Document:

Exhibit
10.23

 

Employment
Agreement

 

Of
October 26, 2021

 

Between:
ScoutCam Ltd., Company No. 515950400

 

Of
7A Gan Hata’asiya St., Omer, Israel

 

And:
Arik Priel, identity no. 027191022

 

Address:
Ha Zeitim 94 Givat Shmuel (the “Manager”)

 

Employment
and Compensation

 

	1.	The
    Parties wish to enter into an employment agreement for an unfixed period, in accordance with the conditions and provisions of this
    Employment Agreement. The date of commencement of the Manager’s employment, his job, his direct supervisor and other issues
    relating to the conditions of the Manager’s employment, including consideration, are set out in Appendix A, which
    is attached hereto.
	 	 
	2.	In
    the performance of his job, the Manager shall devote all of his time, attention, ability and effort exclusively for the performance
    of his duties at the Company and he undertakes not to engage, either as an employee or otherwise, in any business, commercial or
    professional activities, either for consideration or otherwise, during the term of his employment, without receiving the Company’s
    prior written consent to such. The provisions of this section shall not derogate from the Manager’s undertakings as set out
    in Appendix B which is attached hereto.
	 	 
	3.	Each
    party shall be entitled to rescind this Agreement at any time, by giving prior notice as set out in Appendix A below,
    and subject to any law.
	 	 
	4.	Notwithstanding
    the provisions of section 3 above, and without derogating from its rights under this Agreement or under any law, the Company shall
    be entitled to terminate the employment of the Manager without prior notice, upon the occurrence of one of the following cases: (a)
    breach of the Manager’s fiduciary duty, intentional damage to the Company’s property, dealing in competing activity or
    any breach of Appendix B below; or (b) a fundamental breach of the provisions of this Agreement on condition that the Manager has
    not remedied the breach (to the extent that it can be remedied) within 7 days of receipt of a warning from the Company; or (c) indictment
    of the Manager for a criminal offense (except for a fine-related offense) or for involvement in sexual harassment incidentally to
    the Manager’s employment at the Company; or (d) the Manager has put himself in a position of conflict of interests; or (e)
    any other circumstance in respect of which it is legally permissible to fire an employee without the giving of prior notice.
	 	 
	5.	The
    Manager shall not have a right of lien over the assets, equipment or any other of the Company’s property that might be in his
    possession. The Manager shall return all of the Company’s property that is in his possession not later than the date of termination
    of employer-employee relations, prior to his taking any unpaid leave or within 7 days of receipt of a demand to do so from the Company.
	 	 
	6.	The
    provisions of this Agreement shall not derogate from any right afforded to the Manager under any law, extension order, collective
    agreement, employment contract or any other contract relating to the conditions of his employment.

 

    	 

    	 

    

 

Managerial
Job / Position of Trust

 

	7.	It
    is agreed that this Agreement is a personal agreement and that the Manager shall be employed in a managerial job which requires a
    special level of personal trust, as such terms are defined in the Hours of Work and Rest Law, 5711-1951 (the “Hours of Work
    and Rest Law”). Therefore, the Hours of Work and Rest Law shall not apply to the Manager’s employment. The Manager
    declares that he is aware that he might be required to work more than usual working hours, including late in the evening or on Saturdays
    or Festivals, and that he shall not be entitled to any additional consideration for working such hours. The Manager declares that
    the economic significance of this provision was taken into account by the Parties for the purpose determining the consideration that
    is set out in Appendix A, and in his decision to enter into this Agreement.

 

Confidentiality,
Prohibition of Competition and Title to Inventions

 

	8.	Together
    with the execution of this Agreement, the Manager shall sign an undertaking to the Company regarding confidentiality, prohibition
    of unfair competition, and title to inventions, which is attached hereto as Appendix B.

 

Representations
and Undertakings of the Manager

 

The
Manager declares and undertakes as follows:

 

	9.	He
    has the ability, skills and knowledge that are necessary for the performance of his Job pursuant to this Agreement and he does not
    suffer from any physical or mental health deficiency that might unreasonably prevent or impede him in the performance of his job
    and his other obligations under this Agreement.
	 	 
	10.	He
    is not bound by any undertaking or other agreement whatsoever that might restrict or prevent him from entering into this Agreement
    and performing his undertakings hereunder. By executing this Agreement and performing his job, he is not and will not be in breach
    of, or in a conflict of interests with: (1) the rights of his previous employers or his undertakings to them; or (2) his undertakings
    under any other document to which he is a party or which binds him.
	 	 
	11.	He
    shall give notice to the Company, immediately, of any matter or subject in respect of which he or his close family might have a personal
    interest or that might generate a conflict of interests with his job and employment at the Company.
	 	 
	12.	He
    shall not receive any beneficial interest from any third party, directly or indirectly, with respect to his employment. Should the
    Manager breach this undertaking, then without derogating from the rest of the Company’s rights, the beneficial interest or
    the value thereof shall be the property of the Company alone, and the Manager hereby grants the Company leave to deduct the value
    of the beneficial interest from any sum that may be owing to the Manager from it. This section shall not apply to gifts or benefits
    of a marginal value.
	 	 
	13.	In
    the context of his employment, he shall not act in contravention of the signature rights that are prescribed by the Company.
	 	 
	14.	He
    agrees and confirms that from time to time, he might be required to travel and stay overseas in the framework of his job.

 

    	 

    	 

    

 

	15.	For
    the purpose of performance of his job, the Company may provide the Manager with a computer, hardware, software, an email address
    and/or mobile telephone as the case may be (“Computers”) which shall be the exclusive property of the Company.
    Subject to the Company’s procedures in this regard, and without derogating from his undertakings and the performance of his
    job pursuant to this Agreement, the Manager shall be entitled to make reasonable, private use of the Computers provided that the
    Manager shall not be entitled to store private files on the Computers (except for private folders that are prominently marked as
    such) and shall not be entitled to store Company files on private storage measures. It is clarified that the professional email address
    shall be used for professional purposes only, whilst the Manager shall be entitled, for private purposes, to use external email services
    (such as gmail).
	 	 
	16.	The
    Manager is aware and agrees that: (1) the Company may allow other employees and third parties to make use of the Computers; (2) in
    order to preserving its legitimate interests, the Company may monitor the activities on the Computers, including the usage log and
    the contents of email and internet correspondence, which shall be admissible as evidence in legal proceedings; (3) in light of the
    Manager’s undertakings above, the Manager shall not have a right to privacy with respect to the contents of the Computers,
    with the exception of private folder that have been prominently marked as such.
	 	 
	17.	The
    Manager is aware and agrees that the information about him and about the conditions of his employment which may be accrued and documented
    by the Company (the “Information”) may be provided to third parties, including outside of Israel, on condition
    that: (a) such transfer is effected for the purpose of the performance of some relevant legal provision or for the purpose of the
    Company’s business (including any transactions related thereto); (b) no information shall be provided beyond what is necessary
    and reasonable; (c) the party to which the information is provided shall undertake to the Company, to the extent that such is possible
    and relevant, that it shall maintain the privacy of the information at a level of protection that is at least that which is employed
    by the Company with respect to the information.
	 	 
	18.	In
    the event of rescission of this Agreement, for any reason whatsoever, the Manager shall cooperate with the Company and shall make
    best endeavors to assist in the orderly transition of his job at the Company, and in the orderly overlap between him and the person
    or persons due to replace him in his job.

 

General
Provisions

 

	19.	This
    Agreement and the Appendixes hereto constitute the full agreement between the Parties and prevail over any prior agreement, offer,
    understanding, correspondence, content, conversation or arrangement, whether in writing or oral, if any, between the Parties, with
    respect to the conditions of the Manager’s employment. Any matter not expressly regulated in this Agreement shall be in accordance
    with the law. Any amendment and/or addition to this Agreement shall bind the Parties to this Agreement and shall only be in force
    if it is in writing and signed by the Parties.
	 	 
	20.	Israeli
    law shall apply to this Agreement. The competent courts / tribunals in the city of Tel Aviv Yafo shall have exclusive jurisdiction
    with respect to any matter stemming from this Agreement or with respect to this Agreement.
	 	 
	21.	All
    notices must be sent by one party to the other by registered mail, by email or by hand delivery to the address at the top of this
    Agreement or to such other address as a Party may notify. Any notice shall be deemed to have been received by the recipient: if sent
    by registered mail – 4 business days after dispatch; if sent by email – one business day after dispatch provided that
    an automatic confirmation is obtained from the server that the notice reached its destination; if delivered by hand – upon
    delivery provided that a “certificate of delivery” is received.

 

The
Manager declares that: (1) he has read carefully and has understood all of the provisions of the Agreement and the Appendixes hereto;
(2) he has been given a reasonable opportunity to consult with third parties, including with an advocate; (3) he has signed this Agreement
with full volition and consent.

 

In
witness whereof, the Parties have hereunto set their hands:

 

	The
    Manager: _____________	The
    Company: ___________

 

    	 

    	 

    

 

Appendix
A – Conditions of Employment

 

	1.	Date
    of Commencement, Job and Supervisor – The Manager’s employment shall commence on November 1, 2021,
    full time, in the position of Chief Software Architect or such other similar position, whatever its title may be. The Manager shall
    report directly to the CEO.
	 	 
	2.	Prior
    Notice – two months in advance. Notice shall be given in writing however, even if notice is not given in writing as
    aforesaid, the Manager shall be deemed to have resigned if he gives clear notice in such regard.
	 	 
	3.	Salary
    – A gross monthly salary of NIS 60,000 (the “Salary”). Any payment or bonus that are granted to
    the Manager pursuant to this Appendix, apart from the Salary, shall not be deemed to be a salary for any purpose whatsoever, and
    the Manager shall not be able to argue otherwise. The Salary shall be paid on the lawful date.
	 	 
	4.	Pension
    Arrangements – The Company shall insure the Manager under a pension arrangement of his choice (insurance fund, pension
    fund or a combination of the two), in accordance with the rates and conditions that are set out below:

 

	 	4.1.	Insurance
    fund (“executive insurance”) – in accordance with the following components:

 

	 	4.1.1.	Insurance
    for loss of capacity to work – the Company shall, at its own expense and from an insurer of its choice, purchase coverage in
    the event of loss of capacity to work with the usual and acceptable conditions, at the rate that is necessary for the insurance of
    75% of the Salary. The Company’s payment for insurance for loss of capacity to work shall not, in any event, be greater than
    2.5% of the Salary.
	 	 	 
	 	4.1.2.	The
    Company’s provisions for severance pay - 81/3% of the Salary.
	 	 	 
	 	4.1.3.	The
    Company’s provisions for compensation – the difference between 6.5% of the Salary and the Company’s payment for
    insurance for loss of capacity to work, provided that in any event, the Company’s provisions for compensation shall not be
    less than 5% of the Salary.
	 	 	 
	 	4.1.4.	The
    Manager’s provisions for compensation – 6% of the Salary.

 

	 	4.2.	Pension
    fund – in accordance with the following components: The Company’s provisions for severance pay – 8.33% of the
    Salary; the Company’s provisions for compensation - 6.5% of the Salary; the Manager’s provisions for compensation - 6%
    of the Salary.

 

	5.	Release
    of Pension Funds – The Parties adopt the provisions of the General Authorization regarding Employer Payments into Pension
    Funds and Insurance Funds in lieu of Severance Pay, which was issued pursuant to the Severance Pay Law, 5723-1963, as is in force
    from time to time, a copy of which is attached to this Agreement as Appendix C. The Company hereby waives its right
    to a refund of the monies that it paid to the Pension Fund and/or to an executive insurance policy unless the Manager’s right
    to severance pay is repudiated in a judgment pursuant to sections 16 and 17 of the Severance Pay Law, 5723-1963 (in accordance with
    the provisions thereof), or if the Manager withdraws monies from the pension fund and/or executive insurance policy, other than due
    to an “entitling event”. For this purpose, an “entitling event”: death, disability or retirement at age sixty
    or above. The Manager declares, confirms and undertakes that the Company’s provisions for the executive insurance policy or
    pension fund shall stand in place of all of the severance pay owing to him if any, pursuant to section 14 of the Severance Pay Law,
    5723-1963, and in accordance with the General Authorization referred to above.

 

    	 

    	 

    

 

	6.	Study
    Fund – The Company and the Manager shall maintain a study fund for the Manager to which the Company shall contribute,
    on a monthly basis, an amount equal to 7.5% of the Salary (the “Company Portion”) and the Manager shall contribute on
    a monthly basis an amount equal to 2.5% of the Salary (the “Manager Portion”), provided that in the first year and a
    half of the Manager’s employment, the contributions shall not exceed the maximum tax-exempt ceiling for a Study Fund pursuant
    to the Income Tax Ordinance [New Version] - 1961, and thereon after the contributions shall be made based on the entire Salary (without
    a ceiling). The Manager hereby instructs the Company to transfer the Manager Portion to the selected Study Fund. In the event that
    the Company Portion and Manager Portion exceed the maximum tax-exempt ceiling for Study Fund contributions, the exceeding amounts
    shall be recognized as ordinary income for tax purposes, on the date of their contribution to the selected Study Fund.
	 	 
	7.	Vacation
    – The Manager shall be entitled to leave of 23 days of work for each period of twelve (12) months of employment (the
    “Annual Quota”) but in any event, not less than that which is set out in the Annual Leave Law, 5711-1951, as such
    may be from time to time (the “Annual Leave Law”). The Company encourages its employees to take leave and to use
    up the entire Annual Quota of leave days. However, the Manager shall be entitled to accrue vacation days in a quantity of not more
    than twice the Annual Quota (the “Accrual Quota”). Vacation days beyond the Accrual Quota shall be deleted without
    the Manager being given compensation for such. The dates for taking vacations shall be prescribed by the Company at its discretion,
    in accordance with its possibilities and needs, and where possible, taking into account the Manager’s wishes. The Company shall
    be entitled to decide on a uniform annual leave period for all or some of its employees, with respect to some or all of their annual
    leave quota, as it may see fit.
	 	 
	8.	Sick
    Pay– The Manager shall be entitled to the payment of sick pay in accordance with the provisions of the Sick Pay Law,
    5736-1976. In the event that the Manager is absent from work due to illness, the Manager shall inform the Company of the illness
    on the first day of such absence, unless the Manager is unable to give such notice due to his medical condition, in which case the
    notice shall be given as soon as possible. Such notice shall refer, inter alia, to the estimated period in which the Manager is unable
    to work.
	 	 
	9.	Convalescence
    Pay – The Manager shall be entitled to payment of convalescence pay in accordance with the Extension Order regarding
    Payment of Convalescence Pay.
	 	 
	10.	Company
    Car – In place of travel expenses, the Company shall provide the Manager with a company car, for the purposes of the
    Manager’s job capacity, of which such model and specifications shall be determined by the Manager, provided that the monthly
    cost of renting the car (including VAT) is up to NIS 6,500 (the “Car”). If the Manager chooses a car with a monthly cost
    of more than NIS 6,500, the Company will deduct the excess amount from his monthly salary. The Company shall pay for all ordinary
    expenses in connection with the Car, including licensing fees, insurance, gasoline and repairs; however, the Company shall not pay
    for traffic tickets or infractions, toll road fees or any other penalties or fines. It is agreed that the Manager shall not be entitled
    to certain tax benefits pertinent to the Car.

 

    	 

    	 

    

 

	11.
    	Options
    - Subject to the approval of such grant by the board of directors of the Company, the Manager shall be granted options to
    purchase 40,000 shares of common stock of ScoutCam, Inc.
	 	 
	  	Vesting
    period - 33.33% on the first anniversary of the Commencement Date, and 8.33% at the end of each subsequent three-month period thereafter
    over the course of the subsequent 2 years.
	 	 
	 	Expiration
    date - 7 years from the allocation date.
	 	 
	12.	Business
    Expenses – The Company shall refund any payment to the Manager for necessary and acceptable business expenses incurred
    by the Manager, in accordance with the Company’s policy, as may be updated from time to time.
	 	 
	13.	Taxes
    and Mandatory Payments – All of the taxes and benefits under this Agreement shall be gross sums. The Company shall
    deduct taxes and other mandatory payments as required by the law.

 

	The
    Manager: /s/ Aril Priel	 	The
    Company: /s/ Yovav Sameah
	 	 	                          /s/
    Tanya Yosef

 

    	 

    	 

    

 

Appendix
B – Deed of Undertaking

 

This
Deed of Undertaking was executed on October 26, 2021 by Arik Priel, identity card no. 027191022, of Ha Zeitim 94 Givat Shmuel, Israel
(hereinafter: the “Manager”).

 

Since
the Manager wishes to enter into an employment agreement with ScoutCam Ltd. (the “Company”) and since the preservation
of the Confidential Information (as defined below), the Company’s rights in Inventions (as defined below) and in all of the intellectual
property rights auxiliary to such, are essential to the Company, the Manager is executing this Undertaking as a condition of his employment
by the Company, and he undertakes to perform it verbatim.

 

In
this Deed of Undertaking, all of the Manager’s undertakings to the Company shall be made to any parent companies, subsidiaries,
sister companies and related companies to the Company, directly or indirectly, and the substitutes or transferees of such companies.

 

Confidential
Information

 

	1.	The
    Manager recognizes the fact that he has and that he will have access to information that is confidential in nature (whether marked
    as such or not), that is related to the Company, including with respect to its commercial secrets, professional knowledge, technology,
    products (including products under development), research and development, experiments, formulas and processes, inventions, business,
    assets, financial condition, contracts and undertakings, obligations, operations, marketing and sales promotion issues, plans (including
    business and financial plans), strategies, procedures, forecasts, customers, suppliers, business partners and third parties to whom
    the Company has undertaken to keep information confidential and information relating to its employees, consultants, office bearers,
    directors and shareholders (all hereinafter jointly: the “Confidential Information”). The Confidential Information
    might be in any form whatsoever, including in writing, oral or on a magnetic or electronic medium. Confidential Information shall
    not include information that has come into the public domain as a result of a breach of this Deed of Undertaking by the Manager or
    information which the Manager is required to disclose pursuant to the legal demand of a competent authority, on condition that: (a)
    the Manager gives notice to the Company of such demand, immediately; (b) the Manager cooperates with the Company, if necessary, in
    order to reduce the scope of the demand; (c) the Manager does not disclose it beyond his duty to disclose in accordance with the
    aforesaid demand.
	 	 
	2.	During
    the term of his employment and at all times thereafter, without any limitation in time, the Manager shall strictly preserve the Confidential
    Information and shall ensure its confidentiality, and shall not disclose the Confidential Information to any person or entity and
    shall not use the Confidential Information other than for the Company’s benefit. The Manager recognizes and understands that
    his work at the Company and his access to the Confidential Information give rise to a relationship of trust with respect to such
    Confidential Information.
	 	 
	3.	The
    Manager declares that he has been made aware that all of the rights in the Confidential Information are the exclusive property of
    the Company (or of the third party to which the Company has undertaken to keep the Information confidential). Without derogating
    from the generality of the aforesaid, the Manager agrees that all of the Confidential Information that was prepared, collected, processed,
    received, kept or was in his use with respect to his employment in the Company (the “Material”) shall be the exclusive
    property of the Company and shall be deemed to be Confidential Information. Everything relating to the Material, including originals,
    copies and summaries, shall be transferred by the Manager to the Company upon termination of the term of his employment or at any
    time prior to such at the Company’s demand, without the Manager keeping any copies of the above and without the Manager having
    a right of lien over them. The Manager shall not remove the Material from the Company, unless such is required by virtue of his job
    and for the purpose of his employment, and unless such is permitted in accordance with the Company’s procedures. If the Material
    is removed from the Company’s offices as set out above, the Director shall take all of the necessary measures in order to maintain
    absolute confidentiality of the Material and shall return such to its place immediately after such use.

 

    	 

    	 

    

 

	4.	Unless
    there is a lawful permit or approval for such, the Manager shall not use nor disclose Confidential Information or commercial secrets
    belonging to any third parties including to previous employers, towards which the Manager has a duty of confidentiality or non-use
    (including any academic institution or any related entity).

 

Unfair
Competition and Prohibited Solicitation

 

	5.	The
    Manager undertakes that during the course of his employment at the Company, he shall not contract, set up, open or be in any way
    involved, directly or indirectly, either as an employee, owner, partner, agent, shareholder, director, adviser or in any other many,
    any business, occupation, employment or any other activity that is in competition with the Company’s business.
	 	 
	 	The
    Manager undertakes that during the period of 12 months following termination of his employment at the Company for any reason whatsoever,
    he shall not contract, set up, open or be in any way involved, directly or indirectly, either as an employee, owner, partner, agent,
    shareholder, director, adviser or in any other many, any business, occupation, employment or any other activity that is in which
    might reasonably include or require use of the Confidential Information. The Manager hereby confirms that it is reasonable that any
    engagement, set-up, opening or involvement, directly or indirectly, whether as an employee, owner, partner, agent, shareholder, director,
    adviser or in any other capacity, of any business, profession, employment or any other activity that is in competition with the Company’s
    business, as such was during the term of the Manager’s employment, or with the Company’s business as planned during the
    term of his employment, might require the use of all or part of the Confidential Information.
	 	 
	 	The
    Manager agrees that in light of his position at the Company and his exposure to the Confidential Information, the provisions of this
    section 5 are reasonable and necessary for the purpose of lawfully protecting the Confidential Information, which constitutes a principal
    asset of the Company and he undertakes to perform such as a condition of his employment by the Company. The Manager declares that
    he has carefully read the provisions of this undertaking, that he understands the outcome of this undertaking and agrees to the provisions
    hereof, and that he has assessed the advantages and disadvantages involved in entry into this undertaking for himself.
	 	 
	 	The
    Manager hereby declares that he is aware that part of his Salary contains additional consideration that is being provided for the
    Manager’s undertaking under this non-competition stipulation. Without derogating from the aforesaid, the Manager declares that
    he has the financial capability to enter into this non-competition undertaking.
	 	 
	6.	The
    Manager undertakes that during the course of his employment at the Company and for a period of 12 months thereafter, he shall not
    solicit, persuade or try to persuade any employee of the Company to cease his employment at the Company or to reduce the scope of
    his employment at the Company, and that he shall not employ such an employee. Furthermore, the Manager shall not solicit, persuade,
    try to solicit or try to persuade, directly or indirectly, any consultant, service provider, agent, distributor, customer or supplier
    of the Company to terminate, reduce or alter their relationship with Company. All of the above shall apply both directly and indirectly.

 

    	 

    	 

    

 

Title
to Inventions

 

	7.	The
    Manager shall give notice and shall transfer to the Company or to whomever is appointed for such on its behalf with all inventions,
    improvements, enhancements, formulas, processes, techniques, professional knowledge and technological information, whether able to
    be registered as a patent, as copyright or any similar law or not, which come into being, are invented, made, developed or raised
    as an idea or implemented, or which may be deduced by the Manager alone or jointly with others, during the course of the Manager’s
    employment at the Company (including after business hours, on weekends , or during vacations) (all of the aforesaid shall hereinafter
    be defined as: “Inventions” or the “Invention”), immediately upon discovery, receipt, generation
    or invention thereof, as the case may be.
	 	 
	8.	The
    Manager agrees that any Inventions, as of the date of their invention or creation shall be the Inventions of the Company, shall be
    the exclusive property of the Company 0and its transferees, and the Company and its transferees shall be the exclusive owners of
    all of the property, rights and interests in the patents, copyright, commercial secrets and all of the other rights of any kind whatsoever,
    including moral rights with respect to the Inventions. The Manager hereby irrevocably and unconditionally assigns all of the rights
    set out below with respect to all of the Inventions to the Company: (1) all property, rights and interests in patents, patent applications
    and patent rights, extensions or expansions thereof; (2) rights related to a work, including copyright or applications for copyright,
    moral rights (as defined below) and proprietary rights in design; (3) rights related to the protection of commercial secrets and
    confidential information; (4) designs and the rights related thereto; (5) other proprietary rights related to intangible assets including
    trademarks, service marks and the implementation thereof, commercial names and packaging, and all of the goodwill related to them;
    (6) any property, rights and interests in any Invention; and (7) rights to sue for breach of any of the rights set out above and
    the right to revenues, royalties and other payments for the rights set out above. The Manager hereby waives all of the moral rights
    (as defined below) that it might have with respect to the Inventions, even after termination of his employment at the Company, and
    agrees never to sue with respect to such rights. “Moral rights” shall mean any right of an author to claim that
    his name be mentioned on his work, any right to object to any change in the work and any similar right that exists under any law
    in any country in the world, or under any treaty.
	 	 
	9.	The
    Manager has attached hereto as Appendix B1, a list of all of the Inventions, enhancements, improvements, formulas, processes, techniques,
    professional knowledge and technological information, whether able to be registered as a patent, as copyright or under any similar
    law, or not, and whether in fact implemented or not, original works and commercial secrets created or conceived or belonging to the
    Manager (whether generated by the Manager alone or jointly with others), which: (1) were developed by the Manager prior to his contract
    with the Company (hereinafter jointly: the “Previous Inventions”); (2) are related to the existing or planned
    business, products or research and development of the Company; and (3) are not assigned in favor of the Company pursuant to this
    Agreement; or, if the aforesaid Appendix B1 is missing or not attached at all, the Manager hereby declares that no
    such Previous Inventions exist.

 

    	 

    	 

    

 

	10.	The
    Manager undertakes that during the term of his employment at the Company and thereafter, he shall take all of the actions reasonably
    necessary or required by the Company and he shall assist the Company, at its expense, in any way that it may request, in order to
    register, preserve, protect and enforce the Inventions in all countries around the world. These actions shall include, inter alia,
    the execution of documents and assistance in legal proceedings. The Manager hereby irrevocably authorizes and appoints the Company
    or a person appointed on its behalf as attorney for the Manager to act in his stead and in his place, to sign any document, to submit
    it and to do any other action on behalf of the Manager which may be permitted under any law in order to enable the registration,
    preservation, protection and enforcement of the Inventions in all countries around the world.
	 	 
	11.	The
    Manager shall not be entitled with respect to the above to any monetary or other consideration apart from that set out expressly
    in his Employment Agreement or beyond the provisions of any other special agreement or arrangement in this regard made in writing
    and signed by the Company. Without derogating from the generality of the aforesaid, the Manager irrevocably confirms that the consideration
    paid to the Manager under the express conditions of this Employment Agreement shall be in lieu of any right that the Manager might
    have been entitled to receive by law for payment for the Inventions and the Manager hereby waives any right to receive royalties
    or any other payment for the Inventions, including under section 134 of the Patents Law, 5727-1967. With respect to the above, no
    arrangement, contract or agreement made orally or in writing shall have any effect unless such is in writing and lawfully signed
    by the Company.

 

		General	

 

	12.	The
    Manager declares that in the performance of his undertakings under this Deed of Undertaking, and his function as an employee of the
    Company, he is not in breach of any undertaking regarding the assignment of inventions, non-competition, confidentiality or any similar
    undertaking towards, or right of, any previous employer (including any academic institution or any related entity). The Manager recognizes
    the fact that the Company has relied on this declaration in its decision to employ him at the Company.
	 	 
	13.	The
    Manager agrees that the provisions of this undertaking which constitute an integral part of the conditions of his employment, are
    reasonable and necessary for the purpose of protecting the legitimate interests of the Company with respect to the subject of this
    undertaking.
	 	 
	14.	The
    Manager recognizes that in the event of breach of any of the provisions of this Deed of Undertaking, the Company might suffer damages
    that cannot be remedied and therefore, in the event of a breach of this Deed of Undertaking, the Company shall be entitled to an
    injunction in order to enforce this Deed of Undertaking (without derogating from the other remedies to which the Company might be
    entitled in such a case, under any law).
	 	 
	15.	Should
    it be ruled by any competent judicial instance that any of the provisions of this Deed of Undertaking are not valid or enforceable,
    in any way whatsoever, such provision shall be enforced to the extent possible in accordance with the intention of the Company and
    the Manager. If such provision cannot be enforced in accordance with such intention, the provision shall be deemed to have been amended
    so that those parts of it which are held, as aforesaid, to be invalid or unenforceable, may be deleted therefrom, only in such country
    or region in which the decision that the provision is invalid or unenforceable as aforesaid has been handed down, in accordance with
    the local law. In addition, if it is held that a particular provision contained in this undertaking is too broad in terms of the
    time periods, geographical scope, actions or subject matter set out herein, it shall be interpreted such that the provision shall
    be limited and restricted with respect to such characteristic, so that the provision shall be enforceable to the greatest extent
    possible that is suitable to the applicable law as may be in force at such time.
	 	 
	16.	The
    provisions of this undertaking shall remain in full force even after termination of the employment between the Company and the Manager,
    for any reason whatsoever. This undertaking shall not in any way derogate from the undertakings and liabilities of the Manager under
    any law.
	 	 
	17.	The
    Manager hereby agrees that following termination of the employment between the Company and the Manager, the Company shall be entitled
    to give notice to the Manager’s new employer of the Manager’s rights and obligations pursuant to this Deed of Undertaking.
	 	 
	18.	This
    Deed of Undertaking constitutes the full agreement between the Company and the Manager with respect to the subject of this Deed of
    Undertaking. Any addition, amendment or waiver of any undertaking pursuant to this Deed of Undertaking shall only be valid if in
    writing and signed by the Company as well. The Company’s waiver of the Manager’s undertaking shall constitute a one-time
    waiver and shall not constitute a precedent or serve for the drawing of inferences to similar, different or other cases.
	 	 
	19.	This
    Deed of Undertaking and the rights and obligations hereunder shall be valid towards the substitutes, transferees and legal representatives
    of the Manager and the Company. The Company shall be entitled to assign all or part of its rights under this Deed of Undertaking.
    The Manager shall not convert, assign or otherwise transfer the duties imposed upon him under this Deed of Undertaking other than
    with the prior written consent of the Company.

 

	The
    Manager: /s/ Aril Priel	 	The
    Company: /s/ Yovav Sameah
	 	 	                          /s/
    Tanya Yosef

 

    	 

    	 

    

 

Appendix
C

 

General
Authorization (Consolidated Version) regarding Employer

Payments into Pension Funds and Insurance Funds in lieu of

Severance Pay

 

Pursuant
to the Severance Pay Law, 5723-1963

 

By
virtue of my authority pursuant to section 14 of the Severance Pay Law, 5723-1963, (hereinafter: the “Law”), I authorize
that payments made by the Employer as of the date of publication of this Certificate, for the Employee, into a comprehensive pension
in an annuity fund which is not an insurance fund as defined in the Income Tax (Rules for Approval of and Management of Pension Funds)
Regulations, 5724-1964 (hereinafter: a “Pension Fund”), or into an executive insurance policy which includes the ability
to pay an annuity or a combination of payments into an annuity plan and a plan which is not an annuity plan, into such insurance fund
(hereinafter: an “Insurance Fund”), including payments made by combining payments into a Pension Fund and an Insurance Fund,
whether the Insurance Fund contains an annuity plan or not (hereinafter: “Employer Payments”) shall stand in lieu of the
severance pay owing on the Salary out of which the aforesaid payments are made, and for the period paid (hereinafter: the “Severance
Salary”), provided that all of the above exist:

 

	1.	Employer’s
    payments –

 

	 	(a)	Into
    a Pension Fund shall be no less than 141/3% of the Severance Salary or 12% of the Severance Salary if the Employer
    also makes payments for the Employee, in addition to the above, for supplementation of severance pay into a severance pay pension
    fund or an Insurance Fund in the Employee’s name in the rate of 21/3% of the Severance Salary. Where
    the Employer has not paid the aforesaid 21/3% in addition to the 12%, the Employer’s payments shall stand
    in lieu of 72% of the Employee’s severance pay only;
	 	 	 
	 	(b)	Into
    an Insurance Fund are no less than one of the following:

 

	 	(1)	131/3%
    of the Severance Salary, if the Employer pays for the Employee, in addition to the above, for monthly salary assurance in the event
    of loss of capacity to work, under a plan approved by the Commissioner for Capital Markets, Insurance and Savings at the Ministry
    of Finance, in the rate required to assure 75% of the Severance Salary at least, or in the rate 21/2% of the
    Severance Salary, whichever is the lesser (hereinafter: “Payment for Insurance of Loss of Capacity to Work”);
	 	 	 
	 	(2)	11%
    of the Severance Salary, if the Employer also makes payment for insurance for loss of capacity to work, in which case the Employer’s
    payments shall be in lieu of 72% of the Employee’s severance pay, only; should the Employer make payments to supplement severance
    pay in addition to the above into a Pension Fund or Insurance Fund for severance pay in the Employee’s name, in the rate of
    21/3% of the Severance Salary, the Employer’s payments shall be in lieu of 100% of the Employee’s
    severance pay.

 

    	 

    	 

    

 

	2.	No
    more than 3 months after the commencement of the Employer’s payments, a written agreement is entered into between the Employer
    and the Employee containing:

 

	 	A.	The
    Employee’s consent to an arrangement under this Authorization in a form setting out the Employer’s payments to the Pension
    Fund or Insurance Fund, as the case may be; such agreement shall also contain the wording of this Authorization;
	 	 	 
	 	B.	A
    waiver by the Employer in advance of any right that it may have to restitution of the monies from its payments, unless the Employee’s
    right to severance pay is repudiated in a judgment under sections 16 and 17 of the Law, and to the extent so repudiated, or that
    the Employee has withdrawn monies from the Pension Fund or the Insurance Fund not due to an entitling event; in this regard, “entitling
    event” – death, disability or retirement at the age of 60 or more.
	 	 	 
	 	C.	This
    Authorization shall not derogate from an employee’s right to severance pay under the Law, under a collective agreement, extension
    order or employment contract, in respect of salary above the exempt salary.

 

(Eliyahu
Yishai)

 

	The
    Manager: /s/ Aril Priel	 	The
    Company: /s/ Yovav Sameah
	 	 	                          /s/
    Tanya YosefExhibit 4.5

 

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

 

As of December 31, 2021, Hennessy
Capital Investment Corp. V (“we,” “our,” “us” or the “Company”) had the following
three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”):
(i) its units, consisting of one share of Class A common stock (as defined below) and one-fourth
of one redeemable warrant (as defined below), with each whole warrant entitling the holder thereof to purchase one share of Class
A common stock (the “units”), (ii) its Class A common stock, $0.0001 par value per share (“Class A common stock”),
and (iii) its public warrants, with each whole warrant exercisable for one share of Class A common stock for $11.50 per share (the “warrants”).

 

Pursuant
to our amended and restated certificate of incorporation, our authorized capital stock consists of 220,000,000 shares of common stock,
including 200,000,000 shares of Class A common stock, $0.0001 par value and 20,000,000 shares of Class B common stock, $0.0001
par value, and 1,000,000 shares of undesignated preferred stock, $0.0001 par value. The following description summarizes the material
terms of our capital stock and does not purport to be complete. It is subject to, and qualified in its entirety by reference to,
our amended and restated certificate of incorporation, our bylaws and our warrant agreement, each of which is incorporated by reference
as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2021 (the “Report”) of which this Exhibit
4.5 is a part.

 

Defined terms used herein
but not otherwise defined shall have the meaning ascribed to such terms in the Report.

 

Units

 

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

 

Common Stock

 

Common stockholders of record
are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of our Class B common stock will
have the right to elect all of our directors prior to the consummation of our initial business combination. On any other matter submitted
to a vote of our stockholders, holders of our Class B common stock and holders of our Class A common stock will vote together
as a single class, except as required by applicable law or stock exchange rule. These provisions of our amended and restated certificate
of incorporation may only be amended if approved by a majority of at least 90% of our common stock voting at a stockholder meeting. There
is no cumulative voting with respect to the election of directors. Our stockholders are entitled to receive ratable dividends when, as
and if declared by the board of directors out of funds legally available therefor.

 

We will provide our public
stockholders with the opportunity to redeem all or a portion of their shares upon the completion of our initial business combination at
a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior
to the consummation of our initial business combination, including interest (net of taxes payable), divided by the number of then outstanding
public shares, subject to the limitations described herein. Our sponsor, officers and directors have entered into a letter agreement with
us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and any public shares held
by them in connection with the completion of our initial business combination. Permitted transferees of our sponsor, officers or directors
will be subject to the same obligations.

 

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

 

     

     

    

 

In the event of a liquidation,
dissolution or winding up of the company after a business combination, our stockholders are entitled to share ratably in all assets remaining
available for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference
over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable
to the common stock, except that we will provide our stockholders with the opportunity to redeem their public shares for cash equal to
their pro rata share of the aggregate amount on deposit in the trust account as of two business days prior to the consummation of
our initial business combination, including interest (net of taxes payable), upon the completion of our initial business combination,
subject to the limitations described in the Report.

 

Redeemable Warrants

 

Each whole warrant entitles
the registered holder to purchase one share of our Class A common stock at a price of $11.50 per share, subject to adjustment
as discussed below, at any time commencing on the later of January 20, 2022 and 30 days after the completion of our initial business
combination. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of Class A
common stock. This means 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 own at least four units, you will not be able
to receive or trade a whole warrant.

 

The warrants will expire five
years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption
or liquidation.

 

We will not be obligated to
deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant
exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class A common issuable
upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A common stock is available,
subject to our satisfying our obligations described below with respect to registration. No warrant will be exercisable for cash or on
a cashless basis, and we will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance
of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption
from registration is available. 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 the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant
will have paid the full purchase price for the unit solely for the share of Class A common stock underlying such unit.

 

We have agreed that as soon
as practicable, but in no event later than 15 business days after the closing of our initial business combination, we will use
our reasonable best efforts to file with the SEC, and within 60 business days following our initial business combination to
have declared effective, a registration statement covering the issuance of the shares of Class A common stock issuable upon exercise
of the warrants and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or
are redeemed. Notwithstanding the above, if our Class A common stock is at the time of any exercise of a warrant not listed on a
national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of
the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a “cashless
basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file,
or maintain in effect, a registration statement, but will use our reasonable best efforts to qualify the shares under applicable blue
sky laws to the extent an exemption is not available.

 

Redemption of Warrants.

 

Redemption of warrants
when the price per share of Class A common stock equals or exceeds $18.00.    Once the warrants become exercisable,
we may call the warrants for redemption:

 

		●	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, or the 30-day redemption period, to each warrant holder; and

 

    2

     

    

 

		●	if, and only if, the closing price of our Class A common stock equals or exceeds $18.00 per
                                                                                       share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) 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.

 

If and when the warrants become
redeemable by us pursuant to the foregoing redemption method, 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.

 

Redemption of warrants
when the price per share of Class A common stock equals or exceeds $10.00.

 

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

 

		●	if, and only if, the closing price of our Class A common
stock 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 “— Anti-Dilution Adjustments” below) on the trading
day prior to the date on which we send the notice of redemption to the warrant holders;

 

		●	if, and only if, the closing price of our Class A common
stock (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) 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 (the “Reference Value”) is less than $18.00 per share (as adjusted for share splits, share dividends, reorganizations,
recapitalizations and the like), then the private placement warrants must also concurrently be called for redemption on the same terms
(except as described herein with respect to a holder’s ability to cashless exercise its warrants) as the outstanding public warrants.

 

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 shares of Class A common stock 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 common stock on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants
are not redeemed for $0.10 per warrant), determined for these purposes based on volume weighted average price of our Class A
common stock for 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 immediately following
the 10 trading day period described above ends.

 

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

 

The 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 exercise price of the warrant immediately prior to such adjustment. In such
an event, the number of shares in the table below shall be adjusted by multiplying such share amounts by a fraction, the numerator of
which is the number of shares deliverable upon exercise of 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.

 

    3

     

    

 

	Redemption Date

(period to expiration of warrants)	 	Fair Market Value of Class A common stock
	<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

 

The exact fair market value
and redemption date may not be set forth in the table above, in which case, if the fair market value is between two values in the table
or the redemption date is between two redemption dates in the table, the number of shares of Class A common stock to be issued for
each warrant exercised will be determined by a straight-line interpolation between the number of shares set forth for the higher
and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable.
For example, if the volume weighted average price of our Class A common stock for the 10 trading days ending on the third trading
day prior to 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 shares of Class A common stock for each whole warrant. For an example where the exact fair market value
and redemption date are not as set forth in the table above, if the volume weighted average price of our Class A common stock for
the 10 trading days ending on the third trading day prior to 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 shares of Class A common stock 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 shares
of Class A common stock 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 shares of Class A common stock.

 

    4

     

    

 

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 shares of Class A
common stock outstanding immediately after giving effect to such exercise.

 

Anti-Dilution Adjustments.

 

If the number of outstanding
shares of Class A common stock is increased by a stock dividend payable in shares of Class A common stock, or by a split-up of
shares of Class A common stock or other similar event, then, on the effective date of such stock dividend, split-up or similar
event, the number of shares of Class A common stock issuable on exercise of each warrant will be increased in proportion to such
increase in the outstanding shares of Class A common stock. A rights offering to holders of Class A common stock entitling holders
to purchase shares of Class A common stock at a price less than the fair market value will be deemed a stock dividend of a number
of shares of Class A common stock equal to the product of (1) the number of shares of Class A common stock actually sold
in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable
for Class A common stock) multiplied by (2) one minus the quotient of (x) the price per share of Class A common stock
paid in such rights offering divided by (y) the fair market value. For these purposes (1) if the rights offering is for securities
convertible into or exercisable for Class A common stock, in determining the price payable for Class A common stock, there will
be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion
and (2) fair market value means the volume weighted average price of Class A common stock as reported during the ten trading
day period ending on the trading day prior to the first date on which the shares of Class A common stock trade on the applicable
exchange or in the applicable market, regular way, without the right to receive such rights.

 

In addition, if we, at any
time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the
holders of Class A common stock on account of such shares of Class A common stock (or other shares of our capital stock into
which the warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy
the redemption rights of the holders of Class A common stock in connection with a proposed initial business combination, (d) to
satisfy the redemption rights of the holders of Class A common stock in connection with a stockholder vote to amend our amended and
restated certificate of incorporation to modify the substance or timing of our obligation to provide for the redemption of our public
shares in connection with an initial business combination or to redeem 100% of our Class A common stock if we do not complete our
initial business combination within the completion window, or (e) in connection with the redemption of our public shares upon our
failure to complete our initial business combination, then the warrant exercise price will be decreased, effective immediately after the
effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share
of Class A common stock in respect of such event.

 

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

 

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

 

    5

     

    

 

In case of any reclassification
or reorganization of the outstanding shares of Class A common stock (other than those described above or that solely affects the
par value of such shares of Class A common stock), or in the case of any merger or consolidation of us with or into another corporation
(other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization
of our outstanding shares of Class A common stock), or in the case of any sale or conveyance to another corporation or entity of
the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders
of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in
the warrants and in lieu of the shares of our Class A common stock immediately theretofore purchasable and receivable upon the exercise
of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable
upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the
holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event. 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 stockholders of the company as provided
for in the company’s amended and restated certificate of incorporation or as a result of the redemption of shares of Class A
common stock by the company if a proposed initial business combination is presented to the stockholders 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 outstanding shares of Class A common stock, 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 stockholder 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 common stock held by such holder
had been purchased pursuant to such tender or exchange offer, subject to adjustments (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. Additionally, if less than
70% of the consideration receivable by the holders of Class A common stock in such a transaction is payable in the form of common
stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market,
or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises
the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified
in the warrant agreement based on the per share consideration minus Black-Scholes Warrant 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 in order to determine and realize the option value component of the warrant. This formula is to compensate
the warrant holder for the loss of the option value portion of the warrant due to the requirement that the warrant holder exercise the
warrant within 30 days of the event. The Black-Scholes model is an accepted pricing model for estimating fair market value where
no quoted market price for an instrument is available.

 

The warrants were issued in
registered form under a warrant agreement between Continental, as warrant agent, and us. You should review a copy of the warrant agreement,
which is filed with this Report, for a description of the terms and conditions applicable to the warrants. The warrant agreement provides
that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision,
but requires the approval by the holders of at least 50% of the then outstanding public warrants to make any change that adversely affects
the interests of the registered holders of public warrants.

 

In addition, if (x) we
issue additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with
the closing of our initial business combination at a Newly Issued Price of less than $9.20 per share of Class A common stock
(with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such
issuance to our initial stockholders or their affiliates or our anchor investors, without taking into account any founder shares or warrants
held by our initial stockholders or such affiliates, as applicable, or our anchor investors, prior to such issuance), (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
Market Value is below $9.20 per share, then the exercise price of the warrants will be adjusted 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 prices 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 will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

 

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

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