Document:

Exhibit
10.5

 

SERIES
Z SUBSCRIPTION AGREEMENT

 

This
SERIES Z SUBSCRIPTION AGREEMENT (this “Subscription Agreement”) is entered into on March 25, 2022, by and between
Starry, Inc., a Delaware corporation (“Starry”), and each of the undersigned subscribers (each, a
“Subscriber” and, collectively, the “Subscribers”).

 

WHEREAS,
on October 6, 2021, FirstMark Horizon Acquisition Corp., a Delaware corporation (“SPAC”) and Starry are, together with the
other parties thereto, entered into a definitive Agreement and Plan of Merger (as amended, modified, supplemented or waived from time
to time, the “Transaction Agreement” and the transactions contemplated by the Transaction Agreement to be completed
on and prior to the closing date thereof, the “Transactions”), pursuant to which, among other things, in the manner,
and on the terms and subject to the conditions and exclusions set forth therein, (i) SPAC will merge with and into Starry Group Holdings,
Inc., a Delaware corporation formerly known as Starry Holdings, Inc. (“Holdings”) (the “SPAC Merger”),
with Holdings surviving the SPAC Merger, and (ii) following consummation of the SPAC Merger, a wholly owned subsidiary of SPAC will merge
with and into Starry (the “Acquisition Merger”), with Starry surviving the Acquisition Merger as a wholly-owned subsidiary
of Holdings;

 

WHEREAS,
references herein to the “SPAC” shall refer to FirstMark Horizon Acquisition Corp. for all periods prior to completion
of the SPAC Merger and to Holdings (as the surviving corporation in the SPAC Merger) for all periods after completion of the SPAC Merger;
and

 

WHEREAS,
in connection with the Transactions, and prior to the Closing, each of the Subscribers desires to subscribe for and purchase from
Starry that number of shares of Starry’s Series Z preferred stock, par value $0.001 per share (the “Series Z
Preferred Shares”), set forth on such Subscriber’s signature page hereto (such Subscriber’s
“Subscribed Preferred Shares”), for a purchase price of $7.50 per share (the “Per Share Price”
and the aggregate of such Per Share Price for all Subscribed Preferred Shares being referred to herein as the “Purchase
Price”), and Starry desires to issue and sell to each Subscriber its Subscribed Preferred Shares in consideration of the
payment of the Purchase Price by or on behalf of such Subscriber to Starry.

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions,
herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

Section
1. Subscription. Subject to the terms and conditions hereof, at the Closing (as defined below), each Subscriber hereby agrees
to subscribe for and purchase, and Starry hereby agrees to issue and sell to each Subscriber, upon the payment of the Purchase Price,
such Subscriber’s Subscribed Preferred Shares (such subscription and issuance, each Subscriber’s “Subscription”
and, collectively, the “Subscriptions”).

 

Section
2. Closing.

 

(a)
The consummation of the Subscriptions contemplated hereby (the “Closing”) shall occur on the closing date of the Acquisition
Merger (the “Closing Date”), following the SPAC Merger and immediately prior to or substantially concurrently with
the consummation of the Acquisition Merger.

 

    

     

    

 

(b)
At least two (2) Business Days before the anticipated Closing Date, Starry shall deliver written notice (including email) to the Subscribers
(the “Closing Notice”) specifying (i) the anticipated Closing Date and (ii) the wire instructions for delivery of
the Purchase Price to Starry. No later than two (2) Business Days prior to the anticipated Closing Date, each Subscriber shall deliver
its portion of the Purchase Price by wire transfer of United States dollars in immediately available funds to the account specified by
Starry in the Closing Notice, such funds to be held in escrow by Starry or a third-party escrow provider selected by Starry until the
Closing, and deliver to Starry such information as is reasonably requested in the Closing Notice in order for Starry to issue each Subscriber’s
Subscribed Preferred Shares to such Subscriber, including, without limitation, the legal name of the person in whose name such Subscribed
Preferred Shares are to be issued and a duly completed and executed Internal Revenue Service Form W-9 or appropriate Form W-8. Upon satisfaction
(or, if applicable, waiver) of the conditions set forth in this Section 2, at the Closing (1) the Purchase Price shall be released
from escrow automatically and without further action by Starry or either Subscriber and (2) Starry shall deliver to each Subscriber such
Subscriber’s Subscribed Preferred Shares in book entry form, free and clear of any liens or other restrictions (other than those
arising under applicable securities laws), in the name of such Subscriber (or its nominee or custodian, as applicable, in accordance
with its delivery instructions). In the event that the consummation of the Transactions does not occur within two (2) Business Days after
the anticipated Closing Date specified in the Closing Notice (the “Closing Outside Date”), unless otherwise agreed
to in writing by Starry and the Subscribers, Starry shall promptly (but in no event later than two (2) Business Days after the Closing
Outside Date) cause the return of the funds so delivered by such Subscriber to Starry by wire transfer in immediately available funds
to the account specified by such Subscriber, and any book entries shall be deemed cancelled. Notwithstanding such return or cancellation,
(x) a failure to close on the anticipated Closing Date shall not, by itself, be deemed to be a failure of any of the conditions to Closing
set forth in this Section 2 to be satisfied or waived on or prior to the Closing Date, and (y) unless and until this Subscription
Agreement is terminated in accordance with Section 6 herein, each Subscriber shall remain obligated (A) to redeliver funds to
be held in escrow by Starry or such third-party escrow provider following Starry’s delivery to the Subscribers of a new Closing
Notice and (B) to consummate the Closing upon satisfaction of the conditions set forth in this Section 2. For the purposes of
this Subscription Agreement, “Business Day” means any day other than a Saturday, Sunday or any other day on which
commercial banks are required or authorized by law to close in New York, New York; provided that banks shall not be deemed to be authorized
or obligated to be closed due to a “shelter-in-place,” “non-essential employee” or similar closure of physical
branch locations at the direction of any governmental authority if such banks’ electronic funds transfer systems (including for
wire transfers) are open for use by customers on such day.

 

(c)
The Closing shall be subject to the satisfaction, or waiver in writing by each of the parties hereto, of the conditions that, on the
Closing Date:

 

		(i)	all
                                            conditions precedent to the closing of the Transactions set forth in the Transaction Agreement
                                            shall have been satisfied (as determined by the parties to the Transaction Agreement) or
                                            waived (other than those conditions which, by their nature, are to be satisfied at the closing
                                            of the Transactions pursuant to the Transaction Agreement or by the Closing itself, but subject
                                            to their satisfaction or valid waiver at the closing of the Transactions), and following
                                            the consummation of the SPAC Merger, the closing of the additional Transactions shall occur
                                            substantially concurrently with or immediately following the Closing; and

 

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		(ii)	no
                                            court or applicable governmental authority shall have enacted, issued, promulgated, enforced
                                            or entered any judgment, order, law, rule or regulation (whether temporary, preliminary or
                                            permanent) which is then in effect and has the effect of making the consummation of the transactions
                                            contemplated hereby illegal or otherwise restraining or prohibiting consummation of the transactions
                                            contemplated hereby and no such court or governmental authority shall have instituted or
                                            threatened in writing a proceeding seeking to impose any such restraint or prohibition.

 

(d)
In addition to the conditions set forth in Section 2(c), the obligation of Starry to consummate the Closing shall be subject to
the satisfaction or waiver by Starry of the additional conditions that, on the Closing Date:

 

		(i)	all
                                            representations and warranties of each Subscriber contained in this Subscription Agreement
                                            shall be true and correct in all material respects (other than representations and warranties
                                            that are qualified as to materiality or Subscriber Material Adverse Effect (as defined below),
                                            which representations and warranties shall be true and correct in all respects) at and as
                                            of the Closing Date; and

 

		(ii)	Each
                                            Subscriber shall have performed, satisfied or complied in all material respects with all
                                            covenants and agreements required by this Subscription Agreement to be performed, satisfied
                                            or complied with by it at or prior to the Closing.

 

(e)
In addition to the conditions set forth in Section 2(c), the obligation of each Subscriber to consummate the Closing shall be
subject to the satisfaction or waiver in writing by the Subscribers of the additional conditions that, on the Closing
Date:

 

		(i)	all
                                            representations and warranties of Starry contained in this Subscription Agreement shall be
                                            true and correct in all material respects (other than representations and warranties that
                                            are qualified as to materiality or Starry Material Adverse Effect (as defined below), which
                                            representations and warranties shall be true and correct in all respects) at and as of the
                                            Closing Date (unless they specifically speak as of an earlier date, in which case they shall
                                            be true and correct in all material respects (other than representations and warranties that
                                            are qualified as to Starry Material Adverse Effect, which representations and warranties
                                            shall be true and correct in all respects) as of such date); and

 

		(ii)	Starry
                                            shall have performed, satisfied or complied in all material respects with all covenants and
                                            agreements required by this Subscription Agreement to be performed, satisfied or complied
                                            with by it at or prior to the Closing.

 

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(f)
Prior to or at the Closing, each Subscriber shall deliver all such other information as is reasonably requested by Starry in order for
Starry to issue Subscribed Preferred Shares to such Subscriber.

 

(g)
For the avoidance of doubt, each Subscriber acknowledges and agrees that (i) the condition set forth in Section 9.03(e) of the Transaction
Agreement will not be satisfied and such condition has been or will be waived, (ii) the transactions contemplated by the Note Subscription
Agreements (as defined in the Transaction Agreement) will not be consummated, (iii) the Subject Indebtedness (as defined in the Transaction
Agreement) will not be repaid in connection with the consummation of the Transactions, and (iv) Holdings is obligated to issue an aggregate
of 422,108 Class A Common Shares pursuant to certain Non-Redemption Agreements entered into with shareholders of SPAC, and each Subscriber
hereby irrevocably waives any rights that such Subscriber may have (including in respect of any breach of representation or warranty
by Starry), or any condition to such Subscriber’s obligation to consummate the Closing, under this Subscription Agreement relating
thereto.

 

Section
3. Starry Representations and Warranties. Starry represents and warrants to each Subscriber that:

 

(a)
Starry (i) is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, (ii) has the
requisite power and authority to own, lease and operate its properties, to carry on its business as it is now being conducted and to
enter into, deliver and perform its obligations under this Subscription Agreement, and (iii) is duly licensed or qualified to conduct
its business and, if applicable, is in good standing under the laws of each jurisdiction (other than its jurisdiction of incorporation)
in which the conduct of its business or the ownership of its properties or assets requires such license or qualification, except, with
respect to the foregoing clause (iii), where the failure to be in good standing would not reasonably be expected to have a Starry
Material Adverse Effect. For purposes of this Subscription Agreement, a “Starry Material Adverse Effect” means an
event, change, development, occurrence, condition or effect which (1) would have, individually or in the aggregate, a material adverse
effect on the business, financial condition, stockholders’ equity or results of operations of Starry and its subsidiaries, taken
as a whole (after giving effect to the transactions hereunder and under the Transaction Agreement), or (2) materially affects the validity
of the Subscribed Preferred Shares or prevents or materially impairs the ability of Starry to timely perform its obligations under this
Subscription Agreement or the Transaction Agreement, including the issuance and sale of the Subscribed Preferred Shares.

 

(b)
As of the Closing Date, each Subscriber’s Subscribed Preferred Shares will be duly authorized and, when issued and delivered to
each Subscriber against full payment therefor in accordance with the terms of this Subscription Agreement, will be validly issued, fully
paid and non-assessable, free and clear of any liens or other restrictions (other than those arising under applicable securities laws),
and will not have been issued in violation of any preemptive or similar rights created under Starry’s organizational documents
(as adopted on or prior to the Closing Date), by any contract to which Starry is a party or by which it is bound, or the laws of the
State of Delaware.

 

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(c)
This Subscription Agreement and the Transaction Agreement (collectively, the “Transaction Documents”) have been duly
authorized, executed and delivered by Starry, and assuming the due authorization, execution and delivery of the same by the respective
counterparties, the Transaction Documents constitute the valid and legally binding obligation of Starry, enforceable against Starry in
accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and similar
laws affecting creditors generally and by the availability of equitable remedies.

 

(d)
The execution, delivery and performance of the Transaction Documents, the issuance and sale of the Subscribed Preferred Shares, and the
compliance by Starry with all of the provisions of the Transaction Documents and the consummation of the transactions contemplated in
any of them will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under,
or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Starry pursuant to the
terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which Starry
is a party or by which Starry is bound or to which any of the property or assets of Starry is subject, in each case, that would reasonably
be expected to have a Starry Material Adverse Effect; (ii) the organizational documents of Starry; or (iii) any statute or any judgment,
order, rule or regulation of any court or governmental agency or body having jurisdiction over Starry, or any of its properties that
would reasonably be expected to have a Starry Material Adverse Effect. Starry has obtained valid waivers of any rights by other parties
to purchase any of the Subscribed Preferred Shares covered by this Subscription Agreement.

 

(e)
Assuming the accuracy of the representations and warranties of each Subscriber set forth in Section 4 of this Subscription Agreement,
Starry is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration
with, any court or other federal, state, local or other governmental authority, self-regulatory organization or other person in connection
with the execution, delivery and performance of this Subscription Agreement (including, without limitation, the issuance of the Subscribed
Preferred Shares), other than (i) filings required by applicable state securities laws, (ii) those required by the SEC or the NYSE or
Nasdaq, as applicable, including with respect to obtaining stockholder approval, (iii) those required to consummate the Transactions
as provided under the Transaction Agreement, (iv) the filing of notification under the Hart-Scott-Rodino Antitrust Improvements Act of
1976, if applicable, and (v) any consent, waiver, authorization, order, notice, filing or registration the failure of which to make or
obtain would not reasonably be expected to have a Starry Material Adverse Effect.

 

(f)
Assuming the accuracy of each Subscriber’s representations and warranties set forth in Section 4 of this Subscription Agreement,
no registration under the Securities Act of 1933, as amended (the “Securities Act”), is required for the offer and
sale of such Subscriber’s Subscribed Preferred Shares by Starry to such Subscriber and the Subscribed Preferred Shares are not
being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act or any state securities
laws.

 

(g)
The Subscribed Preferred Shares are not, and following the consummation of the Transactions and the Closing hereunder will not be, subject
to any Transfer Restriction. The term “Transfer Restriction” means any condition to or restriction on the ability of a Subscriber
to pledge, sell, assign or otherwise transfer the Subscribed Preferred Shares under any organizational document, policy or agreement
of, by or with Starry, but excluding the restrictions on transfer described in paragraph 4(e) of this Subscription Agreement with
respect to the status of the Subscribed Preferred Shares as “restricted securities”.

 

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(h)
Neither Starry nor any person acting on its behalf has engaged or will engage in any form of general solicitation or general advertising
(within the meaning of Regulation D) in connection with any offer or sale of the Subscribed Preferred Shares.

 

(i)
Starry has not entered into any agreement or arrangement entitling any agent, broker, investment banker, financial advisor or other person
to any broker’s or finder’s fee or any other commission or similar fee in connection with the transactions contemplated by
this Subscription Agreement for which either Subscriber could become liable. No broker or finder is entitled to any brokerage or finder’s
fee or commission solely in connection with the sale of the Subscribed Preferred Shares to the Subscribers.

 

(j)
Except for such matters as have not had or would not reasonably be expected to have, individually or in the aggregate, a Starry Material
Adverse Effect, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental authority pending,
or, to the knowledge of Starry, threatened against Starry or (ii) judgment, decree, injunction, ruling or order of any governmental entity
or arbitrator outstanding against Starry.

 

(k)
Starry is in compliance with all applicable laws, except where such noncompliance would not reasonably be expected to have, individually
or in the aggregate, a Starry Material Adverse Effect. Starry has not received any written communication from a governmental entity alleging
that it is not in compliance with or is in default or violation of any applicable law, except where such noncompliance, default or violation
would not, individually or in the aggregate, reasonably be expected to have a Starry Material Adverse Effect.

 

(l)
(i) Starry, and, to the knowledge of Starry, the officers, directors, employees, and agents of Starry, in each case, acting on behalf
of Starry, have been in compliance in all material respects with all applicable Anti-Corruption Laws (as herein defined), (ii) Starry
has not been convicted of violating any Anti-Corruption Laws or, to the knowledge of Starry, subjected to any investigation by a governmental
authority for violation of any applicable Anti-Corruption Laws, (iii) Starry has not conducted or initiated any internal investigation
or made a voluntary, directed, or involuntary disclosure to any governmental authority regarding any alleged act or omission arising
under or relating to any noncompliance with any Anti-Corruption Laws and (iv) Starry has not received any written notice or citation
from a governmental authority for any actual or potential noncompliance with any applicable Anti-Corruption Laws. As used herein, “Anti-Corruption
Laws” means any applicable laws relating to corruption and bribery, including the U.S. Foreign Corrupt Practices Act of 1977 (as
amended), the UK Bribery Act 2010, and any similar law that prohibits bribery or corruption.

 

(m)
Starry is not, and immediately after receipt of payment for the Subscribed Preferred Shares will not be, an “investment company”
within the meaning of the Investment Company Act of 1940, as amended.

 

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(n)
As of the date of this Subscription Agreement, the authorized capital stock of Starry consists of (collectively, the “Starry
Capital Stock”): (i) 700,000,000 shares of voting common stock, 190,012,330 of which are issued and outstanding, (ii) 115,000,000
shares of nonvoting common stock, of which 10,880,190 are issued and outstanding, (iii) 53,030,270 shares of Series Seed Preferred Stock,
53,030,260 of which are issued and outstanding, (iv) 91,549,300 shares of Series A Preferred Stock, 91,549,300 of which are issued and
outstanding, (v) 55,452,865 shares of Series B Preferred Stock, 55,452,865 of which are issued and outstanding, (vi) 108,459,871 shares
of Series C Preferred Stock, 108,459,871 of which are issued and outstanding, (vii) 87,412,587 shares of Series D Preferred Stock, 87,412,587
of which are issued and outstanding, (viii) 22,204,490 shares of Series E-1 Preferred Stock, 22,204,490 of which are issued and outstanding,
(ix) 8,232,627 shares of Series E-2 Preferred Stock, 8,232,627 of which are issued and outstanding, (x) 74,404,760 shares of Series E-3
Preferred Stock, 71,428,570 of which are issued and outstanding, (xi) 2,500,000 shares of Series Z Preferred Stock, of which none are
issued and outstanding; provided, that such number of authorized shares of Series Z Preferred Stock shall be increased to 5,000,000
prior to the Closing. All of the issued and outstanding shares of Starry Capital Stock (A) have been duly authorized and validly issued
and are fully paid and nonassessable, (B) were issued in compliance in all material respects with applicable securities laws, (C) were
not issued in breach or violation of any preemptive rights or contract, and (D) are fully vested. When issued, the Subscribed Preferred
Shares will (A) have been duly authorized and validly issued and be fully paid and nonassessable, (B) have been issued in compliance
in all material respects with applicable securities laws, (C) not have been issued in breach or violation of any preemptive rights or
contract, and (D) be fully vested.

 

Section
4. Subscriber Representations and Warranties. Each Subscriber represents and warrants (separately and not jointly and as to itself
only) to Starry that:

 

(a)
Such Subscriber (i) is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or formation,
and (ii) has the requisite power and authority to enter into and perform its obligations under this Subscription Agreement.

 

(b)
This Subscription Agreement has been duly executed and delivered by such Subscriber, and assuming the due authorization, execution and
delivery of the same by Starry, this Subscription Agreement constitutes the valid and legally binding obligation of such Subscriber,
enforceable against such Subscriber in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium and similar laws affecting creditors generally and by the availability of equitable remedies.

 

(c)
The execution and delivery of this Subscription Agreement, the purchase of such Subscriber’s Subscribed Preferred Shares and the
compliance by such Subscriber with all of the provisions of this Subscription Agreement and the consummation of the transactions contemplated
herein will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under,
or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of such Subscriber pursuant
to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which
such Subscriber is a party or by which such Subscriber is bound or to which any of the property or assets of such Subscriber is subject;
(ii) the organizational documents of such Subscriber; or (iii) any statute or any judgment, order, rule or regulation of any court or
governmental agency or body, domestic or foreign, having jurisdiction over such Subscriber or any of its properties that, in the case
of clauses (i) and (iii), would reasonably be expected to have a Subscriber Material Adverse Effect. For purposes of this
Subscription Agreement, a “Subscriber Material Adverse Effect” means an event, change, development, occurrence, condition
or effect with respect to such Subscriber that would reasonably be expected to have a material adverse effect on such Subscriber’s
ability to consummate the transactions contemplated hereby, including the purchase of such Subscriber’s Subscribed Preferred Shares.

 

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(d)
Such Subscriber (i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an institutional
“accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act), in each case, satisfying
the applicable requirements set forth on such Subscriber’s completed Annex A, (ii) is acquiring such Subscriber’s
Subscribed Preferred Shares only for its own account and not for the account of others, or if such Subscriber is subscribing for its
Subscribed Preferred Shares as a fiduciary or agent for one or more investor accounts, each owner of such account is a qualified institutional
buyer or institutional accredited investor (as the case may be) and such Subscriber has full investment discretion with respect to each
such account, and the full power and authority to make the acknowledgements, representations and agreements herein on behalf of each
owner of each such account, and (iii) is not acquiring such Subscriber’s Subscribed Preferred Shares with a view to, or for offer
or sale in connection with, any distribution thereof in violation of the Securities Act (and shall provide the requested information
on Annex A). Such Subscriber is not an entity formed for the specific purpose of acquiring Subscribed Preferred Shares, unless
such newly formed entity is an entity in which all of the investors are institutional accredited investors, and is an “institutional
account” as defined by FINRA Rule 4512(c). Such Subscriber is a sophisticated institutional investor, experienced in investing
in private equity transactions and capable of evaluating investment risks independently, both in general and with regard to all transactions
and investment strategies involving a security or securities. Accordingly, such Subscriber understands that the purchase of its Subscribed
Preferred Shares meets (i) the exemptions from filing under FINRA Rule 5123(b)(1)(A) and (ii) the institutional customer exemption under
FINRA Rule 2111(b).

 

(e)
Such Subscriber understands that the Subscribed Preferred Shares are being offered in a transaction not involving any public offering
within the meaning of the Securities Act and that the Subscribed Preferred Shares have not been registered under the Securities Act.
Such Subscriber understands that the Subscribed Preferred Shares may not be offered, resold, transferred, pledged or otherwise disposed
of by such Subscriber absent an effective registration statement under the Securities Act, except (i) to Starry or a subsidiary thereof,
or (ii) pursuant to an applicable exemption from the registration requirements of the Securities Act, and, in each of cases (i) and (ii),
in accordance with any applicable securities laws of the states and other jurisdictions of the United States, and as a result of these
transfer restrictions, such Subscriber may not be able to readily resell its Subscribed Preferred Shares and may be required to bear
the financial risk of an investment in Subscribed Preferred Shares for an indefinite period of time. Subscriber acknowledges and agrees
that such Subscriber’s Subscribed Preferred Shares and the shares of Holdings Class A common stock, par value $0.0001 per share
(the “Holdings Class A Common Stock”) issued in exchange for such Subscriber’s Subscribed Preferred Shares in
the Transactions will not be eligible for offer, resale, transfer, pledge or disposition pursuant to Rule 144 promulgated under the Securities
Act (“Rule 144”) until at least one year from the filing of “Form 10 information” with the Commission
after the Closing Date. Such Subscriber understands that it has been advised to consult legal counsel prior to making any offer, resale,
pledge or transfer of any of the Subscribed Preferred Shares or the shares of Holdings Class A Common Stock.

 

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(f)
Such Subscriber understands and agrees that such Subscriber is purchasing such Subscriber’s Subscribed Preferred Shares directly
from Starry. Such Subscriber further acknowledges that there have not been, and such Subscriber hereby agrees that it is not relying
on, any representations, warranties, covenants or agreements made to such Subscriber by the Company, Starry or any of their respective
affiliates or any control persons, officers, directors, employees, partners, agents or representatives, any other party to the Transactions
or any other person or entity, expressly or by implication, other than those representations, warranties, covenants and agreements of
Starry expressly set forth in this Subscription Agreement, and such Subscriber hereby represents and warrants that it is relying exclusively
on Subscriber’s own sources of information, investment analysis and due diligence (including professional advice such Subscriber
deems appropriate) with respect to this offering of the Subscribed Preferred Shares, and the business, condition (financial and otherwise),
management, operations, properties and prospects of SPAC and Starry, including but not limited to all business, legal, regulatory, accounting,
credit and tax matters. Such Subscriber acknowledges that certain information provided to such Subscriber was based on projections, and
such projections were prepared based on assumptions and estimates that are inherently uncertain and are subject to a wide variety of
significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those
contained in the projections.

 

(g)
In making its decision to purchase the Subscribed Preferred Shares, such Subscriber has relied solely upon independent investigation
made by such Subscriber and Starry’s representations and warranties in Section 3. Such Subscriber acknowledges and agrees
that such Subscriber has received such information as such Subscriber deems necessary in order to make an investment decision with respect
to the Subscribed Preferred Shares, including with respect to Starry, SPAC and their respective subsidiaries and the Transactions. Such
Subscriber represents and agrees that such Subscriber and its professional advisor(s), if any, have had the full opportunity to ask such
questions, receive such answers and obtain such information as such Subscriber and its professional advisor(s), if any, have deemed necessary
to make an investment decision with respect to the Subscribed Preferred Shares.

 

(h)
Such Subscriber is able to fend for itself in the transactions contemplated herein, has such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of its prospective investment in the Subscribed Preferred Shares
and has the ability to bear the economic risks of its prospective investment and can afford the complete loss of such investment.

 

(i)
Such Subscriber became aware of this offering of the Subscribed Preferred Shares solely by means of direct contact between such Subscriber
and Starry, SPAC or their respective representatives or affiliates, and the Subscribed Preferred Shares were offered to such Subscriber
solely by direct contact between such Subscriber and Starry, or their respective representatives or affiliates. Such Subscriber did not
become aware of this offering of the Subscribed Preferred Shares, nor were the Subscribed Preferred Shares offered to such Subscriber,
by any other means. Such Subscriber acknowledges that Starry represents and warrants that the Subscribed Preferred Shares (i) were not
offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering
under, or in a distribution in violation of, the Securities Act, or any state securities laws.

 

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(j)
Such Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of such Subscriber’s
Subscribed Preferred Shares. Such Subscriber has such knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of an investment in the Subscribed Preferred Shares, and such Subscriber has had an opportunity to seek,
and has sought, such accounting, legal, business and tax advice as such Subscriber has considered necessary to make an informed investment
decision. Such Subscriber acknowledges and agrees that none of Starry or any of its affiliates has provided any tax advice to such Subscriber
or made any representations or warranties or guarantees to such Subscriber regarding the tax treatment of its investment in the Subscribed
Preferred Shares.

 

(k)
Such Subscriber has analyzed and considered the risks of an investment in the Subscribed Preferred Shares and determined that the Subscribed
Preferred Shares are a suitable investment for such Subscriber and that such Subscriber is able at this time and in the foreseeable future
to bear the economic risk of a total loss of such Subscriber’s investment in Starry. Such Subscriber acknowledges specifically
that a possibility of total loss exists.

 

(l)
Such Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the
Subscribed Preferred Shares or made any findings or determination as to the fairness of this investment.

 

(m)
Such Subscriber is not, and is not owned or controlled by or acting on behalf of (in connection with the Transactions), a Sanctioned
Person. Such Subscriber is not a non-U.S. shell bank or providing banking services to a non-U.S. shell bank. Such Subscriber represents
that if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT
Act of 2001 and its implementing regulations (collectively, the “BSA/PATRIOT Act”), such Subscriber maintains policies
and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. Such Subscriber also represents that
it maintains, to the extent required, either directly or through the use of a third-party administrator, policies and procedures reasonably
designed for the screening of any investors against Sanctions-related lists of blocked or restricted persons and to ensure that the funds
held by such Subscriber and used to purchase such Subscriber’s Subscribed Preferred Shares are derived from lawful activities.
For purposes of this Subscription Agreement, “Sanctioned Person” means at any time any person or entity: (i) listed
on any Sanctions-related list of designated or blocked or restricted persons; (ii) that is a national of, the government of, or any agency
or instrumentality of the government of, or resident in, or organized under the laws of, a country or territory that is the target of
comprehensive Sanctions from time to time (as of the date of this Subscription Agreement, Cuba, Iran, North Korea, Syria, and the Crimea
region); or (iii) owned or controlled by or acting on behalf of any of the foregoing. “Sanctions” means those trade,
economic and financial sanctions laws, regulations, embargoes, and restrictive measures (in each case having the force of law) administered,
enacted or enforced from time to time by (1) the United States (including without limitation the U.S. Department of the Treasury, Office
of Foreign Assets Control, the U.S. Department of State, and the U.S. Department of Commerce), (2) the European Union and enforced by
its member states, (3) the United Nations and (4) Her Majesty’s Treasury.

 

(n)
Such Subscriber will have sufficient immediately available funds to pay the Purchase Price pursuant to Section 2.

 

    10

     

    

 

Section
5. Effect of Transaction; Registration of Shares.

 

(a)
The Subscribers acknowledge that, pursuant to the terms of the Transaction Agreement and the current Certificate of Incorporation of
Starry (as the same may be amended from time to time), the Subscribed Preferred Shares held by the Subscribers shall be exchanged in
the Acquisition Merger for an equal number of shares of Holdings Class A Common Stock, in the aggregate, subject to adjustment in accordance
with Section 3.02 of the Transaction Agreement.

 

(b)
Starry acknowledges that, and Starry shall use reasonable best efforts to provide that, all shares of Holdings Class A Common Stock acquired
by each Subscriber in exchange for its Subscribed Preferred Shares shall constitute “Registrable Securities” pursuant to
the Amended and Restated Registration Rights Agreement set forth as Exhibit D to the Transaction Agreement (the “Registration
Rights Agreement”). On or prior to the Closing, each Subscriber shall execute and deliver a counterparty signature page of
the Registration Rights Agreement to Holdings. The Holdings Class A Common Stock to be received by the Subscribers in the Acquisition
Merger in exchange for the Subscribed Preferred Shares purchased hereunder shall be registered under the Securities Act pursuant to the
Registration Statement (as defined in the Transaction Agreement) and issued electronically pursuant to such Subscriber’s instruction
promptly following the Acquisition Merger without any restrictions or limitations on resale by the Subscribers.

 

Section
6. Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and
obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon
the earliest to occur of (a) such date and time as the Transaction Agreement is terminated in accordance with its terms without being
consummated, (b) upon the mutual written agreement of all parties hereto to terminate this Subscription Agreement, or (c) if any of the
conditions to Closing set forth in Section 2 of this Subscription Agreement are not satisfied on or prior to the Closing Date,
or become incapable of being satisfied on or prior to the Closing Date, and, as a result thereof, the transactions contemplated by this
Subscription Agreement are not consummated at the Closing, if the Closing has not occurred by such date and the terminating party’s
breach was not the primary reason the Closing failed to occur by such date (the termination events described in clauses (a)–(c)
above, collectively, the “Termination Events”); provided, that nothing herein will relieve any party from liability
for any willful breach hereof prior to the time of termination or common law intentional fraud in the making of any representation or
warranty hereunder, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising
from such breach or fraud. Starry shall notify the Subscribers of the termination of the Transaction Agreement promptly after the termination
thereof. Upon the occurrence of any Termination Event, except as set forth in the proviso to the first sentence of this Section 6,
this Subscription Agreement shall be void and of no further effect and any portion of the Purchase Price paid by either Subscriber to
Starry in connection herewith shall promptly (and in any event within one (1) Business Day) following the Termination Event be returned
to such Subscriber.

 

    11

     

    

 

Section
7. Miscellaneous.

 

(a)
All notices, requests, demands, claims, and other communications hereunder shall be in writing. Any notice, request, demand, claim, or
other communication hereunder shall be deemed duly given (i) when delivered personally to the recipient, (ii) when sent by electronic
mail, on the date of transmission to such recipient (with no mail undeliverable or other rejection notice), (iii) one (1) Business Day
after being sent to the recipient by reputable overnight courier service (charges prepaid), or (iv) four (4) Business Days after being
mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid, and, in each case, addressed to
the intended recipient at its address or electronic mail address, as applicable, specified on the signature page hereof or to such electronic
mail address or address as subsequently modified by written notice given in accordance with this Section 7(a).

 

(b)
Each Subscriber acknowledges that Starry will rely on the acknowledgments, understandings, agreements, representations and warranties
of such Subscriber contained in this Subscription Agreement. Prior to the Closing, each Subscriber agrees to promptly notify Starry if
it becomes aware that any of the acknowledgments, understandings, agreements, representations and warranties of such Subscriber set forth
herein are no longer accurate in all material respects. Each Subscriber acknowledges and agrees that the purchase by such Subscriber
of its Subscribed Preferred Shares from Starry will constitute a reaffirmation of the acknowledgments, understandings, agreements, representations
and warranties herein (as modified by any such notice) by such Subscriber as of the time of such purchase. Starry acknowledges that each
Subscriber will rely on the acknowledgments, understandings, agreements, representations and warranties of Starry contained in this Subscription
Agreement.

 

(c)
Each of Starry and the Subscribers is irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

(d)
Each Party shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated herein.

 

(e)
Neither this Subscription Agreement nor any rights that may accrue to either Subscriber hereunder (other than the Subscribed Preferred
Shares acquired hereunder and such Subscriber’s rights under Section 5 hereof) may be transferred or assigned. Neither this
Subscription Agreement nor any rights that may accrue to Starry hereunder may be transferred or assigned (provided, that, for
the avoidance of doubt, Starry may transfer the Subscription Agreement and its rights hereunder solely in connection with the consummation
of the Transactions and exclusively to another entity under the control of, or under common control with, Starry). Notwithstanding the
foregoing, each Subscriber may assign all or any portion of its rights and obligations under this Subscription Agreement to one or more
of its affiliates or to other investment funds or accounts managed or advised by the investment manager who acts on behalf of such Subscriber,
or, with Starry’s prior written consent, to another person; provided that (i) such assignee(s) agrees in writing to be bound
by the terms hereof, and upon such assignment by such Subscriber, the assignee(s) shall become such Subscriber hereunder and have the
rights and obligations and be deemed to make the representations and warranties of such Subscriber provided for herein to the extent
of such assignment and (ii) no such assignment shall relieve any Subscriber of its obligations hereunder if any such assignee fails to
perform such obligations unless expressly agreed to in writing by Starry.

 

    12

     

    

 

(f)
All the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing.
For the avoidance of doubt, if for any reason the Closing does not occur prior to the consummation of the Transactions, all representations,
warranties, covenants and agreements of the parties hereunder shall survive the consummation of the Transactions and remain in full force
and effect.

 

(g)
Starry may request from either Subscriber such additional information as Starry may reasonably deem necessary to evaluate the eligibility
of such Subscriber to acquire such Subscriber’s Subscribed Preferred Shares, and each Subscriber shall provide such information
as may be reasonably requested provided that Starry agrees to keep any such information provided by either Subscriber confidential.
Each Subscriber acknowledges that subject to the conditions set forth in Section 7(s), SPAC may file a copy of this Subscription
Agreement with the Commission as an exhibit to a report of SPAC, or a registration statement or proxy statement of SPAC.

 

(h)
This Subscription Agreement may not be amended, modified or waived except by an instrument in writing, signed by each of the parties
hereto.

 

(i)
This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations
and warranties, both written and oral, among the parties, with respect to the subject matter hereof.

 

(j)
Except as otherwise provided herein (including the next sentence hereof), this Subscription Agreement is intended for the benefit of
the parties hereto and their respective affiliates and their respective heirs, executors, administrators, successors, legal representatives,
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person. Except as set forth
in Section 7(b), Section 7(c), Section 7(e), and this Section 7(j), this Subscription Agreement shall not
confer any rights or remedies upon any person other than the parties hereto, and their respective successor and assigns, and the parties
hereto acknowledge that such persons so referenced are third party beneficiaries of this Subscription Agreement for the purposes of,
and to the extent of, the rights granted to them, if any, pursuant to the applicable provisions.

 

(k)
The parties hereto acknowledge and agree that (i) this Subscription Agreement is being entered into in order to induce Starry to execute
and deliver the Transaction Agreement and (ii) irreparable damage would occur in the event that any of the provisions of this Subscription
Agreement were not performed in accordance with their specific terms or were otherwise breached and that money or other legal remedies
would not be an adequate remedy for such damage. It is accordingly agreed that the parties shall be entitled to equitable relief, including
in the form of an injunction or injunctions to prevent breaches or threatened breaches of this Subscription Agreement and to enforce
specifically the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such party
is entitled at law, in equity, in contract, in tort or otherwise. The parties hereto acknowledge and agree that Starry shall be entitled
to specifically enforce each Subscriber’s obligations to fund the Purchase Price and the provisions of the Subscription Agreement,
in each case, on the terms and subject to the conditions set forth herein. The parties hereto further acknowledge and agree: (x) to waive
any requirement for the security or posting of any bond in connection with any such equitable remedy; (y) not to assert that a remedy
of specific enforcement pursuant to this Section 7(k) is unenforceable, invalid, contrary to applicable law or inequitable for
any reason; and (z) to waive any defenses in any action for specific performance, including the defense that a remedy at law would be
adequate.

 

    13

     

    

 

(l)
If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability
of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in
full force and effect.

 

(m)
No failure or delay by a party hereto in exercising any right, power or remedy under this Subscription Agreement, and no course of dealing
between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No single or partial exercise
of any right, power or remedy under this Subscription Agreement by a party hereto, nor any abandonment or discontinuance of steps to
enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any
other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such
party to pursue other available remedies. No notice to or demand on a party not expressly required under this Subscription Agreement
shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or
constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances without
such notice or demand.

 

(n)
This Subscription Agreement may be executed and delivered in one or more counterparts (including by facsimile or electronic mail or in
..pdf) and by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document.
All counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

(o)
This Subscription Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard
to the principles of conflicts of laws that would otherwise require the application of the law of any other state.

 

(p)
EACH PARTY AND ANY PERSON ASSERTING RIGHTS AS A THIRD PARTY BENEFICIARY HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF
ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OR RELATED TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY OR ANY AFFILIATE OF ANY OTHER
SUCH PARTY, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE. THE PARTIES AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION
SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT
TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR
IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS SUBSCRIPTION AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER SHALL APPLY
TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS SUBSCRIPTION AGREEMENT.

 

    14

     

    

 

(q)
The parties agree that all disputes, legal actions, suits and proceedings arising out of or relating to this Subscription Agreement must
be brought exclusively in the United States District Court for the Southern District of New York, the Supreme Court of the State of New
York and the federal courts of the United States of America located in the State of New York (collectively the “Designated Courts”).
Each party hereby consents and submits to the exclusive jurisdiction of the Designated Courts. No legal action, suit or proceeding
with respect to this Subscription Agreement may be brought in any other forum. Each party hereby irrevocably waives all claims of immunity
from jurisdiction, and any objection which such party may now or hereafter have to the laying of venue of any suit, action or proceeding
in any Designated Court, including any right to object on the basis that any dispute, action, suit or proceeding brought in the Designated
Courts has been brought in an improper or inconvenient forum or venue. Each of the parties also agrees that delivery of any process,
summons, notice or document to a party hereof in compliance with Section 7(a) of this Subscription Agreement shall be effective
service of process for any action, suit or proceeding in a Designated Court with respect to any matters to which the parties have submitted
to jurisdiction as set forth above.

 

(r)
This Subscription Agreement may only be enforced against, and any claim, action, suit or other legal proceeding based upon, arising out
of, or related to this Subscription Agreement, or the negotiation, execution or performance of this Subscription Agreement, may only
be brought against the entities that are expressly named as parties or third party beneficiaries hereto and then only with respect to
the specific obligations set forth herein with respect to such party or third party beneficiary. No past, present or future director,
officer, employee, incorporator, manager, member, partner, stockholder, affiliate, agent, attorney or other representative of any party
hereto or of any affiliate of any party hereto, or any of their successors or permitted assigns, shall have any liability for any obligations
or liabilities of any party hereto under this Subscription Agreement or for any claim, action, suit or other legal proceeding based on,
in respect of or by reason of the transactions contemplated hereby.

 

(s)
Each Subscriber will promptly provide any information reasonably requested by Starry, SPAC or any of their respective affiliates for
any required regulatory application or filing to be made or required regulatory approval sought in connection with the Transactions (including
filings with the Commission). Each Subscriber may disclose the name of SPAC, Starry, and/or any other parties associated with the Subscription
or Transactions and the terms of this Subscription Agreement, as required by federal securities laws and regulations, any regulatory
agency, or under the regulations of NYSE or Nasdaq, as applicable, or otherwise to the extent consistent with such Subscriber’s
public filings and disclosures regarding similar transactions.

 

(Signature
pages follow)

 

    15

     

    

 

IN
WITNESS WHEREOF, each of Starry and each Subscriber has executed or caused this Subscription Agreement to be executed by its duly
authorized representative as of the date first set forth above.

 

	 	STARRY, INC.
	 	 	
	 	By:	/s/ William
    Lundregan
	 	Name: 	William Lundregan
	 	Title:	Senior Vice President

 

	 	Address for Notices:
	 	 
	 	38 Chauncy Street
	 	Suite 200
	 	Boston, MA 02111
	 	ATTN:
    General Counsel 
	 	EMAIL:legal@starry.com

 

	 	with a copy (not to constitute notice)
    to:
	 	_____________________________ 
	 	_____________________________
	 	_____________________________
	 	ATTN: _____________________________
	 	 
	 	EMAIL:_____________________________

 

[Signature
Page to Subscription Agreement]

 

    

     

    

 

	 	SUBSCRIBER:
	 	 	 
	 	Tiger Global Private Investment Partners
    IX, LP
	 	 	 
	 	By:	/s/ Rick Fortunato
	 	Name: 	Rick Fortunato
	 	Title:	Legal Counsel

 

	 	Address for Notices:
	 	 
	 	9 West 57th Street, 35th Floor
	 	New York, NY 10019
	 	ATTN: c/o Tiger Global Management, LLC
	 	EMAIL:legalnotices@tigerglobal.com
	 	 
	 	with a copy (not to constitute notice) to:
	 	Schulte Roth & Zabel LLP
	 	919 Third Avenue
	 	New York, New York 10022 
	 	ATTN: Adriana Schwartz, Esq.
	 	EMAIL: Adriana.Schwartz@srz.com
	 	 
	 	Name in which shares are to be registered:
	 	 
	 	Tiger Global
    Private Investment Partners IX, LP

 

Number of Subscribed Preferred Shares

 

	subscribed for:	 	 	1,333,333	 
	 	 	 	 	 
	Price Per Subscribed Share:	 	$	7.50	 
	 	 	 	 	 
	Aggregate Purchase Price:	 	$	9,999,997.50	 

 

You
must pay the Purchase Price by wire transfer of United States dollars in immediately available funds to the account of Starry specified
by Starry in the Closing Notice.

 

[Signature
Page to Subscription Agreement]

 

    

     

    

 

ANNEX
A

 

ELIGIBILITY
REPRESENTATIONS OF SUBSCRIBER

 

This
page should be completed by each Subscriber and constitutes a part of the Subscription Agreement.

 

Subscriber:
___________________________

 

	A.	QUALIFIED
                                            INSTITUTIONAL BUYER STATUS
	 	(Please
                                            check the applicable subparagraphs):

 

		☐	We
                                            are a “qualified institutional buyer” (as defined in Rule 144A under the Securities
                                            Act (a “QIB”)).

 

OR

 

	B.	INSTITUTIONAL
                                            ACCREDITED INVESTOR STATUS
	 	(Please
                                            check the applicable subparagraphs):

 

		1.	☐ 	We are an “accredited investor” (within the meaning
of Rule 501(a))(1), (2), (3) or (7) under the Securities Act) or an entity in which all of the equity holders are accredited investors
within the meaning of Rule 501(a) under the Securities Act, and have marked and initialed the appropriate box below indicating the provision
under which we qualify as an “accredited investor.”

 

		2.	☐ 	We are not a natural person.

 

Rule
501(a), in relevant part, states that an “accredited investor” shall mean any person who comes within any of the below listed
categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities
to that person. Such Subscriber has indicated, by marking and initialing the appropriate box below, the provision(s) below which apply
to such Subscriber and under which such Subscriber accordingly qualifies as an “accredited investor.”

 

		☐	Any
                                            bank, registered broker or dealer, insurance company, registered investment company, business
                                            development company, or small business investment company;

 

		☐	Any
                                            plan established and maintained by a state, its political subdivisions, or any agency or
                                            instrumentality of a state or its political subdivisions for the benefit of its employees,
                                            if such plan has total assets in excess of $5,000,000;

 

		☐	Any
                                            employee benefit plan, within the meaning of the Employee Retirement Income Security Act
                                            of 1974, if a bank, insurance company, or registered investment adviser makes the investment
                                            decisions, or if the plan has total assets in excess of $5,000,000;

 

		☐	Any
                                            organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, similar
                                            business trust, or partnership, not formed for the specific purpose of acquiring the securities
                                            offered, with total assets in excess of $5,000,000;

 

		☐	Any
                                            trust with assets in excess of $5,000,000, not formed to acquire the securities offered,
                                            whose purchase is directed by a sophisticated person; or

 

		☐	Any
                                            entity in which all of the equity owners are accredited investors meeting one or more of
                                            the above tests.EX-4.5

 Exhibit 4.5 

DESCRIPTION OF SECURITIES REGISTERED 

PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 

As of December 31, 2021, Gaming & Hospitality Acquisition Corp. (“we,” “our,” “us” or the “Company”) had
the following three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) its Class A common stock, $0.0001 par value per share (“Class A common
stock”), (ii) its warrants, exercisable for one share of Class A common stock for $11.50 per share, and (iii) its units, 
 consisting of one
share of Class A common stock and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. In
addition, this Description of Securities also contains a description of the Company’s Class B common stock, par value $0.0001 per share (“Class B common stock” or “founder shares”), which is not registered pursuant
to Section 12 of the Exchange Act but is convertible into shares of Class A common stock. The description of the Class B common stock is necessary to understand the material terms of Class A common stock. 

Pursuant to our amended and restated certificate of incorporation, our authorized capital stock consists of 100,000,000 shares of Class A common stock,
$0.0001 par value per share, 10,000,000 shares of Class B common stock, $0.0001 par value per share, and 1,000,000 shares of undesignated preferred stock, $0.0001 par value per share. The following description summarizes the material terms of
our capital stock. Because it is only a summary, it may not contain all the information that is important to you. It is subject to, and qualified in its entirety by reference to, our amended and restated certificate of incorporation, our bylaws and
our warrant agreement, each of which is incorporated by reference as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2021 (the “Report”), of which this Exhibit 4.5
is a part. 
 Defined terms used herein and not defined herein shall have the meaning ascribed to such terms in the Report. 

Units 
 Each unit consists of one whole share of
Class A common stock and one-third of one redeemable warrant. Holders of our units have the option to continue to hold units or separate their units into the component securities. Each whole warrant
entitles the holder thereof to purchase one share of our Class A common stock at a price of $11.50 per share, subject to adjustment as described in our final IPO prospectus filed with the Securities and Exchange Commission (the “SEC”)
on February 4, 2021. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of Class A common stock. This means that only a whole warrant may be exercised at any given time by a warrant
holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. 
 Common Stock 

We have 20,777,500 shares of Class A common stock and 5,000,000 shares of Class B common stock issued and outstanding. 

Common stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of the Class A common
stock and holders of the Class B common stock vote together as a single class on all matters submitted to a vote of our stockholders, except as required by law. Unless specified in our amended and restated certificate of incorporation or
bylaws, or as required by applicable provisions of the Delaware General Corporation Law (the “DGCL”) or applicable stock exchange rules, the affirmative vote of a majority of our shares of common stock that are voted is required to approve
any such matter voted on by our stockholders. Our board of directors is divided into three classes, each of which generally serve for a term of three years with only one class of directors being elected in each year. There is no cumulative voting
with respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors. Our stockholders are entitled to receive ratable dividends when, as and if
declared by the board of directors out of funds legally available therefor. Prior to our initial business combination, only holders of our founder shares have the right to vote on the election of directors. Holders of our public shares are 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 a majority of our founder shares may remove a member of the board of directors for any reason. 

 Because our amended and restated certificate of incorporation authorizes the issuance of up to 100,000,000
shares of Class A common stock, if we were to enter into an initial business combination, we may (depending on the terms of such an initial business combination) be required to increase the number of shares of Class A common stock which we
are authorized to issue at the same time as our stockholders vote on the initial business combination to the extent we seek stockholder approval in connection with our initial business combination. 

In accordance with Nasdaq corporate governance requirements, we are not required to hold an annual meeting until no later than one full year after our first
fiscal year end following our listing on Nasdaq. Under Section 211(b) of the DGCL, we are, however, required to hold an annual meeting of stockholders for the purposes of electing directors in accordance with our bylaws, unless such election is
made by written consent in lieu of such a meeting. We may not hold an annual meeting of stockholders to elect new directors prior to the completion of our initial business combination, and thus we may not be in compliance with Section 211(b) of
the DGCL, which requires an annual meeting. Therefore, if our stockholders want us to hold an annual meeting prior to the completion of our initial business combination, they may attempt to force us to hold one by submitting an application to the
Delaware Court of Chancery in accordance with Section 211(c) of the DGCL. 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 a majority 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. 

We will provide our stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business
combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the completion 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 franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), 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 approximately $10.00 per public share. The per-share amount we will distribute to
investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriter. Our Sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have
agreed to waive their redemption rights with respect to any founder shares, private shares and any public shares held by them in connection with the completion of our initial business combination. Unlike many blank check companies that hold
stockholder votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not
required by law, if a stockholder vote is not required by law and we do not decide to hold a stockholder vote for business or other reasons, we will, pursuant to our amended and restated certificate of incorporation, conduct the redemptions pursuant
to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial business combination. Our amended and restated certificate of incorporation requires these tender offer documents to contain
substantially the same financial and other information about the initial business combination and the redemption rights as is required under the SEC’s proxy rules. If, however, a stockholder approval of the transaction is required by law, or we
decide to obtain stockholder approval for business or other reasons, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If
we seek stockholder approval, we will complete our initial business combination only if a majority of the outstanding shares of common stock voted are voted in favor of the initial business combination. A quorum for such meeting will consist of the
holders present in person or by proxy of shares of outstanding capital stock of the Company representing a majority of the voting power of all outstanding shares of capital stock of the Company entitled to vote at such meeting. 

However, the participation of our Sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions (as described in our final
IPO prospectus filed with the SEC on February 4, 2021), if any, could result in the approval of our initial business combination even if a majority of our public stockholders vote, or indicate their intention to vote, against such business
combination. For purposes of seeking approval of the majority of our outstanding shares of common stock voted, non-votes will have no effect on the approval of our initial business combination once a quorum is
obtained. We intend to give approximately 30 days (but not less than 10 days nor more than 60 days) prior written notice of any such meeting, if required, at which a vote shall be taken to approve our initial business combination. These quorum and
voting thresholds, and the voting agreements of our initial stockholders, may make it more likely that we will consummate our initial business combination. 

 If we seek stockholder approval of our initial business combination and we do not conduct redemptions in
connection with our initial business combination pursuant to the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with
whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares of common stock
sold in our initial public offering which was completed on February 5, 2021 (the “IPO”) without our prior consent, which we refer to as the Excess Shares. However, we would not be restricting our stockholders’ ability to vote all
of their shares (including Excess Shares) for or against our initial business combination. Our stockholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and
such stockholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such stockholders will not receive redemption distributions with respect to the Excess Shares if we complete the
initial business combination. And, as a result, such stockholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their stock in open market transactions, potentially at a
loss. 
 Pursuant to our amended and restated certificate of incorporation, if we are unable to complete our initial business combination within 24 months
from the closing of the IPO (and stockholders do not approve an amendment to the amended and restated certificate of incorporation to extend this date), we will (i) cease all operations except for the purpose of winding up, (ii) as
promptly as reasonably possible but no more than ten business days thereafter subject to lawfully available funds therefor, redeem the public shares, at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously released to us to pay our franchise and income taxes (less up to $100,000 of interest to pay dissolution
expenses), divided by the number of the then-outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject
to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under
Delaware law to provide for claims of creditors and the requirements of other applicable law. Our Sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their rights to liquidating
distributions from the trust account with respect to any founder shares and private shares held by them if we fail to complete our initial business combination within 24 months from the closing of the IPO (and stockholders do not approve an
amendment to the amended and restated certificate of incorporation to extend this date). However, if our initial stockholders acquire public shares in or after the IPO, they will be entitled to liquidating distributions from the trust account with
respect to such public shares if we fail to complete our initial business combination within the prescribed time period. 
 In the event of a liquidation,
dissolution or winding up of the Company after an initial business combination, our stockholders are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for
each class of stock, if any, having preference over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the common stock, except that we will provide our stockholders
with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to
us to pay our franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), 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 and Private Shares 

The founder shares and private shares are identical to the shares of Class A common stock included in the units sold in the IPO, and holders of founder
shares and private shares have the same stockholder rights as public stockholders, except that (i) the founder shares and private shares are subject to certain transfer restrictions, as described in more detail below, (ii) our Sponsor,
officers and directors have entered into a letter agreement with us, pursuant to which they have agreed (A) to waive their redemption rights with respect to any founder shares, private shares and any public shares held by them in connection
with the completion of our initial business combination, (B) to waive their redemption rights with respect to their founder shares, private shares and public shares in connection with a stockholder vote to approve an amendment to our amended
and restated certificate of incorporation (x) to modify the substance or timing of our obligation to allow redemptions in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial
business combination within 24 months from the 

 
closing of the IPO (and stockholders do not approve an amendment to the amended and restated certificate of incorporation to extend this date) or (y) with respect to any other provisions
relating to stockholders’ rights or pre-initial business combination activity and (C) to waive their rights to liquidating distributions from the trust account with respect to any founder shares held
by them if we fail to complete our initial business combination within 24 months from the closing of the IPO (and stockholders do not approve an amendment to the amended and restated certificate of incorporation to extend this date), although they
will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within such time period, (iii) the founder shares are shares of our
Class B common stock that will automatically convert into shares of our Class A common stock at the time of our initial business combination, or at any time prior thereto at the option of the holder, on a one-for-one basis, subject to adjustment as described herein, and (iv) are entitled to registration rights. If we submit our initial business combination to our public stockholders for a vote, our
Sponsor, officers and directors have agreed pursuant to the letter agreement to vote any founder shares and private shares held by them and any public shares purchased during or after the IPO (including in open market and privately negotiated
transactions) in favor of our initial business combination. 
 The shares of Class B common stock will automatically convert into shares of
Class A common stock at the time of our initial business combination on a one-for-one basis (subject to adjustment for stock splits, stock dividends, rights
issuances, subdivisions, reorganizations, recapitalizations and the like), and subject to further adjustment as provided herein. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed
issued in excess of the amounts sold in the IPO and related to the closing of the initial business combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless
the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion
of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of all shares of common stock outstanding upon completion of the
IPO plus (ii) the sum of (a) all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with the initial business combination (excluding (1) any shares or equity-linked securities
issued, or to be issued, to any seller in the initial business combination, the private units and (2) any private units issued to our Sponsor or its affiliates upon conversion of loans made to us), minus (b) the number of public shares
redeemed by public stockholders. We cannot determine at this time whether a majority of the holders of our Class B common stock at the time of any future issuance would agree to waive such adjustment to the conversion ratio. They may waive such
adjustment due to (but not limited to) the following: (i) closing conditions which are part of the agreement for our initial business combination; (ii) negotiation with Class A stockholders on structuring an initial business
combination; or (iii) negotiation with parties providing financing which would trigger the anti-dilution provisions of the Class B common stock If such adjustment is not waived, the issuance would not reduce the percentage ownership of
holders of our Class B common stock, but would reduce the percentage ownership of holders of our Class A common stock. If such adjustment is waived, the issuance would reduce the percentage ownership of holders of both classes of our
common stock. Holders of founder shares may also elect to convert their shares of Class B common stock into an equal number of shares of Class A common stock, subject to adjustment as provided above, at any time. Securities could be
“deemed issued” for purposes of the conversion rate adjustment if such shares are issuable upon the conversion or exercise of convertible securities, warrants or similar securities. 

With certain limited exceptions, the founder shares are not transferable, assignable or salable (except to our officers and directors and other persons or
entities affiliated with our Sponsor, each of whom will be subject to the same transfer restrictions) until the earlier to occur of (A) one year after the completion of our initial business combination or (B) subsequent to our initial
business combination, (x) if the last sale price of our Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, rights issuances, subdivisions, 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, capital
stock exchange, reorganization or other similar transaction that results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property. 

Prior to our initial business combination, only holders of our founder shares have the right to vote on the election of directors. Holders of our public
shares are 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 a majority of our founder shares may remove a member of the board of directors for
any reason. These provisions of our amended and restated certificate of incorporation may only be amended by a resolution passed by a majority of our Class B common 

 
stock. With respect to any other matter submitted to a vote of our stockholders, 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. 
 Preferred
Stock 
 Our amended and restated certificate of incorporation provides that shares of preferred stock may be issued from time to time in one or more
series. Our board of directors is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable
to the shares of each series. Our board of directors will be able to, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders of the common stock
and could have anti-takeover effects. The ability of our board of directors to issue preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing
management. We have no preferred stock outstanding at the date hereof. Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the future. No shares of preferred stock were issued or
registered in the IPO. 
 Warrants 
 Public
Stockholders’ Warrants 
 Each whole warrant entitles the registered holder to purchase one whole share of our Class A common stock at a
price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of 12 months from the closing of the IPO or 30 days after the completion of our initial business combination. Pursuant to the warrant agreement,
a warrant holder may exercise its warrants only for a whole number of shares of Class A common stock. This means that only a whole warrant may be exercised at any 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 three 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 shares of
Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of Class A common stock underlying
the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration. No warrant will be exercisable and we will not be obligated to issue shares of
Class A common stock upon exercise of a warrant unless Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered
holder of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no
value and expire worthless. In no event will we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the
full purchase price for the unit solely for the share of Class A common stock underlying such unit. 
 We have not registered the shares of
Class A common stock issuable upon exercise of the warrants. However, 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 best efforts to
file with the SEC a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants, and we will use our best 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 shares of our Class A common stock until the warrants expire or are redeemed, as specified in the
warrant agreement; provided that if our shares of Class A common stock are at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under
Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the
event we so elect, we will not be required to file or maintain in effect a registration statement, but we will use our best 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 shares of our Class A common stock 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. If that exemption, or another exemption, is not available, holders will not be able to
exercise their warrants on a cashless basis. 
 Redemption of Warrants When the Price per Share of Our Class A Common Stock 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 warrants): 

	 	•	 in whole and not in part; 

 

	 	•	 at a price of $0.01 per warrant; 

 

	 	•	 upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

  

	 	•	 if, and only if, the last reported sale price of the shares of our Class A common stock for any 20 trading
days within a 30-trading day period ending three business days before we send to the notice of redemption to the warrant holders (which we refer to as the “Reference Value”) equals or exceeds $18.00
per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and certain issuances of Class A common stock and equity-linked securities). 

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. However, we will not redeem the warrants unless a registration statement under the Securities Act covering the shares of our Class A common stock issuable upon exercise of the warrants is
effective and a current prospectus relating to those shares of our Class A common stock is available throughout the 30-day redemption period. 

We have established the last of the redemption criteria discussed above to prevent a redemption call unless there is at the time of the call a significant
premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date.
Any such exercise would not be done on a “cashless” basis and would require the exercising warrant holder to pay the exercise price for each warrant being exercised. However, the price of the shares of our Class A common stock may
fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like and certain issuances of Class A common stock and equity-linked
securities) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued. 
 Redemption of Warrants When the
Price per Share of Our Class A Common Stock Equals or Exceeds $10.00 
 Once the warrants become exercisable, we may redeem the outstanding
warrants: 
  

	 	•	 in whole and not in part; 

 

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

  

	 	•	 if, and only if, the Reference Value (as defined above under “Redemption of Warrants When the Price per
Share of Our Class A Common Stock Equals or Exceeds $18.00”) equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like and certain
issuances of Class A common stock and equity-linked securities); and 

  

	 	•	 if the Reference Value is less than $18.00 per share (as adjusted for stock splits, stock dividends, rights
issuances, subdivisions, reorganizations, recapitalizations and the like and certain issuances of Class A common stock and equity-linked securities), the private warrants must also be concurrently called for redemption on the same terms (except
as described above with respect to a holder’s ability to cashless exercise its warrants) as the outstanding public warrants, as described above. 

The numbers in the table below represent the number of shares of our Class A common stock that a warrant holder will receive upon exercise in connection
with a redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A common stock on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are
not redeemed for $0.10 per warrant), determined based on volume- 

 weighted average price of our Class A common stock as reported during the ten trading days immediately
following the date on which the notice of redemption is sent to the holders of warrants, and the number of months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth in the table below. We will
provide our warrant holders with the final fair market value no later than one business day after the 10-trading day period described above ends. 

Pursuant to the warrant agreement, references above to shares of our Class A common stock shall include a security other than shares of our Class A
common stock into which the shares of our Class A common stock have been converted or exchanged for in the event we are not the surviving company in our initial business combination. The numbers in the table below will not be adjusted when
determining the number of shares of our Class A common stock to be issued upon exercise of the warrants if we are not the surviving entity following our initial business combination. 

The stock prices set forth in the column headings of the table below will be adjusted as of any date on which the number of shares issuable upon exercise of a
warrant or the exercise price of a warrant is adjusted as set forth under the heading “—Anti-dilution Adjustments” below. If the number of shares issuable upon exercise of a warrant is adjusted, the adjusted stock prices in the
column headings will equal the stock prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the exercise price of the warrant after such adjustment and the denominator of which is the exercise price of the
warrant immediately prior to such adjustment. In such an event, the number of shares in the table below shall be adjusted by multiplying such share amounts by a fraction, the numerator of which is the number of shares deliverable upon exercise of
the warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of the warrant as so adjusted. If the exercise price of a warrant is adjusted, as a result of raising capital in
connection with the initial business combination, the adjusted stock prices in the column headings will by 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. 
  

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

 The exact fair market value and redemption date may not be set forth in the table above, in which case, if the fair market
value is between two values in the table or the redemption date is between two redemption dates in the table, the number of shares of our Class A common stock to be issued for each warrant exercised will be determined by a straight-line
interpolation between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable. For
example, if the 

 volume-weighted average price of our Class A common stock as reported during the ten trading days
immediately following the date on which the notice of redemption is sent to the holders of the warrants is $11.00 per share, and at such time there are 57 months until the expiration of the warrants, holders may choose to, in connection with this
redemption feature, exercise their warrants for 0.277 Class A common stock for each whole warrant. For an example where the exact fair market value and redemption date are not as set forth in the table above, if the volume-weighted average
price of our Class A common stock as reported during the ten trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months until
the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.298 Class A common stock for each whole warrant. In no event will the warrants be exercisable in connection with
this redemption feature for more than 0.361 of a share of Class A common stock per warrant (subject to adjustment). 
 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 warrants) when the trading price for the shares of our Class A
common stock exceeds $18.00 per share for a specified period of time. This redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the shares of our Class A common stock are trading at or above $10.00
per share, which may be at a time when the trading price of our shares of Class A common stock is below the exercise price of the warrants. We have established this redemption feature to provide us with the flexibility to redeem the warrants
without the warrants having to reach the $18.00 per share threshold set forth above under “— Redemption of Warrants When the Price Per Share of Our Class A Common Stock Equals or Exceeds $18.00.” Holders
choosing to exercise their warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants based on an option pricing model with a fixed volatility input as of the date of our IPO.
This redemption right provides us with an additional mechanism by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as the warrants would no longer be outstanding and would have been exercised
or redeemed. We will be required to pay the applicable redemption price to warrant holders if we choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of the warrants if we determine it is in our best
interest to do so. As such, we would redeem the warrants in this manner when we believe it is in our best interest to update our capital structure to remove the warrants and pay the redemption price to the warrant holders. 

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

No fractional shares of our Class A common stock will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional
interest in a share, we will round down to the nearest whole number of the number of shares of our Class A common stock to be issued to the holder. If, at the time of redemption, the warrants are exercisable for a security other than the shares
of our Class A common stock pursuant to the warrant agreement (for instance, if we are not the surviving company in our initial business combination), the warrants may be exercised for such security. At such time as the warrants become
exercisable for a security other than the shares of our Class A common stock, the Company (or surviving company) will use its commercially reasonable efforts to register under the Securities Act the security issuable upon the exercise of the
warrants. 
 Redemption Procedures. A holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such
holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in
excess of 4.9% or 9.8% (as specified by the holder) of the shares of our Class A common stock issued and outstanding immediately after giving effect to such exercise. 

Anti-Dilution Adjustments. If the number of outstanding shares of our Class A common stock is increased by a stock capitalization or stock
dividend payable in shares of our Class A common stock, or by a split-up of common stock or other similar event, then, on the effective date of such stock capitalization or stock dividend, split-up or similar 

 
event, the number of shares of our Class A common stock issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding shares of common stock. A
rights offering to holders of common stock entitling holders to purchase Class A common stock at a price less than the “historical fair market value” (as defined below) will be deemed a stock dividend of a number of shares of our
Class A common stock equal to the product of (i) the number of shares of our Class A common stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible
into or exercisable for Class A common stock) and (ii) one minus the quotient of (x) the price per share of our Class A common stock paid in such rights offering and (y) the historical fair market value. For these purposes,
(i) if the rights offering is for securities convertible into or exercisable for shares of our Class A common stock, in determining the price payable for Class A common stock, there will be taken into account any consideration
received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “historical fair market value” means the volume-weighted average price of shares of our Class A common stock as reported during
the ten trading day period ending on the trading day prior to the first date on which the shares of our Class A common stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

 In addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other
assets to the holders of shares of our Class A common stock on account of such Class A common stock (or other securities into which the warrants are convertible), other than (a) as described above, (b) any cash dividends or cash
distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid on the shares of our Class A common stock during the 365-day period ending on the date of
declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise price or to the number
of shares of our Class A common stock issuable on exercise of each warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (c) to satisfy the redemption
rights of the holders of our Class A common stock in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders of our Class A common stock in connection with a stockholder vote to
amend our amended and restated certificate of incorporation (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not
complete our initial business combination within 24 months from the closing of the IPO (and stockholders do not approve an amendment to the amended and restated certificate of incorporation to extend this date) or (B) with respect to any other
provision relating to stockholders’ rights or pre-initial business combination activity, or (e) in connection with the redemption of our public shares upon our failure to complete our initial
business combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share of our
Class A common stock in respect of such event. 
 If the number of outstanding shares of our Class A common stock is decreased by a consolidation,
combination, reverse share split or reclassification of our Class A common stock or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of
shares of our Class A common stock issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding shares of our Class A common stock. 

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

In addition, if (x) we issue additional shares of our Class A common stock or equity-linked securities for capital raising purposes in connection
with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per share of our Class A common stock (with such issue price or effective issue price to be determined in good faith by our board
of directors and, in the case of any such issuance to our Sponsor or its affiliates, without taking into account any founder shares held by our initial stockholders or such affiliates, as applicable, prior to such issuance) (the “Newly Issued
Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the completion of our initial
business combination (net of redemptions), and (z) 

 the volume-weighted average trading price of our Class A common stock during the 20 trading day period
starting on the trading day prior to the day on which we complete our initial business combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be
equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share redemption trigger prices described adjacent to “Redemption of Warrants When the Price Per Share of Our
Class A Common Stock Equals or Exceeds $18.00” and “Redemption of Warrants When the Price Per Share of Our Class A Common Stock Equals or Exceeds $10.00” will be adjusted (to the
nearest cent) to be equal to 100% and 180% of the higher of the Market Value and the Newly Issued Price, respectively. 
 In case of any reclassification or
reorganization of the outstanding Class A common stock (other than those described above or that solely affects the par value of such Class A common stock), or in the case of any merger or consolidation of us with or into another
corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding Class A common stock), or in the case of any sale or conveyance
to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon
the basis and upon the terms and conditions specified in the warrants and in lieu of the shares of our Class A common stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and
amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants
would have received if such holder had exercised their warrants immediately prior to such event. If less than 70% of the consideration receivable by the holders of our Class A common stock in such a transaction is payable in the form of our
Class A common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or
is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within 30 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 will be issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and
us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least 65% of the
then-outstanding public warrants 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 Exhibit 4.4 to the Report, for a complete
description of the terms and conditions applicable to the warrants. 
 The warrants may be exercised upon surrender of the warrant certificate on or prior
to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if
applicable), by certified or official bank check payable to us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of common stock and any voting rights until they exercise their warrants
and receive Class A common stock. After the issuance of our Class A common stock upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders. 

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. This provision, however, does not apply to claims under the Exchange Act or any claim for which the federal courts of the United States of America have exclusive jurisdiction.

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

 Private Warrants 

The private warrants (including the Class A common stock issuable upon exercise of the private warrants) will not be transferable, assignable or salable
until 30 days after the completion of our initial business combination (except, among other limited exceptions as described under the section of our final IPO prospectus filed with the SEC on February 4, 2021 entitled “Principal
Stockholders—Restrictions on Transfers of Founder Shares and Private Units,” to our officers and directors and other persons or entities affiliated with our Sponsor) and they will not be redeemable by us so long as they are held by our
Sponsor or its permitted transferees. Our Sponsor, or its permitted transferees, has the option to exercise the private warrants on a cashless basis. Except as described below, the private warrants have terms and provisions that are identical to
those of the warrants sold as part of the units in the IPO, including as to exercise price, exercisability and exercise period. If the private warrants are held by holders other than the Sponsor or its permitted transferees, the private warrants
will be redeemable by us in all redemption scenarios and exercisable by the holders on the same basis as the warrants included in the units sold in the IPO. 

Except as described under “Description of Securities—Warrants—Redemption of Warrants When the Price Per Share of Our
Class A Common Stock Equals or Exceeds $10.00,” if holders of the private warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering their warrants for that number of shares of
Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the excess of the “historical fair market value” (defined
below) over the exercise price of the warrants by (y) the historical fair market value. The “historical fair market value” shall mean the average last reported sale price of the Class A common stock for the ten trading days
ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these warrants will be exercisable on a cashless basis so long as they are held by the
Sponsor or its permitted transferees is because it is not known at this time whether they will be affiliated with us following an initial 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 prohibit insiders from selling our securities except during specific periods of time. Even during such periods of time when insiders will be permitted to sell our
securities, an insider cannot trade in our securities if he or she is in possession of material non-public information. Accordingly, unlike public stockholders who could sell the shares of Class A common
stock issuable upon exercise of the warrants freely in the open market, the insiders could be significantly restricted from doing so. As a result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate.

 In order to 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 units at a price of $10.00 per unit at the option of the lender. Such units would be identical to
the private units. Except for the foregoing, the terms of such working capital loans by our Sponsor or its affiliates, or our officers and directors, if any, have not been determined and no written agreements exist with respect to such loans. 

Our Sponsor has agreed not to transfer, assign or sell any of the private units and any securities underlying the private units until the date that is 30 days
after the date we complete our initial business combination, except that, among other limited exceptions as described under the section of our final IPO prospectus filed with the SEC on February 4, 2021 entitled “Principal
Stockholders—Restrictions on Transfers of Founder Shares and Private Units” made to our officers and directors and other persons or entities affiliated with our Sponsor. 

Dividends 
 In February 2021, we effected a stock dividend
of 0.15942029 of a share of Class B common stock for each outstanding share of Class B common stock, resulting in our Sponsor holding an aggregate of 5,000,000 founder shares. 

We have not paid any cash dividends on our common stock to date and do not intend to pay cash dividends prior to the completion of an 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 conditions subsequent to completion of an initial business combination. The payment of any
cash dividends subsequent to an initial business combination will be within the discretion of our board of directors at such time. Further, if we incur any indebtedness, 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 common stock and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have agreed to indemnify
Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents and each of its stockholders, directors, officers and employees against all claims and losses that may arise out of acts performed or
omitted for its activities in that capacity, except for any liability due to any gross negligence, willful misconduct or bad faith of the indemnified person or entity. 

Our Amended and Restated Certificate of Incorporation 

Our amended and restated certificate of incorporation contains certain requirements and restrictions relating to the IPO that apply to us until the completion
of our initial business combination. These provisions cannot be amended without the approval of the holders of 65% of our common stock. Our initial stockholders, who collectively beneficially owned 22.4% of our issued and outstanding shares of
common stock as of March 22, 2022 (including the private shares), will participate in any vote to amend our amended and restated certificate of incorporation and will have the discretion to vote in any manner they choose. Specifically, our
amended and restated certificate of incorporation provides, among other things, that: 
  

	 	•	 	 If we are unable to complete our initial business combination within 24 months from the closing of the IPO (and
stockholders do not approve an amendment to the amended and restated certificate of incorporation to extend this date), 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 subject to lawfully available funds therefor, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in
the trust account including interest earned on the funds held in the trust account and not previously released to us to pay our franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the
then-outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as
promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of
creditors and the requirements of other applicable law; 

  

	 	•	 	 Prior to our initial business combination, we may not issue additional shares of capital stock that would entitle
the holders thereof to (i) receive funds from the trust account or (ii) vote on any initial business combination or on any other proposal presented for stockholder approval prior to or in connection with the completion of our initial
business combination; 

  

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

 

	 	•	 	 If a stockholder vote on our initial business combination is not required by law and we do not decide to hold a
stockholder vote for business or other reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior
to completing our initial business combination which contain substantially the same financial and other information about our initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act; whether or
not we maintain our registration under the our Exchange Act or our listing on Nasdaq, we will provide our public stockholders with the opportunity to redeem their public shares by one of the two methods listed above; 

 

	 	•	 	 Our initial business combination will be approved by a majority of our independent directors;

  

	 	•	 	 So long as we obtain and maintain a listing for our securities on Nasdaq, Nasdaq rules require that we must
complete one or more business combinations having an aggregate fair market value of at least 80% of the value of the assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on the interest income earned on
the trust account) at the time of our signing a definitive agreement in connection with our initial business combination; 

	 	•	 	 If our stockholders approve an amendment to our amended and restated certificate of incorporation (i) to
modify the substance or timing of our obligation to allow redemptions in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing
of the IPO (and stockholders do not approve an amendment to the amended and restated certificate of incorporation to extend this date) or (ii) with respect to any other provisions relating to stockholders’ rights or pre-initial business
combination activity, we will provide our public stockholders with the opportunity to redeem all or a portion of their shares of Class A common stock upon such approval at a per-share price, payable in
cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our franchise and income taxes (less up to $100,000 of interest to
pay dissolution expenses), 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 with another blank check company or a similar company
with nominal operations. 

 In addition, our amended and restated certificate of incorporation provides that under no circumstances will
we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001 upon completion of our initial business combination and after payment of the deferred underwriting commissions. 

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

We have opted out of Section 203 of the DGCL. However, our amended and restated certificate of incorporation contains similar provisions providing that we
may not engage in certain “business combinations” with any “interested stockholder” for a three-year period following the time that the stockholder became an interested stockholder, unless: 

 

	 	•	 	 prior to such time, our board of directors approved either the business combination or the transaction which
resulted in the stockholder becoming an interested stockholder; 

  

	 	•	 	 upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the
interested stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding certain shares; or 

  

	 	•	 	 at or subsequent to that time, the business combination is approved by our board of directors and by the
affirmative vote of holders of at least 66-2/3% of the outstanding voting stock that is not owned by the interested stockholder. 

Generally, a “business combination” includes a merger, asset or stock sale or certain other transactions resulting in a financial benefit to the
interested stockholder. Subject to certain exceptions, an “interested stockholder” is a person who, together with that person’s affiliates and associates, owns, or within the previous three years owned, 15% or more of our voting
stock. 
 Under certain circumstances, this provision will make it more difficult for a person who would be an “interested stockholder” to effect
various business combinations with a corporation for a three-year period. This provision may encourage companies interested in acquiring the Company to negotiate in advance with our board of directors because the stockholder approval requirement
would be avoided if our board of directors approves either the business combination or the transaction which results in the stockholder becoming an interested stockholder. These provisions also may have the effect of preventing changes in our board
of directors and may make it more difficult to accomplish transactions which stockholders may otherwise deem to be in their best interests. 
 Our amended
and restated certificate of incorporation provides that the Sponsor and its affiliates, any of its respective direct or indirect transferees who hold at least 15% of our outstanding common stock after such transfer and any group as to which such
persons are party to, do not constitute “interested stockholders” for purposes of this provision. 
 Our amended and restated certificate of
incorporation provides that our board of directors is classified into three classes of directors. As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest at two or more annual
meetings. 

 Our authorized but unissued common stock and preferred stock are available for future issuances without
stockholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved common stock and
preferred stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise. 

Exclusive Forum for Certain Lawsuits 
 Our amended
and restated certificate of incorporation requires (unless our board, acting on our behalf, consents in writing to the selection of an alternative forum (which consent may be given at any time, including during the pendency of litigation)), to the
fullest extent permitted by law, that (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any current or former director, officer or other employee to us or
our stockholders, (iii) any action asserting a claim against us, our directors, officers or employees arising pursuant to any provision of the DGCL or our amended and restated certificate of incorporation or bylaws, (iv) any action
asserting a claim against us, our directors, officers or employees governed by the internal affairs doctrine of the State of Delaware or (v) any other action asserting an “internal corporate claim” as defined in Section 115 of
the DGCL may, in each case, be brought by a stockholder (including a beneficial owner) only in the Court of Chancery in the State of Delaware, except any action (A) as to which the Court of Chancery of the State of Delaware determines that
there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), (B) which is
vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, (C) for which the Court of Chancery does not have subject matter jurisdiction, or (D) arising under the Securities Act, as to which the Court of
Chancery and the federal district court for the District of Delaware shall concurrently be the sole and exclusive forums. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any liability or
duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America have exclusive jurisdiction. Although we believe this provision benefits us by providing increased consistency in the
application of Delaware law in the types of lawsuits to which it applies, a court may determine that this provision is unenforceable, and to the extent it is enforceable, the provision may have the effect of discouraging lawsuits against our
directors and officers, although our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder. 

Our amended and restated certificate of incorporation provides that the exclusive forum provision will be applicable to the fullest extent permitted by
applicable law. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder, and Section 22 of the
Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. As a result, the exclusive forum provision
will not apply to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. 

Special Meeting of Stockholders 
 Our amended and
restated certificate of incorporation provides that special meetings of our stockholders may be called only by a majority vote of our board of directors, by either our Chief Executive Officer or by our Chairman. 

Advance Notice Requirements for Stockholder Proposals and Director Nominations 

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

 Action by Written Consent 

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

 Our board of directors is divided into three classes, Class I, Class I and Class III, with members of each class serving staggered
three-year terms. Our amended and restated certificate of incorporation provides that the authorized number of directors may be changed only be resolution of the board of directors. Subject to the terms of any preferred stock, any or all of the
directors may be removed from office at any time, but only for cause and only be the affirmative vote of holders of a majority of the voting power of all then- outstanding shares of our capital stock entitled to vote generally in the election of
directors, voting together as a single class. Any vacancy on our board of directors, including a vacancy resulting from an enlargement of our board of directors, may be filled only by a vote of a majority of our directors then in office. However,
prior to our initial business combination, only holders of our founder shares have the right to vote on the election of directors. Holders of our public shares are 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 a majority of our founder shares may remove a member of the board of directors for any reason and no reason. 

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

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