Document:

Exhibit 10.1

 

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT
BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. REDACTED INFORMATION IS
INDICATED BY [****].

 

This
 Separation and Release of Claims Agreement (“Agreement”)
is entered into by and between RenovaCare, Inc., a Nevada corporation (the “Company ”), on behalf of
itself, its parent, subsidiaries, and other corporate affiliates, and each of their respective present employees, officers, directors
and agents, individually and in their official capacities (collectively referred to as the “Company Group”),
and Alan L. Rubino (the “Executive”) as of March 26, 2021 (the “Execution Date”)
(the Company and the Executive are sometimes collectively referred to as the “Parties” and individually
as a “Party”) effective upon the expiration of the Revocation Period referenced in Section
5.2 below (the “Effective Date”).

 

Whereas,
the Parties have previously entered into an Employment Agreement dated November 15, 2019, (the “Employment Agreement”)
pursuant to which the Executive currently serves as the Company’s Chairman, President Chief Executive Officer, and as a member
of the Company’s Board of Directors;

 

Whereas,
the Executive has tendered his resignation as the Company’s Chairman, President and Chief Executive Officer, member of the
Company’s Board of Directors and as an employee of the Company (the “Executive’s Resignation”)
effective as of March 25, 2021, (the “Separation Date”);

 

Whereas,
the Company has accepted the Executive’s Resignation as of the Separation Date;

 

Whereas,
in connection with the Executive’s Resignation, and in order to ensure an orderly transition of management, the Company desires
to retain the Executive as an independent contractor to provide certain advisory and Transition services (the “Transition
Services”) to the Company as of the Separation Date in accordance with the terms and conditions set forth herein;

 

Whereas,
in connection with the Executive’s Resignation, and in order to ensure an orderly transition of management, the Executive
desires, as an independent contractor, to provide the Transition Services to the Company as of the Separation Date in accordance
with the terms and conditions set forth herein;

 

Whereas,
the Executive and the Company desire to specify the terms of the Executive’s resignation and to provide for the termination
of the Employment Agreement and the Stock Option Agreement dated as of November 15, 2019, as the same may have been from time to
time amended (the “Stock Option Agreement”).

 

Now,
Therefore, in consideration of the foregoing recitals, the mutual promises contained herein, and for other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

1.       Resignation;
Termination of Employment Agreement.

 

1.1        Resignation.
The Executive’s Resignation includes all of his positions as an officer, director and/or employee of any member of the
Company Group. Notwithstanding anything contained herein or in the Employment Agreement, the Executive’s Resignation shall
not be deemed a termination by the Company without “Cause” or “For Cause” or by the Executive
for “Good Reason” for purposes of, and each as defined in, the Employment Agreement.

 

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1.2       Termination
of Employment Agreement and the Stock Option Agreement.

 

1.2.1 The Stock Option
Agreement shall be deemed to have been terminated as of the Separation Date and of no further force and effect. To avoid any doubt
the Executive agrees and acknowledges that that any and all stock options to purchase shares of the Company’s common stock,
whether vested or unvested, granted pursuant to the terms of the Employment Agreement or otherwise (collectively, the “Options”),
and as governed by the terms of the Stock Option Agreement are hereby forfeited by the Executive, and, notwithstanding anything
to the contrary in either the Employment Agreement or the Stock Option Agreement to the contrary notwithstanding, the Options are
no longer subject to vesting or exercise;.

 

1.2.2 Except as otherwise
contemplated by Section 12 of this Agreement, the Employment Agreement shall be deemed to have been terminated as
of the Separation Date and of no further force and effect.

 

2.        Transition
Services.

 

2.1       Transition Services
Period. Subject to the earlier termination provisions of Section 9.1, the Executive shall be retained by the
Company as a consultant for the period commencing on the Effective Date and expiring on September 26, 2021 (the “Transition
Services Period”).

 

2.2       Scope
of Transition Services. During the Transition Services Period, the Executive shall consult with the Company and its
executive officers, and if requested, the Company’s Board of Directors, on an as-needed basis regarding the business and
operations of the Company and the Company Group, as well as the transition of duties of the Executive to other employees of the
Company (the “Transition Services”). The Executive shall report directly to, and shall perform
the Transition Services as directed by, the Company’s Executive Chairman, or such other officer or member of the Company’s
Board of Directors as may be designated from time to time by the Company’s Board of Directors, in its sole discretion. In
connection with providing the Transition Services, the Executive shall comply in full with all applicable law, and rules and regulations
and with the Company’s Code of Business Conduct & Ethics.

 

2.3       Performance
of Transition Services. The Transition Services shall be required at such times and such places as shall not result
in unreasonable inconvenience to the Executive. In order to minimize interference with the Executive's other commitments, the Transition
Services, to the extent practicable and not prejudicial to the Company, may be rendered by personal consultation at his residence
or office wherever maintained, or by telephonic or video conferences during normal business hours. The Parties anticipate that
the amount of time that the Executive shall devote to his performance of the Transition Services shall not generally exceed more
than thirty-five (35) hours per month in the first two full months of the Transition Services Period and five (5) hours per month
during the balance of the Transition Services Period (prorated for any portion of the Transition Services Period which is less
than a full month).

 

2.4       Status
as Independent Contractor. The Executive acknowledges and agrees that his status at all times during the Transition
Services Period shall be that of an independent contractor, and that he may not, at any time, act as a representative for or on
behalf of the Company Group for any purpose or transaction, and may not bind or otherwise obligate the Company Group in any manner
whatsoever, without obtaining the prior written approval of an authorized representative of the Company Group therefor. The Executive
hereby waives any rights to be treated as an employee or deemed employee of the Company Group for any purpose during the Transition
Services Period, and that he shall not be entitled to the benefits of being an employee or deemed employee of the Company Group
during the Transition Period, except that the Company will maintain Executive’s current Company health coverage, at no cost
to the Executive, through June 30, 2021, at which time the Parties agree that the Company shall terminate its employee health insurance
plans. The Executive hereby acknowledges and agrees that, except as provided in Section 2.5 hereof, he shall
not be eligible for, shall not actively participate in, and shall not otherwise accrue any other benefits under, any of the Company
Group's benefit plans during the Transition Services Period.

 

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2.5       Expenses. The
Company will be responsible for any reasonable and necessary out-of-pocket expenses incurred by the Executive during the Transition
Services Period that are directly related to the provision of Transition Services by the Executive in accordance with the Company's
standard expense reimbursement policies applicable to independent contractors, provided that (i) the incurrence of such expenses
are approved in advance by the Company in its commercially reasonable discretion, and (ii) appropriate receipts and vouchers for
such expenses are submitted to the Company within thirty (30) days after the expenses are incurred. Notwithstanding the foregoing
any single expense in excess of $50 or any expenses in any single calendar month in excess of $100 shall require the prior written
consent of the Company.

 

3.       Separation
Benefits; Receipt of all Payments due Executive Consideration.

 

3.1      Separation
Benefits.As consideration for the Executive's execution of, non-revocation of, and compliance with this Agreement,
including the Executive's waiver and release of claims in Section 4,
and other post-termination obligations of the Executive, including, but not limited to the Transition Services (collectively, the
“Executive’s Obligations and Undertakings”) and the Executive’s execution and non-revocation
of the Release of Claims (as defined below in Section 4) after the Separation Date the
Company agrees to provide the following benefits to which the Executive is not otherwise entitled:

 

(a)      
Continued payment of an amount equal to the Executive's base salary in accordance with the Company’s regular payroll
practices, less all relevant taxes and other withholdings, during the period commencing on the first payroll date following the
Effective Date (the “First Payment Date”) and continuing until, and ending on, September 26, 2021. The first
installment payment shall include all amounts that would otherwise have been paid to the Executive during the period beginning
on the Separation Date and ending on the First Payment Date; and

 

3.4      No
entitlement to Additional Payments. The Executive understands, acknowledges, and agrees that the payments provided for
in this Section 3 exceed what the Executive is otherwise entitled to receive on resignation from employment,
and that these benefits are being given as consideration in exchange for executing this Agreement, the Transition Services,
the general release and the restrictive covenants contained therein. The Executive further acknowledges that the Executive
is not entitled to any additional payment or consideration not specifically referenced in this Agreement.

 

3.5      Receipt
of Payments Due Through the Separation Date. The Executive acknowledges that he has received all payments due him under
the terms of the Employment Agreement through Separation Date (collectively, the “Accrued Payment Obligations”).

 

4.       Release.

 

4.1       Executive's
General Release and Waiver of Claims.

 

In exchange
for the consideration provided in this Agreement, the Executive and the Executive's heirs, executors, representatives,
administrators, agents, and assigns (collectively, the “Releasors”) irrevocably and unconditionally fully
and forever waive, release, and discharge the Company, including each member of the Company Group, in their corporate and
individual capacities (collectively, the “Released Parties”), from any and all claims, demands,
actions, causes of actions, judgments, rights, fees, damages, debts, obligations, liabilities, and expenses (inclusive of attorneys'
fees) of any kind whatsoever, whether known or unknown (collectively, “Claims”), that Releasors may have
or have ever had against the Released Parties, or any of them, arising out of, or in any way related to the Executive's hire, benefits,
employment, termination, or separation from employment with the Company Group by reason of any actual or alleged act,
omission, transaction, practice, conduct, occurrence, or other matter from the beginning of time up to and including the date of the
Executive's execution of this Agreement, including, but not limited to:

 

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(a)      any
and all claims under Title VII of the
Civil Rights Act of 1964 (Title VII), the Americans with Disabilities Act (ADA), the Family and Medical Leave Act (FMLA)
(regarding existing but not prospective claims), the Fair Labor Standards Act
(FLSA), the Equal Pay Act, the Executive Retirement Income Security Act (ERISA)
(regarding unvested benefits), the Civil Rights Act of 1991, Section 1981 of U.S.C. Title 42, the Fair Credit Reporting Act (FCRA),
the Worker Adjustment and Retraining Notification (WARN) Act, the National Labor Relations Act (NLRA), the Age Discrimination
in Employment Act (ADEA), the Uniform Services Employment and Reemployment Rights Act (USERRA),
the Genetic Information Nondiscrimination Act (GINA), the Immigration Reform and Control Act (IRCA), the
New Jersey Law Against Discrimination (NJLAD), the New Jersey Family Leave Act (NJFLA), the New Jersey Conscientious
Executive Protection Act (NJCEPA), the New Jersey Wage Payment Law, the New Jersey Wage and Hour Law, retaliation claims
under the New Jersey Workers' Compensation Law (NJWCL), the New Jersey Equal Pay Act, the New Jersey Civil Union Act, the
New Jersey Smoking Law (NJSL), including any amendments and their
respective implementing regulations, and any other federal, state, local, or foreign law (statutory, regulatory, or otherwise)
that may be legally waived and released; however, the identification of specific statutes is for purposes of example only, and
the omission of any specific statute or law shall not limit the scope of this general release in
any manner;

 

(b)      any and all claims for compensation
of any type whatsoever, including but not limited to claims for salary, wages, bonuses, commissions, incentive compensation,
vacation, and severance that may be legally waived and released;

 

(c)      any and all claims arising
under tort, contract, and quasi-contract law, including but not limited to claims of breach of an express or
implied contract, tortious interference with contract or prospective business advantage, breach of the covenant of good faith
and fair dealing, promissory estoppel, detrimental reliance, invasion of privacy, nonphysical injury, personal injury or
sickness or any other harm, wrongful or retaliatory discharge, fraud, defamation, slander, libel, false imprisonment, and
negligent or intentional infliction of emotional distress; and

 

(d)      any and all claims for monetary or equitable
relief, including but not limited to attorneys' fees, back pay, front pay, reinstatement, experts' fees, medical fees or
expenses, costs and disbursements, punitive damages, liquidated damages, and penalties; and

 

However, this general
release and waiver of claims excludes, and the Executive does not waive, release, or discharge: (A) any right to file an administrative
charge or complaint with, or testify, assist, or participate in an investigation, hearing, or proceeding conducted by, the Equal
Employment Opportunity Commission, or other similar federal or state administrative agencies, although the Executive waives any
right to monetary relief related to any filed charge or administrative complaint; and (B) claims that cannot be waived by law,
such as claims for unemployment benefit rights under the New Jersey Unemployment Insurance Law and workers' compensation benefits
rights under the New Jersey Workers' Compensation Act; and (C) indemnification rights the Executive has against the Employer; and
(D) any right to file an unfair labor practice charge under the National Labor Relations Act or the Executive's rights under a
collective bargaining agreement without processes.

 

 

 

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4.2      Specific Release of
ADEA Claims.

 

In further
consideration of the payments and benefits provided to the Executive in this Agreement, the Releasors hereby irrevocably and
unconditionally fully and forever waive, release, and discharge the Released Parties from any and all Claims, whether
known or unknown, from the beginning of time through the date of the Executive's execution of this Agreement arising
under the Age Discrimination in Employment Act (ADEA), as amended, and its implementing regulations. By signing this Agreement,
the Executive hereby acknowledges and confirms that:

 

(a)      the
Executive has read this Agreement in its entirety and understands all of its terms;

 

(b)      by
this Agreement, the Executive has been advised in writing to consult with an attorney of the Executive's choosing as the
Executive believed was necessary before signing this Agreement;

 

(c)      the
Executive knowingly, freely, and voluntarily agrees to all of the terms and conditions set out in
this Agreement including, without limitation, the waiver, release, and covenants contained in it;

 

(d)      the
Executive is signing this Agreement, including the waiver and release, in exchange for good and valuable
consideration in addition to anything of value to which the Executive is otherwise entitled;

 

(e)      the
Executive was given at least twenty-one (21) days to consider the terms of this Agreement and consult with an attorney
of the Executive's choice, although the Executive may sign it sooner if desired and changes to this Agreement, whether material
or immaterial, do not restart the running of the 21day period;

 

(f)      the
Executive understands that the Executive has seven (7) days after signing this Agreement to revoke
the release in this Section by delivering notice, as provided in Section 18, of
revocation to the Company (Attention: Executive Chairman) before the end of this seven-day period; (the
“Executive’s Revocation Right”). In the event of a revocation by the Executive,
this Agreement shall be null and void in its entirety, and the actions and transactions contemplated by this
Agreement shall not be consummated.

 

(g)      the Executive understands that the release contained in this paragraph
does not apply to rights and claims that may arise after the Executive signs this Agreement, including
the Executive’s right to enforce the terms of this Agreement.

 

4.3      Company
Release of Executive.

 

In exchange
for the Releasors' waiver and release of claims against the Released Parties, and non-revocation of any portion
of that release, the Company expressly waives and releases any and all claims against the Executive that
may be waived and released by law with the exception of claims arising out of or attributable to: (i) events, acts, or
omissions taking place after the Parties' execution of this Agreement; (ii) the Executive's breach of any terms and conditions
of this Agreement or any other agreement between the Executive and Company, including any surviving obligations of the Executive
under the Employment Agreement; and (iii) the Executive's criminal activities, violations of the federal and state securities and
corporate laws applicable to the Company, or intentional misconduct occurring during the Executive's employment with the Company
or during the Transition Services Period.

 

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5.       Knowing
and Voluntary Acknowledgments; Effective Date.

 

5.1       Acknowledgements.
The Executive specifically agrees and acknowledges that:

 

(a)      the
Executive has read this Agreement in its entirety and understands all of its terms;

 

(b)      by
this Agreement, the Executive has been advised to consult with an attorney before executing this Agreement;

 

(c)      the
Executive knowingly, freely, and voluntarily assents to all of this Agreement's terms and conditions including, without
limitation, the waiver, release, and covenants contained in it;

 

(d)      the
Executive is signing this Agreement, including the waiver and release, in exchange for good and valuable consideration
in addition to anything of value to which the Executive is otherwise entitled;

 

(e)      the
Executive is not waiving or releasing rights or claims that may arise after the Executive signs this Agreement;
and

 

(f)      the Executive understands that the waiver and release in this Agreement is being requested in connection
with the Executive's termination of employment from the Company.

 

5.2       Effective
Date. Provided that the Executive has not exercised the Executive’s Revocation Right, this Agreement shall
become effective on the eighth (8th) day after the Signing Date (“Effective Date”). No payments, other than
the Accrued Payment Obligations, shall be made by the Company to the Executive prior to the Effective Date. Anything to the contrary
notwithstanding, this Agreement shall only be effective if signed by the Executive and the Company.

 

6.       Post-Termination
Obligations and Restrictive Covenants.

 

6.1
       Acknowledgment.

 

(a)      The
Executive understands and acknowledges that by virtue of the Executive's employment with the Company, and with respect to the Transition
Services to be provided pursuant to this Agreement, the Executive had, and will continue to have, access to and knowledge of the
Company Group’s Confidential Information (as defined below), was in a position of trust and confidence with the Company Group,
and benefitted from the Company Group's goodwill. The Executive understands and acknowledges that the Company Group invested significant
time and expense in developing the Confidential Information and goodwill. The Executive further understands and acknowledges that
the intellectual, technical and scientific services the Executive provided to the Company as its Chairman, President and Chief
Executive Officer, are unique, special, or extraordinary.

 

(b)      The
Executive further understands and acknowledges that the restrictive covenants below are necessary to protect the Company Group's
legitimate business interests in its Confidential Information and goodwill. The Executive further understands and acknowledges
that the Company Group's ability to reserve these for the exclusive knowledge and use of the Company Group is of great competitive
importance and commercial value to the Company Group and that the Company Group would be irreparably harmed if the Executive violates
the restrictive covenants below.

 

 

 

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6.2      Confidential
Information.

 

(a)      The
Executive understands and acknowledges that during the course of employment with the Company, the Executive has had access to and
learned about confidential, secret, and proprietary documents, materials, and other information, in tangible and intangible form,
of and relating to the Company Group and its businesses and existing and prospective customers, suppliers, investors, and other
associated third parties (“Confidential Information”). The Executive further understands and acknowledges that
this Confidential Information and the Company's ability to reserve it for the exclusive knowledge and use of the Company Group
is of great competitive importance and commercial value to the Company , and that improper use or disclosure of the Confidential
Information by the Executive may cause the Company to incur financial costs, loss of business advantage, liability under confidentiality agreements with
third parties, civil damages, and criminal penalties.

 

(b)      For
purposes of this Agreement, Confidential Information includes, but is not limited to, all information not generally known
to the public, in spoken, printed, written, electronic, recorded, or any other form or medium, relating directly or indirectly
to: business processes, practices, methods, policies, plans, publications, documents, research, operations, services, strategies,
techniques, agreements, contracts, terms of agreements, transactions, potential transactions, negotiations, pending negotiations,
know-how, trade secrets, computer programs, computer software, applications, operating systems, software design, web design, work-in-process,
databases, device configurations and architecture, embedded data, compilations, metadata, algorithms, technologies, manuals, records,
articles, systems, material, sources of material, supplier information, vendor information, financial information, results, accounting
information, accounting records, legal information, marketing information, advertising information, pricing information, credit
information, design information, payroll information, staffing information, personnel information, employee lists, supplier lists,
vendor lists, developments, reports, internal controls, security procedures, graphics, drawings, sketches, market studies, sales
information, revenue, costs, formulae, notes, communications, product plans, designs, styles, models, ideas, audiovisual programs,
inventions, unpublished patent applications, original works of authorship, discoveries, experimental processes, experimental results,
specifications, customer information, customer lists, client information, client lists, meeting and conference notes, manufacturing
information, factory lists, distributor lists, and buyer lists, potential financings, and Trade Secrets (as defined below) of the
Company Group or its businesses or any existing or prospective customer, supplier, investor, strategic partner, acquisition candidate,
or other associated third party, or of any other person or entity that has entrusted information to the Company in
confidence.

 

“Trade Secret” means all
information, without regard to form, including, but not limited to, technical or non-technical data, a formula, a pattern, a compilation,
a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, distribution
lists or a list of actual or potential customers, advertisers or suppliers which is not commonly known by or available to the public
and which information: (A) derives economic value, actual or potential, from not being generally known to, and not being readily
ascertainable by proper means by, other Persons who can obtain economic value from its disclosure or use; and (B) is the subject
of efforts that are reasonable under the circumstances to maintain its secrecy. Without limiting the foregoing, Trade Secret means
any item of Confidential Information that constitutes a “trade secret(s)” under the common law or applicable state
law.

 

(c)      The
Executive understands that the above list is not exhaustive, and that Confidential Information also includes other information
that is marked or otherwise identified or treated as confidential or proprietary, or that would otherwise appear to a reasonable
person to be confidential or proprietary in the context and circumstances in which the information is known or used.

 

(d)      The
Executive understands and agrees that Confidential Information developed by the Executive in the course of the Executive's employment
by the Company or in providing Transition Services, is subject to the terms and conditions of this Agreement as if the
Company furnished the same Confidential Information to the Executive in the first instance. Confidential Information shall not
include information that is generally available to and known by the public at the time of disclosure to the Executive, provided
that the disclosure is through no direct or indirect fault of the Executive or person(s) acting on the Executive's behalf.

 

 

 

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(e)      The Company agrees that Confidential Information and Trade Secrets shall not include any thing that : (i) is or becomes
generally known to the public through no action on the Executive’s part; (ii) is generally disclosed by the Company, other
than by the Executive, to third parties without restriction on such third parties; (iii) is approved for release by written authorization
of the Board of Directors of the Company (the “Board”); or (iv) is required to be disclosed pursuant to subpoena,
order of judicial or administrative authority, or in connection with judicial proceedings to which the Company or Executive is
a party, provided that Executive shall have given the Company written notice of such disclosure at least 14 days prior to such
disclosure in order to provide the Company with an opportunity to oppose and/or object to such disclosure and any such disclosure
is subject to all applicable governmental and judicial protection available for like material.

 

6.3      Disclosure
and Use Restrictions.

 

6.3.1      Executive
Covenants. The Executive agrees and covenants:

 

(a)      to
treat all Confidential Information as strictly confidential;

 

(b)      not
to directly or indirectly disclose, publish, communicate, or make available Confidential Information, or allow it to be disclosed,
published, communicated, or made available, in whole or part, to any entity or person whatsoever (including other employees of
the Company Group not having a need to know and authority to know and use the Confidential Information in connection with the business
of the Company Group and, in any event, not to anyone outside of the direct employ of the Company Group except as required in the
performance of any of the Executive's remaining authorized employment duties to the Company and only after execution of a confidentiality agreement by
the third party with whom Confidential Information will be shared or with the prior written consent of an authorized officer of
the Company acting on behalf of the Company Group in each instance and then, such disclosure shall be made only within the limits
and to the extent of such duties or consent); and

 

(c)     not
to access or use any Confidential Information, and not to copy any documents, records, files, media, or other resources containing
any Confidential Information, or remove any such documents, records, files, media, or other resources from the premises or control
of the Company Group, except as allowed by applicable law, as required in the performance of any of the Executive's remaining authorized
employment duties to the Company, or with the prior written consent of an authorized officer acting on behalf of the Company Group
(and then, such disclosure shall be made only within the limits and to the extent of such law, duties, or consent).

 

(d)     The
Executive understands and acknowledges that the Executive's obligations under this Agreement regarding any particular Confidential
Information begin immediately and shall continue during and after the Executive's engagement by the as a consultant to this Agreement
until the Confidential Information has become public knowledge other than as a result of the Executive's breach of this Agreement or
a breach by those acting in concert with the Executive or on the Executive's behalf.

 

6.3.2      Permitted
Disclosures. Nothing in this Agreement shall be construed to prevent disclosure of Confidential Information
as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an
authorized government agency, provided that the disclosure does not exceed the extent of disclosure required by such law, regulation,
or order. The Executive shall promptly provide written notice of any such order to the Company’s Executive Chairman. Nothing
in this Agreement prohibits or restricts the Executive from initiating communications directly with, responding to an inquiry
from, or providing testimony before the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority
(FINRA), any other self-regulatory organization, or any other federal or state regulatory authority regarding this Agreement or
its underlying facts or circumstances.

 

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6.3.4      Notice
of Immunity Under the Defend Trade Secrets Act of 2016.

 

Notwithstanding
any other provision of this Agreement:

 

(a)      The
Executive will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade
secret that is made: (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to
an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (2) in a complaint or other
document that is filed under seal in a lawsuit or other proceeding.

 

(b)      If
the Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Executive may disclose
the Company's trade secrets to the Executive's attorney and use the trade secret information in the court proceeding if the Executive:
(1) files any document containing the Trade Secret under seal; and (2) does not disclose the Trade Secret, except pursuant to court
order to authorized persons.

 

6.4      Non-Competition.

 

(a)      Because
of the Company Group's legitimate business interest as described in this Agreement and the good and valuable consideration
offered to the Executive,  except for the Employment Agreement Section 2.2 exceptions as contained in Exhibit 2.2 thereof,
and except as authorized by the Company, Executive agrees and covenants that during the Transition
Services Period and for a period of one year thereafter, whether or not for consideration, the Executive will not (i) in
whole or in part, engage in, provide services to, or otherwise participate in, whether as an employee, employer, owner, operator,
manager, advisor, consultant, agent, partner, director, stockholder, officer, volunteer, intern, or any other similar capacity,
with any individual, or in any entity or busines, including existing competitors of the Company, engaged in a Competing
Business; or (ii) except for investments or ownership in public entities, mutual funds and similar investments, none of which constitute
more than 5% of the ownership (provided such ownership interest is acquired solely for investment purposes) or control of such
entities, own, operate, control, finance, manage, advise, be employed by or engaged by, perform any services for, invest or otherwise
become associated in any capacity with any person engaged in a Competing Business; or (iii) engage in any practice the purpose
or effect of which is to intentionally evade the provisions of this covenant.

 

For purposes of this
Section 6.4, “Competing Business” means any company, partnership, business, individual, or other
entity, which is engaged directly or indirectly in any busines competitive with the Company Business as carried on or planned to
be carried on (if such plans were developed during the Transition Services Period or during any prior period during which the Executive
may have been employed as an employee of the Company or engaged as a consultant to the Company (collectively, the “Engagement
Period”)) by the Company in North America; and, “Company Business” means the Company’s business
activities and operations conducted or planned, and all products provided, conceived, planned, researched, developed, tested, manufactured,
sold, licensed, leased or otherwise distributed or put into use by the Company, together with all services, by the Company, during
the Engagement Period, as further defined by the terms of the Employment Agreement, Exhibit 6, Employee Invention, Non-Disclosure,
Non-Competition and Non-Solicitation Agreement, Section 4(b).

 

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(b)     Without
limiting the foregoing, Competitive Business also includes any business or activity that may require or inevitably require the
Executive's disclosure of Trade Secrets, the Company’s proprietary information, or other Confidential Information.

 

6.5     Non-Solicitation
of Executives and Consultants.

 

The
Executive understands and acknowledges that the Company has expended and continues to expend significant time and expense in recruiting
and training its employees and that the loss of employees would cause significant and irreparable harm to the Company. The Executive
agrees and covenants, during the Transition Services Period and for a period of one year thereafter, not to directly or indirectly
solicit, hire, recruit, attempt to hire or recruit, or induce the termination of employment of any employee or consultant of the
Company.

 

6.6     Non-Solicitation
of Customers and Suppliers.

 

(a)     The
Executive understands and acknowledges that the Company has expended and continues to expend significant time and expense in developing
customer, supplier, potential joint development and strategic partnership relationships (collectively, “Company Key
Contacts”), and that because of the Executive's experience with and relationship to the Company Group, the Executive
has had access to and learned about much or all of the Company’s Key Contacts (“CSS Information”).
CSS Information includes, but is not limited to, names, phone numbers, addresses, email addresses, and other information identifying
facts and circumstances specific to the Company Key Contacts relevant to the Company’s technologies, products, and marketing.

 

(b)     The
Executive understands and acknowledges that loss of any of these Company Relationships will cause significant and irreparable harm
to the Company Group. Accordingly, the Executive agrees and covenants that during the Transition Services Period and for a period
of one year thereafter, not to directly or indirectly solicit or attempt to solicit, contact (including but not limited to communications
using email, regular mail, express mail, telephone, fax, instant message, social media, or any other oral, written, or electronic
transmission), attempt to contact, or meet with the Company Group's current, former, or prospective Company Key Contacts for the
purpose of offering or accepting goods or services similar to or competitive with the Company Business. The Executive may work
with a Company Key Contact if the nature of the work or engagement by the Executive does not compete with Company Business.

 

(c)     This
restriction shall only apply to:

 

(i)
     Company Key Contacts who the Executive contacted in any way prior to March 16, 2021 or during the Transition Services Period;

 

(ii)
     Company Key Contacts about whom the Executive has Trade Secret or Confidential Information; or

 

(iii)     Company Key Contacts who became Company Key Contacts prior to or during the Executive's employment with the Company Group
or engagement by the Company as a consultant or advisor to the Company.

 

    10

     

    

 

7.       Cooperation.

 

The
parties agree that certain matters in which the Executive has been involved during the Executive's employment may need the Executive's
cooperation with the Company in the future. Accordingly, for a period of 12 months after the September 26, 2021, to the extent
reasonably requested by the Company the Executive shall cooperate with the Company regarding matters arising out of or related
to the Executive's service to the Company, provided that the Company shall make reasonable efforts to minimize disruption of the
Executive's other activities. At the Company’s expense, the Executive also will cooperate with the Company and its
affiliates in any pending or future litigation or investigations or other disputes concerning third parties in which the Executive,
by virtue of his prior employment with the Company, has relevant knowledge or information. The Company
shall reimburse the Executive for reasonable expenses incurred in connection with this cooperation and, shall compensate the Executive
at an hourly rate of two hundred ($200.00) dollars for such time expended by the Executive on such matters. 

 

8.       Non-Disparagement/Public
Statements.

 

8.1       The
Parties agree and covenant that they shall not at any time make, publish, or communicate to any person or entity or in any public
forum any defamatory, or maliciously false, or disparaging remarks, comments, or statements concerning the other Party, Company
Group or its businesses, and other associated third parties, now or in the future.

 

8.2       This
Section does not in any way restrict or impede the Executive from exercising protected rights, to the extent that such rights
cannot be waived by agreement or from complying with any applicable law or regulation
or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such compliance does not
exceed that required by the law, regulation, or order. The Executive shall promptly provide written notice, as provided in Section
18, of any such order to the Company’s Executive Chairman.

 

8.3       The
Parties shall prepare a mutually agreed upon public statement announcing the Executive’s departure from the Company. The
Company further agrees that any Form 8-K disclosure as required by the SEC shall not be in conflict with the agreed upon public
statement.

 

9.       Remedies.

 

9.1      
Early Termination. Prior to the expiration of the Transition Services Period as provided in Section
2.1, this Agreement may be terminated by the Company in the event of the Executive’s material breach of this Agreement.
In the event of any such termination, the Transition Fees shall cease with the month in which the termination occurs. The date
of such termination pursuant to this Section 9.1 is referred to in this Agreement as the “Early Termination
Date.” If this Agreement is terminated by the Company as a result of the material breach of this Agreement by the
Executive, then in addition to whatever other rights or remedies the Company may have, the Company’s obligation to make any
further payments hereunder shall cease and be terminated as of the Early Termination Date.

 

9.2      
Additional Remedies. In the event of a breach or threatened breach by the Executive of any provision of Sections
6, 7, or 8, of this Agreement, the Executive hereby acknowledges and agrees that the Company shall be entitled to
seek, in addition to other available remedies, a temporary or permanent injunction or other equitable relief against such breach
or threatened breach from any court of competent jurisdiction, and that money damages would not afford an adequate remedy, without
the necessity of showing any actual damages, and without the necessity of posting any bond or other security. Any equitable relief
shall be in addition to, not instead of, legal remedies, monetary damages, or other available relief. If the Executive fails to
comply with any of the terms of this Agreement or post-employment obligations contained in it, the Company may, in addition
to any other available remedies, reclaim any amounts paid to the Executive under the provisions of this Agreement and
terminate any benefits or payments that are later due under this Agreement, without waiving the releases provided
in it.

 

    11

     

    

 

10.       Successors
and Assigns.

 

10.1.      Assignment
by the Company. The Company may freely assign this Agreement at any time. This Agreement shall
inure to the benefit of the Company and its successors and assigns.

 

10.2      No
Assignment by the Executive. The Executive may not assign this Agreement in whole or in part. Any purported
assignment by the Executive shall be null and void from the initial date of the purported assignment.

 

11.      Governing
Law and Venue. This Agreement and
all matters arising out of or relating to this Agreement and the
Executive's employment or termination of employment with the Company whether sounding in contract, tort, or statute, for all purposes
shall be governed by and construed in accordance with the laws of New Jersey (including its statutes of limitations) without regard
to any conflicts of laws principles that would require the laws of any other jurisdiction to apply. Any action or
proceeding by either of the Parties to enforce this Agreement shall be brought in any state or federal court located in the State
of New Jersey, Essex County, City of Newark. The Parties hereby irrevocably submit to the non-exclusive jurisdiction of these
courts and waive the defense of inconvenient forum to the maintenance of any action or proceeding in such venue.

 

12.      Entire Agreement.

 

12.1       Unless
specifically provided herein, this Agreement contains all of the understandings
and representations between Company and Executive relating to the subject matter hereof and supersedes all prior and contemporaneous
understandings, discussions, agreements, representations, and warranties, both
written and oral, regarding such subject matter; provided, however, that nothing in this Agreement modifies,
supersedes, voids, or otherwise alters Executive's confidentiality, non-compete, and contractual obligations with Company under
any other surviving agreements (or provisions thereof) between the Company and the Executive, including,
without limitation, the Employment Agreement. In the event of any inconsistency between this Agreement and
the Employment Agreement, the provisions of this Agreement shall control.

 

12.2       Anything
herein to the contrary notwithstanding, the Employee Invention, Non-Disclosure, Non-Competition and Non-Solicitation Agreement
dated as of November 15, 2019 between the Company and the Executive is not, in any way, amended, modified or superseded by this
Agreement and remains in full force and effect.

 

13       Modification
and Waiver. No provision of this Agreement may be amended or modified unless the amendment or modification is
agreed to in writing and signed by the Executive and by Chief Executive Officer of the Company. No waiver by either Party/any Party
of any breach by any other party of any condition or provision of this Agreement to be performed by any other Party shall
be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the
failure of or delay by any Party in exercising any right, power, or privilege under this Agreement operate as a waiver
thereof to preclude any other or further exercise thereof or the exercise of any other such right, power, or privilege.

 

14.      Severability.
If any provision of this Agreement is found by a court or arbitral authority of competent jurisdiction to be
invalid, illegal, or unenforceable in any respect, or enforceable only if modified, such finding shall not affect the
validity of the remainder of this Agreement, which shall remain in full force and effect and continue to be binding on
the Parties. The Parties further agree that any such court or arbitral authority is expressly authorized to modify any such
invalid, illegal, or unenforceable provision of this Agreement instead of severing the provision from
this Agreement in its entirety, whether by rewriting, deleting, or adding to the offending provision, or by making
such other modifications as it deems necessary to carry out the intent and agreement of the Parties as embodied in
this Agreement to the maximum extent permitted by law. Any such modification shall become a part of and treated as
though originally set forth in this Agreement. If such provision or provisions are not modified,
this Agreement shall be construed as if such invalid, illegal, or unenforceable provisions had not been set forth
in it. The Parties expressly agree that this Agreement as so modified by the court or arbitral authority shall be
binding on and enforceable against each of them.

 

    12

     

    

 

15.       Captions;
References, Etc. For purposes of this Agreement:

 

(a)       The
headings and captions are solely for the convenience of reference and shall be given no effect in the construction or interpretation
of this Agreement. Section references are to sections of this Agreement unless otherwise specified;

 

(b)       the
words “include,” “includes,” and “including” shall be deemed to be followed by the words “without
limitation;”

 

(c)        the
word “or” is not exclusive;

 

(d)        the
words “herein,” “hereof,” “hereby,” “hereto,” and “hereunder” refer
to this Agreement as a whole;

 

(e)       unless
the context otherwise requires, references herein to: (i) Sections, Exhibits and Schedules refer to the Sections of, and Exhibits
and Schedules attached to, this Agreement; (ii) to an agreement, instrument, or other document means such agreement, instrument,
or other document as amended, supplemented, and modified from time to time to the extent permitted by the provisions thereof; (iv)
any reference to any federal, state, local, or foreign statute or law shall be deemed also to refer to all rules and regulations
promulgated thereunder and amendments thereto and includes any successor legislation thereto and any regulations promulgated thereunder,
unless the context requires otherwise;

 

(f)       any
Exhibits or Schedules referred to herein shall be construed with, and as an integral part of, this Agreement to the same extent
as if they were set forth verbatim herein;

 

(g)       as
used in this Agreement, the term “Person” means any individual or any corporation, partnership, joint venture,
limited liability company, association or other entity or enterprise.

 

16.       Counterparts.
The Parties may execute this Agreement in counterparts, each of which shall be deemed an original, and all of which taken
together shall constitute one and the same instrument. Delivery of an executed counterpart's signature page of this Agreement
by facsimile, email in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic
and pictorial appearance of a document has the same effect as delivery of an executed original of this Agreement.

 

17.       No
Admission of Liability. Nothing in this Agreement shall be construed as an admission by the Company or the Executive
of any wrongdoing, liability, or noncompliance with any federal, state, city, or local rule, ordinance, statute, common law, or
other legal obligation.

 

18.       Notices.Any notice or other
communication required or permitted pursuant to this Agreement shall be in writing and addressed as follows:

 

If to the Company, to:

RenovaCare Inc.

c/o Kalen Capital Corporation

700 - 688 West Hastings Street

Vancouver, B.C., V6B 1P1

Attention: Harmel Rayat

Email: hsr@kalencapital.com

 

With a Copy (which shall not constitute notice) to:

Joseph Sierchio, Esq.

Sierchio Law, LLP

430 Park Avenue

Suite 702

New York, New York 10022

Email: Joseph@sierchiolaw.com

 

    13

     

    

 

If to the Executive:

 

Alan L. Rubino [****]

With a Copy (which shall not constitute notice) to:

James M. Piro, Esq.

Piro Zinna

360 Passaic Avenue

Nutley, NJ 07110

Fax No.: 973-661-5157

Email: jpiro@pirozinnalaw.com 

 

or, to such other address or facsimile number as either Party shall
have furnished to the other in writing in accordance with this Section 18. Notices sent in accordance with this Section
18 shall be deemed effectively given: (a) when received, if delivered by hand (with written confirmation of receipt); (b)
when received, if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail
(in each case, with confirmation of transmission), if sent during normal business hours of the recipient, and on the next Business
Day if sent after normal business hours of the recipient; or (d) on the third (3rd) Business Day after the date mailed, by certified
or registered mail, return receipt requested, postage prepaid.

 

19.       Exit
Obligations. Upon (a) voluntary or involuntary termination of the Transition Services Period, or (b) the Company's
request at any time during the Transition Services Period, the Executive shall upon request by the Company (i) provide or return
to the Company any and all Company property, including keys, key cards, access cards, identification cards, security devices,
employer credit cards, network access devices, computers, passwords, cell phones, smartphones, PDAs, pagers, fax machines, equipment,
speakers, webcams, manuals, reports, files, books, compilations, work product, e-mail messages, recordings, tapes, disks, thumb
drives or other removable information storage devices, hard drives, negatives and data and all Company documents and materials
belonging to the Company and stored in any fashion, including but not limited to those that constitute or contain any confidential
information or work product, that are in the possession or control of the Executive, whether they were provided to the Executive
by the Company or any of its business associates or created by the Executive in connection with his employment by the Company;
and (ii) delete or destroy all copies of any such documents and materials, regardless of the media on which such documents and
materials are stored, not returned to the Company that remain in the Executive's possession or control, including those stored
on any non-Company devices, networks, storage locations, computers, thumb drives and media in the Executive's possession or control.
The Executive represents that he has fully complied with his obligations under Section 10 (d) (iii) of the Employment Agreement.

 

20.       Tolling.
If the Executive violates any of the post-termination obligations in this Agreement, the obligation at issue will run from
the first date on which the Executive ceases to be in violation of such obligation.

 

    14

     

    

 

21.       Section
409A. This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended
(Section 409A), including the exceptions thereto, and shall be construed and administered in accordance with such intent.
Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made
upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement
that may be excluded from Section 409A either as separation pay due to an involuntary separation from service, as a
short-term deferral, or as a settlement payment pursuant to a bona fide legal dispute shall be excluded from Section 409A to
the maximum extent possible. For purposes of Section 409A, any installment payments provided under this Agreement shall each
be treated as a separate payment. To the extent required under Section 409A, any payments to be made under this Agreement in
connection with a termination of employment shall only be made if such termination constitutes a “ separation from
service” under Section 409A. Notwithstanding the foregoing, Company Group makes no representations that the payments
and benefits provided under this  Agreement comply with Section 409A and in no event shall Company Group be liable
for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by Executive on account of
non-compliance with Section 409A.

 

22.       Authority
and Competency. Each of Executive and Company hereby warrant and represent that he/it is competent to enter into this Agreement
and bind himself/itself to the terms hereof and is not operating under any legal disability. The officer signing on behalf of the
Company hereby warrants and represents that said officer is duly authorized by all appropriate corporate action to enter into this
Agreement on behalf of the Company and to bind the Company to the terms hereof.

 

23.       Notice
of Post-Termination Obligations. When the Executive's engagement with the Company terminates, the Executive agrees to notify
any subsequent employer, who may be or plans to be engaged in a Competitive Business, of the restrictive covenants contained in
this Agreement and the Employment Agreement. In addition, the Executive authorizes the Company to provide a copy of the restrictive
covenants contained in this Agreement and the Employment Agreement to third parties that may be or plans to be engaged
in a Competitive Business, including but not limited to, the Executive's subsequent, anticipated, or possible future employer in
a Competitive Business.

 

24.        Surviving
Provisions. All provisions of this Agreement
which, expressly or by implication from their nature, are intended to survive the rescission, termination or expiration of this
Agreement will survive such rescission, termination or expiration of this Agreement.

 

25.       Acknowledgment
of Full Understanding.

 

THE ACKNOWLEDGES AND AGREES THAT HE HAS FULLY READ, UNDERSTANDS,
AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT THE HE HAS HAD AN OPPORTUNITY TO ASK
QUESTIONS AND CONSULT WITH AN ATTORNEY OF THE HIS CHOICE BEFORE SIGNING THIS AGREEMENT. THE EXECUTIVE FURTHER ACKNOWLEDGES
THAT HIS SIGNATURE BELOW IS AN AGREEMENT TO RELEASE COMPANY GROUP FROM ANY AND ALL CLAIMS EXCEPT
AS SPECIFIED HEREIN THAT CAN BE RELEASED AS A MATTER OF LAW.

 

 

 

[SIGNATURES APPEAR ON THE FOLLOWING PAGE]

 

[BALANCE OF THIS PAGE HAS BEEN LEFT INTENTIONALLY BLANK]

 

 

 

 

 

    15

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement on the dates set forth below.

 

the company:

 

RENOVAcARE, inc.

 

	By:	/s/ Harmel S. Rayat	 
	 	Name: Harmel S. Rayat	 
	 	Title: Executive Chairman and Authorized Signatory
	 	Signing Date: March 26, 2021

 

 

THE EXECUTIVE:

 

	By:	/s/ Alan L. Rubino	 
	 	Name: Alan L. Rubino	 
	 	Signing Date: March 26, 2021
	 	 

 

 

 

16Exhibit 4.2

 

global
synergy acquisition corp.

 

DESCRIPTION
OF SECURITIES

 

The following summary of the material terms of the securities
of Global Synergy Acquisition Corp. (“we, “us,” “our” or “the company”) is not intended
to be a complete summary of the rights and preferences of such securities and is subject to and qualified by reference to our amended
and restated memorandum and articles of association incorporated by reference as an exhibit to the company’s Annual Report
on Form 10-K for the year ended December 31, 2020 (the “Report”), and applicable Cayman Islands law. We urge you to
read our amended and restated memorandum and articles of association in their entirety for a complete description of the rights
and preferences our securities.

 

Certain Terms

 

Unless otherwise stated
in this exhibit or the context otherwise requires, references to:  

 

	 	●	“amended and restated
    memorandum and article of association” are to the amended and restated memorandum and articles of association that the
    company adopted prior to the consummation of our initial public offering;

 

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

 

	 	●	“equity-linked securities”
    are to any debt or equity securities that are convertible, exercisable or exchangeable for our Class A ordinary shares
    issued in a financing transaction in connection with our initial business combination, including but not limited to a private
    placement of equity or debt.

 

	 	●	“founder shares”
    are to our Class B ordinary shares initially purchased by our sponsor in a private placement prior to our initial public offering,
    and the Class A ordinary shares that will be issued upon the automatic conversion of the Class B ordinary shares
    at the time of our initial business combination or earlier at the option of the holders thereof (for the avoidance of doubt,
    such Class A ordinary shares will not be “public shares”).

 

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

 

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

 

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

 

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

 

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

 

	 	●	“public warrants”
    are to our redeemable warrants sold as part of the units in our initial public offering (whether they were purchased in our
    initial public offering or thereafter in the open market), to the private placement warrants if held by third parties other
    than our sponsor (or permitted transferees), and to any private placement warrants issued upon conversion of working capital
    loans and extension loans, if any, that are sold to third parties that are not initial purchasers or executive officers or
    directors (or permitted transferees), in each case, following the consummation of our initial business combination;

 

	 	●	“sponsor”
    are to Global Synergy LLC, a Cayman Islands limited liability company; and

 

	 	●	“we,” “us,”
    “company” or “our company” are to Global Synergy Acquisition Corp., a Cayman Islands corporation (Nasdaq:
    GSAQ, GSAQW, GSAQU).

 

We are a Cayman Islands exempted company and our affairs are
governed by our amended and restated memorandum and articles of association, the Companies Act and the common law of the Cayman
Islands. Pursuant to our amended and restated memorandum and articles of association, we are authorized to issue 400,000,000 Class
A ordinary shares and 40,000,000 Class B ordinary shares, as well as 1,000,000 preference shares, $0.0001 par value each. The following
description summarizes certain terms of our shares as set out more particularly in our amended and restated memorandum and articles
of association. Because it is only a summary, it may not contain all the information that is important to you.

 

    1

     

    

 

Units

 

Each unit consists of one Class A ordinary share and one-half
of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of
$11.50 per share, subject to adjustment as described in the final prospectus relating to our initial public offering (the “final
prospectus”). Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of the
company’s Class A ordinary shares. This means only a whole warrant may be exercised at any given time by a warrant holder.
No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you
purchase at least two units, you will not be able to receive or trade a whole warrant.

 

The units will automatically separate into their component parts
and will not be traded after completion of our initial business combination.

 

Ordinary Shares

 

As of date of this Report, there were 32,343,750 ordinary shares
outstanding, consisting of 25,875,000 Class A ordinary shares and 6,468,750 Class B ordinary shares.

 

Ordinary shareholders of record are entitled to one vote for
each share held on all matters to be voted on by shareholders. Holders of Class A ordinary shares and holders of Class B ordinary
shares will vote together as a single class on all matters submitted to a vote of our shareholders except as required by law. Unless
specified in our amended and restated memorandum and articles of association, or as required by applicable provisions of the Companies
Act or applicable stock exchange rules, the affirmative vote of a majority of our ordinary shares that are voted is required to
approve any such matter voted on by our shareholders. Approval of certain actions will require a special resolution under Cayman
Islands law, being the affirmative vote of at least two-thirds of our ordinary shares that are voted, and pursuant to our amended
and restated memorandum and articles of association; such actions include amending our amended and restated memorandum and articles
of association and approving a statutory merger or consolidation with another company. Our board of directors is divided into three
classes, each of which will generally serve for a term of three years with only one class of directors being appointed in each
year. There is no cumulative voting with respect to the appointment of directors, with the result that the holders of more than
50% of the shares voted for the appointment of directors can appoint all of the directors. Our shareholders are entitled to receive
ratable dividends when, as and if declared by the board of directors out of funds legally available therefor. Prior to our initial
business combination, only holders of our founder shares will have the right to vote on the appointment of directors. Holders of
our public shares will not be entitled to vote on the appointment 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 memorandum and articles of
association authorizes the issuance of up to 400,000,000 Class A ordinary shares, if we were to enter into a business combination,
we may (depending on the terms of such a business combination) be required to increase the number of Class A ordinary shares which
we are authorized to issue at the same time as our shareholders vote on the business combination to the extent we seek shareholder
approval in connection with our initial business combination.

 

Our board of directors is divided into three classes with only
one class of directors being appointed in each year and each class (except for those directors appointed prior to our first annual
general meeting) serving a three-year term. In accordance with Nasdaq corporate governance requirements, we are not required to
hold an annual general meeting until one year after our first fiscal year end following our listing on Nasdaq. There is no requirement
under the Companies Act for us to hold annual or extraordinary general meetings to appoint directors. We may not hold an annual
general meeting to appoint new directors prior to the consummation of our initial business combination. Prior to the completion
of an initial business combination, any vacancy on the board of directors may be filled by a nominee chosen by holders of 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.

 

    2

     

    

 

We will provide our public shareholders with the opportunity
to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to
the consummation of our initial business combination, including interest earned on the funds held in the trust account and not
previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares, subject
to the limitations described herein. The amount in the trust account is initially anticipated to be $10.00 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 underwriters. The redemption rights will include the requirement that a beneficial owner must identify
itself in order to validly redeem its shares. Our sponsor and each member of our management team have entered into an agreement
with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares
held by them in connection with (i) the completion of our initial business combination and (ii) a shareholder vote to approve an
amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our
obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial
business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months
(or 24 months, as applicable) from the closing of our initial public offering or (B) with respect to any other provision relating
to the rights of holders of our Class A ordinary shares. Unlike many blank check companies that hold shareholder votes and conduct
proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of public shares
for cash upon completion of such initial business combinations even when a vote is not required by law, if a shareholder vote is
not required by applicable law or stock exchange listing requirements and we do not decide to hold a shareholder vote for business
or other reasons, we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions
pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial business
combination. Our amended and restated memorandum and articles of association 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 shareholder approval of the transaction is required by applicable law or stock exchange
listing requirements, or we decide to obtain shareholder approval for business or other reasons, we will, like many blank check
companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the
tender offer rules. If we seek shareholder approval, we will complete our initial business combination only if we obtain the approval
of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend
and vote at a general meeting of the company. However, the participation of our sponsor, officers, directors, advisors or their
affiliates in privately-negotiated transactions (as described in the final prospectus), if any, could result in the approval of
our initial business combination even if a majority of our public shareholders vote, or indicate their intention to vote, against
such initial business combination. For purposes of seeking approval of the majority of our issued and outstanding ordinary shares,
non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. Our amended and restated
memorandum and articles of association requires that at least five days’ notice will be given of any general meeting.

 

If we seek shareholder approval of our initial business combination
and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended
and restated memorandum and articles of association provides that a public shareholder, together with any affiliate of such shareholder
or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of
the Exchange Act), will be restricted from redeeming its shares with respect to Excess Shares, without our prior consent. However,
we would not be restricting our shareholders’ ability to vote all of their shares (including Excess Shares) for or against
our initial business combination. Our shareholders’ inability to redeem the Excess Shares will reduce their influence over
our ability to complete our initial business combination, and such shareholders could suffer a material loss in their investment
if they sell such Excess Shares on the open market. Additionally, such shareholders will not receive redemption distributions with
respect to the Excess Shares if we complete our initial business combination. And, as a result, such shareholders will continue
to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their shares in open
market transactions, potentially at a loss.

 

If we seek shareholder approval, we will complete our initial
business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative
vote of a majority of the shareholders who attend and vote at a general meeting of the company. In such case, our sponsor and each
member of our management team have agreed to vote their founder shares and public shares in favor of our initial business combination.
As a result, in addition to our sponsor’s founder shares, we would need 9,703,126, or 37.5% (assuming all issued and outstanding
shares are voted), or 1,617,188, or 6.25% (assuming only the minimum number of shares representing a quorum are voted), of the
25,875,000 public shares sold in the initial public offering to be voted in favor of an initial business combination in order to
have our initial business combination approved. Additionally, each public shareholder may elect to redeem their public shares irrespective
of whether they vote for or against the proposed transaction or vote at all.

 

    3

     

    

 

Pursuant to our amended and restated memorandum and articles
of association, if we have not consummated an initial business combination within 18 months (or 24 months, as applicable) from
the closing of our initial public offering, we will (i) cease all operations except for the purpose of winding up; (ii) as promptly
as reasonably possible but not more than ten business days thereafter, redeem 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 income taxes, if any (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 shareholders’
rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate
and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements
of other applicable law. Our sponsor and each member of our management team have entered into an agreement with us, pursuant to
which they have agreed to waive their rights to liquidating distributions from the trust account with respect to any founder shares
they hold if we fail to consummate an initial business combination within 18 months (or 24 months, as applicable) from the closing
of our initial public offering (although they will be entitled to liquidating distributions from the trust account with respect
to any public shares they hold if we fail to complete our initial business combination within the prescribed time frame). Our amended
and restated memorandum and articles of association provides that, if we wind up for any other reason prior to the consummation
of our initial business combination, we will follow the foregoing procedures with respect to the liquidation of the trust account
as promptly as reasonably possible but not more than ten business days thereafter, subject to applicable Cayman Islands law.

 

In the event of a liquidation, dissolution or winding up of
the company after a business combination, our shareholders are entitled to share ratably in all assets remaining available for
distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference
over the ordinary shares. Our shareholders have no preemptive or other subscription rights. There are no sinking fund provisions
applicable to the ordinary shares, except that we will provide our public shareholders with the opportunity to redeem their public
shares for cash at a per share price equal to the aggregate amount then on deposit in the trust account, including interest earned
on the funds held in the trust account and not previously released to us to pay our income taxes, if any, divided by the number
of the then-outstanding public shares, upon the completion of our initial business combination, subject to the limitations described
herein.

 

Founder Shares

 

The founder shares are designated as Class B ordinary shares
and, except as described below, are identical to the Class A ordinary shares included in the units sold in our initial public offering,
and holders of founder shares have the same shareholder rights as public shareholders, except that: (a) prior to our initial business
combination, only holders of the founder shares have the right to vote on the appointment of directors and holders of a majority
of our founder shares may remove a member of the board of directors for any reason; (b) the founder shares are subject to certain
transfer restrictions, as described in more detail below; (c) our sponsor and each member of our management team have entered into
an agreement with us, pursuant to which they have agreed to (i) waive their redemption rights with respect to their founder shares,
(ii) to waive their redemption rights with respect to their founder shares and public shares in connection with a shareholder vote
to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance
or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection
with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination
within 18 months (or 24 months, as applicable) from the closing of our initial public offering or (B) with respect to any other
provision relating to the rights of holders of our Class A ordinary shares; and (iii) waive their rights to liquidating distributions
from the trust account with respect to any founder shares they hold if we fail to consummate an initial business combination within
18 months (or 24 months, as applicable) from the closing of our initial public offering offering (although they will be entitled
to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial
business combination within the prescribed time frame); (d) the founder shares will automatically convert into our Class A ordinary
shares at the time of our initial business combination or earlier at the option of the holders thereof as described herein; and
(e) the founder shares are entitled to registration rights. If we seek shareholder approval, we will complete our initial business
combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote
of a majority of the shareholders who attend and vote at a general meeting of the company. In such case, our sponsor and each member
of our management team have agreed to vote their founder shares and any public shares purchased after our initial public offering
in favor of our initial business combination.

 

    4

     

    

 

The founder shares are designated as Class B ordinary shares
and will automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion will
not have redemption rights or be entitled to liquidating distributions from the trust account if we do not consummate an initial
business combination) at the time of our initial business combination or earlier at the option of the holders thereof at a ratio
such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on
an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of our
initial public offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion
or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation
to the consummation of the initial business combination, excluding any Class A ordinary shares or equity-linked securities exercisable
for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial business combination
and any private placement warrants issued to our sponsor, its affiliates or any member of our management team upon conversion of
working capital loans and extension loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at
a rate of less than one-to-one.

 

Except as described herein, our sponsor and our directors and
executive officers have agreed not to transfer, assign or sell any of their founder shares until earliest of (A) one year after
the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the closing price
of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150
days after our initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange or other
similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash,
securities or other property. We refer to such transfer restrictions throughout this exhibit as the lock-up. Any permitted transferees
would be subject to the same restrictions and other agreements of our sponsor and our directors and executive officers with respect
to any founder shares.

 

Prior to our initial business combination, only holders of our
founder shares will have the right to vote on the appointment of directors. Holders of our public shares will not be entitled to
vote on the appointment 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 memorandum and articles of association may only be amended by a special resolution passed by not less than
two-thirds of our ordinary shares who attend and vote at our general meeting which shall include the affirmative vote of a simple
majority of our Class B ordinary shares. With respect to any other matter submitted to a vote of our shareholders, including any
vote in connection with our initial business combination, except as required by law, holders of our founder shares and holders
of our public shares will vote together as a single class, with each share entitling the holder to one vote.

 

Preference Shares

 

Our amended and restated memorandum and articles of association
authorizes 1,000,000 preference shares and provides that preference shares may be issued from time to time in one or more series.
Our board of directors is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating,
optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each
series. Our board of directors is able to, without shareholder approval, issue preference shares with voting and other rights that
could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects.
The ability of our board of directors to issue preference shares without shareholder approval could have the effect of delaying,
deferring or preventing a change of control of us or the removal of existing management. We have no preference shares issued and
outstanding at the date hereof. Although we do not currently intend to issue any preference shares, we cannot assure you that we
will not do so in the future. No preference shares were issued or registered in our initial public offering.

 

    5

     

    

  

Public Shareholders’ Warrants

 

Each whole warrant entitles the registered holder to purchase
one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on
the later of one year from the closing of our initial public offering and 30 days after the completion of our initial business
combination, except as discussed in the immediately succeeding paragraph. Pursuant to the warrant agreement, a warrant holder may
exercise its warrants only for a whole number of Class A ordinary shares. This means only a whole warrant may be exercised at a
given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will
trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant. The warrants
will expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon
redemption or liquidation.

 

We will not be obligated to deliver any Class A ordinary shares
pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement
under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus
relating thereto is current, subject to our satisfying our obligations described below with respect to registration, or a valid
exemption from registration is available. No warrant will be exercisable and we will not be obligated to issue a Class A ordinary
share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified
or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event
that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such
warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will
we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants,
the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the Class A ordinary
share underlying such unit.

 

We have agreed that as soon as practicable, but in no event
later than twenty business days after the closing of our initial business combination, we will use our commercially reasonable
efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares
issuable upon exercise of the warrants, and we will use our commercially reasonable efforts to cause the same to become effective
within 60 business days after the closing of our initial business combination, and to maintain the effectiveness of such registration
statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified
in the warrant agreement; provided that if our Class A ordinary shares are at the time of any exercise of a warrant not listed
on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1)
of the Securities Act, we may, at our option, require holders of our public warrants who exercise their warrants to do so on a
“cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not
be required to file or maintain in effect a registration statement, but we will use our commercially reasonably efforts to register
or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering
the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing
of the initial business combination, warrant holders may, until such time as there is an effective registration statement and during
any period when we will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis”
in accordance with Section 3(a)(9) of the Securities Act or another exemption, but we will use our commercially reasonably efforts
to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. In such event, each
holder would pay the exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the lesser
of (A) the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied
by the excess of the “fair market value” (defined below) less the exercise price of the warrants by (y) the fair market
value and (B) 0.361. The “fair market value” as used in this paragraph shall mean the volume weighted average price
of the Class A ordinary shares for the 10 trading days ending on the trading day prior to the date on which the notice of exercise
is received by the warrant agent.

 

    6

     

    

 

 

Redemption of warrants when the price per Class A ordinary
share equals or exceeds $18.00.    Once the warrants become exercisable, we may redeem the outstanding
warrants (except as described herein with respect to the private placement warrants):

 

●        in
whole and not in part;

 

●        at
a price of $0.01 per warrant;

 

●        upon
a minimum of 30 days’ prior written notice of redemption to each warrant holder; and

 

●        if,
and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to
the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “— Warrants
— Public Shareholders’ Warrants — Anti-Dilution Adjustments”) for any 20 trading days within a 30-trading
day period ending three trading days before we send the notice of redemption to the warrant holders.

 

We will not redeem the warrants as described above unless a
registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of
the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day
redemption period. If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable
to register or qualify the underlying securities for sale under all applicable state securities laws.

 

We have established the last of the redemption 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. However, the price of the Class A ordinary shares may
fall below the $18.00 redemption trigger price (as adjusted for adjustments to the number of shares issuable upon exercise or the
exercise price of a warrant as described under the heading “— Warrants — Public Shareholders’ Warrants
— Anti-dilution Adjustments”) as well as the $11.50 (for whole shares) warrant exercise price after the redemption
notice is issued.

 

Redemption of warrants when the price per Class A ordinary
share equals or exceeds $10.00.     Once the warrants become exercisable, we may redeem the outstanding
warrants:

 

●        in
whole and not in part;

 

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

 

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

 

●        if
the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading
day prior to the date on which we send the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted
for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading
“— Warrants — Public Shareholders’ Warrants — Anti-dilution Adjustments”), the private placement
warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above.

 

    7

     

    

 

Beginning on the date the notice of redemption is given until
the warrants are redeemed or exercised, holders may elect to exercise their warrants on a cashless basis. The numbers in the table
below represent the number of Class A ordinary shares that a warrant holder will receive upon such cashless exercise in connection
with a redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A ordinary
shares on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are not redeemed
for $0.10 per warrant), determined for these purposes based on volume weighted average price of our Class A ordinary shares during
the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants, 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 Class
A ordinary shares shall include a security other than Class A ordinary shares into which the Class A ordinary shares have been
converted or exchanged for in the event we are not the surviving company in our initial business combination. The numbers in the
table below will not be adjusted when determining the number of Class A ordinary shares to be issued upon exercise of the warrants
if we are not the surviving entity following our initial business combination.

 

The share prices set forth in the column headings of the table
below will be adjusted as of any date on which the number of shares issuable upon exercise of a warrant or the exercise price of
a warrant is adjusted as set forth under the heading “— Anti-dilution Adjustments” below. If the number of shares
issuable upon exercise of a warrant is adjusted, the adjusted share prices in the column headings will equal the share prices immediately
prior to such adjustment, multiplied by a fraction, the numerator of which is the exercise price of the warrant after such adjustment
and the denominator of which is the 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 a warrant immediately prior to such adjustment and the denominator of which is the number
of shares deliverable upon exercise of a warrant as so adjusted. If the exercise price of a warrant is adjusted, (a) in the case
of an adjustment pursuant to the fifth paragraph under the heading “— Anti-dilution Adjustments” below, the adjusted
share prices in the column headings will equal the unadjusted share price multiplied by a fraction, the numerator of which is the
higher of the Market Value and the Newly Issued Price as set forth under the heading “— Anti-dilution Adjustments”
and the denominator of which is $10.00 and (b) in the case of an adjustment pursuant to the second paragraph under the heading
“— Anti-dilution Adjustments” below, the adjusted share prices in the column headings will equal the unadjusted
share price less the decrease in the exercise price of a warrant pursuant to such exercise price adjustment.

 

	Redemption Date 

(period to expiration 

of warrants) 	 	

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

 

    8

     

    

 

The exact fair market value and redemption date may not be set
forth in the table above, in which case, if the fair market value is between two values in the table or the redemption date is
between two redemption dates in the table, the number of Class A ordinary shares to be issued for each warrant exercised will be
determined by a straight-line interpolation between the number of shares set forth for the higher and lower fair market values
and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable. For example, if the volume
weighted average price of our Class A ordinary shares during the 10 trading days immediately following the date on which the notice
of redemption is sent to the holders of the warrants is $11.00 per share, and at such time there are 57 months until the expiration
of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 Class A ordinary
shares for each whole warrant. For an example where the exact fair market value and redemption date are not as set forth in the
table above, if the volume weighted average price of our Class A ordinary shares during the 10 trading days immediately following
the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share, and at such time there are
38 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their
warrants for 0.298 Class A ordinary shares for each whole warrant. In no event will the warrants be exercisable on a cashless basis
in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment). Finally,
as reflected in the table above, if the warrants are out of the money and about to expire, they cannot be exercised on a cashless
basis in connection with a redemption by us pursuant to this redemption feature, since they will not be exercisable for any Class
A ordinary shares.

 

This redemption feature differs from the typical warrant redemption
features used in some other blank check offerings, which only provide for a redemption of warrants for cash (other than the private
placement warrants) when the trading price for the Class A ordinary shares exceeds $18.00 per share for a specified period of time.
This redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the Class A ordinary
shares are trading at or above $10.00 per public share, which may be at a time when the trading price of our Class A ordinary shares
is below the exercise price of the warrants. We have established this redemption feature to provide us with the flexibility to
redeem the warrants without the warrants having to reach the $18.00 per share threshold set forth above under “— Redemption
of warrants when the price per Class A ordinary share equals or exceeds $18.00.” Holders choosing to exercise their warrants
in connection with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants based on
an option pricing model with a fixed volatility input as of the date of the final prospectus. This redemption right provides us
with an additional mechanism by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital
structure as the warrants would no longer be outstanding and would have been exercised or redeemed. We will be required to pay
the applicable redemption price to warrant holders if we choose to exercise this redemption right and it will allow us to quickly
proceed with a redemption of the warrants if we determine it is in our best interest to do so. As such, we would redeem the warrants
in this manner when we believe it is in our best interest to update our capital structure to remove the warrants and pay the redemption
price to the warrant holders.

 

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

 

No fractional Class A ordinary shares 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 Class A ordinary shares to be issued to the holder. If, at the time of redemption, the warrants are exercisable
for a security other than the Class A ordinary shares pursuant to the warrant agreement (for instance, if we are not the surviving
company in our initial business combination), the warrants may be exercised for such security. At such time as the warrants become
exercisable for a security other than the Class A ordinary shares, the Company (or surviving company) will use its commercially
reasonable efforts to register under the Securities Act the security issuable upon the exercise of the warrants.

 

    9

     

    

 

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 9.8% (or such other amount as a holder may specify) of the Class A ordinary
shares issued and outstanding immediately after giving effect to such exercise.

 

Anti-dilution Adjustments.    If
the number of outstanding Class A ordinary shares is increased by a capitalization or share dividend payable in Class A ordinary
shares, or by a split-up of ordinary shares or other similar event, then, on the effective date of such capitalization or share
dividend, split-up or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be increased
in proportion to such increase in the outstanding ordinary shares. A rights offering made to all or substantially all holders of
ordinary shares entitling holders to purchase Class A ordinary shares at a price less than the “historical fair market value”
(as defined below) will be deemed a share dividend of a number of Class A ordinary shares equal to the product of (i) the number
of Class A ordinary shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights
offering that are convertible into or exercisable for Class A ordinary shares) and (ii) one minus the quotient of (x) the price
per Class A ordinary share paid in such rights offering and (y) the historical fair market value. For these purposes, (i) if the
rights offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the price payable
for Class A ordinary shares, there will be taken into account any consideration received for such rights, as well as any additional
amount payable upon exercise or conversion and (ii) “historical fair market value” means the volume weighted average
price of Class A ordinary shares as reported during the 10 trading day period ending on the trading day prior to the first date
on which the Class A ordinary shares trade on the applicable exchange or in the applicable market, regular way, without the right
to receive such rights.

 

In addition, if we, at any time while the warrants are outstanding
and unexpired, pay a dividend or make a distribution in cash, securities or other assets to all or substantially all of the holders
of the Class A ordinary shares on account of such Class A ordinary shares (or other securities into which the warrants are convertible),
other than (a) as described above, (b) any cash dividends or cash distributions which, when combined on a per share basis with
all other cash dividends and cash distributions paid on the Class A ordinary shares during the 365-day period ending on the date
of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any other adjustments
and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise price or to the number of Class
A ordinary shares issuable on exercise of each warrant) but only with respect to the amount of the aggregate cash dividends or
cash distributions equal to or less than $0.50 per share, (c) to satisfy the redemption rights of the holders of Class A ordinary
shares in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders of Class
A ordinary shares in connection with a shareholder vote to amend our amended and restated memorandum and articles of association
(A) to modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their
shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete
our initial business combination within 18 months (or 24 months, as applicable) from the closing of our initial public offering
or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares, or (e) in connection
with the redemption of our public shares upon our failure to complete our initial business combination, then the warrant exercise
price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market
value of any securities or other assets paid on each Class A ordinary share in respect of such event.

 

If the number of outstanding Class A ordinary shares is decreased
by a consolidation, combination, reverse share sub-division or reclassification of Class A ordinary shares or other similar event,
then, on the effective date of such consolidation, combination, reverse share sub-division, reclassification or similar event,
the number of Class A ordinary shares issuable on exercise of each warrant will be decreased in proportion to such decrease in
outstanding Class A ordinary shares.

 

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

 

    10

     

    

 

In addition, if (x) we issue additional Class A ordinary shares
or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at
an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to
be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without
taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly
Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds,
and interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial
business combination (net of redemptions), and (z) the volume weighted average trading price of our Class A ordinary shares during
the 20 trading day period starting on the trading day prior to the day on which we consummate our initial business combination
(such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to
the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption
trigger price described above under “— Redemption of warrants when the price per Class A ordinary share equals or exceeds
$18.00” and “— Redemption of warrants when the price per Class A ordinary shares equals or exceeds $10.00”
will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the
$10.00 per share redemption trigger price described above under “— Redemption of warrants when the price per Class
A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market
Value and the Newly Issued Price.

 

In case of any reclassification or reorganization of the outstanding
Class A ordinary shares (other than those described above or that solely affects the par value of such Class A ordinary shares),
or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which
we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding Class A
ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of
us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter
have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu
of the Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby,
the kind and amount of Class A ordinary shares or other securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants
would have received if such holder had exercised their warrants immediately prior to such event. However, if such holders were
entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation
or merger, then the kind and amount of securities, cash or other assets for which each warrant will become exercisable will be
deemed to be the weighted average of the kind and amount received per share by such holders in such consolidation or merger that
affirmatively make such election, and if a tender, exchange or redemption offer has been made to and accepted by such holders (other
than a tender, exchange or redemption offer made by the company in connection with redemption rights held by shareholders of the
company as provided for in the company’s amended and restated memorandum and articles of association or as a result of the
redemption of Class A ordinary shares by the company if a proposed initial business combination is presented to the shareholders
of the company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof,
together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part,
and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members
of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under
the Exchange Act) more than 50% of the issued and outstanding Class A ordinary shares, the holder of a warrant will be entitled
to receive the highest amount of cash, securities or other property to which such holder would actually have been entitled as a
shareholder if such warrant holder had exercised the warrant prior to the expiration of such tender or exchange offer, accepted
such offer and all of the Class A ordinary shares held by such holder had been purchased pursuant to such tender or exchange offer,
subject to adjustment (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the
adjustments provided for in the warrant agreement. If less than 70% of the consideration receivable by the holders of Class A ordinary
shares in such a transaction is payable in the form of Class A ordinary shares in the successor entity that is listed for trading
on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or
quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within thirty
days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement
based on the Black-Scholes value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction
is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of
the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants.

 

The warrants have been issued in registered form under a warrant
agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that
the terms of the warrants may be amended without the consent of any holder for the purpose of (i) curing any ambiguity or correct
any mistake, including to conform the provisions of the warrant agreement to the description of the terms of the warrants and the
warrant agreement set forth in the final prospectus, or defective provision (ii) amending the provisions relating to cash dividends
on ordinary shares as contemplated by and in accordance with the warrant agreement or (iii) adding or changing any provisions
with respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem necessary
or desirable and that the parties deem to not adversely affect the rights of the registered holders of the warrants, provided that
the approval by the holders of at least 50% of the then-outstanding public warrants is required to make any change that adversely
affects the interests of the registered holders. You should review a copy of the warrant agreement, which has been filed with the
SEC, for a complete description of the terms and conditions applicable to the warrants.

 

    11

     

    

 

The warrant holders do not have the rights or privileges of
holders of ordinary shares and any voting rights until they exercise their warrants and receive Class A ordinary shares. After
the issuance of Class A ordinary shares upon exercise of the warrants, each holder will be entitled to one vote for each share
held of record on all matters to be voted on by shareholders.

 

No fractional warrants will be issued upon separation of the
units and only whole warrants will trade. 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 Class A ordinary shares to be
issued to the warrant holder. 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 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 applies to claims under the Securities Act
but does not apply to claims under the Exchange Act or any claim for which the federal district courts of the United States of
America are the sole and exclusive forum.

 

Private Placement Warrants

 

Except as described below, the private placement warrants have
terms and provisions that are identical to those of the warrants sold as part of the units in our initial public offering. The
private placement warrants (including the Class A ordinary shares issuable upon exercise of the private placement warrants)
will not be transferable, assignable or salable until 30 days after the completion of our initial business combination (except
pursuant to limited exceptions as described in the final prospectus under “Principal Shareholders — Transfers of Founder
Shares and Private Placement Warrants,” to our officers and directors and other persons or entities affiliated with the initial
purchasers of the private placement warrants) and they will not be redeemable by us (except as described under “— Warrants
— Public Shareholders’ Warrants — Redemption of warrants when the price per Class A ordinary share equals or
exceeds $10.00”) so long as they are held by our sponsor or its permitted transferees (except as otherwise set forth herein).
Our sponsor, or its permitted transferees, has the option to exercise the private placement warrants on a cashless basis. If the
private placement warrants are held by holders other than our sponsor or its permitted transferees, the private placement warrants
will be redeemable by us in all redemption scenarios and exercisable by the holders on the same basis as the warrants included
in the units sold in our initial public offering. Any amendment to the terms of the private placement warrants or any provision
of the warrant agreement with respect to the private placement warrants will require a vote of holders of at least 50% of the number
of the then outstanding private placement warrants.

 

Except as described above under “— Public Shareholders’
Warrants — Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00,” if holders of
the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his,
her or its warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the
number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “Sponsor fair market value”
(defined below) over the exercise price of the warrants by (y) the Sponsor fair market value. For these purposes, the “Sponsor
fair market value” shall mean the average reported closing price of the Class A ordinary shares for the 10 trading days ending
on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent or on which the
notice of redemption is sent to the holders of warrants, as applicable. The reason that we have agreed that these warrants will
be exercisable on a cashless basis so long as they are held by our sponsor and its permitted transferees is because it is not known
at this time whether they will be affiliated with us following a business combination. If they remain affiliated with us, their
ability to sell our securities in the open market will be significantly limited. We expect to have policies in place that restrict
insiders from selling our securities except during specific periods of time. Even during such periods of time when insiders will
be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of material non-public
information. Accordingly, unlike public shareholders who could exercise their warrants and sell the Class A ordinary shares received
upon such exercise freely in the open market in order to recoup the cost of such exercise, the insiders could be significantly
restricted from selling such securities. As a result, we believe that allowing the holders to exercise such warrants on a cashless
basis is appropriate.

 

In order to fund working capital deficiencies or finance transaction
costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our
officers and directors may, but are not obligated to, loan us funds as may be required. Up to $ 2,000,000 of such loans may be
convertible into warrants of the post business combination entity at a price of $1.00 per warrant at the option of the lender.
Such warrants would be identical to the private placement warrants.

 

    12

     

    

 

Dividends

 

We have not paid any cash dividends on our ordinary shares to
date and do not intend to pay cash dividends prior to the completion of our initial business combination. The payment of cash dividends
in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent
to completion of our initial business combination. The payment of any cash dividends subsequent to our initial business combination
will be within the discretion of our board of directors at such time. If we incur any indebtedness in connection with a business
combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

 

Our Transfer Agent and Warrant Agent

 

The transfer agent for our ordinary shares and warrant agent
for our warrants is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock Transfer &
Trust Company in its roles as transfer agent and warrant agent, its agents and each of its shareholders, directors, officers and
employees against all claims and losses that may arise out of acts performed or omitted for its activities in that capacity, except
for any claims and losses due to any gross negligence or intentional misconduct of the indemnified person or entity.

 

Listing of Securities

 

Our units are listed on the Nasdaq Capital Market (“Nasdaq”)
under the symbol “GSAQU.” Our Class A ordinary shares and warrants are listed on Nasdaq under the symbols “GSAQ”
and “GSAQW,” respectively. The units will automatically separate into their component parts and will not be traded
following the completion of our initial business combination.

 

Certain Differences in Corporate Law

 

Cayman Islands companies are governed by the Companies Act.
The Companies Act is modeled on English Law but does not follow recent English Law statutory enactments, and differs from laws
applicable to United States corporations and their shareholders. Set forth below is a summary of the material differences between
the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the United States and
their shareholders.

 

Mergers and Similar Arrangements.    In
certain circumstances, the Companies Act allows for mergers or consolidations between two Cayman Islands companies, or between
a Cayman Islands exempted company and a company incorporated in another jurisdiction (provided that is facilitated by the
laws of that other jurisdiction).

 

Where the merger or consolidation is between two Cayman Islands
companies, the directors of each company must approve a written plan of merger or consolidation containing certain prescribed information.
That plan or merger or consolidation must then be authorized by either (a) a special resolution (usually a majority of 662⁄3% in
value of the voting shares voted at a general meeting) of the shareholders of each company; or (b) such other authorization, if
any, as may be specified in such constituent company’s articles of association. No shareholder resolution is required for
a merger between a parent company (i.e., a company that owns at least 90% of the issued shares of each class in a subsidiary company)
and its subsidiary company. The consent of each holder of a fixed or floating security interest of a constituent company must be
obtained, unless the court waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that the requirements
of the Companies Act (which includes certain other formalities) have been complied with, the Registrar of Companies will register
the plan of merger or consolidation.

 

Where the merger or consolidation involves a foreign company,
the procedure is similar, save that with respect to the foreign company, the directors of the Cayman Islands exempted company are
required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out
below have been met: (i) that the merger or consolidation is permitted or not prohibited by the constitutional documents of the
foreign company and by the laws of the jurisdiction in which the foreign company is incorporated, and that those laws and any requirements
of those constitutional documents have been or will be complied with; (ii) that no petition or other similar proceeding has been
filed and remains outstanding or order made or resolution adopted to wind up or liquidate the foreign company in any jurisdictions;
(iii) that no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction and is acting in
respect of the foreign company, its affairs or its property or any part thereof; and (iv) that no scheme, order, compromise or
other similar arrangement has been entered into or made in any jurisdiction whereby the rights of creditors of the foreign company
are and continue to be suspended or restricted.

 

Where the surviving company is the Cayman Islands exempted company,
the directors of the Cayman Islands exempted company are further required to make a declaration to the effect that, having made
due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the foreign company is able to
pay its debts as they fall due and that the merger or consolidation is bona fide and not intended to defraud unsecured creditors
of the foreign company; (ii) that in respect of the transfer of any security interest granted by the foreign company to the surviving
or consolidated company (a) consent or approval to the transfer has been obtained, released or waived; (b) the transfer is permitted
by and has been approved in accordance with the constitutional documents of the foreign company; and (c) the laws of the jurisdiction
of the foreign company with respect to the transfer have been or will be complied with; (iii) that the foreign company will, upon
the merger or consolidation becoming effective, cease to be incorporated, registered or exist under the laws of the relevant foreign
jurisdiction; and (iv) that there is no other reason why it would be against the public interest to permit the merger or consolidation.

 

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Where the above procedures are adopted, the Companies Act provides
for a right of dissenting shareholders to be paid a payment of the fair value of his shares upon their dissenting to the merger
or consolidation if they follow a prescribed procedure. In essence, that procedure is as follows: (a) the shareholder must give
his written objection to the merger or consolidation to the constituent company before the vote on the merger or consolidation,
including a statement that the shareholder proposes to demand payment for his shares if the merger or consolidation is authorized
by the vote; (b) within 20 days following the date on which the merger or consolidation is approved by the shareholders, the constituent
company must give written notice to each shareholder who made a written objection; (c) a shareholder must within 20 days following
receipt of such notice from the constituent company, give the constituent company a written notice of his intention to dissent
including, among other details, a demand for payment of the fair value of his shares; (d) within seven days following the date
of the expiration of the period set out in paragraph (b) above or seven days following the date on which the plan of merger or
consolidation is filed, whichever is later, the constituent company, the surviving company or the consolidated company must make
a written offer to each dissenting shareholder to purchase his shares at a price that the company determines is the fair value
and if the company and the shareholder agree the price within 30 days following the date on which the offer was made, the company
must pay the shareholder such amount; and (e) if the company and the shareholder fail to agree a price within such 30 day period,
within 20 days following the date on which such 30 day period expires, the company (and any dissenting shareholder) must file a
petition with the Cayman Islands Grand Court to determine the fair value and such petition must be accompanied by a list of the
names and addresses of the dissenting shareholders with whom agreements as to the fair value of their shares have not been reached
by the company. At the hearing of that petition, the court has the power to determine the fair value of the shares together with
a fair rate of interest, if any, to be paid by the company upon the amount determined to be the fair value. Any dissenting shareholder
whose name appears on the list filed by the company may participate fully in all proceedings until the determination of fair value
is reached. These rights of a dissenting shareholder are not available in certain circumstances, for example, to dissenters holding
shares of any class in respect of which an open market exists on a recognized stock exchange or recognized interdealer quotation
system at the relevant date or where the consideration for such shares to be contributed are shares of any company listed on a
national securities exchange or shares of the surviving or consolidated company.

 

Moreover, Cayman Islands law has separate statutory provisions
that facilitate the reconstruction or amalgamation of companies in certain circumstances, schemes of arrangement will generally
be more suited for complex mergers or other transactions involving widely held companies, commonly referred to in the Cayman Islands
as a “scheme of arrangement” which may be tantamount to a merger. In the event that a merger was sought pursuant to
a scheme of arrangement (the procedures for which are more rigorous and take longer to complete than the procedures typically required
to consummate a merger in the United States), the arrangement in question must be approved by a majority in number of each class
of shareholders and creditors with whom the arrangement is to be made and who must in addition represent three-fourths in value
of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at
a general meeting, or meeting summoned for that purpose. The convening of the meetings and subsequently the terms of the arrangement
must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder would have the right to express to
the court the view that the transaction should not be approved, the court can be expected to approve the arrangement if it satisfies
itself that:

 

●        we
are not proposing to act illegally or beyond the scope of our corporate authority and the statutory provisions as to majority vote
have been complied with;

 

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

 

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

 

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

 

If a scheme of arrangement or takeover offer (as described below)
is approved, any dissenting shareholder would have no rights comparable to appraisal rights (providing rights to receive payment
in cash for the judicially determined value of the shares), which would otherwise ordinarily be available to dissenting shareholders
of United States corporations.

 

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Squeeze-out Provisions.    When a
takeover offer is made and accepted by holders of 90% of the shares to whom the offer relates within four months, the offeror may,
within a two-month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection
can be made to the Grand Court of the Cayman Islands, but this is unlikely to succeed unless there is evidence of fraud, bad faith,
collusion or inequitable treatment of the shareholders.

 

Further, transactions similar to a merger, reconstruction and/or
an amalgamation may in some circumstances be achieved through means other than these statutory provisions, such as a share capital
exchange, asset acquisition or control, or through contractual arrangements of an operating business.

 

Shareholders’ Suits.    Maples
and Calder (Cayman) LLP, our Cayman Islands legal counsel, is not aware of any reported class action having been brought in a Cayman
Islands court. Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed
the availability for such actions. In most cases, we will be the proper plaintiff in any claim based on a breach of duty owed to
us, and a claim against (for example) our officers or directors usually may not be brought by a shareholder. However, based both
on Cayman Islands authorities and on English authorities, which would in all likelihood be of persuasive authority and be applied
by a court in the Cayman Islands, exceptions to the foregoing principle apply in circumstances in which:

 

●        a
company is acting, or proposing to act, illegally or beyond the scope of its authority;

 

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

 

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

 

A shareholder may have a direct right of action against us where
the individual rights of that shareholder have been infringed or are about to be infringed.

 

Enforcement of Civil Liabilities.    The
Cayman Islands has a different body of securities laws as compared to the United States and provides less protection to investors.
Additionally, Cayman Islands companies may not have standing to sue before the Federal courts of the United States.

 

We have been advised by Maples and Calder (Cayman) LLP, our
Cayman Islands legal counsel, that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us judgments
of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States
or any state; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the
civil liability provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed
by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands
of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment
of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent
foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain
conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and
for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in
respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of
which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well
be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are
being brought elsewhere.

 

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Special Considerations for Exempted Companies.    We
are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident
companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of
the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially
the same as for an ordinary company except for the exemptions and privileges listed below:

 

●        an
exempted company does not have to file an annual return of its shareholders with the Registrar of Companies;

 

●        an
exempted company’s register of members is not open to inspection;

 

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

 

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

 

●        an
exempted company may obtain an undertaking against the imposition of any future taxation (such

undertakings are usually given for
20 years in the first instance);

 

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

 

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

 

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

 

“Limited liability” means that the liability of
each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances,
such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in
which a court may be prepared to pierce or lift the corporate veil).

 

Amended and Restated Memorandum and Articles of Association.    Our
amended and restated memorandum and articles of association contains provisions designed to provide certain rights and protections
that apply to us until the completion of our initial business combination. These provisions cannot be amended without a special
resolution under Cayman Islands law. As a matter of Cayman Islands law, a resolution is deemed to be a special resolution where
it has been approved by either (i) the affirmative vote of at least two-thirds (or any higher threshold specified in a company’s
articles of association) of a company’s shareholders entitled to vote and so voting at a general meeting for which notice
specifying the intention to propose the resolution as a special resolution has been given; or (ii) if so authorized by a company’s
articles of association, by a unanimous written resolution of all of the company’s shareholders. Other than as described
above, our amended and restated memorandum and articles of association provides that special resolutions must be approved either
by at least two-thirds of our shareholders who attend and vote at a general meeting of the company (i.e., the lowest threshold
permissible under Cayman Islands law), or by a unanimous written resolution of all of our shareholders.

 

Our sponsor and its permitted transferees, if any, who collectively
beneficially own 20% of our ordinary shares upon the closing of our initial public offering, will participate in any vote to amend
our amended and restated memorandum and articles of association and will have the discretion to vote in any manner they choose.
Specifically, our amended and restated memorandum and articles of association provides, among other things, that:

 

●        If
we have not consummated an initial business combination within 18 months (or 24 months, as applicable) from the closing of our
initial public offering, 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, 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 income taxes that were paid by us or are payable by us, if any (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 shareholders’ rights as shareholders (including the right to receive further liquidation distributions,
if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders
and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide
for claims of creditors and the requirements of other applicable law;

 

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●        Prior
to or in connection with our initial business combination, we may not issue additional securities that would entitle the holders
thereof to (i) receive funds from the trust account or (ii) vote as a class with our public shares (a) on our initial business
combination or on any other proposal presented to shareholders prior to or in connection with the completion of an initial business
combination or (b) to approve an amendment to our amended and restated memorandum and articles of association to (x) extend
the time we have to consummate a business combination beyond 18 months (or 24 months, as applicable) from the closing of our initial
public offering or (y) amend the foregoing provisions;

 

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

 

●        If
a shareholder vote on our initial business combination is not required by applicable law or stock exchange listing requirements
and we do not decide to hold a shareholder vote for business or other reasons, we will offer to redeem our public shares pursuant
to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing our
initial business combination which contain substantially the same financial and other information about our initial business combination
and the redemption rights as is required under Regulation 14A of the Exchange Act;

 

●        We
may extend the period of time to consummate a business combination by an additional 6 months (for a total of 24 months to complete
a business combination); pursuant to the terms of our amended and restated memorandum and articles of association and the trust
agreement entered into between us and Continental Stock Transfer & Trust Company on the date of the final prospectus, in order
for the time available for us to consummate our initial business combination to be extended, our sponsor or its affiliates or designees,
upon five business days advance notice prior to the expiration date of the initial term, must deposit into the trust account $2,587,500
($0.10 per unit in either case) on or prior to the expiration date of the initial term; our shareholders will not be entitled to
vote or redeem their shares in connection with any such extension; any such payment would be made in the form of non-interest bearing
loans; if we complete our initial business combination, we would repay such loaned amounts either out of the proceeds of the trust
account released to us or, at the lender’s option, convert a portion or all of the total loan amount into warrants at a price
of $1.00 per warrant, which warrants will be identical to the private placement warrants;

 

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

 

●        If
our shareholders approve an amendment to our amended and restated memorandum and articles of association (A) that would modify
the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares
redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial
business combination within 18 months (or 24 months, as applicable) from the closing of our initial public offering or (B) with
respect to any other provision relating to the rights of holders of our Class A ordinary shares, we will provide our public shareholders
with the opportunity to redeem all or a portion of their ordinary shares upon such approval at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account
and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares,
subject to the limitations described herein; and

 

●        We
will not effectuate our initial business combination solely with another blank check company or a similar company with nominal
operations.

 

In addition, our amended and restated memorandum and articles
of association 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.

 

    17

     

    

 

The Companies Act permits a company incorporated in the Cayman
Islands to amend its memorandum and articles of association with the approval of a special resolution which requires the approval
of the holders of at least two-thirds of such company’s issued and outstanding ordinary shares who attend and vote at a general
meeting or by way of unanimous written resolution. A company’s articles of association may specify that the approval of a
higher majority is required but, provided the approval of the required majority is obtained, any Cayman Islands exempted company
may amend its memorandum and articles of association regardless of whether its memorandum and articles of association provide otherwise.
Accordingly, although we could amend any of the provisions relating to our proposed offering, structure and business plan which
are contained in our amended and restated memorandum and articles of association, we view all of these provisions as binding obligations
to our shareholders and neither we, nor our officers or directors, will take any action to amend or waive any of these provisions
unless we provide dissenting public shareholders with the opportunity to redeem their public shares.

 

Anti-Money Laundering — Cayman Islands

 

If any person in the Cayman Islands knows or suspects or has
reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or money laundering or is involved
with terrorism or terrorist financing and property and the information for that knowledge or suspicion came to their attention
in the course of business in the regulated sector, or other trade, profession, business or employment, the person will be required
to report such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds
of Crime Act (2020 Revision) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering, or (ii) a
police officer of the rank of constable or higher, or the Financial Reporting Authority, pursuant to the Terrorism Act (2018 Revision)
of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report
shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment
or otherwise.

 

Certain Anti-takeover Provisions of our Amended and Restated
Memorandum and Articles of Association

 

Our amended and restated memorandum and articles of association
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 general meetings.

 

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

 

Securities Eligible for Future Sale

 

Immediately after our initial public offering, we had 32,343,750
ordinary shares issued and outstanding on an as-converted basis. Of these shares, the 25,875,000 Class A ordinary shares sold in
our initial public offering are freely tradable without restriction or further registration under the Securities Act, except for
any Class A ordinary shares purchased by one of our affiliates within the meaning of Rule 144 under the Securities Act. All of
the outstanding founder shares and all of the outstanding private placement warrants are restricted securities under Rule 144,
in that they were issued in private transactions not involving a public offering.

 

Rule 144

 

Pursuant to Rule 144, a person who has beneficially owned restricted
shares or warrants for at least six months would be entitled to sell their securities provided that (i) such person is not
deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale and (ii) we
are subject to the Exchange Act periodic reporting requirements for at least three months before the sale and have filed all required
reports under Section 13 or 15(d) of the Exchange Act during the twelve months (or such shorter period as we were required to file
reports) preceding the sale.

 

    18

     

    

 

Persons who have beneficially owned restricted shares or warrants
for at least six months but who are our affiliates at the time of, or at any time during the three months preceding, a sale, would
be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number
of securities that does not exceed the greater of:

 

●        1%
of the total number of ordinary shares then-outstanding, which will equal 323,437 shares immediately after our initial public offering;
or

 

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

 

Sales by our affiliates under Rule 144 are also limited by manner
of sale provisions and notice requirements and to the availability of current public information about us.

 

Restrictions on the Use of Rule 144 by Shell Companies or
Former Shell Companies. Rule 144 is not available for the resale of securities initially issued by shell companies (other
than business combination related shell companies) or issuers that have been at any time previously a shell company. However,
Rule 144 also includes an important exception to this prohibition if the following conditions are met:

 

●        the
issuer of the securities that was formerly a shell company has ceased to be a shell company;

 

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

 

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

 

As a result, our sponsor will be able to sell its founder shares
and private placement warrants, as applicable, pursuant to Rule 144 without registration one year after we have completed our initial
business combination.

 

Registration and Shareholder Rights

 

The holders of the founder shares, private placement warrants
and any warrants that may be issued upon conversion of working capital loans and extension loans (and any Class A ordinary shares
issuable upon the exercise of the private placement warrants and warrants that may be issued upon conversion of working capital
loans and extension loans) are entitled to registration rights pursuant to a registration and shareholder rights agreement that
the holders signed at the closing of our initial public offering. The holders of these securities are entitled to make up to three
demands, excluding short form demands, that we register such securities. In addition, the holders have certain “piggy-back”
registration rights with respect to registration statements filed subsequent to our completion of our initial business combination.
However, the registration and shareholder rights agreement provides that we will not permit any registration statement filed under
the Securities Act to become effective until termination of the applicable lockup period, which occurs (i) in the case of the founder
shares, as described under “founder shares”, and (ii) in the case of the private placement warrants and warrants that
may be issued upon conversion of working capital loans and extension loans and the respective Class A ordinary shares underlying
such warrants, 30 days after the completion of our initial business combination. We will bear the expenses incurred in connection
with the filing of any such registration statements.

 

In addition, pursuant to the registration and shareholder rights
agreement, our sponsor, upon and following consummation of an initial business combination, will be entitled to nominate three
individuals for appointment to our board of directors, as long as the sponsor holds any securities covered by the registration
and shareholder rights agreement.

  

    19

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