Document:

EX-4.1

 Exhibit 4.1 

DESCRIPTION OF THE REGISTRANT’S SECURITIES 

REGISTERED PURSUANT TO SECTION 12 OF THE 

SECURITIES EXCHANGE ACT OF 1934 
 Tempest
Therapeutics, Inc. (the “Company,” or “we,” “us,” and “our”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: our common stock. 

The following descriptions of our capital stock, provisions of our restated certificate of incorporation, as amended, and amended and restated by-laws, and certain provisions of Delaware law are summaries and do not purport to be complete. You should also refer to the restated certificate and the amended and restated
by-laws, which are incorporated by reference as exhibits to the Annual Report on Form 10-K of which this Exhibit 4.1 is a part. We refer in this section to our restated
certificate of incorporation and amended and restated by-laws as our restated certificate and by-laws, respectively. 

General 
 Our restated certificate authorizes us to issue
up to 100,000,000 shares of common stock, $0.001 par value per share, and 5,000,000 shares of preferred stock, $0.001 par value per share, all of which shares of preferred stock are undesignated. Our board of directors may establish the rights and
preferences of the preferred stock from time to time. 
 Common Stock 

Holders of our common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders and do not have cumulative voting
rights. An election of directors by our stockholders shall be determined by a plurality of the votes cast by the stockholders entitled to vote on the election. Holders of common stock are entitled to receive proportionately any dividends as may be
declared by our board of directors, subject to any preferential dividend rights of any series of preferred stock that we may designate and issue in the future. 

In the event of our liquidation or dissolution, the holders of common stock are entitled to receive proportionately our net assets available for distribution
to stockholders after the payment of all debts and other liabilities and subject to the prior rights of any outstanding preferred stock. Holders of common stock have no preemptive, subscription, redemption or conversion rights. There are no
redemption or sinking fund provisions applicable to the common stock. The rights, preferences and privileges of holders of common stock are subject to and may be adversely affected by the rights of the holders of shares of any series of preferred
stock that we may designate and issue in the future. 
 Preferred Stock 

Our board of directors may, without further action by our stockholders, from time to time, direct the issuance of shares of up to 5,000,000 shares of preferred
stock in series and may, at the time of issuance, determine the rights, preferences and limitations of each series, including voting rights, dividend rights and redemption and liquidation preferences. Satisfaction of any dividend preferences of
outstanding shares of preferred stock would reduce the amount of funds available for the payment of dividends on shares of our common stock. Holders of shares of preferred stock may be entitled to receive a preference payment in the event of any
liquidation, dissolution or winding-up of our company before any payment is made to the holders of shares of our common stock. In some circumstances, the issuance of shares of preferred stock may render more
difficult or tend to discourage a merger, tender offer or proxy contest, 

 
the assumption of control by a holder of a large block of our securities or the removal of incumbent management. Upon the affirmative vote of our board of directors, without stockholder approval,
we may issue shares of preferred stock with voting and conversion rights which could adversely affect the holders of shares of our common stock. 
 Our
board of directors will fix the designations, voting powers, preferences and rights of each series, as well as the qualifications, limitations or restrictions thereof, of the preferred stock of each series that we offer under this prospectus and
applicable prospectus supplements in the certificate of designation relating to that series. We will file as an exhibit to the registration statement of which this prospectus is a part, or will incorporate by reference from reports that we file with
the Securities and Exchange Commission, the form of any certificate of designation that describes the terms of the series of preferred stock we are offering before the issuance of that series of preferred stock. This description will include: 

 

	 	•	 	 the title and stated value; 

 

	 	•	 	 the number of shares we are offering; 

 

	 	•	 	 the liquidation preference per share; 

 

	 	•	 	 the purchase price per share; 

 

	 	•	 	 the dividend rate per share, dividend period and payment dates and method of calculation for dividends;

  

	 	•	 	 whether dividends will be cumulative or non-cumulative and, if
cumulative, the date from which dividends will accumulate; 

  

	 	•	 	 our right, if any, to defer payment of dividends and the maximum length of any such deferral period;

  

	 	•	 	 the procedures for any auction and remarketing, if any; 

 

	 	•	 	 the provisions for a sinking fund, if any; 

 

	 	•	 	 the provisions for redemption or repurchase, if applicable, and any restrictions on our ability to exercise those
redemption and repurchase rights; 

  

	 	•	 	 any listing of the preferred stock on any securities exchange or market; 

 

	 	•	 	 whether the preferred stock will be convertible into our common stock or other securities of ours, including
depositary shares and warrants, and, if applicable, the conversion period, the conversion price, or how it will be calculated, and under what circumstances it may be adjusted; 

 

	 	•	 	 whether the preferred stock will be exchangeable into debt securities, and, if applicable, the exchange period,
the exchange price, or how it will be calculated, and under what circumstances it may be adjusted; 

  

	 	•	 	 voting rights, if any, of the preferred stock; 

 

	 	•	 	 preemption rights, if any; 

 

	 	•	 	 restrictions on transfer, sale or other assignment, if any; 

 

	 	•	 	 whether interests in the preferred stock will be represented by depositary shares; 

 

	 	•	 	 a discussion of any material or special U.S. federal income tax considerations applicable to the preferred stock;

  

	 	•	 	 the relative ranking and preferences of the preferred stock as to dividend rights and rights if we liquidate,
dissolve or wind up our affairs; 

  

	 	•	 	 any limitations on issuances of any class or series of preferred stock ranking senior to or on a parity with the
series of preferred stock being issued as to dividend rights and rights if we liquidate, dissolve or wind up our affairs; and 

  

	 	•	 	 any other specific terms, rights, preferences, privileges, qualifications or restrictions of the preferred stock.

 The General Corporation Law of the State of Delaware, or DGCL, the state of our incorporation, provides that
the holders of preferred stock will have the right to vote separately as a class (or, in some cases, as a series) on an amendment to our certificate of incorporation if the amendment would change the par value or, unless the certificate of
incorporation provided otherwise, the number of authorized shares of the class or change the powers, preferences or special rights of the class or series so as to adversely affect the class or series, as the case may be. This right is in addition to
any voting rights that may be provided for in the applicable certificate of designation. 
 Anti-Takeover Provisions 

Section 203 of the Delaware General Corporation Law 

We are subject to Section 203 of the DGCL, which prohibits a Delaware corporation from engaging in any business combination with any interested
stockholder for a period of three years after the date that such stockholder became an interested stockholder, with the following exceptions: 
  

	 	•	 	 before such date, the board of directors of the corporation approved either the business combination or the
transaction that resulted in the stockholder becoming an interested stockholder; 

  

	 	•	 	 upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the
interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining the voting stock outstanding, but not the outstanding voting stock owned by the
interested stockholder, those shares owned (i) by persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the
plan will be tendered in a tender or exchange offer; or 

  

	 	•	 	 on or after such date, the business combination is approved by the board of directors and authorized at an annual
or special meeting of the stockholders, and not by written consent, by the affirmative vote of at least 662/3% of the outstanding voting stock that is not owned by the interested stockholder. 

In general, Section 203 defines a “business combination” to include the following: 

 

	 	•	 	 any merger or consolidation involving the corporation and the interested stockholder; 

 

	 	•	 	 any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the
interested stockholder; 

  

	 	•	 	 subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any
stock of the corporation to the interested stockholder; 

  

	 	•	 	 any transaction involving the corporation that has the effect of increasing the proportionate share of the stock
or any class or series of the corporation beneficially owned by the interested stockholder; or 

  

	 	•	 	 the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other
financial benefits by or through the corporation. 

 In general, Section 203 defines an “interested stockholder” as an
entity or person who, together with the person’s affiliates and associates, beneficially owns, or within three years prior to the time of determination of interested stockholder status did own, 15% or more of the outstanding voting stock of the
corporation. 

 Staggered Board 

Our restated certificate and by-laws divide our board of directors into three classes with staggered three year terms.
In addition, our restated certificate and by-laws provide that directors may be removed only for cause and only by the affirmative vote of the holders of 75% of our shares of capital stock present in person or
by proxy and entitled to vote. Under our restated certificate and by-laws, 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. Furthermore, our restated certificate provides that the authorized number of directors may be changed only by the resolution of our board of directors, subject to the rights of any holders of
preferred stock to elect directors. The classification of our board of directors and the limitations on the ability of our stockholders to remove directors, change the authorized number of directors and fill vacancies could make it more difficult
for a third party to acquire, or discourage a third party from seeking to acquire, control of us. 
 Authorized but Unissued Shares 

The authorized but unissued shares of common stock and preferred stock are available for future issuance without stockholder approval, subject to any
limitations imposed by the listing standards of any exchange on which our shares are listed. These additional shares may be used for a variety of corporate finance transactions, acquisitions and employee benefit plans. The existence of authorized
but unissued and unreserved common stock and preferred stock could make more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise. 

Special Meeting of Stockholders; Advance Notice Requirements for Stockholder Proposals and Director Nominations; Stockholder Action 

Our restated certificate and by-laws provide that only our board of directors, the chairman of the board or our chief
executive officer may call special meetings of stockholders, and the business transacted at a special meeting of stockholders shall be limited to matters relating to the purpose or purposes stated in the notice of meeting. Our by-laws establish advance notice procedures with regard to stockholder proposals relating to the nomination of candidates for election as directors or new business to be brought before meetings of our stockholders.
These procedures provide that notice of stockholder proposals must be timely given in writing to our corporate secretary prior to the meeting at which the action is to be taken. Generally, to be timely, notice must be received at our principal
executive offices not less than 90 days nor more than 120 days prior to the first anniversary of the preceding year’s annual meeting. Our by-laws specify the requirements as to form and content of all
stockholders’ notices. These requirements may preclude stockholders from bringing matters before the stockholders at an annual or special meeting. Our restated certificate and by-laws provide that our
stockholders may not take any action by written consent in lieu of a meeting. 
 Super Majority Voting 

The DGCL provides generally that the affirmative vote of a majority of the shares entitled to vote on any matter is required to amend a corporation’s
certificate of incorporation or by-laws, unless a corporation’s certificate of incorporation or by-laws, as the case may be, require a greater percentage. Our by-laws may be amended or repealed by a majority vote of our board of directors or the affirmative vote of the holders of at least 75% of the votes that all of our stockholders would be entitled to cast in any
election of directors. In addition, the affirmative vote of the holders of at least 75% of the votes that all of our stockholders would be entitled to cast in any election of directors is required to amend or repeal or to adopt any provisions
inconsistent with certain of the provisions of our restated certificate. 

 Exclusive Forum 

Our by-laws provide 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 applicable law, be the sole and exclusive forum for (A) any derivative action or proceeding brought on behalf of the Company; (B) any action asserting a claim of breach of a
fiduciary duty owed by any director, officer or other employee of the Company to the Company or the Company’s stockholders; (C) any action asserting a claim against the Company or any director or officer or other employee of the Company
arising pursuant to any provision of the DGCL, our restated certificate or our by-laws; or (D) any action asserting a claim against the Company or any director or officer or other employee of the Company
governed by the internal affairs doctrine. 
 Indemnification 

Our restated certificate provides that we will indemnify each person who was or is a party or threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, other than an action by or in the right of us, by reason of the fact that he or she is or was, or has agreed to become, a director or officer, or is or was serving, or has agreed to serve, at our request as a
director, officer, partner, employee or trustee of, or in a similar capacity with, another corporation, partnership, joint venture, trust or other enterprise (all such persons being referred to as an “Indemnitee”), or by reason of any
action alleged to have been taken or omitted in such capacity, against all expenses, including attorneys’ fees, judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with such action, suit or proceeding
and any appeal therefrom, if such Indemnitee acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, our best interests, and, with respect to any criminal action or proceeding, he or she had no reasonable cause
to believe his or her conduct was unlawful. 
 Transfer Agent and Registrar 

The transfer agent and registrar for our common stock is Computershare Trust Company, N.A., with offices at 250 Royall Street, Canton, Massachusetts 02021. The
transfer agent for any series of preferred stock that we may offer under this prospectus will be named and described in the prospectus supplement for that series. 

Listing on Nasdaq 
 Our common stock is listed on the
Nasdaq Capital Market under the symbol “TPST”.Exhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY
NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL
REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	 	 	 
	Principal Amount: $500,000	 	Dated
    as of April 1, 2022

 

Freedom Acquisition I Corp., a Cayman Islands exempted company and
blank check company (the “Maker”), promises to pay to the order of Freedom Acquisition I LLC, or its registered assigns
or successors in interest (the “Payee”), or order, the principal sum of FIVE HUNDRED THOUSAND U.S. dollars ($500,000)
in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall be made
by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from
time to time designate by written notice in accordance with the provisions of this Note.

 

1. Principal. The principal balance of this Note shall be
payable on the earlier of: (i) twenty-four (24) months from the closing of the initial public offering (or such later date as may be extended
in accordance with the terms of the Maker’s memorandum and articles of association) or (ii) the date on which Maker consummates
a business combination. The principal balance may be prepaid at any time.

 

2. Interest. No interest shall accrue on the unpaid principal
balance of this Note.

 

3. Application of Payments. All payments shall be applied
first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable
attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of
this Note.

 

4. Conversion.

 

(a) Notwithstanding anything contained in this Note
to the contrary, at Payee’s option, at any time prior to Maker’s first payment of all or any portion of the principal balance
of this Note in cash, Payee may elect to convert all (but not less than all) of the principal balance of this Note into that number of
warrants consisting of one warrant exercisable for one ordinary share of the Maker (the “Conversion Warrants”),
equal to: (x) the principal amount of this Note being converted pursuant to this Section 4, divided by (y) $1.50, rounded up to the nearest
whole number of warrants. The Conversion Warrants shall be identical to the warrants issued by the Maker to the Payee in the private placement
that occurred upon consummation of the Maker’s initial public offering. The Conversion Warrants and their underlying securities,
and any other equity security of Maker issued or issuable with respect to the foregoing by way of a share dividend or share split or in
connection with a combination of shares, recapitalization, amalgamation, consolidation or reorganization, shall be entitled to the registration
rights set forth in Section 5 hereof. For the avoidance of doubt, Payee may not elect to convert a portion that is less than all of the
principal balance of this Note under the terms hereof.

 

(b) Upon the conversion of the principal
amount of this Note, (i) the principal amount shall be so converted and the Note shall become fully paid and satisfied, (ii) Payee
shall surrender and deliver this Note, duly endorsed, to Maker or such other address which Maker shall designate against delivery of
the Conversion Warrants and (iii) in exchange for the surrendered Note, Maker shall, at the direction of Payee, deliver to Payee (or
its members or their respective affiliates) (Payee or such other persons, the “Holders”) the Conversion Warrants,
which shall bear such legends as are required, in the opinion of counsel to Maker or by any other agreement between Maker and Payee
and applicable state and federal securities laws.

 

(c) The Holders shall pay any and all issue and other
taxes that may be payable with respect to any issue or delivery of the Conversion Warrants upon conversion of this Note pursuant hereto;
provided, however, that the Holders shall not be obligated to pay any transfer taxes resulting from any transfer requested by the Holders
in connection with any such conversion.

 

(d) The Conversion Warrants shall not be issued upon
conversion of this Note unless such issuance and such conversion comply with all applicable provisions of law.

 

     

     

    

  

5. Registration Rights

 

(a) Reference is made to that certain Registration
Rights Agreement between Maker and the parties thereto, dated as of February 25, 2021 (the “Registration Rights Agreement”).
All capitalized terms used in this Section 5 shall have the same meanings ascribed to them in the Registration Rights Agreement.

 

(b) The Holders shall be entitled to three (3) Demand
Registrations, which shall be subject to the same provisions as set forth in Section 2.1 of the Registration Rights Agreement.

 

(c) The Holders shall also be entitled to include
the Conversion Warrants and their underlying securities in Piggyback Registrations, which shall be subject to the same provisions as set
forth in Section 2.2 of the Registration Rights Agreement; provided, however, that in the event that an underwriter advises Maker that
the Maximum Number of Securities has been exceeded with respect to a Piggyback Registration, the Holders shall not have any priority for
inclusion in such Piggyback Registration.

 

(d)
Except as set forth above, the Holders and Maker, as applicable, shall have all of the same rights, duties and obligations set forth
in the Registration Rights Agreement.

6. Events
of Default. The following shall constitute an event of default (“Event of Default”):

(a) Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of
the date specified above.

(b) Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation
or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment
for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate
action by Maker in furtherance of any of the foregoing.

(c)
Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect
of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the
winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty
(60) consecutive days.

7.
Remedies.

(a)
Upon the occurrence of an Event of Default specified in Section 6(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder, shall
become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

(b)
Upon the occurrence of an Event of Default specified in Sections 6(b) and 6(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on
the part of Payee.

 

8. Waivers. Maker and all endorsers and guarantors of, and
sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note,
all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might
accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising
from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from
civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment
obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired
by Payee.

 

9. Unconditional Liability. Maker hereby waives all notices
in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability
shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence,
extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals,
waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional
makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

     

     

    

 

10. Notices. All notices, statements or other documents which
are required or contemplated by this Note shall be: (i) in writing and delivered personally or sent by first class registered or certified
mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the
number most recently provided to such party or such other address or fax number as may be designated in writing by such party or (iii)
by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be
designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of
delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission,
one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

11. Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

12. Severability. Any provision contained in this Note which
is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction.

13. Trust Waiver. Notwithstanding anything herein to the contrary,
the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution
of or from the trust account in which the proceeds of the initial public offering (the “IPO”) conducted by the Maker
(including the deferred underwriting discounts and commissions) and the proceeds of the sale of the warrants issued in a private placement
that occurred in connection with the IPO were deposited, as described in greater detail in the registration statement and prospectus filed
with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment
or satisfaction for any Claim against the trust account for any reason whatsoever.

 

14. Amendment; Waiver. Any amendment hereto or waiver of
any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

 

15. Assignment. No assignment or transfer of this Note or
any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent
of the other party hereto and any attempted assignment without the required consent shall be void.

 

[Signature page follows]

 

     

     

    

 

IN WITNESS WHEREOF, Maker, intending to be legally bound hereby,
has caused this Note to be duly executed by the undersigned as of the day and year first above written.

 

	 	FREEDOM ACQUISITION I CORP.
	 	a Cayman Islands exempted company 
	 	 	 	 
	 	By:	/s/ Adam Gishen
	 	 	Name:	Adam Gishen
	 	 	Title:	Chief Executive Officer

 	 	FREEDOM ACQUISITION I LLC
	 	a Cayman Islands limited liability company
	 	 	 	 
	 	By:	/s/ Adam Gishen
	 	 	Name:	Adam Gishen
	 	 	Title:	Manager

 

 

    [Signature Page to Promissory Note]

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