Document:

EX-4.6

  Exhibit 4.6

  DESCRIPTION OF SECURITIES REGISTERED UNDER SECTION 12 OF THE SECURITIES

  EXCHANGE ACT OF 1934

  The following is a summary of the rights of the common units of fractional undivided beneficial interest (the “Shares”) of Grayscale Stellar Lumens Trust (XLM) (the “Trust”), which is the only class of securities of the Trust that is registered under Section 12 of the Securities Exchange Act of 1934 (the “Exchange Act”). The description is intended as a summary, and is qualified in its entirety by reference the Amended and Restated Declaration of Trust and Trust Agreement, as amended by Amendments No. 1 and No. 2 thereto, copies of which have been filed as exhibits to this annual report on Form 10-K. Terms used but not defined herein have the meaning set forth in the Glossary of Terms in the Trust’s Annual Report on Form 10-K for the year ended September 30, 2022, of which this exhibit is a part.

  General

  The Trust operates pursuant to the Amended and Restated Declaration of Trust and Trust Agreement between Delaware Trust Company (formerly known as CSC Trust Company of Delaware), a Delaware trust company and Delaware trustee of the Trust (the “Trustee”) and Grayscale Investments, LLC (the “Sponsor”), as amended by Amendments No. 1 and No. 2 thereto and as the same may be amended from time to time (as so amended, the “Trust Agreement”). Under the Trust Agreement, the Trust is authorized to create and issue an unlimited number of Shares. Shares will be issued only in Baskets (a Basket equals a block of 100 Shares) in connection with creations. The Shares represent units of fractional undivided beneficial interest in and ownership of the Trust and have no par value. The Shares are quoted on OTCQX under the ticker symbol “GXLM.”

  Description of Limited Rights

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

  Voting and Approvals

  The shareholders take no part in the management or control of the Trust. Under the Trust Agreement, shareholders have limited voting rights. For example, in the event that the Sponsor withdraws, a majority of the shareholders may elect and appoint a successor sponsor to carry out the affairs of the Trust. In addition, no amendments to the Trust Agreement that materially adversely affect the interests of shareholders may be made without the vote of at least a majority (over 50%) of the Shares (not including any Shares held by the Sponsor or its affiliates). However, the Sponsor may make any other amendments to the Trust Agreement in its sole discretion without shareholder consent provided that the Sponsor provides 20 days’ notice of any such amendment.

  Derivative Actions

  Under Delaware law, a shareholder may bring a derivative action if the shareholder is a shareholder at the time the action is brought and either (i) was a shareholder at the time of the transaction at issue or (ii) acquired the status of shareholder by operation of law or the Trust’s governing instrument from a person who was a shareholder at the time of the transaction at issue. Additionally, Section 3816(e) of the Delaware Statutory Trust Act specifically provides that “a beneficial owner’s right to bring a derivative action may be subject to such additional standards and restrictions, if any, as are set forth in the governing instrument of the statutory trust, including, without limitation, the requirement that beneficial owners owning a specified beneficial interest in the statutory trust join in the bringing of the derivative action.” In addition to the requirements of applicable law, Section 7.4 of the Trust Agreement provides that no Shareholder will have the right, power or authority to bring or maintain a derivative action, suit or other proceeding on behalf of the Trust unless two or more Shareholders who (i) are not affiliates of one another and (ii) collectively hold at least 10.0% of the outstanding Shares join in the bringing or maintaining of such action, suit or other 

  

  proceeding. The Trust selected the 10.0% ownership threshold because the Trust believed that this was a threshold that investors would be comfortable with based on market precedent. 

  This provision applies to any derivative action brought in the name of the Trust other than claims brought under the federal securities laws or the rules and regulations thereunder, to which Section 7.4 does not apply. Due to this additional requirement, a Shareholder attempting to bring a derivative action in the name of the Trust will be required to locate other Shareholders with which it is not affiliated and that have sufficient Shares to meet the 10.0% threshold based on the number of Shares outstanding on the date the claim is brought and thereafter throughout the duration of the action, suit or proceeding.

  Distributions

  Pursuant to the terms of the Trust Agreement, the Trust may make distributions on the Shares in-cash or in-kind, including in such form as is necessary or permissible for the Trust to facilitate shareholders’ access to any Incidental Rights or to IR Virtual Currency.

  In addition, if the Trust is terminated and liquidated, the Sponsor will distribute to the shareholders any amounts of the cash proceeds of the liquidation remaining after the satisfaction of all outstanding liabilities of the Trust and the establishment of reserves for applicable taxes, other governmental charges and contingent or future liabilities as the Sponsor will determine. See “Item 1. Business—Description of the Trust Agreement—The Trustee—Termination of the Trust” in the Trust’s Annual Report on Form 10-K, of which this exhibit is a part. Shareholders of record on the record date fixed by the Transfer Agent for a distribution will be entitled to receive their pro rata portions of any distribution.

  Appointment of Agent

  Pursuant to the terms of the Trust Agreement, by holding the Shares, shareholders will be deemed to agree that the Sponsor may cause the Trust to appoint an agent (any person appointed in such capacity, an “Agent”) to act on their behalf in connection with any distribution of Incidental Rights and/or IR Virtual Currency if the Sponsor has determined in good faith that such appointment is reasonably necessary or in the best interests of the Trust and the shareholders in order to facilitate the distribution of any Incidental Rights and/or IR Virtual Currency. The Sponsor may cause the Trust to appoint Grayscale Investments, LLC (acting other than in its capacity as Sponsor) or any of its affiliates to act in such capacity.

  Any Agent appointed to facilitate a distribution of Incidental Rights and/or IR Virtual Currency will receive an in-kind distribution of Incidental Rights and/or IR Virtual Currency on behalf of the shareholders of record with respect to such distribution, and following receipt of such distribution, will determine, in its sole discretion and without any direction from the Trust, or the Sponsor, in its capacity as Sponsor of the Trust, whether and when to sell the distributed Incidental Rights and/or IR Virtual Currency on behalf of the record date shareholders. If the Agent is able to do so, it will remit the cash proceeds to the record date shareholders. There can be no assurance as to the price or prices for any Incidental Rights and/or IR Virtual Currency that the Agent may realize, and the value of the Incidental Rights and/or IR Virtual Currency may increase or decrease after any sale by the Agent.

  Any Agent appointed pursuant to the Trust Agreement will not receive any compensation in connection with its role as agent. However, any Agent will be entitled to receive from the record-date shareholders, out of the distributed Incidental Rights and/or IR Virtual Currency, an amount of Incidental Rights and/or IR Virtual Currency with an aggregate fair market value equal to the amount of administrative and other reasonable expenses incurred by the Agent in connection with its activities as agent of the record-date shareholders, including expenses incurred by the Agent in connection with any post-distribution sale of such Incidental Rights and/or IR Virtual Currency.

  The Sponsor currently expects to cause the Trust to appoint Grayscale Investments, LLC, acting other than in its capacity as Sponsor, as Agent to facilitate any distribution of Incidental Rights and/or IR Virtual Currency to shareholders. The Trust has no right to receive any information about any distributed Incidental Rights and/or IR Virtual Currency or the disposition thereof from the record date shareholders, their Agent or any other person.

  Creation of Shares

  

  The Trust creates Shares such times and for such periods as determined by the Sponsor, but only in one or more whole Baskets. A Basket equals 100 Shares. See “Item 1. Business—Description of Creation of Shares” in the Trust’s Annual Report on Form 10-K, of which this exhibit is a part. The creation of a Basket requires the delivery to the Trust of the number of XLM represented by one Share immediately prior to such creation multiplied by 100. The Trust may from time to time halt creations for extended periods of time, for a variety of reasons, including in connection forks, airdrops and other similar occurrences.

  Redemption of Shares

  The Trust Agreement also provides for the redemption procedures. However, redemption of Shares are currently not permitted and the Trust is unable to redeem Shares. Subject to receipt of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. Because the Trust does not believe that the SEC would, at this time, entertain an application for the waiver of rules needed in order to operate an ongoing redemption program, the Trust currently has no intention of seeking regulatory approval from the SEC to operate an ongoing redemption program.

  Even if such relief is sought in the future, no assurance can be given as to the timing of such relief or that such relief will be granted. If such relief is granted and the Sponsor approves a redemption program, the Shares will be redeemable only in accordance with the provisions of the Trust Agreement and the relevant Participant Agreement. See “Item 1A. Risk Factors—Risk Factors Related to the Trust and the Shares—Because of the holding period under Rule 144, the lack of an ongoing redemption program and the Trust’s ability to halt creations from time to time, there is no arbitrage mechanism to keep the value of the Shares closely linked to the Index Price and the Shares have historically traded at a substantial premium over, and a substantial discount to, the Digital Asset Holdings per Share” in the Trust’s Annual Report on Form 10-K, of which this exhibit is a part.

  Transfer Restrictions

  Shares purchased in the private placement are restricted securities that may not be resold except in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”) and state securities laws and any such transaction must be approved by the Sponsor. In determining whether to grant approval, the Sponsor will specifically look at whether the conditions of Rule 144 under the Securities Act and any other applicable laws have been met. Any attempt to sell Shares without the approval of the Sponsor in its sole discretion will be void ab initio.

  Pursuant to Rule 144 under the Securities Act (“Rule 144”), a minimum six-month holding period applies to all Shares purchased from the Trust.

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

    

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

    

  			
	  
	•
	the Shareholder is the sole beneficial owner of the Shares;

    

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

    

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

   

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

    

  			
	  
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	the Sponsor consents to the transfer of the Shares; and

    

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

   

  

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

  Book-Entry Form

  Shares are held primarily in book-entry form by the Transfer Agent. The Sponsor or its delegate will direct the Transfer Agent to credit the number of Creation Baskets to the applicable Authorized Participant. The Transfer Agent will issue Creation Baskets. Transfers will be made in accordance with standard securities industry practice. The Sponsor may cause the Trust to issue Shares in certificated form in limited circumstances in its sole discretion.

  Share Splits

  In its discretion, the Sponsor may direct the Transfer Agent to declare a split or reverse split in the number of Shares outstanding and to make a corresponding change in the number of Shares constituting a Basket. For example, if the Sponsor believes that the per Share price in the secondary market for Shares has risen or fallen outside a desirable trading price range, it may declare such a split or reverse split.Exhibit 10.1

 

Execution Version

 

	Date:	November 20, 2022
	 	 
	To:	PropTech Investment Corporation II, a Delaware corporation (“PropTech”) and RW National Holdings, LLC, a Delaware limited liability company (“Target”).
	 	 
	Address:	
    3415 North Pines Way

    Suite 204

    Wilson, WY 83014

	 	 
	From:	Vellar Opportunity Fund SPV LLC – Series 9 (“Seller”)
	 	 
	Re:	OTC Equity Prepaid Forward Transaction

 

The purpose of this agreement (this “Confirmation”)
is to confirm the terms and conditions of the transaction (the “Transaction”) entered into between Seller, PTIC and
Target on the Trade Date specified below. The term “Counterparty” refers to PTIC until the Business Combination (as
defined below), then to Appreciate Holdings, Inc., a Delaware corporation following the Business Combination. Upon the
closing of the transactions contemplated by the BCA (as defined below) PTIC and Target will be organized as an umbrella partnership corporation
(the “Combined Company”). Certain terms of the Transaction shall be as set forth in this Confirmation, with
additional terms as set forth in a Pricing Date Notice (the “Pricing Date Notice”) in the form of Schedule A
hereto. This Confirmation, together with the Pricing Date Notice(s), constitutes a “Confirmation” and the Transaction constitutes
a separate “Transaction” as referred to in the ISDA Form (as defined below).

 

This Confirmation, together with the Pricing Date
Notices, evidences a complete binding agreement between Seller, PTIC and Target as to the subject matter and terms of the Transaction
to which this Confirmation relates and shall supersede all prior or contemporaneous written or oral communications with respect thereto.

 

The 2006 ISDA Definitions (the “Swap
Definitions”) and the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”, and with the Swap
Definitions, the “Definitions”), each as published by the International Swaps and Derivatives Association, Inc., are
incorporated into this Confirmation. If there is any inconsistency between the Definitions and this Confirmation, this Confirmation governs.
If, in relation to the Transaction to which this Confirmation relates, there is any inconsistency between the ISDA Form, this Confirmation
(including the Pricing Date Notice), the Swap Definitions and the Equity Definitions, the following will prevail for purposes of such
Transaction in the order of precedence indicated: (i) this Confirmation (including the Pricing Date Notice(s)); (ii) the Equity Definitions;
(iii) the Swap Definitions, and (iv) the ISDA Form.

 

This Confirmation, together with the Pricing Date
Notice, shall supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the “ISDA
Form”) as if Seller, Target and Counterparty had executed an agreement in such form (but without any Schedule except as set
forth herein under “Schedule Provisions”) on the Trade Date of the Transaction.

 

The terms of the particular Transaction to which
this Confirmation relates are as follows:

 

General Terms

 

	Type of Transaction:	Share Forward Transaction
	 	 
	Trade Date:	November 20, 2022
	 	 
	Pricing Date:	As specified in the Pricing Date Notice.
	 	 
	Effective Date: 	One (1) Settlement Cycle following the Pricing Date.

 

     

     

    

 

	Valuation Date: 	The earliest to occur of (a) the third anniversary of the closing of the transactions between Counterparty and Target pursuant to an Business Combination Agreement, as was entered into on May 17, 2022 (as the same has been or may be amended, modified, supplemented or waived from time to time, the “BCA”), by and among Counterparty, the Target and certain other parties thereto, to be reported on a Form 8-K filed by the Counterparty (the “Form 8-K”) (the “Business Combination”) and (b) the date specified by Seller in a written notice to be delivered to Counterparty at Seller’s discretion (not earlier than the day such notice is effective) after the occurrence of any of a (x) Seller VWAP Trigger Event or (y) a Delisting Event (in each case the “Maturity Date”).
	 	 
	Seller VWAP Trigger Event	An event that occurs if the VWAP Price is at or below $2.00 per Share for any 20 trading days during a 30 consecutive trading day-period thereafter.
	 	 
	VWAP Price: 	For any scheduled trading day, the volume weighted average price per Share for such day as reported on the relevant Bloomberg Screen “[ ] <Equity> AQR SEC” (or any successor thereto), or if such price is not so reported on such trading day for any reason or is erroneous, the VWAP Price shall be as reasonably determined by the Calculation Agent.
	 	 
	Dilutive Offering Reset	
    To the extent the Counterparty, after the date
    hereof, sells, enters any agreement to sell or grants any right to reprice, or otherwise dispose of or issues (or announce any offer,
    sale, grant or any option to purchase or other disposition) any Shares or any securities of the Counterparty or any of their respective
    subsidiaries which would entitle the holder thereof to acquire at any time Shares, including, without limitation, any debt, preferred
    stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise
    entitles the holder thereof to receive, Shares, at an effective price per share less than the then existing Reset Price then the Reset
    Price shall be modified to equal such reduced price.

     

	Reset Price	The Reset Price shall be adjusted on the first scheduled trading day of each month (each a “Reset Date”) commencing on the first calendar month following the closing of the Business Combination to be the lowest of (a) the then-current Reset Price, (b) the Initial Price and (c) the VWAP Price of the Shares of the last ten (10) trading days of the prior calendar month, but not lower than $5.00; provided that the Reset Price may be further reduced pursuant to a Dilutive Offering Reset.
	 	 
	Seller:	Seller.
	 	 
	Buyer:	Counterparty.
	 	 
	Shares:	Prior to the closing of the Business Combination, shares of the Class A common stock, par value $0.0001 per share, of PTIC (Ticker: “PTIC”) and, after the closing of the Business Combination, the Class A shares of Appreciate Holdings, Inc. Seller will hold the Recycled Shares in a bankruptcy remote special purpose vehicle for the benefit of Counterparty.
	 	 
	Number of Shares:	The number of Recycled Shares as specified in the Pricing Date Notice(s), but in no event more than the Maximum Number of Shares. The Number of Shares is subject to reduction only as described under “Optional Early Termination”.

 

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	Maximum Number of Shares:	9,000,000 Shares 
	 	 
	Initial Price: 	Equals the Per-Share Redemption Price (the “Redemption Price”) as defined in Article IX of the Amended and Restated Certificate of Incorporation, effective as of December 3, 2020, as amended from time to time (the “Certificate of Incorporation”).
	 	 
	Recycled Shares: 	
    The number of Shares purchased by Seller from
    third parties (other than Counterparty) through a broker in the open market (other than through Counterparty); provided that Seller shall
    have irrevocably waived all redemption rights with respect to such Shares as provided below in the section captioned “Transactions
    by Seller in the Shares.” Seller shall specify the number of Recycled Shares (the “Number of Recycled Shares”)
    in the initial Pricing Date Notice.

     

	Prepayment:	Payment of the Prepayment Amount shall be made directly from the Counterparty’s Trust Account maintained by Continental Stock Transfer and Trust Company holding the net proceeds of the sale of the units in Counterparty’s initial public offering and the sale of private placement units (the “Trust Account”) no later than the Prepayment Date. Counterparty shall provide (a) notice to Counterparty’s trustee of the entrance into this Confirmation no later than one (1) Local Business Day following the date hereof, with copy to Seller and Seller’s outside legal counsel, and (b) to Seller and Seller’s outside legal counsel a final draft of the flow of funds from the Trust Account prior to the closing of the Business Combination itemizing the Prepayment Amount due to Seller; provided that Seller shall be invited to attend any closing call in connection with the Business Combination.
	 	 
	Prepayment Amount:	A cash amount equal to (x) the product of (i) the Number of Shares as set forth in the initial Pricing Date Notice and (ii) the Initial Price less (y) the Prepayment Shortfall.
	 	 
	Prepayment Date:	Subject to Counterparty receiving the initial Pricing Date Notice, the earlier of (a) one (1) Local Business Day after the closing of the Business Combination and (b) the date any assets from the Trust Account are disbursed in connection with the Business Combination. 
	 	 
	Variable Obligation:	Not applicable.
	 	 
	Prepayment Shortfall	An amount in USD equal to 10% of the product of the Number of Shares and the Initial Price; provided that Seller shall pay one half (1/2) of the Prepayment Shortfall to Counterparty on the Prepayment Date (which amount shall be netted from the Prepayment Amount) and the other one half (1/2) of the Prepayment Shortfall on the earlier of (a) the date that the SEC declares the Registration Statement effective (the “Registration Statement Effective Date”) and (b) the OET Date. 
	 	 
	Prepayment Shortfall Consideration	Seller in its sole discretion may sell Recycled Shares at any time and at any sales price, without payment by Seller of any Early Termination Obligation (as defined below) until such time as the proceeds from the such sales equal 100% of the Prepayment Shortfall (as set forth under Shortfall Sales below) (such sales, “Shortfall Sales,” and such Shares, “Shortfall Sale Shares”). A sale of Shares is only (a) a “Shortfall Sale,” subject to the terms and conditions herein applicable to Shortfall Sale Shares, when a Shortfall Sale Notice is delivered hereunder, and (b) an Optional Early Termination, subject to the terms and conditions herein applicable to Terminated Shares, when an OET Notice (as defined below) is delivered hereunder, in each case the delivery of such notice in the sole discretion of the Seller.

 

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	Exchanges	Nasdaq Capital Market
	 	 
	Related Exchange(s)	All Exchanges
	 	 
	Break-up Fees:	
    A break-up fee equal to (i) all of Seller’s
    actual out-of-pocket reasonable and documented fees, costs and expenses relating to the Transaction in an amount not to exceed $50,000
    plus (ii) $500,000 (collectively, the “Break-up Fee”) shall be payable, jointly and severally, by the Counterparty
    and the Target to the Seller in the event this Confirmation or the Transaction is terminated by either the Counterparty or the Target;
    provided that Counterparty and Target may terminate this Transaction, including the Confirmation, with no liability to Seller, including
    without limitation the Break-up Fee, upon any Additional Termination Event; provided that notwithstanding any other provision, clause
    or proviso of this Confirmation, this Transaction, including the Confirmation, may not be terminated by Counterparty or Target after Seller
    purchases any Recycled Shares after the redemption deadline; provided further that Seller hereby waives any and all right, title and interest,
    or any claim of any kind they have or may have, in or to any monies held in the Counterparty’s Trust Account and agrees not to seek
    recourse against the Trust Account, in each case, as a result of, or arising out of, this Transaction; provided, however, that nothing
    in the foregoing waiver shall (x) serve to limit or prohibit Seller’s right to pursue a claim against the Counterparty for legal
    relief against assets held outside the Trust Account, for specific performance or other equitable relief, (y) serve to limit or prohibit
    any claims that the Seller may have in the future against the Counterparty’s assets or funds that are not held in the Trust Account
    (including any funds that have been released from the Trust Account and any assets that have been purchased or acquired with any such
    funds), (z) be deemed to limit Seller’s right, title, interest or claim to the Trust Account by virtue of such Seller’s record
    or beneficial ownership of securities of the Counterparty acquired by any means other than pursuant to this Transaction or (aa) serve
    to limit Seller’s redemption right with respect to any such securities of the Seller other than during the term of this Confirmation.
    The Breakup Fee is not intended to constitute a liquidated damages provision, and it will be payable in addition to any other amount due
    and payable to Seller as a result of the occurrence of an Early Termination Date under the ISDA Master Agreement. 

     

	Payment Dates:	Following the Business Combination the last day of each calendar month or, if such date is not a Local Business Day, the next following Local Business Day, until the Maturity Date. 
	 	 
	Reimbursement of Legal Fees and Other Expenses:	Together with the Prepayment Amount, Counterparty shall pay to Seller an amount equal to the reasonable and documented attorney fees and other reasonable out-of-pocket expenses related thereto actually incurred by Seller or its affiliates in connection with this Transaction not to exceed (a) $50,000, (b) a quarterly fee of $5,000 (initially payable on the Trade Date and upon the first Local Business Day of each quarter and (c) expenses actually incurred in connection with the acquisition of the Shares in an amount not to exceed $0.05 per Share.

 

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	Settlement Terms	 
	 	 
	Settlement Method Election:	Not Applicable.
	 	 
	Settlement Method:	Physical Settlement.
	 	 
	Settlement Currency:	USD.
	 	 
	Settlement Date:	Two (2) Local Business Days following the Valuation Date.
	 	 
	Excess Dividend Amount	Ex Amount.
	 	 
	Optional Early Termination:	From time to time and on any date following the Business Combination (any such date, an “OET Date”) and subject to the terms and conditions below, Seller may, in its absolute discretion, terminate the Transaction in whole or in part so long as Seller provides written notice to Counterparty (the “OET Notice”), no later than the later of (a) the third Local Business Day following the OET Date and (b) the first Payment Date after the OET Date which shall specify the quantity by which the Number of Shares is to be reduced (such quantity, the “Terminated Shares”) provided that “Terminated Shares includes only such quantity of Shares by which the Number of Shares is to be reduced and included in an OET Notice and does not include any Shortfall Sale Shares or sales of Shares that are designated as Shortfall Sales (which designation can be made only up to the amount of Shortfall Sale Proceeds) or any other Share sales, which Shares will not be included in any OET Notice or included in the definition, or when calculating the number, of Terminated Shares. The effect of an OET Notice given shall be to reduce the Number of Shares by the number of Terminated Shares specified in such OET Notice with effect as of the related OET Date. As of each OET Date, Counterparty shall be entitled to an amount from Seller, and the Seller shall pay to Counterparty an amount, equal to the product of (x) the number of Terminated Shares and (y) the Reset Price in respect of such OET Date (an “Early Termination Obligation”), except that no such amount will be due to Counterparty upon any Shortfall Sale; provided that Seller shall pay certain of the Early Termination Obligation to the accounts and in the amounts as directed by Counterparty. The remainder of the Transaction, if any, shall continue in accordance with its terms; provided that if the OET Date is also the stated Valuation Date, the remainder of the Transaction shall be settled in accordance with the other provisions of “Settlement Terms.” Seller shall pay to Counterparty any and all unsatisfied Early Termination Obligations, calculated as of the last day of each calendar month, on the first Local Business Day following such day; provided that Seller shall be under no obligation to settle an Early Termination Obligation set forth in an OET Notice prior to one (1) Local Business Day following the settlement of the Share sale(s) covered in such OET Notice.
	 	 
	Shortfall Sales	From time to time and on any date following the Business Combination (any such date, a “Shortfall Sale Date”) and subject to the terms and conditions below, Seller may, in its absolute discretion, at any sales price, sell Shortfall Sale Shares, and in connection with such sales, Seller shall provide written notice to Counterparty (the “Shortfall Sale Notice”) no later than the later of (a) the third Local Business Day following the Shortfall Sales Date and (b) the first Payment Date after the Shortfall Sales Date, specifying the quantity of the Shortfall Sale Shares and the allocation of the Shortfall Sale Proceeds.Seller shall not have any Early Termination Obligation in connection with any Shortfall Sales. The Counterparty covenants and agrees for a period of at least sixty (60) Local Business Days (commencing on the Prepayment Date or if an earlier Registration Request is submitted by Seller on the Registration Statement Effective Date) not to issue, sell or offer or agree to sell any Shares, or securities or debt that is convertible, exercisable or exchangeable into Shares, including under any existing or future equity line of credit, until the Shortfall Sales equal the Prepayment Shortfall. 

 

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	Maturity Consideration: 	The “Maturity Consideration” means an amount equal to the product of (1) (a) the Maximum Number of Shares less (b) the number of Terminated Shares multiplied by (2) $1.75; and $2.00, solely in the event of a Registration Failure.In the event the Maturity Date is determined by clause (a) or (b) of Valuation Date, on such Maturity Date, Seller shall be entitled to receive the Maturity Consideration in cash or, at the option of Counterparty (other than in the case of a Delisting Event), Shares based on the average daily VWAP Price over 30 scheduled trading days ending on the Maturity Date (such shares to be paid as Maturity Consideration, the “Maturity Shares”); provided that the Maturity Shares used to pay the Maturity Consideration (i) (a) are registered for resale under an effective registration statement pursuant to the Securities Act under which Seller may sell or transfer the Shares or (b) may be transferred by Seller without any restrictions including the requirement for the Counterparty to be in compliance with the current public information required under Rule 144(c)(1) (or Rule 144(i)(2)) or the volume and manner of sale limitations under Rule 144 under the Securities Act and (ii) bear no restrictive legend (collectively, (i) and (ii) above, the “Share Conditions”); provided further that if the Maturity Shares do not satisfy the Share Conditions, Seller shall instead receive such number of Shares equal to the product of (a) three (3) and (b) the Maximum Number of Shares minus the Terminated Shares (the “Penalty Shares”); provided further that if the Penalty Shares satisfy the Share Conditions within 120 days after the Maturity Date, Seller shall return to Counterparty such number of Penalty Shares that are valued in excess of Maturity Consideration based on the 10-day VWAP ending on date that such Shares satisfied the Share Conditions. Counterparty, at Sellers’s option, will pay the Maturity Consideration on a net basis such that Seller retains a number of shares due to Counterparty upon the Maturity Date equal to the number of Maturity Shares or Penalty Shares payable to Seller, only to the extent the Number of Shares due to Counterparty upon the Maturity Date are equal to or more than the number of Maturity Shares or Penalty Shares payable to Seller, with any Maturity Consideration remaining due to be paid to Seller in newly issued Shares. For the avoidance of doubt, in addition to the Maturity Consideration, at the Maturity Date, Seller will be entitled to retain the Prepayment Amount.  
	
     

    Share Consideration:
	
     

    In addition to the Prepayment Amount, Counterparty
    shall pay directly from the Trust Account, on the Prepayment Date, an amount equal to the product of (x) 500,000 and (y) the Initial Price.
    The Shares purchased with the Share Consideration (the “Share Consideration Shares”) shall be incremental to the Maximum Number
    of Shares, shall not be included in the Number of Shares in this Transaction, and the Seller and the Share Consideration Shares shall
    be free and clear of all obligations with respect to the Seller and such Share Consideration Shares in connection with this Confirmation.

 

    6

     

    

 

	Share Registration	At the written request of Seller and no earlier than the Counterparty’s redemption deadline and no later than the Maturity Date (the “Registration Request”), within forty-five (45) calendar days of the Registration Request, Counterparty shall file (at Counterparty’s sole cost and expense) with the U.S. Securities and Exchange Commission (the “Commission”) a registration statement registering the resale of all shares held by the Seller, including the Recycled Shares and the Share Consideration Shares (the “Registration Statement”), and have the Registration Statement declared effective as soon as practicable after the filing thereof, but no later than the earliest of (i) the 60th calendar day (or 105th calendar day if the Commission notifies the Counterparty that it will “review” the Registration Statement) following the Registration Request and (ii) the 5th Local Business Day after the date the Counterparty is notified (orally or in writing, whichever is earlier) by the Commission that such Registration Statement will not be “reviewed” or will not be subject to further review. Upon notification by the Commission that the Registration Statement has been declared effective by the Commission, within two (2) Local Business Days thereafter, the Counterparty shall file the final prospectus under Rule 424 of the Securities Act of 1933, as amended containing a “plan of distribution” reasonably agreeable to Seller. Counterparty shall not identify Seller as a statutory underwriter in the Registration Statement unless requested by the Commission. The Counterparty will use its reasonable best efforts to keep the Registration Statement covering the resale of the shares as described above continuously effective (except for customary blackout periods, up to twice per year and for a total of up to 15 calendar days (and not more than 10 calendar days in an occurrence), if and when the Counterparty is in possession of material non-public information the disclosure of which, in the good faith judgment of the Counterparty's board of directors, would be prejudicial, and the Counterparty agrees to promptly notify Seller of any such blackout determination) until all such shares have been sold or may be transferred without any restrictions including the requirement for the Counterparty to be in compliance with the current public information required under Rule 144(c)(1) (or Rule 144(i)(2) or the volume and manner of sale limitations under Rule 144 under the Securities Act; provided that Counterparty covenants and agrees to make all necessary filings, amendments, supplements and submissions in furtherance of the foregoing, including to register all of Seller’s Shares for resale; provided that it shall be a (“Registration Failure”) if (a) the Registration Statement covering all of the shares described above in this section is not declared effective after the 60th calendar day (or 105th calendar day if the Commission notifies the Counterparty that it will “review” the Registration Statement) after the Registration Request) or (b) the Registration Statement after it is declared effective ceases to be continuously effective (subject to the blackout periods as indicated above) as set forth in the preceding sentence for more than 15 consecutive calendar days. Seller will promptly deliver customary representations and other documentation reasonably acceptable to the Counterparty, its counsel and/or its transfer agent in connection with the Registration Statement, including those related to selling shareholders and to respond to SEC comments. If requested by Seller, the Counterparty shall remove or instruct its transfer agent to remove any restrictive legend with respect to transfers under the Securities Act from any and all Shares held by Seller if (1) the Registration Statement is and continues to be effective under the Securities Act,
(2) such Shares are sold or transferred pursuant to Rule 144 under the Securities Act (subject to all applicable requirements of Rule 144 being met), or (3) such Shares are eligible for sale under Rule 144, without the requirement for the Counterparty to be in compliance with the current public information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable) as to the Shares and without volume or manner-of-sale restrictions; provided that Seller shall have timely provided customary representations and other documentation reasonably acceptable to the Counterparty, its counsel and/or its transfer agent in connection therewith. Any fees (with respect to the transfer agent, Counterparty’s counsel or otherwise) associated with the issuance of any legal opinion required by the Counterparty’s transfer agent or the removal of such legend shall be borne by the Counterparty. If a legend is no longer required pursuant to the foregoing, the Counterparty will, no later than five (5) Local Business Days following the delivery by Seller to the Counterparty or the transfer agent (with notice to the Counterparty) of customary representations and other documentation reasonably acceptable to the Counterparty, its counsel and/or its transfer agent, remove the restrictive legend related to the book entry account holding the Shares and make a new, unlegended book entry for the Shares. 

 

    7

     

    

 

	Share Adjustments:	 
	 	 
	Method of Adjustment:	Calculation Agent Adjustment.
	 	 
	Extraordinary Events:	 
	 	 
	Consequences of Merger Events involving Counterparty: 	 
	 	 
	Share-for-Share: 	Calculation Agent Adjustment.
	 	 
	Share-for-Other:	Cancellation and Payment.
	 	 
	Share-for-Combined:	Component Adjustment.
	 	 
	Tender Offer:	Applicable; provided, however, that Section 12.1(d) of the Equity Definitions is hereby amended by adding “, or of the outstanding Shares,” before “of the Issuer” in the fourth line thereof. Sections 12.1(e) and 12.1(l)(ii) of the Equity Definitions are hereby amended by adding “or Shares, as applicable,” after “voting Shares”.
	 	 
	Consequences of Tender Offers:	 
	 	 
	Share-for-Share:	Calculation Agent Adjustment.
	 	 
	Share-for-Other:	Calculation Agent Adjustment.
	 	 
	Share-for-Combined:	Calculation Agent Adjustment.
	 	 
	Composition of Combined Consideration:	 Not Applicable.
	 	 
	Nationalization, Insolvency or Delisting:	Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, the Nasdaq Global Select Market, Nasdaq Capital Market or the Nasdaq Global Market (or their respective successors) or such other exchange or quotation system which, in the determination of the Calculation Agent, has liquidity comparable to the aforementioned exchanges; if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall be deemed to be the Exchange.
	 	 
	Business Combination Exclusion:	Notwithstanding the foregoing or any other provision herein, the parties agree that the Business Combination shall not constitute a Merger Event, Tender Offer, Delisting or any other Extraordinary Event hereunder.
	 	 
	Additional Disruption Events:	 
	 	 
	(a)  Change in Law:	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by adding the words “(including, for the avoidance of doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute)” after the word “regulation” in the second line thereof.

 

    8

     

    

 

	(a) Failure to Deliver:	Not Applicable.
	 	 
	(b)  Insolvency Filing:	Applicable.
	 	 
	(c)  Hedging Disruption:	Not Applicable.
	 	 
	(d)  Increased Cost of Hedging:	Not Applicable.
	 	 
	(e)  Loss of Stock Borrow:	Not Applicable.
	 	 
	(f)  Increased Cost of Stock Borrow:	Not Applicable.
	 	 
	Determining Party:	For all applicable events, Seller, unless (i) an Event of Default, Potential Event of Default or Termination Event has occurred and is continuing with respect to Seller, or (ii) if Seller fails to perform its obligations as Determining Party, in which case a Third Party Dealer (as defined below) in the relevant market selected by Counterparty will be the Determining Party.
	 	 
	Additional Provisions:	 
	 	 
	Calculation Agent:	Seller, unless (i) an Event of Default, Potential Event of Default or Termination Event has occurred and is continuing with respect to Seller, or (ii) if Seller fails to perform its obligations as Calculation Agent, in which case an unaffiliated leading dealer in the relevant market selected by Counterparty in its sole discretion will be the Calculation Agent.
	 	 
	 	In the event that a party (the “Disputing Party”) does not agree with any determination made (or the failure to make any determination) by the Calculation Agent, the Disputing Party shall have the right to require that the Calculation Agent have such determination reviewed by a disinterested third party that is a dealer in derivatives of the type that is the subject of the dispute and that is not an Affiliate of either party (a “Third Party Dealer”). Such Third Party Dealer shall be jointly selected by the parties within one (1) Local Business Day after the Disputing Party’s exercise of its rights hereunder (once selected, such Third Party Dealer shall be the “Substitute Calculation Agent”). If the parties are unable to agree on a Substitute Calculation Agent within the prescribed time, each of the parties shall elect a Third Party Dealer and such two dealers shall agree on a Third Party Dealer by the end of the subsequent Local Business Day. Such Third Party Dealer shall be deemed to be the Substitute Calculation Agent. Any exercise by the Disputing Party of its rights hereunder must be in writing and shall be delivered to the Calculation Agent not later than the third Local Business Day following the Local Business Day on which the Calculation Agent notifies the Disputing Party of any determination made (or of the failure to make any determination). Any determination by the Substitute Calculation Agent shall be binding in the absence of manifest error and shall be made as soon as possible but no later than the second Local Business Day following the Substitute Calculation Agent’s appointment. The costs of such Substitute Calculation Agent shall be borne by (a) the Disputing Party if the Substitute Calculation Agent substantially agrees with the Calculation Agent or (b) the non-Disputing Party if the Substitute Calculation Agent does not substantially agree with the Calculation Agent. If, after following the procedures and within the specified time frames set forth above, a binding determination is not achieved, the original determination of the Calculation Agent shall apply.

 

    9

     

    

 

	Non-Reliance:	Applicable.
	 	 
	Agreements and Acknowledgements Regarding Hedging Activities:	Applicable.
	 	 
	Additional Acknowledgements:	Applicable.
	  	 
	Schedule Provisions:	 
	 	 
	Specified Entity:	In relation to both Seller and Counterparty for the purpose of:
	 	Section 5(a)(v), Not Applicable
	 	Section 5(a)(vi), Not Applicable
	 	Section 5(a)(vii), Not Applicable
	 	 
	Cross-Default	The “Cross-Default” provisions of Section 5(a)(vi) of the ISDA Form will not apply to either party.
	 	 
	Credit Event Upon Merger	The “Credit Event Upon Merger” provisions of Section 5(b)(v) of the ISDA Form will not apply to either party.
	 	 
	Automatic Early Termination:	The “Automatic Early Termination” of Section 6(a) of the ISDA Form will not apply to either party.
	 	 
	Termination Currency:	United States Dollars.
	 	 
	Additional Termination Events:	
    Will apply to Seller and to Counterparty and Target.
    The occurrence of any of the following events shall constitute an Additional Termination Event in respect of which Seller and Counterparty
    and Target shall be Affected Parties:

     

    (a) The BCA is terminated pursuant to its terms
    prior to the closing of the Business Combination.

     

    Notwithstanding the foregoing, Counterparty’s
    obligations set forth under the captions, “Reimbursement of Legal Fees and Other Expenses,” and “Other Provisions —
    (d) Indemnification” shall survive any termination due to the occurrence of either of the foregoing Additional Termination Events.

	 	 
	Governing Law:	New York law (without reference to choice of law doctrine).
	 	 
	Credit Support Provider:	With respect to Seller and Counterparty, None.
	 	 
	Local Business Days:	Seller specifies the following places for the purposes of the definition of Local Business Day as it applies to it: New York. Counterparty specifies the following places for the purposes of the definition of Local Business Day as it applies to it: New York.
	 	 

 

    10

     

    

 

Representations, Warranties and Covenants

 

	1.	Each of Counterparty, Target and Seller represents and warrants to, and covenants and agrees with, the
other as of the date on which it enters into the Transaction that (in the absence of any written agreement between the parties that expressly
imposes affirmative obligations to the contrary for the Transaction):

 

	(a)	Non-Reliance. It is acting for its own account, and it has made its own independent decisions
to enter into the Transaction and as to whether the Transaction is appropriate or proper for it based upon its own judgment and upon advice
from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment
advice or as a recommendation to enter into the Transaction, it being understood that information and explanations related to the terms
and conditions of the Transaction will not be considered investment advice or a recommendation to enter into the Transaction. No communication
(written or oral) received from the other party will be deemed to be an assurance or guarantee as to the expected results of the Transaction.

 

	(b)	Assessment and Understanding. It is capable of assessing the merits of and understanding
(on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the Transaction.
It is also capable of assuming, and assumes, the risks of the Transaction.

 

	(c)	Non-Public Information. It is in compliance with Section 10(b) under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”).

 

	(d)	Eligible Contract Participant. It is an “eligible contract participant” under,
and as defined in, the Commodity Exchange Act (7 U.S.C. § 1a(18)) and CFTC regulations (17 CFR § 1.3).

 

	(e)	Tax Characterization. It shall treat the Transaction as a derivative financial contract
for U.S. federal income tax purposes, and it shall not take any action or tax return filing position contrary to this characterization.

 

	(f)	Private Placement. It (i) is an “accredited investor” as such term is defined
in Regulation D as promulgated under the Securities Act, (ii) is entering into the Transaction for its own account without a view to the
distribution or resale thereof and (iii) understands that the assignment, transfer or other disposition of the Transaction has not been
and will not be registered under the Securities Act.

 

	(g)	Investment Company Act. It is not and, after giving effect to the Transaction, will
not be required to register as an “investment company” under, and as such term is defined in, the Investment Company Act of
1940, as amended.

 

	(h)	Authorization. The Transaction, including this Confirmation, has been entered into pursuant
to authority granted by its board of directors or other governing authority. It has no internal policy, whether written or oral, that
would prohibit it from entering into any aspect of the Transaction, including, but not limited to, the purchase of Shares to be made in
connection therewith.

 

	(i)	Affiliate Status. It is the intention of the parties hereto that Seller shall not be an “affiliate” (as
such term is defined in Rule 405 under the Securities Act) of the Counterparty including PTIC or the Combined Company following the closing
of the Business Combination, as a result of the transactions contemplated hereunder.

 

	2.	Counterparty represents and warrants to, and covenants and agrees with Seller as of the date on which
it enters into the Transaction that:

 

	(a)	Total Assets. PTIC has total assets as of the date hereof and expects to have as of the
closing of the Business Combination of at least USD $5,000,001.

 

    11

     

    

 

	(b)	Non-Reliance. Without limiting the generality of Section 13.1 of the Equity Definitions,
Counterparty acknowledges that Seller is not making any representations or warranties or taking any position or expressing any view with
respect to the treatment of the Transaction under any accounting standards.

 

	(c)	Solvency. Counterparty is, and shall be as of the date of any payment or delivery by Counterparty
under the Transaction, solvent and able to pay its debts as they come due, with assets having a fair value greater than liabilities and
with capital sufficient to carry on the businesses in which it engages. Counterparty: (i) has not engaged in and will not engage in any
business or transaction after which the property remaining with it will be unreasonably small in relation to its business, (ii) has not
incurred and does not intend to incur debts beyond its ability to pay as they mature, and (iii) as a result of entering into and performing
its obligations under the Transaction, (a) it has not violated and will not violate any relevant state law provision applicable to the
acquisition or redemption by an issuer of its own securities and (b) it would not be nor would it be rendered “insolvent”
(as such term is defined under Section 101(32) of the Bankruptcy Code or under any other applicable local insolvency regime).

 

	(d)	Public Reports. As of the Trade Date, Counterparty is in material compliance with its reporting
obligations under the Exchange Act, and all reports and other documents filed by Counterparty with the Securities and Exchange Commission
pursuant to the Exchange Act, when considered as a whole (with the most recent such reports and documents deemed to amend inconsistent
statements contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or any omission
of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading.

 

	(e)	No Distribution. Except with respect to any Shares that may be offered and sold pursuant
to the Registration Statement, Counterparty is not entering into the Transaction to facilitate a distribution of the Shares (or any security
that may be converted into or exercised or exchanged for Shares, or whose value under its terms may in whole or in significant part be
determined by the value of the Shares) or in connection with any future issuance of securities.

 

	(f)	SEC Documents. The Counterparty shall comply with the Securities and Exchange Commission’s
guidance, including Compliance and Disclosure Interpretation No. 166.01, for all relevant disclosure in connection with this Confirmation
and the Transaction, and will not file with the Securities and Exchange Commission any Form 8-K, Registration Statement on Form S-4 (or
Form F-4 (if applicable)) (including any post-effective amendment thereof), proxy statement, or other document that includes any disclosure
regarding this Confirmation or the Transaction without consulting with and reasonably considering any comments received from Seller, provided
that, no consultation shall be required with respect to any subsequent disclosures that are substantially similar to prior disclosures
by Counterparty that were reviewed by Seller.

 

	(g)	Waiver. The Counterparty shall waive any violation of its “bulldog clause” and
any other restrictions that would be caused by Seller entering into this Transaction.

 

	(h)	Disclosure. The Counterparty agrees to comply with applicable SEC guidance in respect of
disclosure and the Counterparty shall preview with Seller all public disclosure relating to the Transaction and shall consult with Seller
to ensure that such public disclosure, including the press release, Form 8-K or other filing that announces the Transaction adequately
discloses the material terms and conditions of the Transaction in form and substance reasonably acceptable to Seller; provided that the
Form 8-K shall be publicly filed on the same date that definitive transaction documents are signed and provided further, that to the extent
definitive transaction documents are not signed at least 48 hours prior to the Redemption Deadline, the Counterparty agrees to make all
necessary disclosures (if any) at least 24 hours prior to the Redemption Deadline to ensure that Seller is not in possession of material
non-public information as a result of the transactions outlined herein.

 

	(i)	Listing. The Counterparty agrees to use its best efforts to maintain the listing of the
Shares on a national securities exchange; provided that if the Shares cease to be listed on a national securities exchange or upon the
filing of a Form 25 (each a “Delisting Event”), Seller may accelerate the Maturity Date under this Confirmation by
delivering notice to the Counterparty and shall be entitled to the Break-up Fees, which shall be due and payable immediately following
the Maturity Date.

 

	(j)	Regulatory Filings. Counterparty covenants that it will make all regulatory filings that
it is required by law or regulation to make with respect to the Transaction.

 

    12

     

    

 

	(k)	Regulation M and Target Approvals. Counterparty is
not on the Trade Date and agrees and covenants that it will not be on any date Seller is purchasing shares that may be included in a Pricing
Date Notice, engaged or engaging in a distribution, as such term is used in Regulation M under the Exchange Act, of any securities of
Counterparty, other than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10) and 102(b)(7) of Regulation
M. Counterparty shall not, until the second scheduled trading day immediately following dates referenced in the preceding sentence, engage
in any such distribution. Counterparty, including Target, also agrees and covenants that the BCA shall be executed and all required
approvals and consents of the Target security holders in connection with the Business Combination shall be obtained and any subsequent
valuation periods as contemplated under Regulation M under the Exchange Act, shall be completed in each case no later than PTIC’s
redemption deadline.

 

	(l)	Other Agreements. Counterparty covenants and agrees that it has not (other than in respect
of the Common Stock Purchase Agreement, by and between CF Principal Investments and the Counterparty dated May 17, 2022) and will not
enter into any other OTC Equity Prepaid Forward Transactions or similar transaction(s) or agreement(s) with any other person(s) without
the prior written consent of Seller during the term of this Confirmation; provided that if the Confirmation is terminated and Counterparty
enters into OTC Equity Prepaid Forward Transaction(s) or similar transaction(s) or agreement(s) with any other person(s) without the prior
written consent of Seller during the period from the date this Confirmation is terminated until 90 calendar days following the Business
Combination, Counterparty shall promptly pay Seller a fee of $1,000,000.

 

	(m)	No conflicts. The execution and delivery by the Counterparty and Target of, and the performance
by the Counterparty and the Target of its obligations under, the Transaction and the Confirmation and the consummation of the transactions
contemplated by the Confirmation, including the payments and share issuances hereunder, do not and will not result in any breach or violation
of or constitute a default under (nor constitute any event which, with notice, lapse of time or both, would result in any breach or violation
of or constitute a default under or give the holder of any indebtedness (or a person acting on such holder’s behalf) the right to
require the repurchase, redemption or repayment of all or a part of such indebtedness under) (or result in the creation or imposition
of a lien, charge or encumbrance on any property or assets of the Counterparty, the Target or any of their respective subsidiaries pursuant
to) (i) any provision of applicable law, (ii) the organizational documents of any of the Counterparty, the Target or any of their respective
subsidiaries, (iii) any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license,
lease, contract or other agreement or instrument binding upon the Counterparty, the Target or any of their respective subsidiaries, or
(iv) any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Counterparty, the Target or
any of their respective subsidiaries, and no consent, approval, authorization or order of, or qualification with, any governmental body
or agency is required for the performance by the Counterparty or the Target of their respective obligations under the Confirmation, except
as have been obtained. In addition, the Counterparty and Target covenant and agree not to enter into any agreement or other arrangement
that would prohibit, restrict or otherwise prevent the Counterparty from performing its obligations hereunder, including the making of
any payment or Share issuance to the Seller.

 

	3.	Target and the Combined Company, from and after the Trade Date, each covenants and agrees not to incur
in excess of $25.0 million of indebtedness (as a result of incurring additional indebtedness, refinancing of existing indebtedness as
of the date hereof, or otherwise) through and including the 90th day following the Prepayment Date without the prior written
consent of the Seller. Indebtedness shall not include accounts payable at the closing of the Business Combination or otherwise.

 

	4.	Seller represents and warrants to, and covenants and agrees with Counterparty as of the date on which
it enters into the Transaction and each other date specified that:

 

	(a)	Regulatory Filings. Seller covenants that it will make all regulatory filings that it is
required by law or regulation to make with respect to the Transaction including, without limitation, as may be required by Section 13
or Section 16 (if applicable) under the Exchange Act and, assuming the accuracy of Counterparty’s Repurchase Notices (as described
under “Repurchase Notices” below) any sales of the Recycled Shares will be in compliance therewith.

 

	(b)	Shorting. Seller agrees not effect any Short Sales in respect of the Shares prior to the
earlier of a) the Maturity Date and b) the cancellation of the Transaction. “Short Sales” means all “short sales”
as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, whether or not against the box, and all types of direct
and indirect stock pledges, forward sale contracts, options, puts, calls, short sales, swaps, “put equivalent positions” (as
defined in Rule 16a-1(h) under the Exchange Act) and similar arrangements (including on a total return basis).

 

    13

     

    

 

Transactions by Seller in the Shares

 

	(a)	Seller hereby waives the redemption rights (“Redemption Rights”) set forth in the Certificate
of Incorporation in connection with the Business Combination with respect to the Recycled Shares only during the term of this Confirmation.
Seller may sell or otherwise transfer, loan or dispose of any of the Shares or any other shares or securities of the Counterparty in one
or more public or private transactions at any time. Any Recycled Shares that are not Shortfall Sale Shares sold by Seller during the term
of the Transaction will cease to be included in the Number of Shares.

 

	(b)	No sale of Shares by Seller shall terminate all or any portion of this Confirmation (unless Seller issues
a Shortfall Sale Notice or OET Notice within the deadlines contemplated in sections entitled Shortfall Sales and Optional Early Termination
above), and provided that Seller complies with all of its other obligations hereunder nothing contained herein shall limit any of Seller’s
purchases and sales of Shares. 

 

No Arrangements

 

Seller, Counterparty and Target each acknowledge
and agree that: (i) there are no voting, hedging or settlement arrangements between or among Seller, Counterparty and Target with respect
to any Shares or the Counterparty or Target, other than those set forth herein; (ii) although Seller may hedge its risk under the Transaction
in any way Seller determines, Seller has no obligation to hedge with the purchase, sale or maintenance of any Shares or otherwise; (iii)
Counterparty and Target will not be entitled to any voting rights in respect of any of the Shares underlying the Transaction; and (iv)
Counterparty and Target will not seek to influence Seller with respect to the voting or disposition of any Shares.

 

Wall Street Transparency and Accountability
Act

 

In connection with Section 739 of the Wall Street
Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither the enactment of WSTAA
or any regulation under WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, nor any similar legal certainty provision
in any legislation enacted, or rule or regulation promulgated, on or after the date of this Confirmation, shall limit or otherwise impair
either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the ISDA
Form, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event
under this Confirmation, the Equity Definitions incorporated herein, or the ISDA Form.

 

Address for Notices

 

Notice to Seller: 

 

3 Columbus Circle

24th Floor

New York, NY 10019

 

With a copy to:

Seward & Kissel LLP

One Battery Park Plaza

New York, NY 10004

Attention: Keith Billotti

Email: billotti@sewkis.com

 

Notice to Counterparty: 

 

PropTech Investment Corporation II 3415

 North Pines
Way

Suite 204 Wilson, WY 83014

Attention: Joseph Beck

E-mail: jbeck@hennessycapitalgroup.com

 

    14

     

    

 

With a copy to:

Kirkland & Ellis LLP

609 Main Street Houston, TX 77002

Attention: Julian J. Seiguer, P.C.; Wayne E. Williams

E-mail: julian.seiguer@kirkland.com; wayne.williams@kirkland.com

 

Following the Closing of the Business Combination:

 

Appreciate Holdings, Inc.

6101 Baker Road, Suite 200

Minnetonka, Minnesota 55345

Attention: Chris Laurence

claurence@renterswarehouse.com

 

Notice to Target:

 

RW National Holdings, LLC 6101

 Baker Road, Suite
200

Minnetonka, Minnesota 55345

Attn: Chris Laurence

Email: claurence@renterswarehouse.com

 

With a copy to:

 

Winthrop & Weinstine

Capella Tower, Suite 3500

225 South Sixth Street

Minneapolis, MN 55402

Attention: Dean D. Willer; Philip T. Colton

E-mail: dwiller@winthrop.com; pcolton@winthrop.com

 

Other Provisions.

 

	(c)	Rule 10b5-1.

 

		(i)	Counterparty represents and warrants to Seller that Counterparty is not entering into the Transaction
to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise
or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares) for the purpose
of inducing the purchase or sale of such securities or otherwise in violation of the Exchange Act, and Counterparty represents and warrants
to Seller that Counterparty has not entered into or altered, and agrees that Counterparty will not enter into or alter, any corresponding
or hedging transaction or position with respect to the Shares.

 

		(ii)	Counterparty agrees that it will not seek to control or influence Seller’s decision to make any
“purchases or sales” under the Transaction, including, without limitation, Seller’s decision to enter into any hedging
transactions. Counterparty represents and warrants that it has consulted with its own advisors as to the legal aspects of its adoption
and implementation of this Confirmation and the Transaction under the federal securities laws, including without limitation, the prohibitions
on manipulative and deceptive devices under the Exchange Act.

 

		(iii)	Counterparty acknowledges and agrees that any amendment, modification, waiver or termination of this Confirmation
must be effected in accordance with the requirements for the amendment or termination of a written trading plan for trading securities..
Without limiting the generality of the foregoing, Counterparty acknowledges and agrees that any such amendment, modification, waiver or
termination shall be made in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws, including
without limitation the prohibition on manipulative and deceptive devises under the Exchange Act and no such amendment, modification or
waiver shall be made at any time at which Counterparty or any officer, director, manager or similar person of Counterparty is aware of
any material non-public information regarding Counterparty or the Shares.

 

    15

     

    

 

	(d)	Repurchase Notices. Counterparty shall, on any day on which Counterparty effects any repurchase
of Shares (other than in connection with a Counterparty equity compensation program (e.g., to fund taxes in connection with vested RSUs),
promptly give Seller a written notice of such repurchase (a “Repurchase Notice”), provided that Counterparty agrees
that this information does not constitute material non-public information; provided further if this information shall be material non-public
information, it shall publicly disclosed immediately. Counterparty agrees to indemnify and hold harmless Seller and its affiliates and
their respective officers, directors, employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified
Person”) from and against any and all losses (including losses relating to Seller’s hedging activities as a consequence
of remaining or becoming a Section 16 “insider” following the closing of the Business Combination, including without limitation,
any forbearance from hedging activities or cessation of hedging activities and any losses in connection therewith with respect to the
Transaction), claims, damages, judgments, liabilities and expenses (including reasonable attorney’s fees), joint or several, which
an Indemnified Person may become subject to, as a result of Counterparty’s failure to provide Seller with a Repurchase Notice on
the day and in the manner specified in this paragraph, and to reimburse, within thirty (30) days, upon written request, each of such Indemnified
Persons for any reasonable legal or other expenses incurred in connection with investigating, preparing for, providing testimony or other
evidence in connection with or defending any of the foregoing; provided, however, for the avoidance of doubt, Counterparty has no indemnification
or other obligations with respect to Seller becoming a Section 16 “insider” prior to the closing of the Business Combination.
If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted
against the Indemnified Person as a result of Counterparty’s failure to provide Seller with a Repurchase Notice in accordance with
this paragraph, such Indemnified Person shall promptly notify Counterparty in writing, and Counterparty, upon request of the Indemnified
Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others Counterparty
may designate in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding. Counterparty shall not
be liable for any settlement of any proceeding contemplated by this paragraph that is effected without its written consent, but if settled
with such consent or if there be a final judgment for the plaintiff, Counterparty agrees to indemnify any Indemnified Person from and
against any loss or liability by reason of such settlement or judgment. Counterparty shall not, without the prior written consent of the
Indemnified Person, effect any settlement of any pending or threatened proceeding contemplated by this paragraph that is in respect of
which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Person,
unless such settlement includes an unconditional release of such Indemnified Person from all liability on claims that are the subject
matter of such proceeding on terms reasonably satisfactory to such Indemnified Person. If the indemnification provided for in this paragraph
is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein,
then Counterparty hereunder, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable
by such Indemnified Person as a result of such losses, claims, damages or liabilities. The remedies provided for in this paragraph are
not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity.
The indemnity and contribution agreements contained in this paragraph shall remain operative and in full force and effect regardless of
the termination of the Transaction.

 

	(e)	Transfer or Assignment. The Seller may freely transfer or assign the rights and duties under
this Confirmation. If at any time following the closing of the Business Combination at which (A) the Section 16 Percentage exceeds 9.9%,
or (B) the Share Amount exceeds the Applicable Share Limit (if any applies) (any such condition described in clause (A) or (B), and “Excess
Ownership Position”), Seller is unable to effect a transfer or assignment of a portion of the Transaction to a third party on
pricing terms reasonably acceptable to Seller and within a time period reasonably acceptable to Seller such that no Excess Ownership Position
exists, then Seller may designate any Local Business Day as an Early Termination Date with respect to a portion of the Transaction (the
“Terminated Portion”), such that following such partial termination no Excess Ownership Position exists. In the event
that Seller so designates an Early Termination Date with respect to a portion of the Transaction, a portion of the Shares with respect
to the Transaction shall be delivered to Counterparty as if the Early Termination Date was the Valuation Date in respect of a Transaction
having terms identical to the Transaction and a Number of Shares equal to the number of Shares underlying the Terminated Portion. The
“Section 16 Percentage” as of any day is the fraction, expressed as a percentage, as determined by Seller, (A) the
numerator of which is the number of Shares that Seller and each person subject to aggregation of Shares with Seller under Section 13 or
Section 16 of the Exchange Act and rules promulgated thereunder and all persons who may form a “group” (within the meaning
of Rule 13d-5(b)(1) of the Exchange Act) with Seller directly or indirectly beneficially own (as defined under Section 13 or Section 16
of the Exchange Act and rules promulgated thereunder) (the “Seller Group” ) and (B) the denominator of which is the
number of Shares outstanding.

 

    16

     

    

 

The “Share Amount” as of any
day is the number of Shares that Seller and any person whose ownership position would be aggregated with that of Seller and any group
(however designated) of which Seller is a member (Seller or any such person or group, a “Seller Person”) under any
law, rule, regulation, regulatory order or organizational documents or contracts of Counterparty that are, in each case, applicable to
ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls, holds the
power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by Seller in its sole
discretion.

 

The “Applicable Share Limit”
means a number of Shares equal to (A) the minimum number of Shares that could give rise to reporting (other than on Schedule 13D or 13G)
or registration obligations or other requirements (including obtaining prior approval from any person or entity) of a Seller Person, or
could result in an adverse effect on a Seller Person, under any Applicable Restriction, as determined by Seller in its sole discretion,
minus (B) 0.1% of the number of Shares outstanding.

 

	(f)	Indemnification. Counterparty agrees to indemnify and hold harmless Seller, its affiliates
and its assignees and their respective directors, officers, employees, agents and controlling persons (each such person being an “Indemnified
Party”) from and against any and all losses (but not including financial losses to an Indemnified Party relating to the economic
terms of the Transaction provided that the Counterparty performs its obligations under this Confirmation in accordance with its terms),
claims, damages and liabilities (or actions in respect thereof) expenses, joint or several, incurred by or asserted against such Indemnified
Party arising out of, in connection with, or relating to, investigating, preparing or defending against any litigation, commenced or threatened,
or any claim whatsoever, whether arising out of any action between any of the Indemnified Parties and the Counterparty or between any
of the Indemnified Parties and any third party, or otherwise) to which they or any of them may become subject under the Securities Act,
the Exchange Act or any other statute or at common law or otherwise or under the laws of foreign countries, arising out of or based upon
the Transaction, including the execution or delivery of this Confirmation, the performance by Counterparty of its obligations under the
Transaction, any breach of any covenant, representation or warranty made by Counterparty in this Confirmation or the ISDA Form, regulatory
filings and submissions made by or on behalf of the Counterparty related to the Transaction (other than as relates to any information
provided in writing by or on behalf of Seller or its affiliates), or the consummation of the transactions contemplated hereby, including
the Registration Statement or any untrue statement or alleged untrue statement of a material fact contained in any registration statement,
press release, filings or other document, or the omission or alleged omission therefrom of a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. Counterparty
will not be liable under the foregoing indemnification provision to the extent that any loss, claim, damage, liability or expense is related
to the manner in which Seller sells, or arising out of any sales by Seller of, any Shares, including the Recycled Shares or found in a
nonappealable judgment by a court of competent jurisdiction to have resulted from Seller’s material breach of any covenant, representation
or other obligation in this Confirmation or the ISDA Form or from Seller’s willful misconduct, bad faith or gross negligence in
performing the services that are subject of the Transaction. If for any reason the foregoing indemnification is unavailable to any Indemnified
Party or insufficient to hold harmless any Indemnified Party, then Counterparty shall contribute, to the maximum extent permitted by law,
to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability. In addition (and in addition
to any other Reimbursement of Legal Fees and other Expenses contemplated by this Confirmation), Counterparty will reimburse any Indemnified
Party for all reasonable, out-of-pocket, expenses (including reasonable counsel fees and expenses) as they are incurred in connection
with the investigation of, preparation for or defense or settlement of any pending or threatened claim or any action, suit or proceeding
arising therefrom, whether or not such Indemnified Party is a party thereto and whether or not such claim, action, suit or proceeding
is initiated or brought by or on behalf of Counterparty. Counterparty also agrees that no Indemnified Party shall have any liability to
Counterparty or any person asserting claims on behalf of or in right of Counterparty in connection with or as a result of any matter referred
to in this Confirmation except to the extent that any losses, claims, damages, liabilities or expenses incurred by Counterparty result
from such Indemnified Party’s breach of any covenant, representation or other obligation in this Confirmation or the ISDA Form or
from the gross negligence, willful misconduct or bad faith of the Indemnified Party or breach of any U.S. federal or state securities
laws or the rules, regulations or applicable interpretations of the Securities and Exchange Commission. The provisions of this paragraph
shall survive the completion of the Transaction contemplated by this Confirmation and any assignment and/or delegation of the Transaction
made pursuant to the ISDA Form or this Confirmation shall inure to the benefit of any permitted assignee of Seller.

 

    17

     

    

 

	(g)	Amendments to Equity Definitions.

 

		(i)	Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (i) deleting from the fourth line thereof
the word “or” after the word “official” and inserting a comma therefor, and (ii) deleting the semi-colon at the
end of subsection (B) thereof and inserting the following words therefor “or (C) the occurrence of any of the events specified in
Section 5(a)(vii)(1) through (9) of the ISDA Form with respect to that Issuer.”; and

 

		(ii)	Section 12.6(c)(ii) of the Equity Definitions is hereby amended by replacing the words “the Transaction
will be cancelled,” in the first line with the words “Seller will have the right, which it must exercise or refrain from exercising,
as applicable, in good faith acting in a commercially reasonable manner, to cancel the Transaction,”;

 

	(h)	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable law,
any right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party (i) certifies
that no representative, agent or attorney of either party has represented, expressly or otherwise, that such other party would not, in
the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party
have been induced to enter into the Transaction, as applicable, by, among other things, the mutual waivers and certifications provided
herein.

 

	(i)	Attorney and Other Fees. Subject to clause (d) Indemnification (above), in the event of
any legal action initiated by any party arising under or out of, in connection with or in respect of, this Confirmation or the Transaction,
the prevailing party shall be entitled to reasonable attorneys’ fees, costs and expenses incurred in such action, as determined
and fixed by the court.

 

	(j)	Tax Disclosure. Effective from the date of commencement of discussions concerning the Transaction,
Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any
kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses)
that are provided to Counterparty relating to such tax treatment and tax structure.

 

	(k)	Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction to
be (a) a “securities contract” as defined in the Bankruptcy Code, in which case each payment and delivery made pursuant to
the Transaction is a “termination value,” “payment amount” or “other transfer obligation” within the
meaning of Section 362 of the Bankruptcy Code and a “settlement payment,” within the meaning of Section 546 of the Bankruptcy
Code, and (b) a “swap agreement” as defined in the Bankruptcy Code, with respect to which each payment and delivery hereunder
or in connection herewith is a “termination value,” “payment amount” or “other transfer obligation”
within the meaning of Section 362 of the Bankruptcy Code and a “transfer,” as such term is defined in Section 101(54) of the
Bankruptcy Code and a “payment or other transfer of property” within the meaning of Sections 362 and 546 of the Bankruptcy
Code, and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e),
546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s right to liquidate, terminate and accelerate the Transaction and to exercise
any other remedies upon the occurrence of any Event of Default under the ISDA Form with respect to the other party to constitute a “contractual
right” as described in the Bankruptcy Code, and (iii) each payment and delivery of cash, securities or other property hereunder
to otherwise constitute a “margin payment” or “settlement payment” and a “transfer” as defined in
the Bankruptcy Code.

 

	(l)	Process Agent. For the purposes of Section 13(c) of the ISDA Form:

 

Seller appoints as its Process Agent: None

 

Counterparty appoints as its Process Agent: None.

 

[Signature page follows]

 

    18

     

    

 

 

Please confirm that the foregoing correctly sets
forth the terms of our agreement by executing a copy of this Confirmation and returning it to us at your earliest convenience.

 

	 	Very truly yours,
	 	 
	 	VELLAR OPPORTUNITY FUND SPV LLC – SERIES 9
	 	 	 
	 	By:	/s/ Solomon Cohen
	 	Name: 	Solomon Cohen
	 	Title:	Authorized Signatory

 

	Agreed and accepted by:    	 
	 	 	 
	PropTech Investment Corporation II 	 
	 	 	 
	By: 	/s/ Thomas D. Hennessy	 
	Name: 	Thomas D. Hennessy	
	Title:	Co-Chief Executive Officer and President	

 

	RW National Holdings, LLC 	 
	 	 	 
	By: 	/s/ Christopher Laurence	 
	Name: 	Christopher Laurence	 
	Title:	Chief Executive Officer	

 

    19

     

    

 

Schedule
A

 

FORM OF PRICING DATE NOTICE

 

Date: [●], 2022

 

To: PropTech Investment Corporation II (“Counterparty”)

 

Address: [    ]

 

Phone: [●]

 

From: Vellar Opportunity Fund SPV LLC – Series 9 (“Seller”)

 

Re: OTC Equity Prepaid Forward Transaction

 

1. This Pricing Date Notice supplements, forms part of, and is subject
to the Confirmation Re: OTC Equity Prepaid Forward Transaction dated as of [●], 2022 (the “Confirmation”) between Counterparty
and Seller, as amended and supplemented from time to time. All provisions contained in the Confirmation govern this Pricing Date Notice
except as expressly modified below.

 

2. The purpose of this Pricing Date Notice is to confirm certain terms
and conditions of the Transaction entered into between Seller and Counterparty pursuant to the Confirmation.

 

Pricing Date: [●], 2022

 

Number of Recycled Shares: [●]

 

SK
29621 0113 9830337 v6

 

 

 20

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