in writing, by Landlord before installation.
It is the responsibility of the Tenant to obtain all necessary governmental permits required for signage approved by Landlord.

 

11.23
AMENDMENT. Unless otherwise provided in this Lease, this Lease may be amended, modified, or terminated only by a written instrument executed
by Landlord and Tenant.

 

    	22

    	 

    

 

Signature
page to that certain LEASE AGREEMENT by and between PW MillPro NE LLC, a Nebraska limited liability company, as Landlord, and
Millennium Produce of Nebraska LLC, a Nebraska limited liability company, as Tenant, concerning Premises located at 1703 North
Harrison Street, O’Neill, NE 68768

 

IN
WITNESS WHEREOF, Tenant and Landlord have caused this Lease to be duly executed as of the date first above written by their respective
duly authorized officers.

 

	 	TENANT:
	 	Millennium Produce of Nebraska LLC,

                                                                           a Nebraska limited liability company

	 	 
	 	By:
    ___________________________
	 	 
	 	Print
    Name: _________________
	 	 
	 	Title:*
    [__] Manager or [__] Member or

    [__]
    Managing Member or

    [__]
    President as duly authorized officer

    [__]
    Other [Specify: ____________]**

	 	 
	 	*Signatory
    above warrants and represents that he or she is duly and properly authorized and empowered with signature authority to sign for the
    entity above and bind it to the terms and conditions hereof. **
	 	 
	 	**If
    the individual signing the Lease for Tenant is indicated having a title of “Other” above, then as a condition to full
    execution and delivery hereof, there must be attached to this Lease, lawfully taken entity resolutions which establish
    his or her authority and empowerment to execute the Lease and bind the Tenant in all respects hereto.
	 	 
	 	LANDLORD:
	 	 
	 	PW
    MillPro NE LLC, a

    Nebraska
    limited liablity company

	 	 
	 	By:
    ______________________,
	 	David
    H. Lesser
	 	Authorized
    Signatory

 

    	23

    	 

    

 

EXHIBIT
1

 

 

 

Employee
Housing Building:

 

414
East Highway 20, O’Neill, Nebraska 68763

4.88
acres

 

This
Exhibit is diagrammatic and is intended only for the purpose of indicating the approximate location of constructed areas comprising the
Property and/or the Buildings and the approximate location of the Premises, and for the purposes of indicating approximately the boundaries
of the Property if so indicated thereon. It does not in any way supersede any of Landlord’s rights set forth in the Lease, including
in respect of arrangements and/or locations of shared-use parts of the common areas and changes in such arrangements and/or locations,
including without limitation parking areas. It is not to be scaled; any measurements or distances shown or parking counts should be taken
as approximate. Dimensions indicated (if any) are not exact nor to scale and in any case are approximate. It does not purport to show
the exact or final location of columns, division walls or other required architectural, structural, mechanical or electrical elements.
References to tenants (if any) are not and shall not be deemed representations of existing or future tenancies nor of any particular
tenant-mix or tenant physical arrangement or placement or operation or use or closures, now or in the future anticipated.

 

Balance
of this page purposefully blank

 

    	24

    	 

    

 

Exhibit
2 –Budget of Landlord Funded Costs

 

	Building	 	Square Feet	 
	Greenhouse West	 	 	451,700	 
	Greenhouse East	 	 	613,080	 
	Office	 	 	12,986	 
	Packing	 	 	12,975	 
	Cold Storage/Distribution	 	 	10,500	 
	 	 	 	 	 
	Total	 	 	1,101,241	 

 

	Power REIT Funded Construction Items	 	 	 	 
	Energy Curtains	 	 	434,430	 
	 	 	 	 	 
	Contingency/Development Fee	 	 	100,000	 
	 	 	 	 	 
	Purchase Price	 	 	9,350,000	 
	 	 	 	 	 
	Total Power REIT Funded Construction Costs	 	 	9,884,430	 

 

    	25

    	 

    

 

Schedule
3 – Rent Schedule

 

	Month	 	Date	 	Monthly Rent	 
	1	 	1-Apr-22	 	-	 
	2	 	1-May-22	 	-	 
	3	 	1-Jun-22	 	-	 
	4	 	1-Jul-22	 	-	 
	5	 	1-Aug-22	 	-	 
	6	 	1-Sep-22	 	-	 
	7	 	1-Oct-22	 	96,437.48	 
	8	 	1-Nov-22	 	96,437.48	 
	9	 	1-Dec-22	 	96,437.48	 
	10	 	1-Jan-23	 	96,437.48	 
	11	 	1-Feb-23	 	96,437.48	 
	12	 	1-Mar-23	 	96,437.48	 
	13	 	1-Apr-23	 	96,437.48	 
	14	 	1-May-23	 	96,437.48	 
	15	 	1-Jun-23	 	96,437.48	 
	16	 	1-Jul-23	 	96,437.48	 
	17	 	1-Aug-23	 	96,437.48	 
	18	 	1-Sep-23	 	96,437.48	 
	19	 	1-Oct-23	 	96,437.48	 
	20	 	1-Nov-23	 	96,437.48	 
	21	 	1-Dec-23	 	96,437.48	 
	22	 	1-Jan-24	 	96,437.48	 
	23	 	1-Feb-24	 	96,437.48	 
	24	 	1-Mar-24	 	96,437.48	 
	25	 	1-Apr-24	 	96,437.48	 
	26	 	1-May-24	 	96,437.48	 
	27	 	1-Jun-24	 	96,437.48	 
	28	 	1-Jul-24	 	96,437.48	 
	29	 	1-Aug-24	 	96,437.48	 
	30	 	1-Sep-24	 	96,437.48	 
	31	 	1-Oct-24	 	96,437.48	 
	32	 	1-Nov-24	 	96,437.48	 
	33	 	1-Dec-24	 	96,437.48	 
	34	 	1-Jan-25	 	96,437.48	 
	35	 	1-Feb-25	 	96,437.48	 
	36	 	1-Mar-25	 	96,437.48	 

 

    	26

    	 

    

 

	37	 	1-Apr-25	 	96,437.48	 
	38	 	1-May-25	 	96,437.48	 
	39	 	1-Jun-25	 	96,437.48	 
	40	 	1-Jul-25	 	96,437.48	 
	41	 	1-Aug-25	 	96,437.48	 
	42	 	1-Sep-25	 	96,437.48	 
	43	 	1-Oct-25	 	96,437.48	 
	44	 	1-Nov-25	 	96,437.48	 
	45	 	1-Dec-25	 	96,437.48	 
	46	 	1-Jan-26	 	96,437.48	 
	47	 	1-Feb-26	 	96,437.48	 
	48	 	1-Mar-26	 	96,437.48	 
	49	 	1-Apr-26	 	96,437.48	 
	50	 	1-May-26	 	96,437.48	 
	51	 	1-Jun-26	 	96,437.48	 
	52	 	1-Jul-26	 	96,437.48	 
	53	 	1-Aug-26	 	96,437.48	 
	54	 	1-Sep-26	 	96,437.48	 
	55	 	1-Oct-26	 	96,437.48	 
	56	 	1-Nov-26	 	96,437.48	 
	57	 	1-Dec-26	 	96,437.48	 
	58	 	1-Jan-27	 	96,437.48	 
	59	 	1-Feb-27	 	96,437.48	 
	60	 	1-Mar-27	 	96,437.48	 
	61	 	1-Apr-27	 	96,437.48	 
	62	 	1-May-27	 	96,437.48	 
	63	 	1-Jun-27	 	96,437.48	 
	64	 	1-Jul-27	 	96,437.48	 
	65	 	1-Aug-27	 	96,437.48	 
	66	 	1-Sep-27	 	96,437.48	 
	67	 	1-Oct-27	 	96,437.48	 
	68	 	1-Nov-27	 	96,437.48	 
	69	 	1-Dec-27	 	96,437.48	 
	70	 	1-Jan-28	 	96,437.48	 
	71	 	1-Feb-28	 	96,437.48	 
	72	 	1-Mar-28	 	96,437.48	 
	73	 	1-Apr-28	 	96,437.48	 
	74	 	1-May-28	 	96,437.48	 
	75	 	1-Jun-28	 	96,437.48	 
	76	 	1-Jul-28	 	96,437.48	 

 

    	27

    	 

    

 

	77	 	1-Aug-28	 	96,437.48	 
	78	 	1-Sep-28	 	96,437.48	 
	79	 	1-Oct-28	 	96,437.48	 
	80	 	1-Nov-28	 	96,437.48	 
	81	 	1-Dec-28	 	96,437.48	 
	82	 	1-Jan-29	 	96,437.48	 
	83	 	1-Feb-29	 	96,437.48	 
	84	 	1-Mar-29	 	96,437.48	 
	85	 	1-Apr-29	 	96,437.48	 
	86	 	1-May-29	 	96,437.48	 
	87	 	1-Jun-29	 	96,437.48	 
	88	 	1-Jul-29	 	96,437.48	 
	89	 	1-Aug-29	 	96,437.48	 
	90	 	1-Sep-29	 	96,437.48	 
	91	 	1-Oct-29	 	96,437.48	 
	92	 	1-Nov-29	 	96,437.48	 
	93	 	1-Dec-29	 	96,437.48	 
	94	 	1-Jan-30	 	96,437.48	 
	95	 	1-Feb-30	 	96,437.48	 
	96	 	1-Mar-30	 	96,437.48	 
	97	 	1-Apr-30	 	96,437.48	 
	98	 	1-May-30	 	96,437.48	 
	99	 	1-Jun-30	 	96,437.48	 
	100	 	1-Jul-30	 	96,437.48	 
	101	 	1-Aug-30	 	96,437.48	 
	102	 	1-Sep-30	 	96,437.48	 
	103	 	1-Oct-30	 	96,437.48	 
	104	 	1-Nov-30	 	96,437.48	 
	105	 	1-Dec-30	 	96,437.48	 
	106	 	1-Jan-31	 	96,437.48	 
	107	 	1-Feb-31	 	96,437.48	 
	108	 	1-Mar-31	 	96,437.48	 
	109	 	1-Apr-31	 	96,437.48	 
	110	 	1-May-31	 	96,437.48	 
	111	 	1-Jun-31	 	96,437.48	 
	112	 	1-Jul-31	 	96,437.48	 
	113	 	1-Aug-31	 	96,437.48	 
	114	 	1-Sep-31	 	96,437.48	 
	115	 	1-Oct-31	 	96,437.48	 
	116	 	1-Nov-31	 	96,437.48	 
	117	 	1-Dec-31	 	96,437.48	 
	118	 	1-Jan-32	 	96,437.48	 
	119	 	1-Feb-32	 	96,437.48	 
	120	 	1-Mar-32	 	96,437.48	 

 

    	28

    	 

    

 

	Option Period 1	 	 	 
	 	 	 	 	 	 
	121	 	1-Apr-32	 	106,081.23	 
	122	 	1-May-32	 	106,081.23	 
	123	 	1-Jun-32	 	106,081.23	 
	124	 	1-Jul-32	 	106,081.23	 
	125	 	1-Aug-32	 	106,081.23	 
	126	 	1-Sep-32	 	106,081.23	 
	127	 	1-Oct-32	 	106,081.23	 
	128	 	1-Nov-32	 	106,081.23	 
	129	 	1-Dec-32	 	106,081.23	 
	130	 	1-Jan-33	 	106,081.23	 
	131	 	1-Feb-33	 	106,081.23	 
	132	 	1-Mar-33	 	106,081.23	 
	133	 	1-Apr-33	 	106,081.23	 
	134	 	1-May-33	 	106,081.23	 
	135	 	1-Jun-33	 	106,081.23	 
	136	 	1-Jul-33	 	106,081.23	 
	137	 	1-Aug-33	 	106,081.23	 
	138	 	1-Sep-33	 	106,081.23	 
	139	 	1-Oct-33	 	106,081.23	 
	140	 	1-Nov-33	 	106,081.23	 
	141	 	1-Dec-33	 	106,081.23	 
	142	 	1-Jan-34	 	106,081.23	 
	143	 	1-Feb-34	 	106,081.23	 
	144	 	1-Mar-34	 	106,081.23	 
	145	 	1-Apr-34	 	106,081.23	 
	146	 	1-May-34	 	106,081.23	 
	147	 	1-Jun-34	 	106,081.23	 
	148	 	1-Jul-34	 	106,081.23	 
	149	 	1-Aug-34	 	106,081.23	 
	150	 	1-Sep-34	 	106,081.23	 
	151	 	1-Oct-34	 	106,081.23	 
	152	 	1-Nov-34	 	106,081.23	 
	153	 	1-Dec-34	 	106,081.23	 

 

    	29

    	 

    

 

	154	 	1-Jan-35	 	106,081.23	 
	155	 	1-Feb-35	 	106,081.23	 
	156	 	1-Mar-35	 	106,081.23	 
	157	 	1-Apr-35	 	106,081.23	 
	158	 	1-May-35	 	106,081.23	 
	159	 	1-Jun-35	 	106,081.23	 
	160	 	1-Jul-35	 	106,081.23	 
	161	 	1-Aug-35	 	106,081.23	 
	162	 	1-Sep-35	 	106,081.23	 
	163	 	1-Oct-35	 	106,081.23	 
	164	 	1-Nov-35	 	106,081.23	 
	165	 	1-Dec-35	 	106,081.23	 
	166	 	1-Jan-36	 	106,081.23	 
	167	 	1-Feb-36	 	106,081.23	 
	168	 	1-Mar-36	 	106,081.23	 
	169	 	1-Apr-36	 	106,081.23	 
	170	 	1-May-36	 	106,081.23	 
	171	 	1-Jun-36	 	106,081.23	 
	172	 	1-Jul-36	 	106,081.23	 
	173	 	1-Aug-36	 	106,081.23	 
	174	 	1-Sep-36	 	106,081.23	 
	175	 	1-Oct-36	 	106,081.23	 
	176	 	1-Nov-36	 	106,081.23	 
	177	 	1-Dec-36	 	106,081.23	 
	178	 	1-Jan-37	 	106,081.23	 
	179	 	1-Feb-37	 	106,081.23	 
	180	 	1-Mar-37	 	106,081.23	 
	 	 	 	 	 	 
	Option
Period 2 	 	 	 	 	 
	 	 	 	 	 	 
	181	 	1-Apr-37	 	111,385.29	 
	182	 	1-May-37	 	111,385.29	 
	183	 	1-Jun-37	 	111,385.29	 
	184	 	1-Jul-37	 	111,385.29	 
	185	 	1-Aug-37	 	111,385.29	 
	186	 	1-Sep-37	 	111,385.29	 
	187	 	1-Oct-37	 	111,385.29	 
	188	 	1-Nov-37	 	111,385.29	 
	189	 	1-Dec-37	 	111,385.29	 
	190	 	1-Jan-38	 	111,385.29	 

 

    	30

    	 

    

 

	191	 	1-Feb-38	 	111,385.29	 
	192	 	1-Mar-38	 	111,385.29	 
	193	 	1-Apr-38	 	111,385.29	 
	194	 	1-May-38	 	111,385.29	 
	195	 	1-Jun-38	 	111,385.29	 
	196	 	1-Jul-38	 	111,385.29	 
	197	 	1-Aug-38	 	111,385.29	 
	198	 	1-Sep-38	 	111,385.29	 
	199	 	1-Oct-38	 	111,385.29	 
	200	 	1-Nov-38	 	111,385.29	 
	201	 	1-Dec-38	 	111,385.29	 
	202	 	1-Jan-39	 	111,385.29	 
	203	 	1-Feb-39	 	111,385.29	 
	204	 	1-Mar-39	 	111,385.29	 
	205	 	1-Apr-39	 	111,385.29	 
	206	 	1-May-39	 	111,385.29	 
	207	 	1-Jun-39	 	111,385.29	 
	208	 	1-Jul-39	 	111,385.29	 
	209	 	1-Aug-39	 	111,385.29	 
	210	 	1-Sep-39	 	111,385.29	 
	211	 	1-Oct-39	 	111,385.29	 
	212	 	1-Nov-39	 	111,385.29	 
	213	 	1-Dec-39	 	111,385.29	 
	214	 	1-Jan-40	 	111,385.29	 
	215	 	1-Feb-40	 	111,385.29	 
	216	 	1-Mar-40	 	111,385.29	 
	217	 	1-Apr-40	 	111,385.29	 
	218	 	1-May-40	 	111,385.29	 
	219	 	1-Jun-40	 	111,385.29	 
	220	 	1-Jul-40	 	111,385.29	 
	221	 	1-Aug-40	 	111,385.29	 
	222	 	1-Sep-40	 	111,385.29	 
	223	 	1-Oct-40	 	111,385.29	 
	224	 	1-Nov-40	 	111,385.29	 
	225	 	1-Dec-40	 	111,385.29	 
	226	 	1-Jan-41	 	111,385.29	 
	227	 	1-Feb-41	 	111,385.29	 
	228	 	1-Mar-41	 	111,385.29	 
	229	 	1-Apr-41	 	111,385.29	 
	230	 	1-May-41	 	111,385.29	 

 

    	31

    	 

    

 

	231	 	1-Jun-41	 	111,385.29	 
	232	 	1-Jul-41	 	111,385.29	 
	233	 	1-Aug-41	 	111,385.29	 
	234	 	1-Sep-41	 	111,385.29	 
	235	 	1-Oct-41	 	111,385.29	 
	236	 	1-Nov-41	 	111,385.29	 
	237	 	1-Dec-41	 	111,385.29	 
	238	 	1-Jan-42	 	111,385.29	 
	239	 	1-Feb-42	 	111,385.29	 
	240	 	1-Mar-42	 	111,385.29	 
	 	 	 	 	 	 
	Option
Period 3 	 	 	 	 	 
	 	 	 	 	 	 
	241	 	1-Apr-42	 	116,954.56	 
	242	 	1-May-42	 	116,954.56	 
	243	 	1-Jun-42	 	116,954.56	 
	244	 	1-Jul-42	 	116,954.56	 
	245	 	1-Aug-42	 	116,954.56	 
	246	 	1-Sep-42	 	116,954.56	 
	247	 	1-Oct-42	 	116,954.56	 
	248	 	1-Nov-42	 	116,954.56	 
	249	 	1-Dec-42	 	116,954.56	 
	250	 	1-Jan-43	 	116,954.56	 
	251	 	1-Feb-43	 	116,954.56	 
	252	 	1-Mar-43	 	116,954.56	 
	253	 	1-Apr-43	 	116,954.56	 
	254	 	1-May-43	 	116,954.56	 
	255	 	1-Jun-43	 	116,954.56	 
	256	 	1-Jul-43	 	116,954.56	 
	257	 	1-Aug-43	 	116,954.56	 
	258	 	1-Sep-43	 	116,954.56	 
	259	 	1-Oct-43	 	116,954.56	 
	260	 	1-Nov-43	 	116,954.56	 
	261	 	1-Dec-43	 	116,954.56	 
	262	 	1-Jan-44	 	116,954.56	 
	263	 	1-Feb-44	 	116,954.56	 
	264	 	1-Mar-44	 	116,954.56	 
	265	 	1-Apr-44	 	116,954.56	 
	266	 	1-May-44	 	116,954.56	 
	267	 	1-Jun-44	 	116,954.56	 

 

    	32

    	 

    

 

	268	 	1-Jul-44	 	116,954.56	 
	269	 	1-Aug-44	 	116,954.56	 
	270	 	1-Sep-44	 	116,954.56	 
	271	 	1-Oct-44	 	116,954.56	 
	272	 	1-Nov-44	 	116,954.56	 
	273	 	1-Dec-44	 	116,954.56	 
	274	 	1-Jan-45	 	116,954.56	 
	275	 	1-Feb-45	 	116,954.56	 
	276	 	1-Mar-45	 	116,954.56	 
	277	 	1-Apr-45	 	116,954.56	 
	278	 	1-May-45	 	116,954.56	 
	279	 	1-Jun-45	 	116,954.56	 
	280	 	1-Jul-45	 	116,954.56	 
	281	 	1-Aug-45	 	116,954.56	 
	282	 	1-Sep-45	 	116,954.56	 
	283	 	1-Oct-45	 	116,954.56	 
	284	 	1-Nov-45	 	116,954.56	 
	285	 	1-Dec-45	 	116,954.56	 
	286	 	1-Jan-46	 	116,954.56	 
	287	 	1-Feb-46	 	116,954.56	 
	288	 	1-Mar-46	 	116,954.56	 
	289	 	1-Apr-46	 	116,954.56	 
	290	 	1-May-46	 	116,954.56	 
	291	 	1-Jun-46	 	116,954.56	 
	292	 	1-Jul-46	 	116,954.56	 
	293	 	1-Aug-46	 	116,954.56	 
	294	 	1-Sep-46	 	116,954.56	 
	295	 	1-Oct-46	 	116,954.56	 
	296	 	1-Nov-46	 	116,954.56	 
	297	 	1-Dec-46	 	116,954.56	 
	298	 	1-Jan-47	 	116,954.56	 
	299	 	1-Feb-47	 	116,954.56	 
	300	 	1-Mar-47	 	116,954.56	 
	 	 	 	 	 	 
	Option
Period 4 	 	 	 	 	 
	 	 	 	 	 	 
	301	 	1-Apr-47	 	122,802.28	 
	302	 	1-May-47	 	122,802.28	 
	303	 	1-Jun-47	 	122,802.28	 
	304	 	1-Jul-47	 	122,802.28	 

 

    	33

    	 

    

 

	305	 	1-Aug-47	 	122,802.28	 
	306	 	1-Sep-47	 	122,802.28	 
	307	 	1-Oct-47	 	122,802.28	 
	308	 	1-Nov-47	 	122,802.28	 
	309	 	1-Dec-47	 	122,802.28	 
	310	 	1-Jan-48	 	122,802.28	 
	311	 	1-Feb-48	 	122,802.28	 
	312	 	1-Mar-48	 	122,802.28	 
	313	 	1-Apr-48	 	122,802.28	 
	314	 	1-May-48	 	122,802.28	 
	315	 	1-Jun-48	 	122,802.28	 
	316	 	1-Jul-48	 	122,802.28	 
	317	 	1-Aug-48	 	122,802.28	 
	318	 	1-Sep-48	 	122,802.28	 
	319	 	1-Oct-48	 	122,802.28	 
	320	 	1-Nov-48	 	122,802.28	 
	321	 	1-Dec-48	 	122,802.28	 
	322	 	1-Jan-49	 	122,802.28	 
	323	 	1-Feb-49	 	122,802.28	 
	324	 	1-Mar-49	 	122,802.28	 
	325	 	1-Apr-49	 	122,802.28	 
	326	 	1-May-49	 	122,802.28	 
	327	 	1-Jun-49	 	122,802.28	 
	328	 	1-Jul-49	 	122,802.28	 
	329	 	1-Aug-49	 	122,802.28	 
	330	 	1-Sep-49	 	122,802.28	 
	331	 	1-Oct-49	 	122,802.28	 
	332	 	1-Nov-49	 	122,802.28	 
	333	 	1-Dec-49	 	122,802.28	 
	334	 	1-Jan-50	 	122,802.28	 
	335	 	1-Feb-50	 	122,802.28	 
	336	 	1-Mar-50	 	122,802.28	 
	337	 	1-Apr-50	 	122,802.28	 
	338	 	1-May-50	 	122,802.28	 
	339	 	1-Jun-50	 	122,802.28	 
	340	 	1-Jul-50	 	122,802.28	 
	341	 	1-Aug-50	 	122,802.28	 
	342	 	1-Sep-50	 	122,802.28	 
	343	 	1-Oct-50	 	122,802.28	 
	344	 	1-Nov-50	 	122,802.28	 

 

    	34

    	 

    

 

	345	 	1-Dec-50	 	122,802.28	 
	346	 	1-Jan-51	 	122,802.28	 
	347	 	1-Feb-51	 	122,802.28	 
	348	 	1-Mar-51	 	122,802.28	 
	349	 	1-Apr-51	 	122,802.28	 
	350	 	1-May-51	 	122,802.28	 
	351	 	1-Jun-51	 	122,802.28	 
	352	 	1-Jul-51	 	122,802.28	 
	353	 	1-Aug-51	 	122,802.28	 
	354	 	1-Sep-51	 	122,802.28	 
	355	 	1-Oct-51	 	122,802.28	 
	356	 	1-Nov-51	 	122,802.28	 
	357	 	1-Dec-51	 	122,802.28	 
	358	 	1-Jan-52	 	122,802.28	 
	359	 	1-Feb-52	 	122,802.28	 
	360	 	1-Mar-52	 	122,802.28	 

 

    	35Exhibit 4.1
​
DESCRIPTION OF SECURITIES
We are a Cayman Islands exempted company and our affairs are governed by our amended and restated memorandum and articles of association, the Companies Act and the common law of the Cayman Islands. Pursuant to our amended and restated memorandum and articles of association, incorporated by reference to our Annual Report on Form 10-K for the year ended December 31, 2021, we are authorized to issue 275,000,000 ordinary shares, including 250,000,000 Class A ordinary shares and 25,000,000 Class B ordinary shares, as well as 1,000,000 preference shares, $0.0001 par value each. The following description summarizes the material terms of our shares as set out more particularly in our amended and restated memorandum and articles of association. Because it is only a summary, it may not contain all the information that is important to you.
References to:
	●	“amended and restated memorandum and articles of association” are to the amended and restated memorandum and articles of association that the company adopted on October 21, 2021;

	●	“Class A ordinary shares” are to our Class A ordinary shares, $0.0001 par value;

	●	“Class B ordinary shares” are to our Class B ordinary shares, $0.0001 par value;

	●	“Companies Act” are to the Companies Act (as amended) of the Cayman Islands as the same may be amended from time to time;

	●	“founder shares” are to our Class B ordinary shares initially issued to our sponsor in a private placement prior to our initial public offering, a portion of which were transferred to each of our independent directors and sold to the Salient Client Accounts, and the Class A ordinary shares that were issued, unless otherwise forfeited following our initial public offering or otherwise, upon the automatic conversion of the Class B ordinary shares at the time of our initial business combination or earlier at the option of the holders thereof (for the avoidance of doubt, such Class A ordinary shares will not be “public shares”);

	●	“initial shareholders” are to the holders of our founder shares prior to our initial public offering;

	●	“management” or our “management team” are to our officers and directors;

	●	“ordinary shares” are to our Class A ordinary shares and our Class B ordinary shares;

	●	“ordinary resolution” are to a resolution adopted by the affirmative vote of at least a majority of the votes cast by the holders of the issued shares present in person or represented by proxy at a general meeting of the company and entitled to vote on such matter or a resolution approved in writing by all of the holders of the issued shares entitled to vote on such matter;

	●	“private placement warrants” are to the warrants to issued to our sponsor and the Salient Client Accounts in a private placement simultaneously with the closing of our initial public offering and upon conversion of working capital loans, if any;

	●	“prospectus” refers to the final prospectus relating to our initial public offering;

	●	“public shares” are to our Class A ordinary shares sold as part of the units in our initial public offering (whether they were purchased in our initial public offering or thereafter in the open market) (except as described in the definition of “founder shares” above);

​

	●	“public shareholders” are to the holders of our public shares, including our sponsor, the Salient Client Accounts and management team to the extent our sponsor, the Salient Client Accounts and/or members of our management team purchase public shares, provided that our sponsor’s, the Salient Client Accounts’ and each member of our management team’s status as a “public shareholder” will only exist with respect to such public shares;

	●	“Salient” are to Salient Capital Advisors, LLC, a multi-billion dollar real asset and alternative investment firm that offers a suite of strategies focused on energy and infrastructure, real estate and tactical alternative investments;

	●	“Salient Client Accounts” are to the one or more client accounts, for which Salient is acting as investment advisor;

	●	“special resolution” are to a resolution adopted by the affirmative vote of at least a two-thirds (2/3) majority (or such higher threshold as specified in the company’s amended and restated memorandum and articles of association) of the votes cast by the holders of the issued shares present in person or represented by proxy at a general meeting of the company and entitled to vote on such matter or a resolution approved in writing by all of the holders of the issued shares entitled to vote on such matter;

	●	“sponsor” are to ESGEN LLC, a Delaware limited liability company; and

	●	“we,” “us,” “our,” “company,” “our company” are to ESGEN Acquisition Corporation, a Cayman Islands exempted company.

Units
Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as described in this Exhibit. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of the company’s Class A ordinary shares. This means only a whole warrant may be exercised at any given time by a warrant holder.
The Class A ordinary shares and warrants began separate trading on December 13, 2021. Holders of the units have the option to continue to hold units or separate their units into the component securities. Holders need to have their brokers contact our transfer agent in order to separate the units into shares of Class A ordinary shares and warrants.
Additionally, the units will automatically separate into their component parts and units will not be traded after completion of our initial business combination.
Ordinary Shares
As of March 28, 2022, there were 34,500,000 ordinary shares outstanding including:
		●	27,600,000 Class A ordinary shares; and

		●	6,900,000 Class B ordinary shares held by our initial shareholders.

Except as described below, ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders and holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters
​

submitted to a vote of our shareholders except as required by law. Unless specified in our amended and restated memorandum and articles of association, or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the affirmative vote of a majority of our ordinary shares that are voted is required to approve any such matter voted on by our shareholders. Approval of certain actions will require a special resolution under Cayman Islands law and pursuant to our amended and restated memorandum and articles of association; such actions include amending our amended and restated memorandum and articles of association and approving a statutory merger or consolidation with another company. Our board of directors is divided into three classes, each of which will generally serve for a term of three years with only one class of directors being elected in each year. There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors. Our shareholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor. Prior to our initial business combination, only holders of our founder shares will have the right to vote on the election of directors. Holders of our public shares will not be entitled to vote on the election of directors during such time. In addition, prior to the completion of an initial business combination, holders of our founder shares may by ordinary resolution as a matter of Cayman Islands law remove a member of the board of directors for any reason. In a vote to transfer the Company by way of continuation out of the Cayman Islands to another jurisdiction (including, but not limited to, the approval of the organizational documents of the company in such other jurisdiction), which requires a special resolution, holders of our founder shares will have ten votes for every founder share and holders of our Class A ordinary shares will have one vote for every Class A ordinary share and, as a result, our sponsor will be able to approve any such proposal without the vote of any other shareholder.
Because our amended and restated memorandum and articles of association authorize the issuance of up to 250,000,000 Class A ordinary shares, 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 Class A ordinary shares which we authorized to issue at the same time as our shareholders vote on the business combination to the extent we seek shareholder approval in connection with our initial business combination.
Our board of directors is divided into three classes with only one class of directors being elected in each year and each class (except for those directors appointed prior to our first annual meeting of shareholders) serving a three-year term. In accordance with the Nasdaq 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 Nasdaq. There is no requirement under the Companies Act for us to hold annual or shareholder meetings to elect directors. We may not hold an annual meeting of shareholders to elect new directors prior to the consummation of our initial business combination. Prior to the completion of an initial business combination, any vacancy on the board of directors may be filled by a nominee chosen by holders of our founder shares. In addition, prior to the completion of an initial business combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason by ordinary resolution as a matter of Cayman Islands law. Incumbent directors shall also have the ability to appoint additional directors or to appoint replacement directors in the event of a casual vacancy.
​

We will provide our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares, subject to the limitations described herein. The amount in the trust account is initially anticipated to be $10.20 per public share. The per share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commission we will pay to the underwriters. The redemption rights will include the requirement that a beneficial owner must identify itself in order to valid redeem its shares. Our initial shareholders and each member of our management team have entered into an 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 (i) the completion of our initial business combination and (ii) a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 15 months from the closing of our initial public offering (or up to 21 months, if we extend the time to complete a business combination) or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares. Unlike many blank check companies that hold shareholder votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not required by law, if a shareholder vote is not required by applicable law or stock exchange listing requirements and we do not decide to hold a shareholder vote for business or other reasons, we will, pursuant to our amended and restated memorandum and articles of association, 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 memorandum and articles of association require 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 shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or we decide to obtain shareholder 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 shareholder approval, we will complete our initial business combination only if it is approved by an ordinary resolution, or such higher approval threshold as may be required by Cayman Islands law and pursuant to our amended and restated memorandum and articles of association. However, the participation of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions (as described in our prospectus), if any, could result in the approval of our initial business combination even if a majority of our public shareholders vote, or indicate their intention to vote, against such initial business combination. For purposes of seeking approval of the majority of our issued and outstanding ordinary shares, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. Our amended and restated memorandum
​

and articles of association require that at least five days’ notice will be given of any shareholder meeting.
If we seek shareholder 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 memorandum and articles of association provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder 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 sold in our initial public offering which we refer to as the “Excess Shares,” without our prior consent. However, such restriction does not affect our shareholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Our shareholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and such shareholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such shareholders will not receive redemption distributions with respect to the Excess Shares if we complete our initial business combination. And, as a result, such shareholders 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 shareholder approval, we will complete our initial business combination only if it is approved by an ordinary resolution, or such higher approval threshold as may be required by Cayman Islands law and pursuant to our amended and restated memorandum and articles of association. In such case, our initial shareholders and each member of our management team have agreed to vote their founder shares and public shares in favor of our initial business combination. As a result, we would need 4,600,000 or 16.7% (assuming all issued and outstanding shares are voted), of the 27,600,000 public shares sold in our initial public offering to be voted in favor of an initial business combination in order to have our initial business combination approved, subject to any higher approval threshold as may be required by Cayman Islands or other applicable law. Additionally, each public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction or vote at all.
Pursuant to our amended and restated memorandum and articles of association, if we have not consummated an initial business combination within 15 months from the closing of our initial public offering (or up to 21 months, if we extend the time to complete a business combination), we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the public shares (in a redemption that will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any)) at a per-share price, payable in cash, equal to (A) the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any, less up to $100,000 of interest to pay winding up and dissolution expenses (net of any taxes payable), divided by (B) the number of the then-outstanding public shares; and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors,
​

liquidate and dissolve, subject in the case of clauses (ii) and (iii), to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. Our initial shareholders and each member of our management team have entered into an 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 they hold if we fail to consummate an initial business combination within 15 months from the closing of our initial public offering (or up to 21 months, if we extend the time to complete a business combination) (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).
In the event of a liquidation, dissolution or winding up of the company after a business combination, our shareholders 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 ordinary shares. Our shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the ordinary shares, except that we will provide our public shareholders with the opportunity to redeem their public shares for cash at a per share price equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares, upon the completion of our initial business combination, subject to the limitations described herein.
Founder Shares
The founder shares are designated as Class B ordinary shares and, except as described below, are identical to the Class A ordinary shares included in the units being sold in our initial public offering, and holders of founder shares have the same shareholder rights as public shareholders, except that: (a) prior to our initial business combination, only holders of the founder shares have the right to vote on the election of directors and holders of our founder shares may by ordinary resolution as a matter of Cayman Islands law remove a member of the board of directors for any reason; (b) the founder shares are subject to certain transfer restrictions, as described in more detail below; (c) our initial shareholders and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to (i) waive their redemption rights with respect to their founder shares and public shares in connection with the completion of our initial business combination (ii) to waive their redemption rights with respect to their founder shares and public shares in connection with a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 15 months from the closing of our initial public offering (or up to 21 months, if we extend the time to complete a business combination) or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares; and (iii) waive their rights to liquidating distributions from the trust account with respect to any founder shares they hold if we fail to consummate an initial business combination within 15 months from the closing of our initial public offering (or up to 21 months, if we extend the time
​

to complete a business combination) (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); (d) the founder shares will automatically convert into our Class A ordinary shares at the time of our initial business combination or earlier at the option of the holders thereof as described herein; and (e) the founder shares are entitled to registration rights. If we seek shareholder approval, we will complete our initial business combination only if it is approved by an ordinary resolution, subject to any higher approval threshold as may be required by Cayman Islands or other applicable law. In such case, our initial shareholders and each member of our management team have agreed to vote their founder shares and public shares in favor of our initial business combination.
The founder shares are designated as Class B ordinary shares and will automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion will not have redemption rights or be entitled to liquidating distributions from the trust account if we do not consummate an initial business combination) at the time of our initial business combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of our initial public offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial business combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial business combination and any private placement warrants issued to our sponsor, its affiliates or any member of our management team upon conversion of working capital loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.
Except as described herein, our initial shareholders and our directors and officers have agreed not to transfer, assign or sell any of their founder shares until the earliest of (A) one year after the completion of our initial business combination or (B) subsequent to our initial business combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. Any permitted transferees would be subject to the same restrictions and other agreements of our initial shareholders and our directors and officers with respect to any founder shares. We refer to such transfer restrictions throughout this Exhibit as the lock-up.
Prior to our initial business combination, only holders of our founder shares will have the right to vote on the election of directors. Holders of our public shares will not be entitled to vote on the election of directors during such time. In addition, prior to the completion of an initial business combination, holders of our founder shares may by ordinary resolution as a matter of Cayman Islands law remove a member of the board of directors for any reason. These provisions of our amended and restated memorandum and articles of association may only be amended by a
​

special resolution under Cayman Islands law, which shall include the affirmative vote of a simple majority of our Class B ordinary shares. In a vote to transfer the Company by way of continuation out of the Cayman Islands to another jurisdiction (including, but not limited to, the approval of the organizational documents of the company in such other jurisdiction), which requires a special resolution, holders of our founder shares will have ten votes for every founder share and holders of our Class A ordinary shares will have one vote for every Class A ordinary share and, as a result, our sponsor will be able to approve any such proposal without the vote of any other shareholder. With respect to any other matter submitted to a vote of our shareholders, including any vote in connection with our initial business combination, except as required by law, holders of our founder shares and holders of our public shares will vote together as a single class, with each share entitling the holder to one vote.
Register of Members
Under Cayman Islands law, we must keep a register of members and there will be entered therein:
		●	the names and addresses of the members, a statement of the shares held by each member, and of the amount paid or agreed to be considered as paid, on the shares of each member and the voting rights of shares (and whether such voting rights are conditional);

		●	the date on which the name of any person was entered on the register as a member; and

		●	the date on which any person ceased to be a member.

Under Cayman Islands law, the register of members of our company is prima facie evidence of the matters set out therein (i.e., the register of members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register of members will be deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name in the register of members. Once our register of members has been updated, the shareholders recorded in the register of members will be deemed to have legal title to the shares set against their name. However, there are certain limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified where it considers that the register of members does not reflect the correct legal position. If an application for an order for rectification of the register of members were made in respect of our ordinary shares, then the validity of such shares may be subject to re-examination by a Cayman Islands court.
Preference Shares
Our amended and restated memorandum and articles of association authorize 1,000,000 preference shares and provide that preference shares may be issued from time to time in one or more series. Our board of directors is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors will be able to, without shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power and other rights of the
​

holders of the ordinary shares and could have anti-takeover effects. The ability of our board of directors to issue preference shares without shareholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management. We have no preference shares issued and outstanding at the date hereof. Although we do not currently intend to issue any preference shares, we cannot assure you that we will not do so in the future. No preference shares were issued or registered in our initial public offering.
Warrants
Public Shareholders’ Warrants
Each whole warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing 30 days after the completion of our initial business combination, except as discussed in the immediately succeeding paragraph. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A ordinary shares. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant. The warrants will expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.
We will not be obligated to deliver any Class A ordinary shares 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 ordinary shares 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, or a valid exemption from registration is available. No warrant will be exercisable and we will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary share 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 Class A ordinary share underlying such unit.
We have agreed that as soon as practicable, but in no event later than 20 business days after the closing of our initial business combination, we will use our commercially reasonable efforts to file with the SEC a post-effective amendment to the registration statement, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants, and we will use our commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of our initial business combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement; provided that if our Class A ordinary shares 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, but we will use our commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th business day after the closing of the 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, but we will use our commercially reasonably 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 Class A ordinary shares equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” (defined below) less the exercise price of the warrants by (y) the fair market value and (B) 0.361. The “fair market value” as used in this paragraph shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading days ending on the trading day prior to the date on which the notice of exercise is received by the warrant agent.
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 Class A ordinary shares issued and outstanding immediately after giving effect to such exercise.
Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. Once the warrants become exercisable, we may redeem the outstanding 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 a minimum of 30 days’ prior written notice of redemption to each warrant holder; and

		●	if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “-Warrants-Public Shareholders’ 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 warrant holders.

We will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is
​

available throughout the 30-day redemption period. If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws.
We have established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A ordinary shares may fall below the $18.00 redemption trigger price (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “-Warrants-Public Shareholders’ Warrants-Anti-dilution Adjustments”) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued.
Redemption of warrants when the price per Class A ordinary share 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; and

		●	if, and only if, the closing price of our Class A ordinary shares equals or exceeds $10.00 per public share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “-Warrants-Public Shareholders’ Warrants-Anti-dilution Adjustments”) for any 20 trading days within the 30-trading day period ending three trading days before we send the notice of redemption to the warrant holders; 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 ordinary shares except as otherwise described below.

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 Class A ordinary shares 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 ordinary shares (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. The “fair market value” of our Class A ordinary shares for this purpose means the volume weighted average price of our Class A ordinary shares during 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 10-trading day period described above ends.
Pursuant to the warrant agreement, references above to Class A ordinary shares shall include a security other than Class A ordinary shares into which the Class A ordinary shares 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 Class A ordinary shares to be issued upon exercise of the warrants if we are not the surviving entity following our initial business combination.
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.
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	​
	​
	​
	​
	​
	​
	​
	​
	​
	​
	​
	​
	​
	​
	​
	​
	​
	​
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	Redemption Date
	​
	Fair Market Value of Class A Ordinary Shares
	 

	(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
	​

	18 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
	​

​
​

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 Class A ordinary shares 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 ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is $11.00 per share, and at such time there are 57 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 Class A ordinary shares 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 ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.298 Class A ordinary shares for each whole warrant. In no event will the warrants be exercisable on a cashless basis in connection with this redemption feature for more than 0.361 Class A ordinary shares 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 Class A ordinary shares.
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This redemption feature differs from the typical warrant redemption features used in many 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 ordinary shares 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 ordinary shares are trading at or above $10.00 per public share, which may be at a time when the trading price of our Class A ordinary shares 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 Class A ordinary share equals or exceeds $18.00.” Holders choosing to exercise their warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants based on an option pricing model with a fixed volatility input as of the date of our prospectus. This redemption right provides us with an additional mechanism by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as the warrants would no longer be outstanding and would have been exercised or redeemed. 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 Class A ordinary shares are trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position while providing warrant holders with the opportunity to exercise their warrants on a cashless basis for the applicable number of shares. If we choose to redeem the warrants when the Class A ordinary shares are trading at a price below the exercise price of the warrants, this could result in the warrant holders receiving fewer Class A ordinary shares than they would have received if they had chosen to wait to exercise their warrants for Class A ordinary shares if and when such Class A ordinary shares were trading at a price higher than the exercise price of $11.50.
If, at the time of redemption, the warrants are exercisable for a security other than the Class A ordinary shares pursuant to the warrant agreement (for instance, if we are not the surviving company in our initial business combination), the warrants may be exercised for such security. At such time as the warrants become exercisable for a security other than the Class A ordinary shares, 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.
Anti-dilution Adjustments. If the number of outstanding Class A ordinary shares is increased by a capitalization or share dividend paid in Class A ordinary shares to all or substantially all holders of Class A ordinary shares, or by a split-up of Class A ordinary shares or other similar event, then, on the effective date of such capitalization or share dividend, split-up or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding Class A ordinary shares. A rights offering made to all or substantially all holders of ordinary shares entitling holders to purchase Class A ordinary shares at a price less than the “historical fair market value” (as defined below)
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will be deemed a share dividend of a number of Class A ordinary shares equal to the product of (i) the number of Class A ordinary shares 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 ordinary shares) and (ii) one minus the quotient of (x) the price per Class A ordinary share paid in such rights offering and (y) the historical fair market value. For these purposes, (i) if the rights offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the price payable for Class A ordinary shares, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “historical fair market value” means the volume weighted average price of Class A ordinary shares as reported during the 10 trading day period ending on the trading day prior to the first date on which the Class A ordinary shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.
In addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to all or substantially all of the holders of the Class A ordinary shares on account of such Class A ordinary shares (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 ordinary shares during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise price or to the number of Class A ordinary shares issuable on exercise of each warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (c) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 15 months from the closing of our initial public offering (or up to 21 months, if we extend the time to complete a business combination) or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares, 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 Class A ordinary share in respect of such event.
If the number of outstanding Class A ordinary shares is decreased by a consolidation, combination, reverse share split or reclassification of Class A ordinary shares or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding Class A ordinary shares.
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Whenever the number of Class A ordinary shares 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 Class A ordinary shares purchasable upon the exercise of the warrants immediately prior to such adjustment and (y) the denominator of which will be the number of Class A ordinary shares so purchasable immediately thereafter.
In addition, if (x) we issue additional Class A ordinary shares 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 ordinary 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 ordinary shares during the 20 trading day period starting on the trading day prior to the day on which we consummate our initial business combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described above under “-Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” and “-Redemption of warrants when the price per Class A ordinary shares equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described above under “-Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.
In case of any reclassification or reorganization of the outstanding Class A ordinary shares (other than those described above or that solely affects the par value of such Class A ordinary shares), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of Class A ordinary shares 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. 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 consolidation or merger, 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
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by such holders in such consolidation or merger 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 shareholders of the company as provided for in the company’s amended and restated memorandum and articles of association or as a result of the redemption of Class A ordinary shares by the company if a proposed initial business combination is presented to the shareholders 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 Class A ordinary shares, 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 shareholder 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 Class A ordinary shares 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. If less than 70% of the consideration receivable by the holders of Class A ordinary shares in such a transaction is payable in the form of Class A ordinary shares 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 purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants.
The warrants have been issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder 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 set forth in this Exhibit, or defective provision (ii) amending the provisions relating to cash dividends on ordinary shares as contemplated by and in accordance with the warrant agreement or (iii) 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 materially adversely affect the rights of the registered holders of the warrants, provided that the approval by the holders of at least 50% of the then-outstanding public warrants is required to make any change that adversely affects the interests of the registered holders. You should review a copy of the warrant agreement, which is incorporated by reference as an exhibit to this Report, for a complete description of the terms and conditions applicable to the warrants.
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The warrant holders do not have the rights or privileges of holders of ordinary shares and any voting rights until they exercise their warrants and receive Class A ordinary shares. After the issuance of Class A ordinary shares 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 shareholders.
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, including under the Securities Act, 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” in this Report. This provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act or any claim for which the federal district courts of the United States of America are the sole and exclusive forum.
Private Placement Warrants
Except as described below, the private placement warrants have terms and provisions that are identical to those of the warrants being sold as part of the units in our initial public offering. The private placement warrants (including the Class A ordinary shares issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable until 30 days after the completion of our initial business combination (except pursuant to limited exceptions as described in our prospectus under “Principal Shareholders-Transfers of Founder Shares and Private Placement Warrants,” to our officers and directors and other persons or entities affiliated with the initial purchasers of the private placement warrants) and they will not be redeemable by us so long as they are held by our sponsor, the Salient Client Accounts or their permitted transferees. Our sponsor, or its permitted transferees, has the option to exercise the private placement warrants on a cashless basis. If the private placement warrants are held by holders other than our sponsor or its permitted transferees, the private placement warrants will be redeemable by us in all redemption scenarios and exercisable by the holders on the same basis as the warrants included in the units being sold in our initial public offering. Any amendment to the terms of the private placement warrants or any provision of the warrant agreement with respect to the private placement warrants will require a vote of holders of at least 50% of the number of the then outstanding private placement warrants.
If holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “Sponsor fair market value” (defined below) over the exercise price of the warrants by (y) the Sponsor fair market value. For these purposes, the “Sponsor fair market value” shall mean the average reported closing price of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these warrants will be exercisable on a cashless basis so
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long as they are held by our sponsor, the Salient Client Accounts and their permitted transferees is because it is not known at this time whether they will be affiliated with us following a business combination. If they remain affiliated with us, their ability to sell our securities in the open market will be significantly limited. We expect to have policies in place that restrict insiders from selling our securities except during specific periods of time. Even during such periods of time when insiders will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of material non-public information. Accordingly, unlike public shareholders who could exercise their warrants and sell the Class A ordinary shares received upon such exercise freely in the open market in order to recoup the cost of such exercise, the insiders could be significantly restricted from selling such securities. As a result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate.
In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such loans may be convertible into warrants of the post business combination entity at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the private placement warrants.
Dividends
We have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of our initial business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of our initial business combination. The payment of any cash dividends subsequent to our initial business combination will be within the discretion of our board of directors at such time. Further, if we incur any indebtedness in connection with a business combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.
Our Transfer Agent and Warrant Agent
The transfer agent for our ordinary shares 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 shareholders, directors, officers and employees against all claims and losses that may arise out of acts performed or omitted for its activities in that capacity, except for any claims and losses due to any gross negligence or intentional misconduct of the indemnified person or entity.
Certain Differences in Corporate Law
Cayman Islands companies are governed by the Companies Act. The Companies Act is modeled on English Law but does not follow recent English Law statutory enactments, and differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the material differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.
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Mergers and Similar Arrangements. In certain circumstances, the Companies Act allows for mergers or consolidations between two Cayman Islands companies, or between a Cayman Islands exempted company and a company incorporated in another jurisdiction (provided that is facilitated by the laws of that other jurisdiction).
Where the merger or consolidation is between two Cayman Islands companies, the directors of each company must approve a written plan of merger or consolidation containing certain prescribed information. That plan or merger or consolidation must then be authorized by (a) a special resolution of the shareholders of each company; and (b) such other authorization, if any, as may be specified in such constituent company’s articles of association. No shareholder resolution is required for a merger between a parent company (i.e., a company that holds issued shares that together represent 90% of the votes at a general meeting of the subsidiary company) and its subsidiary company, if a copy of the plan of merger is given to every member of such subsidiary company to be merged unless that member agrees otherwise. The consent of each holder of a fixed or floating security interest of a constituent company must be obtained, unless the court waives such requirement. The directors of each company are required to provide a declaration of the assets and liabilities of the company made up to the latest practicable date before the making of the declaration, and are further required to make a declaration to the effect that: (i) the company is able to pay its debts as they fall due and that the merger or consolidation is bona fide and not intended to defraud unsecured creditors of the company; (ii) no petition or other similar proceeding has been filed and remains outstanding and that no order has been made or resolution adopted to wind up the company in any jurisdiction; (iii) no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction and is acting in respect of the company, its affairs or its property or any part thereof; (iv) no scheme, order, compromise or other similar arrangement has been entered into or made in any jurisdiction whereby the rights of creditors of the company are and continue to be suspended or restricted; (v) in the case of constituent company that is not a surviving company, the constituent company has retired from any fiduciary office held or will do so immediately prior to the merger or consolidation; and (vi) where relevant, the company has complied with any applicable requirements under Cayman Islands regulatory laws. If the Cayman Islands Registrar of Companies is satisfied that the requirements of the Companies Act (which includes certain other formalities) have been complied with, the Registrar of Companies will register the plan of merger or consolidation.
Where the merger or consolidation involves a foreign company, the procedure is similar, save that where the surviving or consolidated company is the Cayman Islands exempted company, the Cayman Islands Registrar of Companies is required to be satisfied in respect of any constituent overseas company:
		●	(i) that the merger or consolidation is permitted or not prohibited by the constitutional documents of the foreign company and by the laws of the jurisdiction in which the foreign company is incorporated, and that those laws and any requirements of those constitutional documents have been or will be complied with;

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		●	(ii) that no petition or other similar proceeding has been filed and remains outstanding or order made or resolution adopted to wind up or liquidate the foreign company in any jurisdictions;

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		●	(iii) that no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction and is acting in respect of the foreign company, its affairs or its property or any part thereof;

		●	(iv) that no scheme, order, compromise or other similar arrangement has been entered into or made in any jurisdiction whereby the rights of creditors of the foreign company are and continue to be suspended or restricted;

		●	(v) that the foreign company is able to pay its debts as they fall due and that the merger or consolidation is bona fide and not intended to defraud unsecured creditors of the foreign company;

		●	(vi) that in respect of the transfer of any security interest granted by the foreign company to the surviving or consolidated company (a) consent or approval to the transfer has been obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional documents of the foreign company; and (c) the laws of the jurisdiction of the foreign company with respect to the transfer have been or will be complied with;

		●	(vii) that the foreign company will, upon the merger or consolidation becoming effective, cease to be incorporated, registered or exist under the laws of the relevant foreign jurisdiction; and

		●	(viii) that there is no other reason why it would be against the public interest to permit the merger or consolidation. The requirements set out in sections (i) to (vii) above shall be met by a director of the Cayman Islands exempted company making a declaration to the effect that, having made due enquiry, they are of the opinion that such requirements have been met, such declaration to include a statement of the assets and liabilities of the foreign company made up to the latest practicable date before making the declaration.

Where the above procedures are adopted, the Companies Act provides for a right of dissenting shareholders to be paid a payment of the fair value of his shares upon their dissenting to the merger or consolidation if they follow a prescribed procedure. In essence, that procedure is as follows: (a) the shareholder must give his written objection to the merger or consolidation to the constituent company before the vote on the merger or consolidation, including a statement that the shareholder proposes to demand payment for their shares if the merger or consolidation is authorized by the vote; (b) within 20 days following the date on which the merger or consolidation is approved by the shareholders, the constituent company must give written notice to each shareholder who made a written objection; (c) a shareholder must within 20 days following receipt of such notice from the constituent company, give the constituent company a written notice of their intention to dissent including, among other details, a demand for payment of the fair value of their shares; (d) within seven days following the date of the expiration of the period set out in paragraph (b) above or seven days following the date on which the plan of merger or consolidation is filed, whichever is later, the constituent company, the surviving company or the consolidated company must make a written offer to each dissenting shareholder to purchase their shares at a price that the company determines is the fair value and if the company and the shareholder agree the price within 30 days following the date on which the offer was made, the company must pay the shareholder such amount; and (e) if the company and the shareholder fail to agree a price within such 30 day period, within 20 days following the date on which such 30 day period expires, the company shall (and any dissenting shareholder may)
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file a petition with the Cayman Islands Grand Court to determine the fair value and such petition must be accompanied by a list of the names and addresses of the dissenting shareholders with whom agreements as to the fair value of their shares have not been reached by the company. At the hearing of that petition, the court has the power to determine the fair value of the shares together with a fair rate of interest, if any, to be paid by the company upon the amount determined to be the fair value. Any dissenting shareholder whose name appears on the list filed by the company may participate fully in all proceedings until the determination of fair value is reached. These rights of a dissenting shareholder are not available in certain circumstances, for example, to dissenters holding shares of any class in respect of which an open market exists on a recognized stock exchange or recognized interdealer quotation system at the relevant date or where the consideration for such shares to be contributed are shares of any company listed on a national securities exchange or shares of the surviving or consolidated company.
Moreover, Cayman Islands law has separate statutory provisions that facilitate the reconstruction or amalgamation of companies in certain circumstances, schemes of arrangement will generally be more suited for complex mergers or other transactions involving widely held companies, commonly referred to in the Cayman Islands as a “scheme of arrangement” which may be tantamount to a merger. In the event that a merger was sought pursuant to a scheme of arrangement (the procedures for which are more rigorous and take longer to complete than the procedures typically required to consummate a merger in the United States), the arrangement in question must be approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made and who must in addition represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meeting summoned for that purpose. The convening of the meetings and subsequently the terms of the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder would have the right to express to the court the view that the transaction should not be approved, the court can be expected to approve the arrangement if it satisfies itself that:
		●	the company is not proposing to act illegally or beyond the scope of its corporate authority and the statutory provisions as to a dual majority vote have been complied with;

		●	the shareholders have been fairly represented at the meeting in question;

		●	the arrangement is such as a businessman would reasonably approve; and

		●	the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act or that would amount to a “fraud on the minority.”

If a scheme of arrangement or takeover offer (as described below) is approved, any dissenting shareholder would have no rights comparable to appraisal rights (providing rights to receive payment in cash for the judicially determined value of the shares), which would otherwise ordinarily be available to dissenting shareholders of United States corporations.
Squeeze-out Provisions. When a takeover offer is made and accepted by holders of 90% of the shares to whom the offer relates within four months, the offeror may, within a two-month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands, but this is unlikely to
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succeed unless there is evidence of fraud, bad faith, collusion or inequitable treatment of the shareholders.
Further, transactions similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through means other than these statutory provisions, such as a share capital exchange, asset acquisition or control, or through contractual arrangements of an operating business.
Shareholders’ Suits. Our Cayman Islands counsel is not aware of any reported class action having been brought in a Cayman Islands court. Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability for such actions. In most cases, we will be the proper plaintiff in any claim based on a breach of duty owed to us, and a claim against (for example) our officers or directors usually may not be brought by a shareholder. However, based both on Cayman Islands authorities and on English authorities, which would in all likelihood be of persuasive authority and be applied by a court in the Cayman Islands, exceptions to the foregoing principle apply in circumstances in which:
		●	a company is acting, or proposing to act, illegally or beyond the scope of its authority;

		●	the act complained of, although not beyond the scope of the authority, could be effected if duly authorized by more than the number of votes which have actually been obtained; or

		●	those who control the company are perpetrating a “fraud on the minority.”

A shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or are about to be infringed.
Enforcement of Civil Liabilities. The Cayman Islands has a different body of securities laws as compared to the United States and provides less protection to investors. Additionally, Cayman Islands companies may not have standing to sue before the Federal courts of the United States.
We have been advised by our Cayman Islands legal counsel that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or any state; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil liability provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands
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(awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.
Special Considerations for Exempted Companies. We are an exempted company with limited liability (meaning our public shareholders have no liability, as members of the company, for liabilities of the company over and above the amount paid for their shares) under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except for certain exemptions and privileges listed below:
		●	annual reporting requirements are minimal and consist mainly of a statement that the company has conducted its operations mainly outside of the Cayman Islands and has complied with the provisions of the Companies Act;

		●	an exempted company’s register of members is not open to inspection and can be kept outside of the Cayman Islands;

		●	an exempted company does not have to hold an annual shareholder meeting;

		●	an exempted company may issue shares with no par value;

		●	an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 30 years in the first instance);

		●	an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

		●	an exempted company may register as a limited duration company; and

		●	an exempted company may register as a segregated portfolio company.

Amended and Restated Memorandum and Articles of Association
Our amended and restated memorandum and articles of association contain provisions designed to provide certain rights and protections relating to our initial public offering that apply to us until the completion of our initial business combination. These provisions cannot be amended without a special resolution under Cayman Islands law. Other than as described above, our amended and restated memorandum and articles of association provide that special resolutions must be approved either by the affirmative vote of at least a two-thirds majority of the votes cast by the holders of the issued shares present in person or represented by proxy at a general meeting of the company and entitled to vote on such matters (i.e., the lowest threshold permissible under Cayman Islands law), or by a unanimous written resolution of all of our shareholders.
Our sponsor and its permitted transferees, if any, who will collectively beneficially own 15.9% of our ordinary shares upon the closing of our initial public offering (assuming they do not purchase any units in our initial public offering), will participate in any vote to amend our amended and restated memorandum and articles of association and will have the discretion to vote in any manner they choose. Specifically, our amended and restated memorandum and articles of association provide, among other things, that:
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		●	If we have not consummated an initial business combination within 15 months from the closing of our initial public offering (or up to 21 months, if we extend the time to complete a business combination), we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the public shares (in a redemption that will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any)) at a per-share price, payable in cash, equal to (A) the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any, less up to $100,000 of interest to pay winding up and dissolution expenses (net of any taxes payable), divided by (B) the number of the then-outstanding public shares; and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law;

		●	Prior to or in connection with our initial business combination, we may not issue additional securities that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote as a class with our public shares (a) on our initial business combination or on any other proposal presented to shareholders prior to or in connection with the completion of an initial business combination or (b) to approve an amendment to our amended and restated memorandum and articles of association to (x) extend the time we have to consummate a business combination beyond 15 months from the closing of our initial public offering (or up to 21 months, if we extend the time to complete a business combination) or (y) amend the foregoing provisions;

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

		●	If a shareholder vote on our initial business combination is not required by applicable law or stock exchange listing requirements and we do not decide to hold a shareholder 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;

		●	So long as our securities are then listed on the Nasdaq, our initial business combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the trust account (excluding the amount of deferred underwriting discounts held in trust and income taxes payable on the interest and other income earned on the trust account) at the time of the agreement to enter into the initial business combination;

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		●	If our shareholders approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 15 months from the closing of our initial public offering (or up to 21 months, if we extend the time to complete a business combination) or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares, we will provide our public shareholders with the opportunity to redeem all or a portion of their ordinary shares upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares, subject to the limitations described herein; 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 memorandum and articles of association provide that under no circumstances will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001 upon consummation of our business combination and after payment of underwriter fees and commissions.
The Companies Act permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the approval of a special resolution which requires either by the affirmative vote of at least a two-thirds majority of the votes cast by the holders of the issued shares present in person or represented by proxy at a general meeting of the company and entitled to vote on such matters, or a unanimous written resolution of all of our shareholders. A company’s articles of association may specify that the approval of a higher majority is required but, provided the approval of the required majority is obtained, any Cayman Islands exempted company may amend its memorandum and articles of association regardless of whether its memorandum and articles of association provide otherwise. Accordingly, although we could amend any of the provisions relating to our proposed offering, structure and business plan which are contained in our amended and restated memorandum and articles of association, we view all of these provisions as binding obligations to our shareholders and neither we, nor our officers or directors, will take any action to amend or waive any of these provisions unless we provide dissenting public shareholders with the opportunity to redeem their public shares.
Anti-Money Laundering, Counter-Terrorism Financing, Prevention of Proliferation Financing and Financial Sanctions Compliance-Cayman Islands
If any person resident in the Cayman Islands knows or suspects, or has reasonable grounds for knowing or suspecting, that another person is engaged in criminal conduct, is involved with terrorism or terrorist property or proliferation financing or is the business combination partner of a financial sanction and the information for that knowledge or suspicion came to their attention in the course of business in the regulated sector or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i)
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the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Act (as amended) of the Cayman Islands if the disclosure relates to criminal conduct, money laundering or proliferation financing or is the business combination partner of a financial sanction; or (ii) a police officer of the rank of constable or higher, or the Financial Reporting Authority, pursuant to the Terrorism Act (as amended) of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report will not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise. We reserve the right to refuse to make any payment to a shareholder if our directors or officers suspect or are advised that the payment to such shareholder might result in a breach of applicable anti-money laundering, counterterrorist financing, prevention of proliferation financing and financial sanctions or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance with any such laws or regulations in any applicable jurisdiction
Data Protection-Cayman Islands
We have certain duties under the Data Protection Act (as amended) of the Cayman Islands based on internationally accepted principles of data privacy.
Certain Anti-takeover Provisions of our Amended and Restated Memorandum and Articles of Association
Our amended and restated memorandum and articles of association provide that our board of directors will be classified into three classes of directors. As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest at two or more annual shareholder meetings. Prior to our initial business combination, only the holders of our class B shares will be entitled to vote on the election and removal of our directors.
Our authorized but unissued Class A ordinary shares and preference shares will be available for future issuances without shareholder 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 Class A ordinary shares and preference shares could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.
Choice of Forum
Our amended and restated memorandum and articles of association provide that unless we consent in writing to the selection of an alternative forum, the courts of Cayman Islands shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Company to the Company or the Company’s members, (iii) any action asserting a claim arising pursuant to any provision of the Companies Act of the Cayman Islands or the amended and restated memorandum and articles of association, or (iv) any action asserting a claim against the Company governed by the internal affairs doctrine (as
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such concept is recognized under the laws of the United States of America). Notwithstanding the foregoing, the forum selection provision in our amended and restated memorandum and articles of association do not apply to suits brought to enforce any liability or duty created by the Securities Act and Exchange Act or any other claim for which the federal district courts of the United States of America are, as a matter of the laws of the United States, the sole and exclusive forum for determination of such a claim.
There is uncertainty as to whether a court would enforce this provision. Furthermore, this choice of forum provision will not relieve us of our duties to comply with the federal securities laws and the rules and regulations thereunder, and our shareholders will not be deemed to have waived our compliance with these laws, rules and regulations. The choice of forum provision in our amended and restated memorandum and articles of association do not operate so as to deprive the courts of the Cayman Islands from having jurisdiction over matters relating to our internal affairs.
Securities Eligible for Future Sale
Immediately after our initial public offering, we had 27,600,000 Class A ordinary shares  issued and outstanding on an as-converted basis. Of these shares, the Class A ordinary shares sold in our initial public offering  are freely tradable without restriction or further registration under the Securities Act, except for any Class A ordinary shares purchased by one of our affiliates within the meaning of Rule 144 under the Securities Act. All of the outstanding founder shares  and all 14,040,000 of the outstanding private placement warrants  will be restricted securities under Rule 144, in that they were issued in private transactions not involving a public offering.
Rule 144
Pursuant to Rule 144, a person who has beneficially owned restricted shares or warrants for at least six months would be entitled to sell their securities; provided that (i) such person is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale and (ii) we are subject to the Exchange Act periodic reporting requirements for at least three months before the sale and have filed all required reports under Section 13 or 15(d) of the Exchange Act during the twelve months (or such shorter period as we were required to file reports) preceding the sale.
Persons who have beneficially owned restricted shares or warrants for at least six months but who are our affiliates at the time of, or at any time during the three months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of:
		●	1% of the total number of ordinary shares then-outstanding, which equals 230,000 shares immediately after our initial public offering; or

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

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Sales by our affiliates under Rule 144 are also limited by manner of sale provisions and notice requirements and to the availability of current public information about us.
Restrictions on the Use of Rule 144 by Shell Companies or Former Shell Companies
Rule 144 is not available for the resale of securities initially issued by shell companies (other than business combination related shell companies) or issuers that have been at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition if the following conditions are met:
		●	the issuer of the securities that was formerly a shell company has ceased to be a shell company;

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

		●	the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding twelve months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.

As a result, our sponsor will be able to sell its founder shares and private placement warrants, as applicable, pursuant to Rule 144 without registration one year after we have completed our initial business combination.
Registration and Shareholder Rights
The holders of the founder shares, private placement warrants and any warrants that may be issued upon conversion of working capital loans (and any Class A ordinary shares issuable upon the exercise of the private placement warrants and warrants that may be issued upon conversion of working capital loans) will be entitled to registration rights pursuant to a registration and shareholder rights agreement signed on the closing date of our initial public offering. The holders of these securities are entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our completion of our initial business combination. However, the registration and shareholder rights agreement provides that we will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lockup period, which occurs (i) in the case of the founder shares, as described in the following paragraph, and (ii) in the case of the private placement warrants and the respective Class A ordinary shares underlying such warrants, 30 days after the completion of our initial business combination. We will bear the expenses incurred in connection with the filing of any such registration statements.
Except as described herein, our initial shareholders and our directors and officers have agreed not to transfer, assign or sell any of their founder shares until the earliest of (A) one year after the completion of our initial business combination or (B) subsequent to our initial business combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per
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share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. Any permitted transferees would be subject to the same restrictions and other agreements of our initial shareholders and our directors and officers with respect to any founder shares. We refer to such transfer restrictions throughout this Exhibit as the lock-up.
In addition, pursuant to the registration and shareholder rights agreement, our sponsor, upon and following consummation of an initial business combination, will be entitled to nominate three individuals for election to our board of directors, as long as the sponsor holds any securities covered by the registration and shareholder rights agreement.

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