Document:

Exhibit 10.1

 

AmerisourceBergen Corporation 2022 Omnibus Incentive
Plan

 

	1. 	Purpose.   This AmerisourceBergen Corporation 2022 Omnibus Incentive Plan (the “Plan”),
  is adopted by the Board of Directors of AmerisourceBergen Corporation (the “Company”) subject to stockholder approval
  of the Plan at the 2022 Annual Meeting of Stockholders (the “Effective Date”) and shall become effective upon such
  approval. The purpose of the Plan is to provide designated employees, non-employee directors, independent contractors and consultants
  of the Company and its parent and subsidiaries with the opportunity to receive grants of stock-based awards as provided in the Plan.
  The Company believes that the Plan will encourage the participants to contribute materially to the growth of the Company, thereby benefiting
  the Company’s stockholders, and will align the economic interests of the participants with those of the stockholders. The Plan
  is the successor to the AmerisourceBergen Corporation Omnibus Incentive Plan, which was effective as of March 6, 2014 (the “2014
  Plan”). No awards will be granted under the 2014 Plan after the Effective Date.

	 	 
	2.	Definitions.   For purposes
of the Plan, the following terms shall be defined as follows:

 

“Administrator” means the particular entity, whether
the Compensation Committee, the Board, the Secondary Board Committee or other committee of two (2) or more non-employee Board members
specified in Section 3(a), which is authorized to administer the Plan with respect to one or more classes of Eligible Individuals,
to the extent such entity is carrying out its administrative functions under the Plan with respect to the persons under its jurisdiction.

 

“Award” means an award made pursuant
to the terms of the Plan to an Eligible Individual in the form of Stock Options, Stock Appreciation Rights, Stock Awards, Restricted
Stock Unit Awards, Dividend Equivalent Awards or other awards determined by the Administrator.

 

“Award Agreement” means a written
agreement or certificate granting an Award.

 

“Board” means the Board of Directors
of the Company.

 

“Cause” means a determination by
the Administrator that any of the following has occurred: (i) commission of any act of fraud, embezzlement; (ii) a material
breach of any nonsolicitation, noncompetition or invention assignment provisions in an agreement between the Participant and the Company
(or any Parent or Subsidiary), including nonsolicitation, noncompetition or invention assignment provisions in the applicable Award Agreement;
(iii) any unauthorized use or disclosure of confidential information or trade secrets of the Company (or any of its affiliated corporations);
(iv) any other willful misconduct adversely affecting the business or affairs of the Company (or any its affiliated corporations);
or (v) material failure to comply with the Company’s code of conduct or employment policies; provided, however, if 
 “Cause” is defined in an employment or other written agreement between the Company (or any Parent or Subsidiary) and the
Participant, then Cause shall have the meaning assigned to such term in such employment or other agreement.

 

“Change in Control” shall be deemed
to have occurred if:

 

	 	 	i. 	Any “person” ​(as such term is used
in Sections 13(d) and 14(d) of the Exchange Act) is or becomes a “beneficial owner” ​(as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company representing more than 35% of the voting power of the then
outstanding securities of the Company, and such person owns more aggregate voting power of the Company’s then outstanding securities
entitled to vote generally in the election of directors than any other person;
	 	 	 	 
	 	 	ii.	The consummation of  (x) a merger or consolidation
of the Company with another corporation where the stockholders of the Company, immediately prior to the merger or consolidation, will
not beneficially own, immediately after the merger or consolidation, shares entitling such stockholders to 50% or more of all votes to
which all stockholders of the surviving corporation would be entitled in the election of directors (without consideration of the rights of any class of stock to elect directors
by a separate class vote), (y) a sale or other disposition of all or substantially all of the assets of the Company, or (z) a
liquidation or dissolution of the Company; or

  

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	 	 	iii.	A change in the composition of the Board over a period
of twelve (12) consecutive months or less such that a majority of the Board members ceases to be comprised of individuals who either
(A) have been Board members continuously since the beginning of such period (“Incumbent Directors”) or (B) have
been elected or nominated for election as Board members during such period by at least two-thirds of the Incumbent Directors who were
still in office at the time the Board approved such election or nomination; provided that any individual who becomes a Board member subsequent
to the beginning of such period and whose election or nomination was approved by two-thirds of the Board members then comprising the
Incumbent Directors will be considered an Incumbent Director.

 

“Code” means the Internal Revenue
Code of 1986, as amended, and the applicable rulings and regulations thereunder.

 

“Common Stock” means the common
stock of the Company.

 

“Compensation Committee” means
the Compensation and Succession Planning Committee of the Board, which shall at all relevant times be comprised solely of two (2) or
more non-employee Board members, each of whom is intended to qualify as a “non-employee director” ​(as defined in Rule 16b-3
under the Exchange Act) and an “independent director” under the rules of any securities exchange or automated quotation system
on which the Common Stock is then listed, quoted or traded; provided that any action taken by the Compensation Committee shall be valid
and effective, whether or not one or more members of the Compensation Committee at the time of such action are later determined not to
have satisfied the requirements for membership set forth in this definition or otherwise provided in the charter of the Compensation
Committee.

 

“Dividend Equivalent Award” means
an Award to receive dividend equivalents granted to an Eligible Individual pursuant to Section 12 hereof.

 

“Eligible Individuals” means the
individuals described in Section 6 who are eligible for Awards under the Plan.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the applicable rulings and regulations thereunder.

 

“Fair Market Value” shall be determined
as follows:

 

	 	 	i.	If the Common Stock is publicly traded, then the Fair
Market Value per share of Common Stock shall be determined as follows: (x) if the principal trading market for the Common Stock
is a national securities exchange, the closing selling price per share at the close of regular hours of trading on the relevant date
(or, if the relevant date is not a day in which the Common Stock is being traded, then the next day in which the Common Stock is being
traded after the relevant date), or (y) if the Common Stock is not principally traded on such exchange, the mean between the last
reported “bid” and “asked” prices of shares of Common Stock on the relevant date (or, if the relevant date is
not a date upon which a sale was reported, then the next day in which the Common Stock is being traded after the relevant date).
	 	 	 	 
	 	 	ii.	If the Common Stock is not publicly traded or, if
publicly traded, is not subject to reported transactions or “bid” or “asked” quotations as set forth above, the
Fair Market Value per share shall be as determined by the Administrator.

 

“Family Member” means, with respect to a particular
Participant, any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships.

 

“Full Value Award” means an Award
other than a Stock Option, Stock Appreciation Right or other Award for which the Participant pays the intrinsic value (whether directly
or by forgoing a right to receive a payment from the Company).

 

“Parent” means any corporation
that is a “parent corporation” within the meaning of Section 424(e) of the Code with respect to the Company.

 

“Participant” means an Eligible
Individual to whom an Award has been granted under the Plan.

 

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“Performance Goals” means any of the following
performance criteria upon which the vesting of one or more Awards under the Plan may be based, or such other performance criteria as
the Administrator may specify: (i) cash flow (including net cash flow, cash flow from operations, free cash flow (i.e. cash
flow from operations less​ capital expenditures), cash flow from investing activities and cash flow from financing
activities); (ii) earnings (including total earnings, earnings from operations, gross profit, gross margin, earnings before
interest and taxes, earnings before taxes, earnings before interest, taxes, depreciation, amortization and charges for stock-based
compensation, earnings before interest, taxes, depreciation and amortization, and net earnings); (iii) income from continuing
operations, income from continuing operations before taxes, income from continuing operations before taxes and interest, income from
continuing operations before taxes, interest, depreciation and amortization, income from continuing operations before special items
(including warrant expense, LIFO charges, employee severance, litigation expenses, deal amortization and other expenses, all net of
taxes); (iv) earnings per share and earnings per share from continuing operations, diluted or basic; (v) growth in
earnings or earnings per share, diluted or basic; (vi) stock price; (vii) return on equity or average stockholder equity;
(viii) total stockholder return or growth in total stockholder return either directly or in relation to a comparative group;
(ix) return on capital; (x) return on assets or net assets; (xi) net asset turnover or change in assets;
(xii) capital expenditures; (xiii) invested capital, return on capital or return on committed or invested capital;
(xiv) revenue, growth in revenue or return on sales; (xv) income or net income; (xvi) operating income, net operating
income or net operating income after tax; (xvii) operating profit or net operating profit; (xviii) gross or operating margin;
(xix) profitability by product or program line, business unit, or segment; (xx) return on operating revenue or return on
operating profit; (xxi) distribution, selling, general and/or administrative expenses; (xxii) operating expenses; (xxiii)
operating expenses as a percentage of revenue; (xxiv) overhead or other expense reduction; (xxv) dividend payment
yield or dividend payout ratio; (xxvi) net or gross sales; (xxvii) days sales outstanding; (xxviii) days inventory on
hand; (xxix) inventory turnover; (xxx) economic value added; (xxxi) cost of capital; (xxxii) litigation and
regulatory resolution goals; (xxxiii) budget comparisons; (xxxiv) productivity; (xxxv) growth in stockholder value
relative to the growth of the S&P 500 or S&P 500 Index, the S&P Global Industry Classification Standards
(“GICS”) or GICS Index, or another peer group or peer group index; (xxxvi) debt or debt reduction; (xxxvii) credit
rating; (xxxviii) development and implementation of key projects, strategic plans and/or organizational restructuring goals; (xxxix)
performance achievements on certain designated projects or objectives; (xl) development and implementation of risk and crisis
management programs; improvement in workforce diversity; (xli) productivity goals; (xlii) workforce management and succession
planning goals; (xliii) measures of customer satisfaction, employee satisfaction, employee retention or staff development; (xliv)
development or marketing collaborations, formations of joint ventures or partnerships or the completion of other similar
transactions intended to enhance the Company’s revenue or profitability or enhance its customer base; (xlv) merger and
acquisitions; (xlvi) measures of market share; (xlvii) maintenance of an investment grade rating; (xlviii) buy-side margin or
other specific financial criteria related to inventory purchasing; (xlix) regulatory compliance; (l) specific diversity and/or
succession goals or implementation; and (li) other similar criteria consistent with the foregoing.

 

Such performance criteria may be based upon the attainment
of specified levels of the Company’s performance under one or more of the measures described above relative to the performance
of other entities, on the performance of any of the Company’s business units or divisions or any Parent or Subsidiary and
on an adjusted or non-adjusted basis. Each applicable Performance Goal may include a minimum threshold level of performance below which
no Award will be earned, levels of performance at which specified portions of an Award will be earned and a maximum level of performance
at which an Award will be fully earned. Each applicable performance goal may be appropriately adjusted as the Administrator deems appropriate,
including for the following items: (A) asset impairments or write-downs; (B) litigation judgments or claim settlements; (C) the
effect of changes in tax law, accounting principles or other such laws, regulations or provisions affecting reported results; (D) accruals
for reorganization and restructuring programs; (E) any unusual or infrequently occurring items; (F) the operations of any business
acquired by the Company; (G) severance, contract termination and other costs related to exiting certain business activities, discontinued
operations or the divestiture of one or more business operations; (H) currency fluctuations; (I) non-cash items, such as amortization,
depreciation or reserves; (J) any recapitalization, merger, consolidation, spin-off, split-up, combination, liquidation, dissolution,
sale of assets or other similar corporate transaction; (K) gains or losses from the early extinguishment of debt; (L) stock
dividend or stock split; (M) items relating to major licensing or partnership arrangements; and (N) any other adjustment consistent
with the operation of the Plan.

 

“Restricted Stock Unit” means a
Common Stock-equivalent unit granted to an Eligible Individual pursuant to Section 11 hereof.

 

“Secondary Board Committee” shall
mean a committee of one or more Board members appointed by the Board to administer the Plan with respect to Eligible Individuals who
are not subject to the reporting rules under Section 16(a) of the Exchange Act.

 

“Securities Act” means the Securities
Act of 1933, as amended, and the applicable rulings and regulations thereunder.

  

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“Service” means the performance of services for the Company
(or any Parent or Subsidiary, whether now existing or subsequently established) by a person in the capacity of an employee, a non-employee
member of the Board of directors or a consultant or independent advisor, except to the extent otherwise specifically provided in the
Award Agreement. For purposes of the Plan, a Participant shall be deemed to cease Service immediately upon the occurrence of either of
the following events: (i) the Participant no longer performs services in any of the foregoing capacities for the Company or any
Parent or Subsidiary or (ii) the entity for which the Participant is performing such services ceases to remain a Parent or Subsidiary
of the Company, even though the Participant may subsequently continue to perform services for that entity. Service shall not be deemed
to cease during a period of military leave, sick leave or other personal leave approved by the Company. Except to the extent otherwise
required by law or expressly authorized by the Administrator or by the Company’s written policy on leaves of absence, no Service
credit shall be given for vesting purposes for any period the Participant is on a leave of absence.

 

“Stock Appreciation Right” means
an Award to receive all or some portion of the appreciation on shares of Common Stock granted to an Eligible Individual pursuant to Section 9
hereof.

 

“Stock Award” means an Award of
shares of Common Stock granted to an Eligible Individual pursuant to Section 10 hereof.

 

“Stock Option” means an Award to
purchase shares of Common Stock granted to an Eligible Individual pursuant to Section 8 hereof. No Stock Option is intended to qualify
as an “incentive stock option” within the meaning of Section 422 of the Code.

 

“Subsidiary” means any corporation
or other entity in which the Company, directly or indirectly, has an equity or similar interest and which the Administrator designates
as a Subsidiary for the purposes of the Plan.

 

“Substitute Award” means an Award
granted upon assumption of, or in substitution for, outstanding awards previously granted by a company or other entity in connection
with a corporate transaction, such as a merger, combination, consolidation or acquisition of property or stock.

 

“Voluntary Retirement” means any
voluntary termination of employment by a Participant after reaching age fifty-five (55), where the Participant’s age plus years
of continuous employment with the Company and/or its Parent or Subsidiaries equals at least sixty-five (65).

 

3.    Administration of the Plan.

 

	 	a.	Administration.   The Compensation Committee (whether acting directly or through a subcommittee of two (2) or
  more members thereof) shall have sole and exclusive authority to administer the Plan with respect to Eligible Individuals who are subject
  to the reporting rules under Section 16(a) of the Exchange Act; provided that the Board may retain the power to administer the
  Plan with respect to such Eligible Individuals in its discretion, and provided further that the Board may delegate to another committee
  of two (2) or more non-employee Board members, each of whom is intended to qualify as a “non-employee director” ​(as
  defined in Rule 16b-3 under the Exchange Act), the authority to administer the Plan with respect to non-employee directors. Administration
  of the Plan with respect to all other Eligible Individuals and other Awards may, at the Board’s discretion, be vested in the
  Compensation Committee or a Secondary Board Committee, or the Board may retain the power to administer those programs with respect
  to such persons and awards.
	 	 	 
	 	b.	Power and Authority of the Administrator.   Each Administrator shall, within the scope of its administrative
  functions under Plan, have full power and discretionary authority, subject to the express provisions hereof, (i) to select Participants
  from the Eligible Individuals; (ii) to make Awards in accordance with the Plan; (iii) to determine the number of shares of
  Common Stock subject to each Award and the cash amount (if any) payable in connection with an Award; (iv) subject to the limitation
  set forth in Section 7(b), to determine the terms and conditions of each Award, including, without limitation, those related to
  vesting, forfeiture, payment and exercisability (and whether terms of any vesting or exercise will be based upon the achievement of
  specific Performance Goals), and the effect, if any, of a Participant’s termination of Service or, subject to Section 18,
  the effect, if any, of a Change in Control on the outstanding Awards granted to a Participant; (v) to determine the amounts payable
  based on attainment of Performance Goals, including discretion to make such adjustments (positive or negative) to the amounts payable
  as the Administrator deems appropriate and in the best interests of the Company; (vi) to amend the terms and conditions of an
  Award after the granting thereof to a Participant (including accelerating the exercisability, vesting or payment of an Award and/or
  extending the period of time for which a Stock Option or Stock Appreciation Right is to remain exercisable following the Participant’s
  cessation of Service) ; (vii) to provide in an Award Agreement for forfeiture of all or part of an Award, whether or not such
  Award has become exercisable, nonforfeitable or earned or has previously been exercised, as the case may be, and to determine the terms
  and conditions of such forfeiture, which terms and conditions may include, but are not limited to, non-competition and non-solicitation
  requirements and/or conditions requiring the repayment to the Company of the vested and/or previously exercised portion of any Award;
  (viii) to take any action pursuant to its authority under a Policy (as defined in Section 14(a)) with respect to any Awards
  granted hereunder; (ix) to specify and approve the provisions of the Award Agreements delivered to Participants in connection
  with their Awards; (x) to interpret any Award Agreement delivered under the Plan, (xi) to prescribe, amend and rescind such
  rules and procedures as it deems necessary or advisable for the proper administration of the Plan, including adopting subplans to the
  Plan or special terms for Awards granted to Eligible Individuals in countries outside the United States; (xii) to vary the terms
  of Awards to take account of tax, securities law and other regulatory requirements of various states or foreign jurisdictions; (xiii) subject
  to Section 3(e), to delegate to one or more officers of the Company some or all of its authority under the Plan, and (xiv) to
  make all other determinations and to formulate such procedures as may be necessary or advisable for the administration of the Plan.

 

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	 	c.	Plan Construction and Interpretation.   The Administrator shall have full power and authority, subject
  to the express provisions hereof, to construe and interpret the Plan.
	 	 	 
	 	d.	Determinations of Administrator Final and Binding.   All determinations made by the Administrator in carrying
  out and administering the Plan and in construing and interpreting the Plan shall be final, binding and conclusive for all purposes
  and upon all persons interested herein. All Awards shall be made conditional upon the Participant’s acknowledgment, by acceptance
  of the Award (whether electronic or otherwise), that all decisions and determinations of the Administrator shall be final and binding
  on the Participant, the Participant’s beneficiaries and any other person having or claiming an interest under such Award.
	 	 	 
	 	e.	Delegation of Authority.   To
the maximum extent permitted by law, the Board or the Compensation Committee may from time to time delegate some or all of its authority
under the Plan to one or more officers of the Company; provided, however, that in no event shall such officer or officers be delegated
any authority to grant Awards to, or amend or make determinations with respect to Awards held by, Eligible Individuals who, at such time,
are (i) subject to the reporting rules under Section 16(a) of the Exchange Act, or (ii) officers of the Company who are
delegated authority pursuant to this Section 3(e). Any delegation hereunder shall be subject to the restrictions and limits
that the Board or the Compensation Committee specifies at the time of such delegation or thereafter. The Board or the Compensation
Committee may at any time rescind the authority delegated to a delegatee appointed hereunder or appoint a new delegatee. At all
times, a delegatee appointed under this Section 3(e) shall serve in such capacity at the pleasure of the body that appointed such
delegatee. Any action undertaken by the delegatee in accordance with the Board’s or the Compensation Committee’s delegation
of authority shall have the same force and effect as if undertaken directly by the Board or the Compensation Committee, respectively,
and any reference in the Plan to the Board or the Compensation Committee shall, to the extent consistent with the terms and limitations
of such delegation, be deemed to include a reference to the delegatee.
	 	 	 
	 	f.	Indemnification.   To the extent
allowable pursuant to applicable law, each member of the Board and each officer to whom authority is delegated under Section 3(e)
(each such person, and “indemnitee”) shall be indemnified and held harmless by the Company from any loss, cost, liability,
or expense that may be imposed upon or reasonably incurred by such individual in connection with or resulting from any claim, action,
suit, or proceeding to which the indemnitee may be a party or in which the indemnitee may be involved by reason of any action or failure
to act pursuant to the Plan and against and from any and all amounts paid by the indemnitee in satisfaction of judgment in such action,
suit, or proceeding against the indemnitee; provided that the indemnitee gives the Company an opportunity, at its own expense, to handle
and defend the same before the indemnitee undertakes to handle and defend it on the indemnitee’s own behalf. The foregoing right
of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the
Company’s Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify
them or hold them harmless.

 

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	4.	Duration of Plan.   The Plan
shall remain in effect until terminated by the Board and thereafter until all Awards granted under the Plan are satisfied by the issuance
of shares of Common Stock or the payment of cash or are terminated under the terms of the Plan or under the Award Agreement entered into
in connection with the grant thereof. Notwithstanding the foregoing, no Awards may be granted under the Plan after March 9, 2032.
	 	 
	5.	Shares of Stock Subject to the Plan and Award Limitations.

 

	 	a. 	Share Reserve.   Subject to
adjustment as provided in Section 17(b), the number of shares of Common Stock that may be issued under the Plan pursuant to
Awards made on or after the Effective Date shall not exceed, in the aggregate, 22,750,000 shares. In addition, any shares of Common
Stock that remained available for awards under the 2014 Plan as of the Effective Date, and any shares of Common Stock subject to
outstanding awards under the 2014 Plan as of the Effective Date that are payable in shares and that expire, are forfeited or are
otherwise terminated without having been exercised, vested or settled in full, as applicable, on or after the Effective Date,
subject to adjustment provided in 17(b) below (“2014 Plan Shares”), may be issued with respect to Awards
under this Plan. The aggregate number of shares reserved for issuance under this Plan as of the Effective Date, including such 2014
Plan Shares, is referred to as the (“2022 Plan Reserve”). Shares issued under the Plan may be either
authorized but unissued shares, treasury shares or any combination thereof.

 

For purposes of determining the number of shares that
remain available for issuance under the Plan and subject to adjustment as provided in Section 17(b), the following rules shall apply:

 

	 	 	i.	the 2022 Plan Reserve shall be reduced on a one-for-one
basis for each share of Common Stock subject to an Award other than a Full Value Award and by a fixed ratio of 3.00 shares of Common
Stock for each share of Common Stock subject to a Full Value Award;
	 	 	 	 
	 	 	ii.	the 2022 Plan Reserve shall be increased by one
share for each share of Common Stock subject to an Award other than a Full Value Award that expires or is forfeited or otherwise terminated
without the issuance of such shares or is settled by the delivery of consideration other than shares of Common Stock and by 3.00 shares
for each share of Common Stock subject to a Full Value Award that expires or is forfeited or otherwise terminated without the issuance
of such shares or is settled by the delivery of consideration other than shares of Common Stock;
	 	 	 	 
	 	 	iii.	the 2022 Plan Reserve shall be increased by 3.00
shares for each unvested share of Common Stock repurchased or forfeited under a Stock Award;
	 	 	 	 
	 	 	iv.	the 2022 Plan Reserve shall be increased by one share for each
share of Common Stock subject to a stock option granted under the 2014 Plan that expires or is forfeited or otherwise terminates without
the issuance of such shares or is settled by the delivery of consideration other than shares of Common Stock and by 3.25 shares for each
share of Common Stock subject to a full value award granted under the 2014 Plan that expires or is forfeited or otherwise terminates
without the issuance of such shares or is settled by the delivery of consideration other than shares of Common Stock; and
	 	 	 	 
	 	 	v.	the 2022 Plan Reserve shall not be increased
by:

 

	 	 	 	(A)	the number of shares of Common Stock tendered to pay
the exercise price of, or to satisfy a Participant’s tax withholding obligations with respect to, a Stock Option or other Award,
	 	 	 	 	 
	 	 	 	(B)	the number of shares of Common Stock withheld from
any Award to satisfy a Participant’s tax withholding obligations or, if applicable, to pay the exercise price of a Stock Option
or other Award,
	 	 	 	 	 
	 	 	 	(C)	the number of shares of Common Stock subject to a
Stock Appreciation Right that are not issued in connection with the settlement of the Stock Appreciation Right on exercise thereof; and
	 	 	 	 	 
	 	 	 	(D)	shares of Common Stock purchased on the open market
with the cash proceeds from the exercise of Stock Options.

 

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In addition, any shares of Common Stock underlying Substitute Awards
shall not be counted against the 2022 Plan Reserve.

 

		b.	Limitation on Awards.   Subject
                                            to adjustment as provided in Section 17(b),

 

		i.	the maximum aggregate
                                            number of shares of Common Stock with respect to which Awards (whether settled in cash or
                                            shares of Common Stock) may be granted to any Participant (other than a non-employee director)
                                            during any fiscal year of the Company under the Plan shall be 3,000,000; and
	 	 	 
		ii.	the maximum grant date
                                            value of shares subject to Awards granted to any non-employee director during any fiscal
                                            year of the Company under the Plan, taken together with any cash fees payable to such non-employee
                                            director for services rendered as a non-employee director during the fiscal year, shall not
                                            exceed $800,000 in total value. For purposes of this limit, the value of such Awards shall
                                            be calculated based on the grant date fair value of such Awards for financial reporting purposes.

 

​For purposes of this Section 5(b), each share of Common
Stock subject to an Award (including a Full Value Award) shall be counted as one share against the Award limits set forth above.

 

		6.	Eligible Individuals.   Awards
                                            may be granted by the Administrator to individuals (“Eligible Individuals”)
                                            who are officers or other employees, non-employee directors, independent contractors or consultants
                                            of the Company (or a Parent or Subsidiary) with the potential to contribute to the future
                                            success of the Company or its Parents or Subsidiaries. An individual’s status as a
                                            member of the Board, the Compensation Committee or any Secondary Board Committee or an officer
                                            to whom authority is delegated under Section 3(e) shall not affect the individual’s
                                            eligibility to participate in the Plan.
	 	 	 
		7.	Awards.

 

		a.	Awards Generally.   Awards
                                            under the Plan may consist of Stock Options, Stock Appreciation Rights, Stock Awards, Restricted
                                            Stock Unit Awards, Dividend Equivalent Awards or other awards determined by the Administrator.
                                            The terms and provisions of an Award shall be set forth in a written Award Agreement approved
                                            by the Administrator.

 

		b.	Vesting Restrictions.   Notwithstanding
                                            the generality of the foregoing, Awards made under the Plan shall include regular vesting
                                            schedules under which no portion of an Award may vest or become exercisable in less than
                                            one year from the date of grant; provided however that, subject to any adjustments as described
                                            below and without regard to the fungible share counting ratios set forth in Section 5(a),
                                            up to 5% of shares subject to the 2022 Plan Reserve may be granted without regard to
                                            this minimum vesting requirement.

​ 

		8.	Stock Options.

​ 

		a.	Terms of Stock Options
                                            Generally.   Subject to the terms of the Plan and the applicable Award
                                            Agreement, each Stock Option shall entitle the Participant to whom such Stock Option was
                                            granted to purchase the number of shares of Common Stock specified in the applicable Award
                                            Agreement and shall be subject to the terms and conditions established by the Administrator
                                            in connection with the Award and specified in the applicable Award Agreement, including,
                                            without limitation, whether the Stock Option will vest and become exercisable based upon
                                            the achievement of specific Performance Goals. Upon satisfaction of the conditions
                                            to exercisability specified in the applicable Award Agreement, a Participant shall be entitled
                                            to exercise the Stock Option in whole or in part and to receive, upon satisfaction or payment
                                            of the exercise price or an irrevocable notice of exercise in the manner contemplated by
                                            Section 8(e) below, the number of shares of Common Stock in respect of which the Stock
                                            Option shall have been exercised.
	 	 	 
		b.	Exercise Price.   The exercise price
                                            per share of Common Stock purchasable under a Stock Option shall be determined by the Administrator
                                            at the time of grant and set forth in the Award Agreement; provided, however, that the exercise
                                            price per share shall be no less than 100% of the Fair Market Value per share on the date
                                            of grant. Notwithstanding the foregoing, the exercise price per share of a Stock Option
                                            that is a Substitute Award may be less than the Fair Market Value per share on the date of
                                            award, provided the requirements of Treas. Reg. § 1.409A-1(b)(5)(v)(D) are met.

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		c.	Option Term.   The
                                            term of each Stock Option shall be fixed by the Administrator and set forth in the Award
                                            Agreement; provided, however, that a Stock Option shall not be exercisable after the expiration
                                            of ten (10) years from the date the Stock Option is granted.

​ 

		d.	Effect of Termination
                                            of Service.    The following provisions shall govern the exercise of any
                                            Stock Options that are outstanding at the time of the Participant’s cessation of Service:

​ 

		i.	 Any Stock Option
                                            outstanding at the time of the Participant’s cessation of Service for any reason shall
                                            remain exercisable for such period of time thereafter as shall be determined by the Administrator
                                            and set forth in the Award Agreement, but no such Stock Option shall be exercisable after
                                            the expiration of the option term.
	 	 	 
		ii.	Any Stock Option held by the Participant at the time of
                                            the Participant’s death and exercisable in whole or in part at that time may be subsequently
                                            exercised by the personal representative of the Participant’s estate or by the person
                                            or persons to whom the Stock Option is transferred pursuant to the Participant’s will
                                            or the laws of inheritance or by the Participant’s designated beneficiary or beneficiaries
                                            of that Stock Option.
	 	 	 
		iii.	Should the Participant’s Service be terminated for
                                            Cause or should the Participant otherwise engage in conduct constituting grounds for a termination
                                            for Cause while holding one or more outstanding Stock Options, then all of the Participant’s
                                            outstanding Stock Options shall terminate immediately and cease to be outstanding.
	 	 	 
		iv.	During the applicable post-service exercise period, the
                                            Stock Option may not be exercised in the aggregate for more than the number of vested shares
                                            of Common Stock for which the Stock Option is at the time exercisable. No additional Stock
                                            Options shall vest following the Participant’s cessation of Service, except to the
                                            extent (if any) specifically authorized by the Administrator in its sole discretion pursuant
                                            to an express written agreement with the Participant. Upon the expiration of the applicable
                                            exercise period or (if earlier) upon the expiration of the option term, the Stock Option
                                            shall terminate and cease to be outstanding for any shares for which the Stock Option has
                                            not been exercised.

 

The Administrator shall have complete discretion, exercisable either
at the time a Stock Option is granted or at any time while the Stock Option remains outstanding, to:

 

		i.	extend the period of
                                            time for which the Stock Option is to remain exercisable following the Participant’s
                                            cessation of Service from the limited exercise period otherwise in effect for that Stock
                                            Option to such greater period of time as the Administrator shall deem appropriate, but in
                                            no event beyond the expiration of the option term,
	 	 	 
		ii.	include an automatic extension provision whereby the specified
                                            post-service exercise period in effect for any Stock Option shall automatically be extended
                                            by an additional period of time equal in duration to any interval within the specified post-service
                                            exercise period during which the exercise of that Stock Option or the immediate sale of the
                                            shares acquired under such Stock Option could not be effected in compliance with the applicable
                                            registration requirements of federal and state securities laws, but in no event shall such
                                            an extension result in the continuation of such Stock Option beyond the expiration date of
                                            the term of that option, and/or
	 	 	 
		iii.	permit the Stock Option to be exercised, during the applicable
                                            post-service exercise period, not only with respect to the number of vested shares of Common
                                            Stock for which such Stock Option is exercisable at the time of the Participant’s cessation
                                            of Service but also with respect to one or more additional installments in which the Participant
                                            would have vested had the Participant continued in Service.

 

	 	e.	Payment of Exercise Price.   Subject to the provisions
                              of the applicable Award Agreement, the exercise price of a Stock Option may be paid in one or more of the
                              following forms:

​ 

		i.	cash or check made payable
                                            to the Company;
	 	 	 
		ii.	previously owned shares of Common Stock (whether delivered
                                            in the form of actual stock certificates or through attestation of ownership) held for the
                                            requisite period (if any) necessary to avoid any resulting charge to the Company’s
                                            earnings for financial reporting purposes and valued at Fair Market Value on the exercise
                                            date;

​  

    8

     

    

 

		iii.	through the withholding
                                            of shares subject to the Stock Option with a Fair Market Value on the date of exercise equal
                                            to the aggregate exercise price; or
	 	 	 
		iv.	through a “cashless
                                            exercise” procedure which is approved by the Company involving a brokerage firm (reasonably
                                            satisfactory to the Company for purposes of administering such procedure in compliance with
                                            the Company’s pre-clearance/pre-notification policies) thereby affording Participants
                                            the opportunity to sell immediately some or all of the shares underlying the exercised portion
                                            of the Stock Option in order to generate sufficient cash to pay the Stock Option exercise
                                            price and to satisfy withholding tax obligations related to the Stock Option.

​ 

		9.	Stock Appreciation
                                            Rights.   Stock Appreciation Rights shall be subject to the terms and
                                            conditions of the Plan and those established by the Administrator in connection with the
                                            award thereof and specified in the applicable Award Agreement, including, without limitation,
                                            whether the Stock Appreciation Rights will vest and become exercisable based upon the achievement
                                            of specific Performance Goals; provided, however, that the exercise price per share of Common
                                            Stock subject to a Stock Appreciation Right shall be no less than 100% of the Fair Market
                                            Value per share on the date of grant and the Stock Appreciation Right shall not be exercisable
                                            after the expiration of ten (10) years measured from the grant date. Subject to the provisions
                                            of Section 14, the exercise of a Stock Appreciation Right shall entitle a Participant
                                            to an amount, if any, equal to the Fair Market Value of a share of Common Stock on the date
                                            of exercise over the Stock Appreciation Right exercise price specified in the applicable
                                            Award Agreement. At the discretion of the Administrator, payments to a Participant
                                            upon exercise of a Stock Appreciation Right may be made in shares of Common Stock, cash or
                                            a combination thereof. A Stock Appreciation Right may be granted alone or in addition
                                            to other Awards, or in tandem with a Stock Option. If granted in tandem with a Stock
                                            Option, a Stock Appreciation Right shall cover the same number of shares of Common Stock
                                            as covered by the Stock Option (or such lesser number of shares as the Administrator may
                                            determine) and shall be exercisable only at such time or times and to the extent the related
                                            Stock Option shall be exercisable, and shall have the same term and exercise price as the
                                            related Stock Option. Upon exercise of a Stock Appreciation Right granted in tandem
                                            with a Stock Option, the related Stock Option shall be canceled automatically to the extent
                                            of the number of shares covered by such exercise; conversely, if the related Stock Option
                                            is exercised as to some or all of the shares covered by the tandem grant, the tandem Stock
                                            Appreciation Right shall be canceled automatically to the extent of the number of shares
                                            covered by the Stock Option exercised. The provisions governing the exercise of Stock Appreciation
                                            Rights following the cessation of the Participant’s Service shall be substantially
                                            the same as set forth in Section 8(d) for Stock Options granted under the Plan.
	 	 	 
		10.	Stock Awards.   Stock
                                            Awards shall consist of one or more shares of Common Stock granted to an Eligible Individual,
                                            and shall be subject to the terms and conditions of the Plan and those established by the
                                            Administrator in connection with the Award and specified in the applicable Award Agreement.
                                            Stock Awards may be issued for cash or no cash consideration and as fully vested shares or
                                            subject to vesting conditions as determined by the Administrator, including, without limitation,
                                            whether the Stock Awards will vest based upon the achievement of specific Performance Goals.
                                            Notwithstanding anything to the contrary however, the Administrator shall be permitted to
                                            waive any vesting conditions applicable to any Stock Award. Except as otherwise provided
                                            in the applicable Award Agreement, a Participant shall have all the rights of a stockholder
                                            with respect to any shares of Common Stock issued to the Participant under a Stock Award,
                                            whether or not the Participant’s interest in those shares is vested; provided however,
                                            that no dividends on a Stock Award shall vest and be payable until the underlying Stock Award
                                            vests. Accrued dividends will not accrue interest.
	 	 	 
		11.	Restricted Stock Units.   The
                                            Administrator may from time to time grant Awards to Eligible Individuals denominated in Common
                                            Stock-equivalent units in such amounts and upon such terms and conditions set forth
                                            in the Plan and as the Administrator shall determine and as set forth in an applicable Award
                                            Agreement, including, without limitation, whether the Restricted Stock Units will vest based
                                            upon the achievement of specific Performance Goals. Notwithstanding anything to the contrary
                                            however, the Administrator shall be permitted to waive any vesting conditions applicable
                                            to any Restricted Stock Unit Award. Restricted Stock Units granted to a Participant
                                            shall be credited to a bookkeeping reserve account solely for accounting purposes and shall
                                            not require a segregation of any of the Company’s assets. An Award of Restricted
                                            Stock Units may be settled in shares of Common Stock, cash, or in any combination of Common
                                            Stock and cash as the Administrator shall determine. Except as otherwise provided in the
                                            applicable Award Agreement, the Participant shall not have the rights of a stockholder with
                                            respect to any Common Stock represented by a Restricted Stock Unit. However, Dividend Equivalents
                                            may be paid or credited, either in cash or in actual or phantom shares of Common Stock, on
                                            outstanding Restricted Stock Units, subject to such terms and conditions as the Administrator
                                            may deem appropriate; provided however, that no Dividend Equivalents shall vest or become
                                            payable until the underlying Restricted Stock Units vest and become payable.

  

    9

     

    

 

		12.	Dividend Equivalent
                                            Awards.

​ 

		a.	The Administrator may
                                            grant Dividend Equivalents to any Eligible Individual based on dividends declared on the
                                            Common Stock, to be credited as of dividend payment dates during the period between the date
                                            an Award is granted to a Participant and the date such Award vests, is distributed or expires,
                                            as determined by the Administrator. Such Dividend Equivalents shall be converted to cash
                                            or additional shares of Common stock by such formula and at such time and subject to such
                                            limitations as may be determined by the Administrator. In addition, Dividend Equivalents
                                            that are based on dividends paid prior to the vesting of an Award shall only vest and be
                                            paid out to the Participant to the extent that the underlying Award vests and is payable.
                                            Dividend Equivalents will not accrue interest.
	 	 	 
		b.	Notwithstanding the foregoing, no Dividend Equivalents shall
                                            be payable with respect to Stock Options or Stock Appreciation Rights.

​ 

		13.	Other Awards.   The
                                            Administrator shall have the authority to specify the terms and provisions of other forms
                                            of equity-based or equity-related Awards not described above which the Administrator determines
                                            to be consistent with the purpose of the Plan and the interests of the Company, which Awards
                                            may provide for cash payments based in whole or in part on the value or future value of Common
                                            Stock, for the acquisition or future acquisition of Common Stock, or any combination thereof.
                                            Other Awards shall also include cash payments under the Plan which may be based on one
                                            or more criteria determined by the Administrator which are unrelated to the value of Common
                                            Stock and which may be granted in tandem with, or independent of, other Awards under the
                                            Plan.

​ 

		14.	Forfeiture and Repayment
                                            Rules.

​ 

		a.	Notwithstanding anything
                                            in the Plan to the contrary, all Awards shall be subject to the Company’s Compensation
                                            Recoupment Policy, the Financial Recoupment Policy of the Company’s Corporate Integrity
                                            Agreement, to the extent applicable, and any other applicable clawback, recoupment or other
                                            similar policy that the Board or Compensation Committee may adopt at any time (each, a “Policy”),
                                            notwithstanding any provision of an employment agreement or other agreement to the contrary.
                                            All Awards shall be subject to potential cancellation, recoupment, rescission, payback or
                                            other action in accordance with the terms of such Policy. To the extent that the terms of
                                            this Plan and such Policy conflict, the terms of such Policy shall prevail.
	 	 	 
		b.	Unless otherwise set forth in the applicable Award Agreement,
                                            by accepting an Award under the Plan, the Participant thereby: (i) agrees to be bound
                                            by the terms and conditions of any confidentiality, nonsolicitation, noncompetition or invention
                                            assignment provisions in the applicable Award Agreement, (ii) acknowledges and agrees
                                            that the Company would have not granted such Award in the absence such terms and conditions,
                                            (iii) represents and warrants that the Participant will remain in full compliance with
                                            such terms and conditions, (iv) agrees to make or cause to be made any payments required
                                            pursuant to a Policy, (v) agrees that the Company may deduct from, and set-off against,
                                            any amounts owed to the Participant by the Company or any Parent or Subsidiary (including,
                                            without limitation, amounts owed as wages, bonuses, severance, or other fringe benefits)
                                            to the extent of the amount owed by the Participant to the Company pursuant to a Policy and
                                            (vi) agrees and consents to the Company’s application, implementation and enforcement
                                            of  (A) any Policy established by the Company that may apply to the Participant
                                            and (B) any provisions of applicable law relating to cancellation, rescission, payback
                                            or recoupment of compensation, and expressly agrees that the Company and the Compensation
                                            Committee or Board may take such actions as are necessary to effectuate any Policy or applicable
                                            law without further consent or action being required by the Participant.
	 	 	 
		c.	An Award Agreement evidencing an Award under the Plan as
                                            to which this Section 14 applies shall provide the applicable Participant with a reasonable
                                            period of time following the date of such Participant’s receipt of such Award Agreement
                                            to refuse acceptance of such Award if the Participant disagrees with any of the terms and
                                            conditions of this Section 14. If a Participant refuses acceptance of an Award, the
                                            Award will be immediately forfeited, the Participant will have no further rights with respect
                                            to such Award, and the shares of Common Stock underlying such Award shall again be available
                                            for grant under the Plan.

  

    10

     

    

 

		15.	Non-transferability.   No Award granted
under the Plan or any rights or interests therein shall be sold, transferred, assigned, pledged or otherwise encumbered or disposed of
except by will or by the laws of descent and distribution or as may otherwise be required by law; provided, however, that the Administrator
may, subject to such terms and conditions as the Administrator shall specify, permit the transfer of an Award to a Participant’s
Family Members or to one or more trusts established in whole or in part for the benefit of the Participant or one or more of the Participant’s
Family Members; provided further, that the restrictions in this sentence shall not apply to the shares received in connection with an
Award after the date that the restrictions on transferability of such shares set forth in the applicable Award Agreement have lapsed.
During the lifetime of a Participant, a Stock Option or Stock Appreciation Right shall be exercisable only by the Participant, and
payments in settlement of Awards shall be payable only to the Participant, or, if applicable, the Family Member or trust to whom such
Stock Option, Stock Appreciation Right or other Award has been transferred in accordance with the preceding sentence. Notwithstanding
the foregoing, a Participant also may, to the extent permitted by the Administrator, designate one or more beneficiaries of the Participant’s
outstanding Awards, and those Awards shall, in accordance with such designation, automatically be transferred to such beneficiary or
beneficiaries upon the Participant’s death while holding those Awards. Such beneficiary or beneficiaries shall take the transferred
Awards subject to all the terms and conditions of the Plan and the applicable Award Agreement(s) evidencing each such transferred Award.

​

		16.	Deferred Compensation

​

		a.	Deferrals Permitted.   The Administrator
may, in its sole discretion, structure one or more Awards (other than Stock Options or Stock Appreciation Rights) so that Participants
may be provided with an election to defer the compensation associated with those Awards for federal income tax purposes. Any such deferral
opportunity shall comply with all applicable requirements of Section 409A of the Code.

​

		b.	Retainer Fee Deferral Program.   The Administrator
may implement a non-employee directors retainer fee deferral program under the Plan so as to allow the non-employee directors the opportunity
to elect to convert the Board and Board committee retainer fees to be earned for a year into Restricted Stock Units that will defer the
issuance of the shares of Common Stock that vest under those Restricted Stock Units until a permissible date or event under Section 409A
of the Code. If such program is implemented, the Administrator shall have the authority to establish such rules and procedures as it
deems appropriate for the filing of such deferral elections and the designation of the permissible distribution events under Section 409A
of the Code.

​

		17.	Recapitalization or Reorganization.

​

		a.	Authority of the Company and Stockholders.   The
existence of the Plan, the Award Agreements and the Awards granted hereunder shall not affect or restrict in any way the right or power
of the Company or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change
in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of stock or of options,
warrants or rights to purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect
the Common Stock or the rights thereof or which are convertible into or exchangeable for Common Stock, or the dissolution or liquidation
of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether
of a similar character or otherwise.

​

		b.	Change in Capitalization.   Notwithstanding
any provision of the Plan or any Award Agreement, in the event of any change in the outstanding Common Stock by reason of a stock dividend,
recapitalization, reorganization, merger, consolidation, stock split, combination or exchange of shares, spin-off transaction or any
other corporate event affecting the Common Stock as a class without the Company’s receipt of consideration, or should the value
of outstanding shares of Common Stock be substantially reduced as a result of a spin-off transaction or an extraordinary dividend or
distribution, the Administrator, shall make such equitable adjustments it considers appropriate (in the form determined by the Administrator
in its sole discretion) to prevent diminution or enlargement of the rights of Participants under the Plan with respect to (i) the
aggregate number, class and/or issuer of securities for which Awards in respect thereof may be granted under the Plan, (ii) the
maximum number, class and/or issuer of securities for which any one person may be granted Awards under the Plan per fiscal year, (iii) the
number, class and/or issuer of securities and the exercise price (or other cash consideration, if any) per share in effect under each
outstanding Award under the Plan, (iv) the number, class and/or issuer of securities subject to the Company’s outstanding
repurchase rights under the Plan and the repurchase price payable per share, and (v) such other adjustments as it deems appropriate.
The Administrator’s determination as to what, if any, adjustments shall be made shall be final and binding on the Company and
all Participants.

​ 

    11

     

    

 

		c.	Limitations.   Notwithstanding the foregoing:
(i) any adjustments made pursuant to Section 17(b) to Awards that are considered “deferred compensation” within
the meaning of Section 409A of the Code shall be made in compliance with the requirements of Section 409A of the Code; (ii) any
adjustments made pursuant to Section 17(b) to Awards that are not considered “deferred compensation” subject to Section 409A
of the Code shall be made in such manner as to ensure that after such adjustment, the Awards either continue not to be subject to Section 409A
of the Code or comply with the requirements of Section 409A of the Code; and (iii) the Administrator shall not have the authority
to make any adjustments pursuant to Section 17(b) to the extent that the existence of such authority would cause an Award that is
not intended to be subject to Section 409A of the Code to be subject thereto.

​

		18.	Change in Control.

 

		a.	Except as otherwise provided in an Award Agreement and except
for Awards made to non-employee directors, if, within two (2) years following a Change in Control which occurs after the Effective
Date, a Participant’s Service as an employee is involuntarily terminated by the Company (or successor thereto) or a Parent or Subsidiary,
without Cause: (i) all Stock Options or Stock Appreciation Rights of such Participant then outstanding shall become fully exercisable
as of the date of such termination, (ii) all restrictions and conditions on all Stock Awards of such Participant then outstanding
shall lapse as of the date of such termination, (iii) all Restricted Stock Units of such Participant shall become nonforfeitable
as of the date of such termination, and (iv) all Awards that vest based on the attainment of specified Performance Goals of such
Participant shall vest and be payable in accordance with the terms set forth in the Award Agreement.

​

		b.	In addition, in the event of a Change in Control, the Administrator
may, in its sole discretion, make any or all of the following adjustments: (i) by written notice to each holder of an outstanding
Stock Option or Stock Appreciation Right provide that such holder’s Stock Options or Stock Appreciation Rights shall be cancelled
unless exercised within such period as the Administrator shall determine after the date of such notice; (ii) provide for the payment
upon termination or cancellation of a Stock Option or Stock Appreciation Right (whether or not such Stock Option or Stock Appreciation
Right is otherwise exercisable) of an amount in cash, securities and/or other property (or a combination thereof) with an aggregate value
equal to: (A) the excess, if any, of the aggregate Fair Market Value as of the date of such Change in Control of the Common Stock
then subject to the Stock Option or Stock Appreciation Right over the product of the number of shares of Common Stock then subject to
the Stock Option multiplied by the per share exercise price, less (B) an amount equal to the federal, state, local and foreign taxes,
if any, required to be withheld, collected, accounted for or paid as a result of such payment; (iii) provide for the cancellation
of outstanding Stock Awards, Restricted Stock Unit Awards, or other Awards in exchange for payments of cash, securities and/or other
property (or a combination thereof) having an aggregate value equal to the value of such Award, as determined by the Administrator, in
its sole discretion; (iv) substitute other property (including, without limitation, cash or other securities of the Company and
securities of an entity other than the Company); and/or (v) make any other adjustments, or take other reasonable action, as the
Administrator deems appropriate, including accelerating the vesting and exercisability of Awards, provided that no such other action
impairs any rights that a Participant has under the Plan without such Participant’s consent. Without limiting the foregoing, if
the per-share Fair Market Value of the Common Stock does not exceed the per-share exercise price of a Stock Option or Stock Appreciation
Right, the Company shall not be required to make any payment to the Participant upon termination or cancellation of the Stock Option
or Stock Appreciation Right.

​

		19.	Amendment of the Plan; Amendment of Outstanding Awards.   The
Board or Compensation Committee may at any time and from time to time terminate, modify, suspend or amend the Plan in whole or in part;
provided, however, that no such termination, modification, suspension or amendment shall be effective without stockholder approval if
such approval is required to comply with any applicable law or stock exchange rule. Except as otherwise provided in the next sentence
or Section 21(e) below, no termination,  modification, suspension or amendment of the Plan shall, without the consent of a
Participant to whom any Awards shall previously have been granted, adversely affect the Participant’s rights under such Awards.
Furthermore, notwithstanding any provision herein to the contrary, the Board or Compensation Committee shall have broad authority
to amend the Plan or any Award to take into account changes in applicable tax laws (including, without limitation, Section 409A
of the Code), securities laws, accounting rules and other applicable state, federal and foreign laws and/or to amend any Award to ensure
that the Award is in compliance with the limitations, terms and conditions of the Plan.

  

    12

     

    

 

		20.	No Repricing of Stock Options or Stock Appreciation Rights.   Notwithstanding
any provision in the Plan to the contrary, the Administrator shall not (a) implement any cancellation/regrant program pursuant to
which outstanding Stock Options or Stock Appreciation Rights are cancelled and new Stock Options or Stock Appreciation Rights are granted
in replacement with a lower exercise price per share, (b) cancel outstanding Stock Options or Stock Appreciation Rights with exercise
prices per share in excess of the then current Fair Market Value per share of Common Stock for consideration payable in cash, equity
securities of the Company or in the form of any other Award under the Plan, except in connection with a Change in Control transaction,
or (c) except as otherwise provided in Section 17(b), otherwise directly reduce the exercise price in effect for outstanding
Stock Options or Stock Appreciation Rights under the Plan, without in each instance first obtaining stockholder approval.

​

		21.	Miscellaneous.

​

		a.	Tax Withholding.   The Company’s
obligation to deliver shares of Common Stock upon the exercise of any Stock Options or Stock Appreciation Rights or upon the issuance
or vesting of any shares issued under the Plan shall be subject to the satisfaction of all applicable federal, state, local and foreign
taxes and other amounts required to be withheld, collected or accounted for. The Company shall, to the extent permitted by law, have
the right to deduct any such taxes or other amounts from any payment of any kind otherwise due to the Participant. The Administrator
may, in its sole discretion and subject to such terms as the Administrator may approve, withhold (or allow the holder of an Award to
elect to have the Company withhold) shares of Common Stock otherwise issuable under an Award in satisfaction of all or a portion of such
taxes or amounts with respect to any taxable event relating to such Award. Unless otherwise determined by the Administrator, the number
of shares of Common Stock that may be withheld pursuant to this Section 21 shall be limited to the number of shares that have a
Fair Market Value on the date of withholding not exceeding the aggregate amount of such taxes or amounts, as determined based on the
minimum statutory withholding rates.
	 	 	 

		b.	No Right to Grants or Employment or Service.   No
Eligible Individual or Participant shall have any claim or right to receive grants of Awards under the Plan. Nothing in the Plan
or in any Award or Award Agreement shall confer upon any employee or service provider of the Company (or any Parent or Subsidiary) any
right to continued Service with the Company (or any Parent or Subsidiary) or interfere in any way with the right of the Company (or a
Parent or Subsidiary) to terminate the Service of any of its employees or service providers at any time, with or without cause.
	 	 	 

		c.	Unfunded Plan.   The Plan is intended
to constitute an unfunded plan for incentive compensation. Nothing contained herein shall give any Participant any rights that
are greater than those of a general creditor of the Company. In its sole discretion, the Administrator may authorize the creation
of trusts or other arrangements to meet the obligations created under the Plan to deliver Common Stock or payments in lieu thereof with
respect to awards hereunder.
	 	 	 

		d.	Other Employee Benefit Plans.   Payments
received by a Participant under any Award made pursuant to the provisions of the Plan shall not be included in, and shall not affect
the determination of benefits under any other employee benefit plan or similar arrangement provided by the Company (or any Parent or
Subsidiary).
	 	 	 

		e.	Section 409A.   Unless otherwise
expressly provided for in an Award Agreement, the Plan and Award Agreements will be interpreted to the greatest extent possible in a
manner that makes the Plan and the Awards granted hereunder exempt from Section 409A of the Code, and, to the extent not so exempt,
in compliance with Section 409A of the Code. If an Award is subject to Section 409A of the Code, (i) distributions shall
only be made in a manner and upon an event permitted under Section 409A of the Code, (ii) payments to be made upon a termination
of employment or service shall only be made upon a “separation from service” under Section 409A of the Code, (iii) payments
to be made upon a Change in Control shall only be made upon a “change of control event” under Section 409A of the Code,
(iv) unless the Award specifies otherwise, each payment shall be treated as a separate payment for purposes of Section 409A
of the Code, and (v) in no event shall a Participant, directly or indirectly, designate the calendar year in which a distribution
is made except in accordance with Section 409A of the Code. If any Award is subject to Section 409A of the Code and payment
is subject to the execution of a release of claims in favor of the Company (or any Parent or Subsidiary), in no event shall the timing
of a Participant’s execution of the release result in the Participant designating, directly or indirectly, the calendar year of
payment, and if such a payment that is subject to execution of the release could be made in more than one taxable year, payment shall
be made in the later taxable year. Any Award granted under the Plan that is subject to Section 409A of the Code and that is to be
distributed to a key employee (as defined below) upon separation from service shall be administered so that any distribution with respect
to such Award shall be postponed for six (6) months following the date of the Participant’s separation from service, if required
by Section 409A of the Code. If a distribution is delayed pursuant to Section 409A of the Code, the distribution shall be paid
within thirty (30) days after the end of the six (6)-month period. If the Participant dies during such six (6)-month period, any postponed
amounts shall be paid within sixty (60) days of the Participant’s death. The determination of key employees, including the number
and identity of persons considered key employees and the identification date, shall be made by the Administrator or its delegate each
year in accordance with Section 416(i) of the Code and the “specified employee” requirements of Section 409A of
the Code. The Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt policies and procedures
(including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines
are necessary or appropriate to (a) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment
of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code.

 

    13

     

    

 

		f.	Securities and Other Law Restrictions.   The
Administrator may require each Eligible Individual purchasing or acquiring shares of Common Stock pursuant to an Award under the Plan
to represent to and agree with the Company in writing that such Eligible Individual is acquiring the shares for investment and not with
a view to the distribution thereof. All certificates for shares of Common Stock delivered under the Plan shall be subject to such
stock transfer orders and other restrictions as the Administrator may deem advisable under the rules, regulations, and other requirements
of the Securities and Exchange Commission, the New York Stock Exchange or any other exchange upon which the Common Stock is then listed,
and any applicable federal, state or foreign securities or other law, and the Administrator may cause a legend or legends to be put on
any such certificates to make appropriate reference to such restrictions. No shares of Common Stock shall be issued hereunder
unless the Company shall have determined that such issuance is in compliance with, or pursuant to an exemption from, all applicable federal,
state and foreign securities and other laws.

​

		g.	Compliance with Rule 16b-3.

​

		i.	The Plan is intended to comply with Rule 16b-3 under the
Exchange Act or its successors under the Exchange Act and the Administrator shall interpret and administer the provisions of the Plan
or any Award Agreement in a manner consistent therewith. To the extent any provision of the Plan or Award Agreement or any action
by the Administrator fails to so comply, it shall be deemed null and void, to the extent permitted by law and deemed advisable by the
Administrator. Moreover, in the event the Plan or an Award Agreement does not include a provision required by Rule 16b-3
to be stated therein, such provision (other than one relating to eligibility requirements, or the price and amount of Awards) shall be
deemed automatically to be incorporated by reference into the Plan or such Award Agreement insofar as Participants subject to Section 16
of the Exchange Act are concerned.

​

		ii.	Notwithstanding anything contained in the Plan or any Award
Agreement to the contrary, if the consummation of any transaction under the Plan would result in the possible imposition of liability
on a Participant pursuant to Section 16(b) of the Exchange Act, the Administrator shall have the right, in its sole discretion,
but shall not be obligated, to defer such transaction to the extent necessary to avoid such liability.

​

		a.	Award Agreement.   In the event of any
conflict or inconsistency between the Plan and any Award Agreement, the Plan shall govern, and the Award Agreement shall be interpreted
to minimize or eliminate any such conflict or inconsistency.

​ 

    14

     

    

 

		b.	Invalid Provisions.   In the event that
any provision of this Plan is found to be invalid, unenforceable or otherwise inconsistent with any applicable law (including, without
limitation Section 409A of the Code), such invalidity, unenforceability or inconsistency will not be construed as rendering any
other provisions contained herein as invalid, unenforceable or inconsistent, and all such other provisions will be given full force and
effect to the same extent as though the invalid, unenforceable or inconsistent provision was not contained herein.

​

		c.	Headings.   Section headings are for reference
only. In the event of a conflict between a title and the content of a Section, the content of the Section shall control.

​

		d.	Expenses.   The costs and expenses of
administering the Plan shall be borne by the Company.

​

		e.	Applicable Law.   The validity, construction,
interpretation and effect of the Plan and Award Agreements issued under the Plan shall exclusively be governed by and determined in accordance
with the law of the State of Delaware, without giving effect to the conflicts of laws principles thereof.

 

    15EX-4.5

 Exhibit 4.5 

DESCRIPTION OF SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 

As of December 31, 2021, Arena Fortify Acquisition Corp. (“we,” “us,” “our” or the “company”) had
the following classes of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (1) units, each consisting of one whole share of Class A common stock, $0.0001 par
value per share (“Class A common stock”), and one-half of one redeemable warrant, (2) shares of Class A common stock and (3) warrants, each whole warrant exercisable for one share
of Class A common stock at an exercise price of $11.50. Our units, Class A common stock and warrants are listed on the The Nasdaq Stock Market LLC (“NASDAQ”) under the symbols “AFACU,” “AFAC” and
“AFACW,” respectively. The following summary of the material terms of the securities of 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 certificate of incorporation, which is incorporated by reference as an exhibit to the company’s Annual Report on Form 10-K for the year ended December 31, 2021, and
applicable Delaware law. We urge you to read our amended and restated certificate of incorporation in its entirety for a complete description of the rights and preferences of our securities. 

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

	 	•	 	 “common stock” are to our Class A common stock and our Class B common stock, collectively;

  

	 	•	 	 “Cowen Investments II” are to Cowen Investments II LLC; 

 

	 	•	 	 “founders” are to our sponsor, Cowen Investments II and Intrepid Financial Partners;

  

	 	•	 	 “founder shares” are to shares of our Class B common stock initially purchased by our sponsor in a
private placement prior to our initial public offering, and the shares of our Class A common stock issuable upon the conversion thereof as provided herein; 

 

	 	•	 	 “initial stockholder loans” are to the loans certain of our initial stockholders made to us
simultaneously with the closing of our initial public offering; 

  

	 	•	 	 “initial stockholder loan warrants” are to the warrants that may be issued to our initial stockholders
upon conversion of the initial stockholder loans; 

  

	 	•	 	 “initial stockholders” are to holders of our founder shares prior to our initial public offering;

  

	 	•	 	 “Intrepid Financial Partners” are to Intrepid Financial Partners, L.L.C.; 

	 	•	 	 “management” or our “management team” are to our officers and directors, and
“directors” are to our current directors; 

  

	 	•	 	 “private placement warrants” are to the warrants issued to our initial stockholders in a private
placement simultaneously with the closing of our initial public offering; 

  

	 	•	 	 “public shares” are to shares of our Class A common stock 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); 

  

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

  

	 	•	 	 “sponsor” are to Arena Fortify Sponsor LLC, a Delaware limited liability company.

 GENERAL 
 Pursuant
to our amended and restated certificate of incorporation, our authorized capital stock consists of 200,000,000 shares of Class A common stock, $0.0001 par value per share, 30,000,000 shares of Class B common stock, $0.0001 par value per
share (the “Class B common stock”), and 1,000,000 shares of undesignated preferred stock, $0.0001 par value per share. The following description summarizes the material terms of our capital stock as set out more particularly in our
amended and restated certificate of incorporation. Because it is only a summary, it may not contain all the information that is important to you. 

UNITS 
 Each unit consists of one whole
share of Class A common stock and one-half 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 as described in the registration statement on Form S-1 (No. 333-254532). Pursuant to the warrant agreement, dated November 9, 2021, between
Continental Stock Transfer & Trust Company, as warrant agent, and us (the “warrant agreement”), a warrant holder may exercise its warrants only for a whole number of shares of Class A common stock. This means that only a
whole warrant may be exercised at any given time by a warrant holder. No fractional warrants will be issued 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 Class A common stock and warrants began separate trading on December 31, 2021. Holders of the units have the
option to continue to hold units or separate their units into the component securities. Holders need to have their brokers contact our transfer agent in order to separate the units into shares of Class A common stock and warrants. 

  
 2 

 COMMON STOCK 

As of March 24, 2022, there were 21,562,500 shares of our common stock outstanding, consisting of: 

 

	 	•	 	 17,250,000 shares of our Class A common stock underlying the units offered in our initial public offering;
and 

  

	 	•	 	 4,312,500 shares of Class B common stock held by our initial stockholders. 

Common stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of the
Class A common stock and holders of the Class B common stock vote together as a single class on all matters submitted to a vote of our stockholders, except as required by law. 

Unless specified in our amended and restated certificate of incorporation or amended and restated bylaws, or as required by applicable
provisions of the Delaware General Corporation Law, as the same may be amended from time to time (the “DGCL”), or applicable stock exchange rules, the affirmative vote of a majority of our shares of common stock that are voted is required
to approve any such matter voted on by our stockholders. Our board of directors is divided into three classes, each of which will generally serve for a term of three years with only one class of directors being elected in each year. There is no
cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors. Our stockholders are entitled to receive ratable
dividends when, as and if declared by the board of directors out of funds legally available therefor. 
 Because our amended and restated
certificate of incorporation authorizes the issuance of up to 200,000,000 shares of Class A common stock, if we were to enter into an initial business combination, we may (depending on the terms of such initial business combination) be required
to increase the number of shares of Class A common stock which we are authorized to issue at the same time as our stockholders vote on the initial business combination to the extent we seek stockholder approval in connection with our initial
business combination. 
 In accordance with the NASDAQ corporate governance requirements, we are not required to hold an annual meeting
until no later than one full year after our first fiscal year end following our listing on the NASDAQ. Under Section 211(b) of the DGCL, we are, however, required to hold an annual meeting of stockholders for the purposes of electing directors
in accordance with our amended and restated bylaws, unless such election is made by written consent in lieu of such a meeting. We may not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial business
combination, and thus we may not be in compliance with Section 211(b) of the DGCL, which requires an annual meeting. Therefore, if our stockholders want us to hold an annual meeting prior to the consummation of our initial business combination,
they may attempt to force us to hold one by submitting an application to the Delaware Court of Chancery in accordance with Section 211(c) of the DGCL. Prior to the completion of an initial business combination, any vacancy on the board of
directors may be filled by a nominee chosen by holders of a majority of our founder shares. In addition, prior to the completion of an initial business combination, holders of a majority of our founder shares may remove a member of the

  
 3 

 
board of directors for any reason. Pursuant to the registration and stockholder rights agreement, dated November 15, 2021, by and among the company and the initial stockholders, our sponsor,
upon consummation of an initial business combination, will be entitled to nominate three individuals for election to our board of directors. 

We will provide our stockholders with the opportunity to redeem all or a portion of their public shares upon the consummation of our initial
business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the completion of our initial business
combination including interest earned on the funds held in the trust account and not previously released to us to pay our franchise and income taxes, divided by the number of then-outstanding public shares, subject to the limitations described
herein. The amount in the trust account was approximately $10.20 per public share upon completion of our initial public offering. The per-share amount we will distribute to investors who properly redeem their
shares will not be reduced by the marketing fee we will pay to the underwriters of our initial public offering pursuant to that certain business combination marketing agreement. Our founders, 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. Unlike many blank
check companies that hold stockholder votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion of such business combinations even when
a vote is not required by law, if a stockholder vote is not required by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will, pursuant to our amended and restated certificate of incorporation, conduct the
redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the U.S. Securities and Exchange Commission (the “SEC”) prior to completing our initial business combination. Our amended and restated
certificate of incorporation requires these tender offer documents to contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under the SEC’s proxy rules.
If, however, stockholder approval of the transaction is required by law, or we decide to obtain stockholder approval for business or other legal reasons, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy
solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek stockholder approval, we will complete our initial business combination only if a majority of the outstanding shares of common stock voted are voted in
favor of the initial business combination. A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of the company representing a majority of the voting power of all outstanding
shares of capital stock of the company entitled to vote at such meeting. 
 However, the participation of our founders, officers, directors,
advisors or their affiliates in privately-negotiated transactions, if any, could result in the approval of our initial business combination even if a majority of our public stockholders vote, or indicate their intention to vote, against such
business combination. For purposes of seeking approval of the majority of our outstanding shares of common stock voted, non-votes will have no effect on the approval of our initial business combination once a
quorum is obtained. We intend to give approximately 30 days’ (but not less than 10 days’ nor more than 60 days’) prior written notice of any such meeting, if required, at which a vote shall be taken to approve our initial business
combination. These quorum and voting thresholds, and the voting agreements of our initial stockholders, may make it more likely that we will consummate our initial business combination. 

  
 4 

 If we seek stockholder approval of our initial business combination and we do not conduct
redemptions in connection with our business combination pursuant to the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person
with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares of common
stock sold in our initial public offering, which 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 business combination. Our
stockholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our 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. 

If we seek stockholder approval in connection with our business combination, our initial stockholders have agreed to vote their founder shares
and any public shares purchased during or after our initial public offering in favor of our initial business combination. As a result, in addition to our initial stockholders’ founder shares, we would need only 6,468,750, or 37.5%, of the
17,250,000 public shares sold in our initial public offering to be voted in favor of a transaction (assuming all outstanding shares are voted) in order to have our initial business combination approved. Additionally, each public stockholder may
elect to redeem its public shares irrespective of whether they vote for or against the proposed transaction (subject to the limitation described in the preceding paragraph). 

Pursuant to our amended and restated certificate of incorporation, if we are unable to complete our business combination within 15 months 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 10 business days thereafter subject to lawfully available funds
therefor, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account
and not previously released to us to pay our franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then-outstanding public shares, which redemption will completely extinguish public
stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Our founders, officers and
directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to any founder shares held by them if we fail to complete our initial
business combination within 15 months from the closing of our initial public offering. However, if our founders, officers or directors acquire public shares in or after our initial public offering, they will be entitled to liquidating distributions
from the trust account with respect to such public shares if we fail to complete our business combination within the prescribed time period. 

  
 5 

 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 then on deposit in the trust account, upon the completion of our initial business combination, subject to the limitations described herein. 

FOUNDER SHARES 
 The founder shares are
identical to the shares of Class A common stock included in the units sold in our initial public offering, and holders of founder shares have the same stockholder rights as public stockholders, except that (i) the founder shares are
subject to certain transfer restrictions, as described in more detail below, (ii) our founders, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed (A) to waive their redemption rights
with respect to any founder shares and any public shares held by them in connection with the completion of our business combination and (B) to waive their rights to liquidating distributions from the trust account with respect to any founder
shares held by them if we fail to complete an initial business combination within 15 months 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 business combination within such time period), (iii) the founder shares are shares of our Class B common stock that will automatically convert into shares of our Class A common stock at
the time of our initial business combination, or at any time prior thereto at the option of the holder, on a one-for-one basis, subject to adjustment pursuant to certain
anti-dilution rights, as described herein, and (iv) are entitled to registration rights. If we submit our business combination to our public stockholders for a vote, our initial stockholders have agreed to vote any founder shares held by them
and any public shares purchased during or after our initial public offering in favor of our initial business combination. 
 The shares of
Class B common stock will automatically convert into shares of Class A common stock at the time of our initial business combination on a one-for-one basis
(subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like), and subject to further adjustment as provided herein. In the case that additional shares of Class A common stock, or equity-linked
securities, are issued or deemed issued in excess of the amounts offered in our initial public offering and related to the closing of the business combination, the ratio at which shares of Class B common stock shall convert into shares of
Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of
Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common
stock outstanding upon completion of our initial public offering plus all shares of Class A common stock and equity-linked securities issued or deemed issued in 

  
 6 

 
connection with the business combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the business combination and any private placement-equivalent
warrants issued to our initial stockholders or their respective affiliates upon conversion of loans made to us (including the initial stockholder loans)). Holders of founder shares may also elect to convert their shares of Class B common stock
into an equal number of shares of Class A common stock, subject to adjustment as provided above, at any time. 
 With certain limited
exceptions, the founder shares are not transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated with our sponsor, each of whom are subject to the same transfer restrictions) until the earlier
of (A) one year after the completion of our initial business combination or (B) subsequent to our initial business combination, (x) if the closing price of our Class A common stock equals or exceeds $12.00 per share (as adjusted
for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination,
or (y) the date on which we complete a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of our stockholders having the right to exchange their shares of common stock for cash,
securities or other property. 
 Prior to our initial business combination, only holders of our founder shares will have the right to vote
on the election of directors. Holders of our public shares will not be entitled to vote on the election of directors during such time. In addition, prior to the completion of an initial business combination, holders of a majority of our founder
shares may remove a member of the board of directors for any reason. These provisions of our amended and restated certificate of incorporation may only be amended by an affirmative vote, or a written consent, of a majority of our Class B common
stock. With respect to any other matter submitted to a vote of our stockholders, including any vote in connection with our initial business combination, except as required by law, holders of our founder shares and holders of our public shares will
vote together as a single class, with each share entitling the holder to one vote. 
 DIVIDENDS 

We have not paid any cash dividends on our common stock to date and do not intend to pay cash dividends prior to the completion of 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 conditions 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. In addition, our board of directors is not currently contemplating and does not anticipate declaring
any stock dividends in the foreseeable future. Further, if we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith. 

PREFERRED STOCK 
 Our amended and restated
certificate of incorporation provides that shares of preferred stock may be issued from time to time in one or more series. Our board of directors is authorized to fix the voting rights, if any, designations, powers, preferences, the relative,
participating, optional or other special rights and any qualifications, limitations and restrictions thereof, 

  
 7 

 
applicable to the shares of each series. Our board of directors is able to, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect the voting
power and other rights of the holders of the common stock and could have anti-takeover effects. The ability of our board of directors to issue preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a
change of control of us or the removal of existing management. We have no preferred stock outstanding on the date of filing of this exhibit. Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that we
will not do so in the future. 
 WARRANTS 
 Public
Stockholders’ Warrants 
 As of March 24, 2022, there were 8,625,000 public warrants outstanding. Each whole warrant entitles the
registered holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing 30 days after the date on which we complete 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 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 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; provided, however, the warrants issued to Cowen Investments II and Intrepid Financial Partners
will not be exercisable more than five years after the effective date of the final prospectus relating to our initial public offering in accordance with Financial Industry Regulatory Authority (“FINRA”) Rule 5110(g)(8)(A). 

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 of 1933, as amended (the “Securities Act”), with respect to the shares of Class A common stock underlying the warrants is then effective and a
prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable and we will not be obligated to issue
a share of Class A common stock upon exercise of a warrant unless the Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the
registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may
have no value and expire worthless. In no event will we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have
paid the full purchase price for the unit solely for the shares of Class A common stock underlying such unit. 

  
 8 

 We have agreed that as soon as practicable, but in no event later than 20 business days
after the closing of our initial business combination, we will use our commercially reasonable efforts to file with the SEC a post-effective amendment to the registration statement relating to our initial public offering or a new registration
statement for the registration, under the Securities Act, of the shares of Class A common stock 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 shares of Class A common stock until the warrants expire or are redeemed, as
specified in the warrant agreement; provided that 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 we will use our commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not
available. If a registration statement covering the shares of Class A common stock 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 reasonable 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 in exchange for a number of shares of Class A common stock equal to the lesser of (i) the quotient obtained by dividing (a) the product of (x) the number of shares of Class A common stock
underlying the warrants and (y) the excess of the “fair market value” (defined below) over the exercise price of the warrants by (b) such fair market value and (ii) the product of the number of warrants surrendered and
0.361. The “fair market value” as used in this paragraph shall mean the volume weighted average price of the Class A common stock 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. 
 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 redeem the outstanding warrants (except as described herein with respect to the private placement
warrants or initial stockholder loan 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 common stock 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 “—Anti-dilution Adjustments” below) 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. 

  
 9 

 We will not redeem the warrants as described above unless a registration statement under the
Securities Act covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A common stock is available throughout the 30-day redemption period. If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable
state securities laws. 
 We have established the last of the redemption criterion discussed above to prevent a redemption call unless there
is at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to exercise his, her or its warrant
prior to the scheduled redemption date. However, the price of the Class A common stock 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 “—Anti-dilution Adjustments” below) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued. 

Redemption of Warrants When the Price per Share of 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 or initial stockholder loan 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) 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. 

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 

  
 10 

 
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 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 shares of Class A common stock shall include a security
other than shares of 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 number of shares deliverable upon exercise of a warrant immediately prior to such adjustment and
the denominator of which is the number of shares deliverable upon exercise of a warrant as so adjusted. The number of shares in the table below shall be adjusted in the same manner and at the same time as the number of shares issuable upon exercise
of a warrant. If the exercise price of a warrant is adjusted, (i) 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 (as defined below) and the Newly Issued Price (as defined below) as set forth under the heading “—Anti-dilution
Adjustments” and the denominator of which is $10.00 and (ii) 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	  	 	 	  	 	 	  	 	 	  	 	 	  	Fair Market Value of Class A Common Stock	 
	 (period to expiration of warrants)
	  	≤ $10.00	 	  	11.00	 	  	12.00	 	  	13.00	 	  	14.00	 	  	15.00	 	  	16.00	 	  	17.00	 	  	≥ 18.00	 
	 60 months
	  	 	0.261	 	  	 	0.281	 	  	 	0.297	 	  	 	0.311	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.361	 
	 57 months
	  	 	0.257	 	  	 	0.277	 	  	 	0.294	 	  	 	0.31	 	  	 	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	 	  	 	0.32	 	  	 	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	 	  	 	0.33	 	  	 	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	 	  	 	0.29	 	  	 	0.309	 	  	 	0.325	 	  	 	0.34	 	  	 	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	 	  	 	0.28	 	  	 	0.301	 	  	 	0.32	 	  	 	0.337	 	  	 	0.352	 	  	 	0.361	 
	 30 months
	  	 	0.196	 	  	 	0.224	 	  	 	0.25	 	  	 	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	 	  	 	0.35	 	  	 	0.361	 
	 24 months
	  	 	0.173	 	  	 	0.204	 	  	 	0.233	 	  	 	0.26	 	  	 	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	 

  
 11 

																																					
	 18 months
	  	 	0.146	 	  	 	0.179	 	  	 	0.211	 	  	 	0.242	 	  	 	0.271	 	  	 	0.298	 	  	 	0.322	 	  	 	0.345	 	  	 	0.361	 
	 15 months
	  	 	0.13	 	  	 	0.164	 	  	 	0.197	 	  	 	0.23	 	  	 	0.262	 	  	 	0.291	 	  	 	0.317	 	  	 	0.342	 	  	 	0.361	 
	 12 months
	  	 	0.111	 	  	 	0.146	 	  	 	0.181	 	  	 	0.216	 	  	 	0.25	 	  	 	0.282	 	  	 	0.312	 	  	 	0.339	 	  	 	0.361	 
	 9 months
	  	 	0.09	 	  	 	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	 	  	 	0.15	 	  	 	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 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 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 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 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. 
 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 common stock exceeds $18.00 per share for a specified
period of time. This redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the Class A common stock is trading at or above $10.00 per public share, which may be at a time when the trading price of our
Class A common stock is below the exercise price of the warrants. We have established this redemption feature to provide us with the flexibility to redeem the warrants without the warrants having to reach the $18.00 per share threshold set
forth above under “—Redemption of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $18.00.” Holders choosing to exercise their warrants in connection with a redemption pursuant to this feature will, in
effect, receive a number of shares for their warrants based on an option pricing model with a fixed volatility input as of the date of the final prospectus relating to our initial public offering. 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 

  
 12 

 
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 common stock is 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 common stock is trading at a price below the
exercise price of the warrants, this could result in the warrant holders receiving fewer shares of Class A common stock than they would have received if they had chosen to wait to exercise their warrants for shares of Class A common stock
if and when the Class A common stock was trading at a price higher than the exercise price of $11.50. 
 No fractional shares of
Class A common stock will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share, we will round down to the nearest whole number of the number of shares of Class A common stock to
be issued to the holder. If, at the time of redemption, the warrants are exercisable for a security other than the shares of Class A common stock pursuant to the warrant agreement (for instance, if we are not the surviving company in our
initial business combination), the warrants may be exercised for such security. At such time as the warrants become exercisable for a security other than the Class A common stock, the company (or surviving company) will use its commercially
reasonable efforts to register under the Securities Act the security issuable upon the exercise of the warrants. 
 Redemption Procedures 

A holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right
to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 9.8% (or such other
amount as a holder may specify) of the shares of Class A common stock issued and 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 made to all or substantially all holders of Class A common stock entitling holders to purchase shares of Class A common stock at a price less than the
“historical fair market value” (as defined below) will be deemed a stock dividend of a number of shares of Class A common stock equal to the product of (i) 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) and (ii) one minus the quotient of

  
 13 

 
(x) the price per share of Class A common stock paid in such rights offering and (y) the historical fair market value. For these purposes, (i) if the rights offering is for
securities convertible into or exercisable for Class A common stock, in determining the price payable for Class A common stock, there will be taken into account any consideration received for such rights, as well as any additional amount
payable upon exercise or conversion and (ii) “historical fair market value” means the volume weighted average price of Class A common stock as reported during the 10 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 all or substantially all of the holders of the Class A common stock on account of such shares of Class A common stock (or other securities into which the warrants are convertible), other than (a) as described above,
(b) any cash dividends or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid on the Class A common stock during the 365-day period
ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise
price or to the number of shares of Class A common stock issuable on exercise of each warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (c) to satisfy
the redemption rights of the holders of 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 (i) to modify the substance or timing of our obligation to provide holders of our Class A common stock the right to have their shares redeemed in connection with our initial
business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 15 months from the closing of our initial public offering or (ii) with respect to any other provision relating to the
rights of holders of our Class A common stock, 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 Class A common stock is decreased by a consolidation, combination, reverse share sub-division or reclassification of Class A common stock or other similar event, then, on the effective date of such consolidation, combination, reverse share
sub-division, 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 the number of
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. 

  
 14 

 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 an issue price or effective issue price of less than $9.20 per share of our Class A common stock (with such issue price
or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our initial stockholders or their respective 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 common stock 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 Share of Class A Common Stock Equals or
Exceeds $18.00” and “—Redemption of Warrants When the Price per Share of Class A Common Stock 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 Share of Class A Common Stock 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 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 Class A common stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount
of shares of Class A common 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 our 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 

  
 15 

 
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 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
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 shares of Class A common stock in such a transaction is payable in the
form of shares of Class A common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established
over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the
warrant within 30 days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes value (as defined in the warrant agreement) of the warrant. The
purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not
receive the full potential value of the warrants. 
 The warrants have been issued in registered form under the warrant agreement. 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 relating to our initial public offering, or defective provision, (ii) amending the provisions relating to cash dividends on common stock 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. 

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. 

  
 16 

 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 does not apply to claims under the Securities Act or the Exchange Act or to any claim for which the federal district courts of the
United States of America are the sole and exclusive forum. 
 Private Placement Warrants 

The private placement warrants (including the Class A common stock issuable upon exercise of the private placement warrants) are not
transferable, assignable or saleable until 30 days after the completion of our initial business combination (except, among other limited exceptions as described under the section of the final prospectus relating to our initial public offering
entitled “Principal Stockholders—Restrictions on Transfers of Founder Shares, Private Placement Warrants and Initial Stockholder Loan Warrants,” to our officers and directors and other persons or entities affiliated with our sponsor)
and they are not redeemable by us so long as they are held by our initial stockholders or their permitted transferees. Otherwise, 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, including as to exercise price, exercisability and exercise period. If the private placement warrants are held by holders other than the initial stockholders or their permitted transferees, the private
placement warrants will be redeemable by us under 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. The warrants issued to Cowen Investments II and
Intrepid Financial Partners will not be exercisable more than five years after the effective date of the final prospectus relating to our initial public offering in accordance with FINRA Rule 5110(g)(8)(A). 

If holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering
their warrants in exchange for a number of shares of Class A common stock equal to the quotient obtained by dividing (i) the product of (a) the number of shares of Class A common stock underlying the warrants and (b) the
excess of the “fair market value” (defined below) over the exercise price of the warrants by (ii) such fair market value. The “fair market value” shall mean the average reported closing price of the Class A common stock
for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these warrants will be exercisable on a cashless basis so long as
they are held by the initial stockholders or their permitted transferees is because it is not known at this time whether they will be affiliated with us following a business combination. If they remain affiliated with us, their ability to sell our
securities in the open market will be significantly limited. We have policies in place that prohibit insiders from selling our securities except during specific periods of time. Even during such periods of time when insiders will be permitted to
sell our securities, an insider cannot trade in our securities if he or she is in possession of material non-public information. Accordingly, unlike public stockholders who could sell the shares of
Class A common stock issuable upon exercise of the warrants freely in the open market, the insiders could be significantly restricted from doing so. As a result, we believe that allowing the holders to exercise such warrants on a cashless basis
is appropriate. 

  
 17 

 In order to finance transaction costs in connection with an intended initial business
combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such loans may be convertible into warrants at a price of $1.00 per
warrant at the option of the lender. Such warrants would be identical to the private placement warrants, including as to exercise price, exercisability and exercise period. 

Our initial stockholders have agreed not to transfer, assign or sell any of the private placement warrants (including the Class A common
stock issuable upon exercise of any of these warrants) until the date that is 30 days after the date we complete our initial business combination, except that, among other limited exceptions as described under the section of the final prospectus
relating to our initial public offering entitled “Principal Stockholders—Restrictions on Transfers of Founder Shares, Private Placement Warrants and Initial Stockholder Loan Warrants” made to our founders, officers and directors and
other persons or entities affiliated with our founders. 
 OUR TRANSFER AGENT AND WARRANT AGENT 

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

OUR AMENDED AND RESTATED CERTIFICATE OF INCORPORATION 

Our amended and restated certificate of incorporation contains certain requirements and restrictions relating to our initial public offering
that apply to us until the completion of our initial business combination. These provisions cannot be amended without the approval of the holders of 50% of our common stock. Our initial stockholders, who collectively beneficially owned 20% of our
common stock upon the closing of our initial public offering, will participate in any vote to amend our amended and restated certificate of incorporation and have the discretion to vote in any manner they choose. Specifically, our amended and
restated certificate of incorporation provides, among other things, that: 
  

	 	•	 	 if we are unable to complete our initial business combination within 15 months 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 10 business days thereafter subject to lawfully available funds therefor, redeem 100% of the
public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously
released to us to pay our franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then-outstanding public shares, which redemption will completely extinguish public stockholders’ rights
as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders
and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law; 

  
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	 	•	 	 prior to our initial business combination, we may not issue additional shares of capital stock that would entitle
the holders thereof to (i) receive funds from the trust account or (ii) vote on any initial business combination; 

  

	 	•	 	 although we do not intend to enter into a business combination with a target business that is affiliated with our
sponsor, our directors or our officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm that is a
member of FINRA or an independent accounting firm that such a business combination is fair to our company from a financial point of view; 

  

	 	•	 	 if a stockholder vote on our initial business combination is not required by law and we do not decide to hold a
stockholder vote for business or other legal 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;

  

	 	•	 	 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 our assets held in the trust account (excluding the marketing fee payable to the underwriters of our initial public offering pursuant to that certain business combination marketing agreement and taxes payable by
us on the income earned on the trust account) at the time of the agreement to enter into the initial business combination; 

  

	 	•	 	 if our stockholders approve an amendment to our amended and restated certificate of incorporation that would
affect the substance or timing of our obligation to redeem 100% of our public shares if we do not complete an initial business combination within 15 months from the closing of our initial public offering or with respect to any other provisions
relating to the rights of holders of our Class A common stock, we will provide our public stockholders with the opportunity to redeem all or a portion of their shares of Class A common stock upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our
franchise and income taxes, divided by the number of then-outstanding public shares; and 

  

	 	•	 	 we will not effectuate our initial business combination with another blank check company or a similar company
with nominal operations. 

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

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

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

 

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

  

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

  

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

Generally, a “business combination” includes a merger, asset or stock sale or certain other transactions resulting in a financial
benefit to the interested stockholder. Subject to certain exceptions, an “interested stockholder” is a person who, together with that person’s affiliates and associates, owns, or within the previous three years owned, 15% or more of
our voting stock. 
 Under certain circumstances, this provision will make it more difficult for a person who would be an “interested
stockholder” to effect various business combinations with a corporation for a three-year period. This provision may encourage companies interested in acquiring our company to negotiate in advance with our board of directors because the
stockholder approval requirement would be avoided if our board of directors approves either the business combination or the transaction which results in the stockholder becoming an interested stockholder. These provisions also may have the effect of
preventing changes in our board of directors and may make it more difficult to accomplish transactions which stockholders may otherwise deem to be in their best interests. 

Our amended and restated certificate of incorporation provides that our sponsor and its affiliates, any of its direct or indirect transferees
of at least 15% of our outstanding common stock and any group as to which such persons are party to, do not constitute “interested stockholders” for purposes of this provision. 

Our amended and restated certificate of incorporation provides that our board of directors is classified into three classes of directors. As a
result, in most circumstances, a person can gain control of our board of directors only by successfully engaging in a proxy contest at two or more annual meetings. 

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

Exclusive Forum for Certain Lawsuits 
 Our
amended and restated certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall, to the fullest extent permitted by law, be the sole and
exclusive forum for any (i) derivative action or proceeding brought on behalf of our company, (ii) action asserting a claim of breach of a fiduciary duty owed by any director, officer, employee or agent of our company to our company or our
stockholders, or any claim for aiding and abetting any such alleged breach, (iii) action asserting a claim against our company or any director or officer of our company arising pursuant to any provision of the DGCL or our amended and restated
certificate of incorporation or our amended and restated bylaws, or (iv) action asserting a claim against us or any director or officer of our company governed by the internal affairs doctrine except for, as to each of (i) through (iv)
above, any claim (a) as to which the Court of Chancery determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the
Court of Chancery within 10 days following such determination), (b) which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, or (c) arising under the federal securities laws, including the Securities
Act as to which the Court of Chancery and the federal district court for the District of Delaware shall concurrently be the sole and exclusive forums. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to
enforce any liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America shall be the sole and exclusive forum. Although we believe this provision benefits us by providing
increased consistency in the application of Delaware law in the types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against our directors and officers. Furthermore, the enforceability of choice of forum
provisions in other companies’ certificates of incorporation has been challenged in legal proceedings, and it is possible that a court could find these types of provisions to be inapplicable or unenforceable. 

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

Advance Notice Requirements for Stockholder Proposals and Director Nominations 

Our amended and restated bylaws provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate
candidates for election as directors at our annual meeting of stockholders, must provide timely notice of their intent in writing. To be timely, a stockholder’s notice will need to be received by the company secretary at our principal

  
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executive offices not later than the close of business on the 90th day nor earlier than the open of business on the 120th day prior to the anniversary date of the immediately preceding annual meeting of stockholders. Pursuant to Rule 14a-8 of the Exchange Act, proposals seeking
inclusion in our annual proxy statement must comply with the notice periods contained therein. Our amended and restated bylaws also specify certain requirements as to the form and content of a stockholder’s notice. These provisions may preclude
our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders. 

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

Our board of directors is divided into three classes, Class I, Class II and Class III, with members of each class serving
staggered three-year terms. Our amended and restated certificate of incorporation provides that the authorized number of directors may be changed only by resolution of the board of directors. Subject to the terms of any preferred stock, any or all
of the directors may be removed from office at any time, but only for cause and only by the affirmative vote of holders of a majority of the voting power of all then-outstanding shares of our capital stock entitled to vote generally in the election
of directors, voting together as a single class. Any vacancy on our board of directors, including a vacancy resulting from an enlargement of our board of directors, may be filled only by vote of a majority of our directors then in office. 

Class B Common Stock Consent Right 

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

  
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