Document:

Exhibit
10.20

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

THIS
EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) shall be effective as of the date of the Closing (the “Effective
Date”), and is by and between Scott McCombs, an individual whose principal address is 7222 Colgate Ave, Dallas, Texas
75225 (the “Executive”), and Stryve Foods, LLC a Texas limited liability company (the “Company”).
Upon the Closing of (as such term is defined therein) that certain Business Combination Agreement (the “BCA”),
dated as of January 28, 2021, by and among Andina Acquisition Corp. III, a Cayman Islands exempted company, Andina Holdings LLC,
a Delaware limited liability company, B. Luke Weil, in the capacity as the representative for certain shareholders of the purchaser,
the Company, Stryve Foods Holdings, LLC, a Texas limited liability company, and R. Alex Hawkins, in the capacity as the representative
for the members of the seller (the “Closing”), this Agreement shall be assigned to Stryve Foods, Inc., a Delaware
corporation, and all references to the Company shall be to Stryve Foods, Inc.

 

WHEREAS,
the Company desires to employ the Executive and the Executive desires to be employed by the Company on the terms and conditions
set forth herein.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

Section
1. Employment.

 

The
Company shall employ the Executive, and the Executive accepts employment with the Company upon the terms and conditions set forth
in this Agreement for the period beginning on the Effective Date and ending as provided in Section 4. For the avoidance of doubt,
if the BCA is terminated before the Closing, this Agreement shall terminate and be void ab initio and without any force
or effect.

 

Section
2. Position and Duties.

 

(a)
The Executive shall serve as the Chief Financial Officer and shall have the usual and customary duties, responsibilities, authority,
and fiduciary duties associated with such position. The Executive is responsible for the accounting and finance functions of the
Company’s business including without limitation SEC reporting and compliance, managing financial audits, annual budgeting,
oversight of accounting systems, treasury management, internal controls, cash flow management, and providing strategic financial
input and leadership on decision making issues affecting the organization. The Executive shall report to the Chief Operating Officer
(“COO”) or such other person designated by Board of Directors (“Board” or “Directors”).

 

(b)
The Executive shall devote his best efforts and substantially all of his active business time and attention (except for permitted
vacation periods and reasonable periods of illness or other incapacity) to the business and affairs of the Company. The Executive
shall perform his duties and responsibilities to the best of his abilities in a diligent and professional manner. The Executive
will not engage in any outside business activity that would interfere with the Executive’s performance and obligations hereunder
without the prior written approval of the Board, whether such activity is pursued for gain, profit, or other pecuniary advantage.

 

(c)
The foregoing restrictions shall not limit or prohibit the Executive from engaging in passive investments or community, charitable,
and social activities, in each case, not interfering with the Executive’s performance and obligations hereunder.

 

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(d)
The Executive is expected to, and agrees to, abide by all policies in the Company employee handbook as may be in effect from time
to time, unless such employee handbook policy conflicts with this Agreement, in which case, the terms of this Agreement shall
supersede the Employee Handbook.

 

Section
3. Compensation.

 

(a)
During the Employment Period (as defined in Section 4(a)), the Executive’s annualized base salary shall be two hundred twenty
five thousand dollars ($225,000) (the “Base Salary”), which Base Salary shall be payable in regular installments
in accordance with the Company’s general payroll practices and subject to authorized deductions and appropriate tax withholdings.

 

(b)
The Executive shall be offered paid time off in accordance with Company policies for similarly situated executives, as may be
in place from time to time. Notwithstanding the foregoing, the Executive acknowledges, understands, and agrees that given the
importance of his role, the Executive is required to be available as business needs dictate. It is the Executive’s responsibility
to ensure that customer or client calls, staff meetings and other time sensitive responsibilities are covered regardless of any
time away from work.

 

(c)
The Executive will be entitled to the benefits generally provided or made available to other executive officers of Company, as
may be in effect from time to time, and the Executive’s eligibility to participate in such plans shall be governed by the
applicable benefit plan and the rules applicable to comparable executives of the Company (subject, however, to eligibility and
modification or elimination in accordance with Company’s standard policies and as allowed by law).

 

(d)
During the Employment Period, the Executive shall be entitled to earn an annual Target Bonus of 100% of Base Salary with the potential
to earn 125% of Base Salary. Up to 25% of the bonus actually earned may, at the Company’s election, and subject to any required
approvals or regulatory requirements, be paid in the form of restricted shares of common stock or restricted stock units of Stryve
Foods, Inc., the Company’s parent corporation (“Parent”), with a fair market value as of the grant date
equal to the portion of the bonus being paid in shares. Such restricted shares or restricted stock units shall be subject to the
applicable form of award agreement adopted by Parent for use under its equity incentive plan and shall vest immediately. The Target
Bonus shall be based on annual goals to be established by the Company’s Board based on performance against the Company’s
budget goals which shall be established annually and provided to Executive no later than the 1st day of December of
the preceding year (“Budget Goals”). The Budget Goals shall provide that the Target Bonus shall be earned as follows:

 

	Budget Achieved:	 	 	Percentage of Target Bonus Paid:	 
	 	 	 	 	 
	 	80	%	 	 	50	%
	 	100	%	 	 	100	%
	 	110	%	 	 	125	%.

 

The
Percentage of Target Bonus Paid shall scale proportionately based on percentage of budget achieved between the ranges set forth
above. In the event that the Company fails to provide Executive goals than the prior year’s goals will remain in place.
The full details of the Target Bonus shall be detailed in a separate bonus plan document and that plan document will supersede
this paragraph.

 

(e)
The Executive shall be eligible to participate in Parent’s equity incentive plan and to receive, subject to the approval
of Parent’s board of directors and any other required approvals or regulatory requirements, an award of 40,000 restricted
shares of common stock or restricted stock units of Parent immediately after the closing of the BCA. Such restricted shares or
restricted stock units shall be subject to the applicable form of award agreement adopted by Parent for use under its equity incentive
plan and shall be subject to quarterly vesting over a four-year period with accelerated vesting in the event of a change of control
or the sale of substantially all of the assets of the Company or Parent.

 

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(f)
The Executive shall also be eligible to receive, subject to the approval of the Parent’s board of directors and any other
required approvals or regulatory requirements, an annual grant of 25,000 restricted shares of common stock or restricted units
of Parent which shall be subject to vesting over a three period with accelerated vesting in the event of a change of control or
the sale of substantially all of the assets of the Company or Parent and subject to the terms of the Parent’s equity incentive
plan and the applicable form of award agreement adopted by Parent.

 

(g)
The Company shall pay or reimburse the Executive for all reasonable out-of-pocket business expenses incurred by the Executive
during the Employment Period in performing services hereunder in accordance with policies then in effect with respect to payments
of business expenses. To the extent required to comply with the provisions of Section 409A of the Internal Revenue Code of 1986,
as amended (“Section 409A”), (i) no reimbursement of expenses incurred by the Executive during any taxable
year shall be made after the last day of the following taxable year of the Executive, (ii) the amount of expenses eligible for
reimbursement, or in-kind benefits provided, during a taxable year of the Executive shall not affect the expenses eligible for
reimbursement, or in-kind benefits to be provided, to the Executive in any other taxable year, and (iii) the right to reimbursement
of such expenses shall not be subject to liquidation or exchange for another benefit. All expenses shall be accounted for in such
reasonable detail as the Company may require.

 

(h)
The Company takes all reasonable steps to ensure that all employees receive the correct amount of pay in each paycheck and that
employees are paid promptly on the scheduled paydays. In the unlikely event that there is an error in the amount of pay, the Executive
must promptly bring the discrepancy to the attention of the Human Resources Department so that corrections can be made as quickly
as possible. If the Executive has been underpaid, the Company will pay the Executive the difference by the next pay date. If the
Executive has been paid in excess what he has earned the Executive must return the overpayment to the Company as soon as possible.
No employee is entitled to retain any pay in excess of the amount he has earned according to the agreed-upon rate of pay. If a
wage overpayment occurs, the overpayment will be regarded as an advance of future wages payable and Employee agrees that the overpayment
will be deducted in whole or in part from the next available paycheck(s) until the overpaid amount has been fully repaid. The
Executive understands this Section 3(h) and expressly agrees to its terms.

 

Section
4. Term and Termination.

 

(a)
General. The employment period shall commence on the Effective Date and shall last for a term of two years (the “Employment
Period”); provided however, that the Employment Period shall automatically renew for successive one-year terms unless
either party notifies the other in writing of its intent not to renew this Agreement not less than 90 days prior to the end of
the Employment Period; provided, however, that the Employment Period shall terminate upon the occurrence of any of the events
set forth in clauses (b), (c), (d) or (e) below. The last day on which the Executive is employed by the Company, whether separation
is voluntary or involuntary, with or without Cause, by reason of the Executive’s resignation or by reason of the Executive’s
death or Disability, is referred to as the “Termination Date.”

 

(b)
Termination by the Company without Cause. The Company may choose to terminate the Employment Period at any time without
Cause or reason, subject to Section 5(c) below. If the Company elects not to renew the Employment Period, such non-renewal shall
constitute a termination without Cause subject to Section 5(c) below.

 

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(c)
Termination by the Company for Cause; Resignation by the Executive. 

 

(i)
The Employment Period may be terminated by the Company at any time for Cause. Except for a failure, breach, or refusal
which, by its nature, cannot reasonably be expected to be cured, the Company shall have the sole discretionary option but not
the obligation to provide the Executive ten (10) business days from the delivery of written notice by the Company within which
to cure any acts constituting Cause; provided, however, that, if the Company reasonably expects irreparable injury from
a delay of ten (10) business days, the Company will provide the Executive notice of such shorter period within which to cure as
is reasonable under the circumstances, which may include the termination of the Executive’s employment without notice and
with immediate effect.

 

(ii)
The Executive may elect to terminate the Employment Period at any time due to his resignation. It is understood that if the Executive
elects to terminate the Employment Period through resignation, then he will use commercially reasonable efforts to provide the
Company with thirty (30) days’ advance written notice (“Notice Period”); provided, however, that if the
Employee has provided notice to the Company of the Employee’s resignation, the Company may determine, in its sole discretion,
that such termination shall be effective on any date prior to the effective date of termination provided in such notice (and any
such determination shall not change the basis for the Employee’s termination of employment). During the Notice Period, the
Company may require the Employee to continue performing his duties; cease performing some or all of the Employee’s duties;
transition some or all of the Employee’s duties to other individuals; perform other or different duties as the Company deems
appropriate; and/or refrain from entering the Company’s premises and/or speaking with the Company’s employees, directors,
representatives, agents, parents, investors, service providers, and/or vendors. For the avoidance of any doubt, the Company reserves
the right, in its sole discretion, to waive all or any part of the Notice Period. The Company will not be required to pay, and
the Employee will not be employed, for any portion of the Notice Period the Company waives.

 

(d)
Termination due to Death or Disability. The Employment Period shall automatically be terminated upon the Executive’s
death and may be terminated by the Company upon the Executive’s Disability. For purposes of this Agreement, “Disability”
means “disability” or “permanent disability” as set forth in the long-term disability plan of the Company,
or if no such plan is in effect, it shall mean any long-term disability or incapacity which (A) renders the Executive unable to
substantially perform his duties hereunder for one hundred twenty (120) days during any 12-month period or (B) is predicted to
render the Executive unable to substantially perform his duties for one hundred twenty (120) days during any 12-month period based,
in each case as determined by the Board in its good faith judgment.

 

(e)
Termination by the Executive for Good Reason. The Executive may terminate his employment for Good Reason. For purposes
of this Agreement, “Good Reason” shall mean (1) the material breach by the Company of any of its obligations
hereunder that goes uncured 10 days after written notice by the Executive to the Company of such breach; (2) a material reduction
in the Base Salary payable to the Executive that does not correspond to (A) any material change or reduction in the duties of
the Executive which is at the request or consent of the Executive or (B) any reduction applied uniformly to all similarly situated
executives of the Company due to any adverse business circumstance; (3) any material diminution of the Executive’s position
with the Company, including the Executive’s status, office, title, responsibilities and reporting requirements, except (A)
in the event of a termination for Cause or due to the Executive’s death, Disability, or resignation without Good Reason,
or (B) for changes that are requested or approved by the Executive; (4) the failure or refusal of a successor to be bound by the
terms of this Employment Agreement under any assignment pursuant to Section 13(d) hereunder, or (5) any relocation of more than
50 miles from the Executive’s primary office location; except any relocation (A) which is proposed or initiated by the Executive,
(B) which is consented to by the Executive, or (C) which results in the Executive’s principal office location being closer
to the Executive’s then-principal residence.

 

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Notwithstanding
the foregoing, a termination of employment by the Executive for Good Reason shall not occur unless (x) the Executive provides
written notice to the Company of the existence of the condition described in Section 4(e) (1) through (5) that constitutes Good
Reason within sixty (60) days following the Executive’s knowledge of the initial occurrence of the condition, (y) the Company
fails to cure such condition within thirty (30) days following the delivery to the Company of such notice, and (z) the Executive’s
termination of employment occurs within one hundred and twenty (120) days following the initial occurrence of the condition described
in clause 4(e) (1) through (5) that constitutes Good Reason.

 

(f)
Termination upon Termination of the BCA. This Agreement shall automatically termination upon the termination (without Closing)
of the BCA.

 

Section
5. Payments Upon Termination.

 

(a)
Upon termination for any or no reason, the Executive shall be entitled to receive his Base Salary and all other remuneration and
benefits only to the extent that such amount has been earned and accrued through the Termination Date (the “Accrued Obligations”).
For the avoidance of doubt, the Accrued Obligations shall be paid promptly upon the termination of the Employment Period, in accordance
with applicable law and shall include any bonus under Section 3(d) only in the event that Executive’s employment is terminated
after the first of the year following the bonus period but prior to the bonus actually being paid..

 

(b)
Termination due to death or Disability. If the Employment Period is terminated due to the Executive’s death or Disability,
then the Executive (or his estate) shall be entitled to the Accrued Obligations.

 

(c)
Termination other than for Cause; Resignation For Good Reason. If the Employment Period is terminated (other than a termination
pursuant to Section 4(f)) (i) by the Company other than for Cause, death or Disability, or (ii) by the Executive due to a resignation
for Good Reason, then the Executive shall be entitled to the Accrued Obligations and, if the Executive executes a general release
of claims in a form acceptable to the Company (a “Release”) and such Release becomes effective and irrevocable
within sixty (60) days following the date at which the Company provides the Release to the Executive, then, subject to Section
10 hereof, the Executive shall also be entitled to receive an amount equal to twelve (12) months at his most recent Base Salary
(subject to withholding and payroll taxes) (the “Severance Payment”), which shall be paid out in equal installments
over 12-months pursuant to the normal payroll schedule. The Severance Payment shall not be made until after the sixtieth (60th)
day following the Termination Date, and shall include any amounts that would have otherwise been paid prior to such date. No failure
or delay by the Company to provide a Release to the Executive will delay or prohibit the Employee from receiving the Severance
Payment.

 

(d)
No Other Benefits. Except as otherwise required by law (e.g., COBRA) or as specifically provided herein, all of the Executive’s
rights to salary, severance, fringe benefits and bonuses hereunder (if any) accruing after the Termination Date shall cease upon
the Termination Date. The Executive shall not be entitled to any further payments or benefits under any severance policy or practice
maintained by the Company.

 

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Section
6. Nondisclosure and Nonuse of Confidential Information or Trade Secrets.

 

(a)
The Company promises to provide the Executive with Confidential Information and/or Trade Secrets which the Executive acknowledges
and agrees is necessary for the Executive to perform his duties and responsibilities for the Company. The Executive shall not,
directly or indirectly, disclose or use at any time without the written consent of the Company, either during the Employment Period
or thereafter, any Confidential Information or Trade Secret information of which the Executive is or becomes aware, whether or
not such information is developed by his, except to the extent that such disclosure or use is directly related to and required
by the Executive’s performance in good faith of duties assigned to the Executive by the Company or is required to be disclosed
by law, court order, or similar legal compulsion; provided, however, that such disclosure shall be limited to the extent
so required or compelled; and provided, further, that the Executive shall give the Company notice of such disclosure and
cooperate with the Company, at the Company’s expense, in seeking suitable protection. The Executive acknowledges that the
Company’s Confidential Information and Trade Secret information has been generated at great effort and expense by the Company
and its predecessors and has been maintained in a confidential manner by the Company and its predecessors. The Executive will
immediately notify the Company of any unauthorized possession, use, disclosure, copying, removal or destruction, or attempt thereof,
of any Confidential Information by anyone of which the Executive becomes aware and of all details thereof. The Executive shall
take all reasonably appropriate steps to safeguard Confidential Information and Trade Secret information, and to protect it against
disclosure, misuse, espionage, loss, and theft. The Executive shall deliver to the Company on the Termination Date, or at any
time the Company may request, all memoranda, notes, plans, records, reports, computer tapes and software and other documents and
data (and copies thereof regardless of the form thereof (including electronic and optical copies)) relating to the Confidential
Information or the Work Product of the Business which the Executive may then possess or have under his control.

 

(b)
The Executive represents and warrants that the Executive will not use, disclose to the Company, or induce the Company to use any
non-public, proprietary, confidential information, documents or materials belonging to any third party, including any of the Executive’s
prior employers. The Executive acknowledges that the Company has expressly stated that it does not wish to receive any such information.
The Executive represents that his employment with the Company will not require the Executive to violate any obligation to or confidence
of any other Person.

 

(c)
The Executive has not entered into, and he agrees he will not enter into, any agreement either written or oral in conflict with
this Agreement or his employment with the Company. The Executive agrees to defend, indemnify, and hold the Company harmless
in any third-party action alleged or brought against the Executive and/or the Company for the Executive’s breach or alleged
breach of any agreement in violation of this Section 6(c).

 

(d)
The Executive represents and warrants that, except in the ordinary and usual course of his employment with the Company, he will
not remove from the premises of the Company any Confidential Information, Trade Secret, or Work Product, document, information,
or tangible property belonging to the Company including, but not limited to, any item of Confidential Information, Trade Secret,
or Work Product, specification sheets, work papers, price lists, product manuals, client or customer lists, potential client lists
and information, equipment, computer disks, or copies of all or any portion thereof. The Executive shall not possess any Confidential
Information Trade Secret, or Work Product on any personal/home computer, on any device owned by a spouse or family member, and
may not copy such information or disclose such information to any family member or other third party.

 

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(e)
As a result of the Executive having been provided and having access to the Company’s Confidential Information, Trade Secrets,
and Work Product, the Executive acknowledges and agrees that the Company at all times retains the right to and may access and
search all directories, indices, diskettes, files, databases, e-mail messages, voice mail messages and any other electronic transmissions
contained in or used in conjunction with the Company’s computers, electronic and telephonic systems and equipment with no
prior notice. The right of access by the Company applies both during the Executive’s employment and after its cessation,
either voluntary or involuntary, for any reason. Upon request by the Company during the Executive’s employment and immediately
upon cessation of the Executive’s employment, the Executive agrees to deliver to the Company any and all passwords to access
all documents, storage media of any kind, computers, servers, mobile telephones, personal digital assistants or other electronic
or telephonic systems owned by the Company.

 

Section
7. Defend Trade Secrets Act.

 

Notwithstanding
anything to the contrary herein, under the Defend Trade Secrets Act of 2016 (“DTSA”), the Executive shall not
be restricted from: (a) disclosing information that is required to be disclosed by law, court order or other valid and appropriate
legal process; provided, however, that in the event such disclosure is required by law, the Executive shall provide the
Company with prompt notice of such requirement so that the Company may seek an appropriate protective order prior to any such
required disclosure by the Executive; (b) reporting possible violations of federal, state, or local law or regulation to any governmental
agency or entity, or from making other disclosures that are protected under the whistleblower provisions of federal, state, or
local law or regulation, and the Executive shall not need the prior authorization of the Company to make any such reports or disclosures
and shall not be required to notify the Company that the Executive has made such reports or disclosures; (c) disclosing a trade
secret (as defined by 18 U.S.C. § 1839) in confidence to a federal, state, or local government official, either directly
or indirectly, or to an attorney, in either event solely for the purpose of reporting or investigating a suspected violation of
law; or (d) disclosing a trade secret (as defined by 18 U.S.C. § 1839) in a complaint or other document filed in a lawsuit
or other proceeding, if such filing is made under seal. Further, if the Executive files a lawsuit for retaliation by Company for
reporting a suspected violation of law, the Executive may disclose the trade secrets to his attorney and use the trade secret
information in the court proceeding if the Executive (i) files any document containing the trade secret under seal and (ii) does
not disclose the trade secret except pursuant to court order.

 

Nothing
in this Agreement nor the DTSA authorizes the disclosure of information that is legally required to be kept confidential. Making
a complaint under the DTSA may not automatically shield the discloser from consequences of his own involvement in unlawful or
improper conduct.

 

Section
8. Inventions and Patents.

 

If
the Executive individually or jointly with others, conceives, develops or perfects any Inventions, whether or not such Inventions
are patentable, or registerable under foreign or domestic patent or copyright laws, or subject to protection under other federal
or state statutes governing intellectual property, then the Executive will immediately disclose and assign the full rights, licenses,
and any applicable patents in such Inventions to the Company in writing and to do what is necessary to effect such to the Company.
Specifically, the Executive shall agree to (i) sign and execute any documents that may be necessary or desirable, lawful, and
proper in connection with the protection of Intellectual Property in the United States or worldwide, including without limitation
assignment documents associated therewith, or otherwise necessary or desirable to secure the title thereto to the Company; (ii)
execute all papers and documents and to perform all lawful acts that may be necessary in connection with claims to priority or
otherwise under the International Convention for the Protection of Industrial Property or similar treaties or agreements; (iii)
perform all lawful affirmative acts that may be necessary to obtain the grant of valid and enforceable intellectual property worldwide
to Company. Without limiting the foregoing, all works of authorship regarding the Business created by the Executive during the
Employment Period shall belong to and be owned by the Company, shall be deemed “work made for hire” to the full extent
permitted under federal and international copyright law, and shall be promptly disclosed to the Company. If, for any reason, any
of the services provided by the Executive do not constitute a “work made for hire,” the Executive hereby irrevocably
assigns to the Company, in each case without additional consideration, all right, title and interest, including all moral rights,
throughout the world in and to the services provided by the Executive, including all intellectual property rights therein. Additionally,
the Executive hereby waives any rights or interests to any Inventions and assigns the rights to the Company. At no point during
the Employment Period or any time thereafter without the express written consent of the Company may the Executive publish, display,
show or otherwise use any Company symbols, logos, markings, designs, images, or any type of Inventions, Derivative Works, Work
Products, Trade Secrets, or Confidential Information, including those used to promote the Company, its employees, its designers,
or its customers or clientele, in any way including on social media.

 

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The
Parties expressly understand and agree that this written Agreement is presumptive evidence of proper consideration that all Inventions
belong to the Company, are “works made for hire”, and are assignable and hereby assigned to the Company.

 

Section
9. Non-Compete; Non-Solicitation; Non-Disparagement.

 

(a)
The Parties acknowledge and agree that the Business is intensely competitive. In connection with the Executive’s operation
of the Business the Executive will gain specialized knowledge of the Business and additionally based on the Company’s promise
to provide the Executive Trade Secrets and other Confidential Information and associated goodwill, which is not generally publicly
available, and that the disclosure of those Trade Secrets and Confidential Information would place the Company at a serious competitive
disadvantage and would do serious damage to the Company. The Parties acknowledge and agree that by virtue of the Executive’s
specialized knowledge in the Business and the employment relationship with the Company contemplated by this Agreement, the Executive’s
services will be of special, unique, and extraordinary value to the Company. Therefore, as an inducement to enter into this Agreement
and ancillary to the Company’s promise to continue to provide Confidential Information, Trade Secrets, and Work Product
in exchange for the Executive’s promise not to disclose the same and in order to protect the Company’s legitimate
business interests, the Executive agrees that during the Employment Period and continuing until the first (1st) anniversary
after the Termination Date regardless of the reason for termination (collectively, the “Restricted Period”)
(subject to automatic extension by one day for each day the Executive is in violation of this Section 9(a)), he shall not,
directly or indirectly, or through third-parties, or in any manner for herself or others, whether or not for profit, anywhere
within the Restricted Area:

 

(i)
engage, in any way or to any extent, in the Business;

 

(ii)
whether as a lender, creditor, partner, shareholder, member, employee, principal, consultant, agent, trustee, or in any other
capacity, own, manage, control or participate in the ownership, management or control of, or render services directly related
to, any person, corporation, partnership, proprietorship, firm, association or other business entity engaged in any way and to
any extent in the Business or any other activities that compete with the Company in the Business;

 

(iii)
induce, request or encourage any employee, consultant, officer or director of Company to terminate any such relationship with
the Company;

 

(iv)
employ, cause to be employed, or assist in or solicit the employment of any employee, consultant, officer or director of the Company
while any such person is providing services to the Company or within three (3) months after any such person ceases providing services
to the Company; provided that this restriction shall not prevent conducting general employment searches or solicitations not directed
at the Company employees, consultants, officers or directors; or

 

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(v)
solicit, divert or appropriate, or assist in or attempt to solicit, divert or appropriate, any customer or supplier, or any potential
customer or supplier, of the Company for the purpose of competing with the Business.

 

(vi)
As used in this Agreement, “solicitation” (or to “solicit”) includes all forms of pursuing, encouraging,
or inducing a desired response regardless of which Party first initiates contact.

 

(vii)
As used in this Agreement “Restricted Area” shall mean that geographical territory in which the Company conducts
its Business and where the Executive oversees the performance of such Business, including without limitation the state of Texas
and Oklahoma.

 

Notwithstanding
any provision of this Agreement to the contrary, each Principal may own, directly or indirectly, securities of any entity having
a class of securities registered pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
which engages in a business competitive with the Business, provided that each Principal does not, directly or indirectly, individually
or in the aggregate (including without limitation by being a member of a group within the meaning of Rule 13d-5 under the Exchange
Act) own beneficially or of record more than five percent (5%) of any class of securities of such entity.

 

(b)
The Executive understands that the foregoing restrictions may limit his ability to earn a livelihood in a business substantially
similar to the business of the Company, but he nevertheless believes that he will receive sufficient consideration and other benefits
as an employee of the Company to clearly justify such restrictions which, in any event (given his education, skills, and ability),
the Executive does not believe would prevent his from otherwise earning a living.

 

(c)
During the Restricted Period, the Executive shall inform and hereby authorizes the Company to so inform anyone contracting with
or employing the Executive (or evidencing an intention to contract with or employ the Executive) of the existence of the restrictive
covenants in Sections 6, 7, 8, and 9 prior to the commencement of that employment. The Executive waives and releases the Company
from any claims, causes of action, or liability arising in connection with the Company’s contact or discussions with such
third-parties concerning the existence, terms, and enforcement of this Agreement.

 

(d)
The Executive agrees that the restrictions contained in this Section 9 are a part of this otherwise enforceable Agreement (including
the enforceable promise to provide immediate access to Confidential Information (including Trade Secrets) and access to customer
goodwill). Additionally, the Executive agrees that the restrictions are reasonable and necessary, are valid and enforceable, and
do not impose a greater restraint than necessary to protect the Company’s legitimate business interests. If, at the time
of enforcement of Sections 6 through 9, a court holds that the restrictions stated herein are unreasonable under the circumstances
then existing, the Executive and the Company agree that the maximum period, scope, or geographical area reasonable under such
circumstances shall be substituted for the stated period, scope, or area so as to protect the Company to the greatest extent possible
under applicable law.

 

(e)
In order to protect the goodwill of the Company, to the fullest extent permitted by law, the Executive and the Company, both during
and after the Employment Period, agree not to publicly criticize, denigrate, or otherwise disparage the other party, its Board
members, its employees, officers, governing persons, consultants, other service providers, products, processes, policies, practices,
standards of business conduct, or areas or techniques of research, manufacturing, or marketing, as applicable. Nothing in this
Section 9(e) shall prevent the Executive or the Company from cooperating in any governmental proceeding or from providing truthful
testimony pursuant to a legally-issued subpoena. The Executive and the Company promises to provide the other party with written
notice of any request to so cooperate or provide testimony within one (1) day of being requested to do so, along with a copy of
any such request.

 

    	Page 9 of 14

    	 

    

 

Section
10. Enforcement.

 

Because
the Executive’s services are unique and because the Executive has access to Confidential Information and Trade Secrets,
the Parties agree that money damages would be an inadequate remedy for any breach of any of Sections 6 through 9. Therefore, in
the event of a breach or threatened breach of this Agreement of any of Sections 6 through 9 by the Executive, the Company its
successors or assigns may cease all payments under Section 5(c), and in addition to other rights and remedies existing in their
favor at law or in equity, apply to any court of competent jurisdiction ((i) without any necessity of showing actual damages,
and (iii) without any necessity of showing that monetary damages are an inadequate remedy) for specific performance and/or injunctive
or other relief in order to enforce, or prevent any violations of, the provisions hereof. The Executive agrees not to claim that
the Company has adequate remedies at law for a breach of any of Sections 6 through 9, as a defense against any attempt by the
Company to obtain the equitable relief described in this Section 10.

 

Section
11. Representations and Warranties of the Executive.

 

The
Executive hereby represents and warrants to the Company that (a) the execution, delivery and performance of this Agreement by
the Executive does not and shall not conflict with, breach, violate or cause a default under any agreement, contract or instrument
to which the Executive is a party or any judgment, order or decree to which the Executive is subject, (b) the Executive is not
a party to or bound by any employment agreement, consulting agreement, non-compete agreement, confidentiality agreement or similar
agreement with any other Person and (c) upon the execution and delivery of this Agreement by the Company and the Executive, this
Agreement will be a valid and binding obligation of the Executive, enforceable in accordance with its terms. In addition, the
Executive represents and warrants that he has no and shall not have any ownership in nor any right to nor title in any of the
Confidential Information and the Work Product.

 

Section
12. Notices.

 

All
notices, requests, demands, claims, and other communications hereunder shall be in writing. Any notice, request, demand, claim
or other communication hereunder shall be deemed duly given when delivered personally to the recipient, emailed to the intended
recipient, or telecopied to the intended recipient at the addresses and/or numbers set forth below, provided that a copy is sent
by a nationally recognized overnight delivery service (receipt requested), or one (1) business day after deposit with a nationally
recognized overnight delivery service (receipt requested), in each case as follows:

 

	If
    to Company:	 	Stryve
    Foods, LLC or, if after the Closing, Stryve Foods, Inc.
	 	 	5801
    Tennyson Parkway, Suite 275
	 	 	Plano,
    Texas 75024
	 	 	Attention:
    Joe Oblas
	 	 	Email:
    joe@stryve.com
	 	 	Phone:
    (903) 818-8263

 

	With
    a copy to:	 	Foley
    and Lardner, LLP
	 	 	2021
    McKinney Avenue, Suite 1600
	 	 	Dallas,
    TX 75201
	 	 	Attention:
    Christopher J. Babcock
	 	 	Email:
    cbabcock@foley.com
	 	 	Phone:
    (214) 999-4370

 

    	Page 10 of 14

    	 

    

 

If
to the Executive, to the address set forth on the first page of this Agreement,

 

or
such other address as the receiving Party to whom notice is to be given may have furnished to the other Party in writing in accordance
herewith. Any such communication shall be deemed to have been delivered and received (a) when delivered, if personally delivered,
emailed, sent by telecopier or sent by overnight courier, and (b) on the fifth business day following the date posted, if sent
by mail.

 

Section
13. General Provisions.

 

(a)
Conflict of Interest. In keeping with the Executive’s fiduciary duties to the Company, the Executive agrees that
during the Employment Period or any extension thereof he will not, acting alone or in conjunction with others, directly or indirectly,
become involved in a conflict of interest or, upon discovery thereof, allow a conflict of interest to continue. Moreover, the
Executive agrees that he will immediately disclose to the Board any facts or actions which might involve any reasonable possibility
of a conflict of interest. It is agreed that any direct or indirect interest in, connection with, or benefit from any outside
activities, where such interest might in any way adversely affect Company, involves a possible conflict of interest. Circumstances
in which a conflict of interest on the part of the Executive might arise, and which must be reported promptly by the Executive
to the Board of Company, include, but are not limited to, the following: (i) ownership of a material interest in any supplier,
contractor, subcontractor, customer, or other entity with which Company does business; (ii) acting in any capacity, including
director, officer, partner, consultant, employee, distributor, agent, or the like, for a supplier, contractor, subcontractor,
customer, or other entity with which Company does business; (iii) accepting, directly or indirectly, payment, service, or loans
from a supplier, contractor, subcontractor, customer, or other entity with which Company does business, including, but not limited
to, gifts, trips, entertainment, or other favors of more than a nominal value; (iv) misuse of Company’s information or facilities
to which the Executive has access in a manner which will be detrimental to Company’s interest, such as utilization for Employee’s
own benefit of know-how, inventions, or information developed through Company’s business activities; (v) disclosure or other
misuse of Confidential Information of any kind obtained through Employee’s connection with Company; (vi) the ownership,
directly or indirectly, of a material interest in an enterprise in competition with Company, or acting as an owner, director,
principal, officer, partner, consultant, employee, agent, servant, or otherwise of any enterprise which is in competition with
Company; and (vii) appropriation of a Corporate Opportunity. For the purposes of this Agreement, a Corporate Opportunity shall
mean business or investment opportunities which reasonably arise from the scope of the Business in which Company may or might
have an interest that the Executive is offered or becomes aware of. The Executive acknowledges that he has a duty to advise the
Company of any such Corporate Opportunity and that he will not act upon any Corporate Opportunity for his own benefit or the benefit
of any Person other than the Company without first obtaining the written consent or approval of the Board.

 

(b)
Severability. It is the desire and intent of the Parties hereto that the provisions of this Agreement be enforced to the
fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly,
subject to Section 9(d), if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction
to be invalid, prohibited or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without
invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of this Agreement or affecting
the validity or enforceability of such provision in any other jurisdiction.

 

(c)
Construction. The Company and the Executive have participated jointly in the negotiation and drafting of this Agreement.
If an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the
Company and the Executive and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the
authorship of any of the provisions of this Agreement.

 

    	Page 11 of 14

    	 

    

 

(d)
Complete Agreement. This Agreement and those documents expressly referred to herein (including, but not limited to, the
schedules, annexes and exhibits (in their executed form) attached hereto) constitute the entire agreement among the Parties and
supersede any prior correspondence or documents evidencing negotiations between the Parties, whether written or oral, and any
and all understandings, agreements or representations by or among the Parties, whether written or oral, that may have related
in any way to the subject matter of this Agreement. Upon Closing, this Agreement shall supersede any prior employment agreements
between the Company and Executive, and Executive acknowledges that Executive shall no right to severance under any prior agreements
between the Company and Executive.

 

(e)
Successors and Assigns. This Agreement shall be binding on, and shall inure to the benefit of, the Parties hereto and their
respective heirs, legal representatives, successors and permitted assigns; provided, however, that the Executive may not assign,
transfer, or delegate his rights or obligations hereunder and any attempt to do so shall be void. The Company may only assign
this Agreement and its rights, together with its obligations, hereunder either to an affiliate, or in connection with any sale,
transfer or other disposition of all or substantially all of the Company’s assets or business, whether by merger, consolidation
or otherwise, including a merger of the Company.

 

(f)
Withholding of Taxes. The Company may deduct and withhold from the compensation payable to the Executive hereunder or otherwise
any and all applicable federal, state, and local income and employment withholding taxes and any other amounts required to be
deducted or withheld by the Company under applicable law.

 

(g)
Governing Law and Venue. This Agreement, and all actions, causes of action, or claims of any kind (whether at law, in equity,
in contract, in tort, or otherwise) that may be based upon, arise out of, or relate to this Agreement, or the negotiation, execution,
or performance of this Agreement (including any action, cause of action, or claim of any kind based upon, arising out of, or related
to any representation or warranty made in, in connection with, or as an inducement to this Agreement) shall be governed by and
construed in accordance with the Law of the State of Texas, including without limitation all laws relating to applicable statutes
of limitation and burdens of proof and available remedies. The Parties voluntarily and irrevocably submit to the jurisdiction
of the courts of the state of Texas and the state or federal courts located in the county of Collin. The Parties hereby irrevocably
consent to the jurisdiction of such courts and hereby waive, to the fullest extent permitted by law, any objection which they
may now or hereafter have to the venue of any such dispute related to or arising out of this agreement brought in such court or
any defense of inconvenient forum for the maintenance of such dispute. Each Party agrees that a judgment in any such dispute may
be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

(h)
Waiver of Jury Trial. With respect to any judicial proceeding in which any claim or counterclaim (whether at law, in equity,
in contract, in tort, or otherwise) asserted based upon, arising from, or related to this agreement, any ancillary agreement,
or the course of dealing or relationship between the Parties to this agreement, including the negotiation, execution, and performance
of such agreement, no Party to this agreement or any assignee, successor, or representative of any Party shall request a jury
trial in any such proceeding nor seek to consolidate any such proceeding with any other action in which a jury trial cannot be
or has not been waived.

 

    	Page 12 of 14

    	 

    

 

(i)
Attorneys’ Fees. In the event of any dispute or controversy between the Executive and Company, or any affiliate,
employee, director or shareholder of Company, or otherwise arising out of or related to the subject matter of this Agreement or
the breach or interpretation hereof, the Prevailing Party shall be entitled to recover from the losing Party reasonable expenses,
attorneys’ fees, pre and post-judgment interest, and all other costs, expenses and fees incurred in connection with the
enforcement of the terms of this Agreement at all trial and appellate levels including demonstrating the existence of a breach,
seeking and obtaining equitable relief, and any other enforcement efforts, from the Non-Prevailing Party. The term “Prevailing
Party” means (i) the signatories to this Agreement, (ii) all assigns, heirs, successors-in-interest, transferees, and
other lawful representatives of the signatories and (iii) the Party who successfully prosecutes an action or successfully defends
against an action resulting in a judgment granting affirmative monetary, equitable, and/or declaratory relief, regardless of nominal
value, from a court of competent jurisdiction. In the event any Party defaults under this Agreement, such defaulting Party shall
pay all the expenses, attorneys’ fees, and costs incurred by the other Party in connection with such default, whether or
not any litigation is commenced.

 

(j)
Amendment and Waiver. The provisions of this Agreement may be amended and waived only with the prior written consent of
the Company and the Executive, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall
affect the validity, binding effect or enforceability of this Agreement or any provision hereof.

 

(k)
Headings. The section headings contained in this Agreement are for reference purposes only and shall not affect in any
way the meaning or interpretation of this Agreement.

 

(l)
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and
all of which together shall constitute one and the same instrument.

 

(m)
Third-Party Beneficiaries. The Company and its Affiliates are third-party beneficiaries to this Agreement.

 

(n)
Reliance. Each Party expressly warrants and represents that it has not relied in any way upon representations, statements,
or other information provided by the other Party in connection with the Agreement or the advisability of executing this Agreement.
Each Party affirms and agrees that no promise or agreement which is not herein expressed has been made to him/her in executing
this Agreement, this Agreement was expressly negotiated, each Party has had the opportunity to be represented by counsel, neither
Party is relying upon any statement or representation of any agent of the Parties.

 

Section
14. Definitions

 

“Affiliate”
means any Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common
control with, such Person. The term “control” (including the terms “controlled by” and “under common
control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Business”
means the manufacturing, producing, or selling of shelf-stable beef foods and snacks as such products, goods, and/or services
exist or are in the process of being formed or acquired during the Employment Period, with respect to which (A) the Executive
is actively engaged or (B) the Executive has learned or received Confidential Information, Trade Secrets, and Work Product from
the Company.

 

    	Page 13 of 14

    	 

    

 

“Cause”
means:

 

(A)
the Executive’s willful failure to perform his duties (other than as such failure resulting from incapacity due to physical
or mental illness);

 

(B)
fraud, gross negligence, recklessness, willful misconduct, or breach of fiduciary duty by the Executive in the performance of
his duties;

 

(C)
an indictment or similar formal legal charge or a plea of guilty or nolo contendere by the Executive to a misdemeanor involving
fraud, embezzlement, theft, other financial dishonesty, or moral turpitude that brings financial harm or embarrassment to the
company, or a felony;

 

(D)
(1) the material breach by the Executive of this Agreement or (2) any breach by the Executive of the provisions of Sections 6
through 9 of this Agreement; or

 

(E)
unlawful conduct committed by the Executive which, in whole or in part, and following a reasonably thorough investigation by the
Company or a third-party investigation firm, is determined by such third party based on credible evidence that the Executive caused
the Company to violate any state or federal law relating to prohibition on discrimination, retaliation, or unlawful harassment;
or

 

(F)
the use of illegal drugs, substance abuse, or habitual insobriety that impacts the Executive’s performance or brings financial
harm or embarrassment to the Company.

 

“Company”
has the meaning set forth in the preamble to this Agreement, and includes all subsidiaries of the Company.

 

“Confidential
Information” means information that is not generally known to the public or within the industry and that is used, developed
or obtained by the Company in connection with its business, including, but not limited to, such information, observations and
data obtained by the Executive while employed by the Company or any predecessors thereof (including those obtained prior to the
Effective Date) concerning, in each case, with respect to the Company or its Business: (i) the business or affairs of the Company
(or its or their predecessors), (ii) company documents of any kind; (iii) products or services, (iv) fees, costs and pricing structures,
(v) designs, recipes, formulas and business procedures, (vi) analyses, (vii) drawings, photographs and reports, (viii) computer
software, including operating systems, applications and program listings, (ix) flow charts, manuals and documentation, (x) databases,
(xi) accounting and business methods, (xii) inventions, devices, new developments, methods and processes, whether patentable or
unpatentable and whether or not reduced to practice, (xiii) retailers, manufacturers, customers, clients and suppliers and retailer,
manufacturer, customer, client and supplier lists, (xiv) other copyrightable works, (xv) all methods, processes, technology and
trade secrets, (xvi) business strategies, acquisition plans and candidates, financial or other performance data and personnel
lists and data, (xvii) client lists and customer data of any kind, and (xviii) all similar and related information in whatever
form, unless: (A) the information is or becomes publicly known through lawful means; or (B) the information is disclosed to the
Executive without a confidential restriction by a third party who rightfully possesses the information and did not obtain it,
either directly or indirectly, from Company.

 

“Person”
means any individual, corporation, partnership, limited liability company, trust, estate, or other entity or person.

 

“Trade
Secret” information includes all Confidential Information, including, without limitation, formulae, patterns, compilations,
programs, devices, methods, techniques, products, systems, processes, designs, prototypes, procedures, or codes, from which the
Company derives independent economic value, actual or potential, because they are not generally known to, or readily ascertainable
by proper means by other Persons who can obtain economic value from its disclosure or use and which the Company makes reasonable
efforts to maintain secret.

 

“Work
Product” shall mean all inventions, derivative works, innovations, improvements, technical information, systems, software
developments, methods, designs, analyses, drawings, reports, service marks, trademarks, trade names, logos and all similar or
related information (whether patentable or unpatentable) which relate to the actual or anticipated business, research and development
or existing or future products or services of the Company and which are conceived, developed or made by the Executive (whether
during usual business hours or on the premises of the Company and whether alone or in conjunction with any other Person) while
employed by the Company (including those conceived, developed or made prior to the date of this Agreement) together with all patent
applications, letters patent, trademark, tradename and service mark applications or registrations, copyrights and reissues thereof
that may be granted for or upon any of the foregoing, and in all instances shall belong to the Company.

 

SIGNATURES
NEXT PAGE

 

    	Page 14 of 14

    	 

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Employment Agreement as of the date last written below.

 

	COMPANY:	STRYVE FOODS, LLC
	 	a Texas limited liability company
	 	 	 
	 	By:
    	  /s/
    R. Alex Hawkins 
	 	 	 R.
    Alex Hawkins, Chief Operating Officer 

 

	EXECUTIVE:	 	 
	 	By:	  /s/
    Scott McCombs 
	 	Name:	  Scott
    McCombs 
	 	Date:	  3/26/21 

 

    	Signature Pageswbku-ex45_74.htm

Exhibit 4.5

DESCRIPTION OF SECURITIES

The following is a summary of the material terms of our securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of March 31, 2021 and provisions of our amended and restated memorandum and articles of association. The summary is subject to and qualified in its entirely by reference to the amended and restated memorandum and articles of association, which is filed as an exhibit to the Annual Report on Form 10-K. The following also summarizes certain provisions of the Companies Act (As Revised) of the Cayman Islands (the “Companies Act”) and is subject to and qualified in its entirely by reference to the Companies Act.

General

Pursuant to our amended and restated memorandum and articles of association, our authorized share capital consists of 500,000,000 Class A ordinary shares, $0.0001 par value, 50,000,000 Class B ordinary shares, $0.0001 par value, and 5,000,000 undesignated preferred shares, $0.0001 par value. The following description summarizes certain terms of our share capital as set out more particularly in our amended and restated memorandum and articles of association. Because it is only a summary, it may not contain all the information that is important to you.

Units

Each unit consists of one whole Class A ordinary share and one-fifth of one warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below. Pursuant to the warrant agreement, a warrantholder may exercise its warrants only for a whole number of Class A ordinary shares. This means that only a whole warrant may be exercised at any given time by a warrantholder.

Our units are listed on the New York Stock Exchange (the “NYSE”) under the symbol “SWBK.U.” On February 26, 2021, we announced that holders of our units may elect to separately trade the Class A ordinary shares and warrants included in the units. The Class A ordinary shares and warrants that are separated trade on the NYSE under the symbols “SWBK” and “SWBK.WS,” respectively. Those units not separated continue to trade on the NYSE under the symbol “SWBK.U.” No fractional warrants will be issued upon separation of the units, and only whole warrants will trade.

Additionally, any units that are not separated prior to the completion of our initial business combination will automatically separate into their component parts and will not be traded after completion of our initial business combination.

Ordinary Shares

As of March 31, 2021, 31,625,000 Class A ordinary shares, par value $0.0001 per share, and 7,906,250 Class B ordinary shares, par value $0.0001 per share, were issued and outstanding.

Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Holders of our Class B ordinary shares will have the right to appoint all of our directors prior to our initial business combination. On any other matter submitted to a vote of our shareholders, holders of the Class A ordinary shares and holders of the Class B ordinary shares will vote together as a single class on all matters submitted to a vote of our shareholders except as required by law or stock exchange rule. Unless specified in our amended and restated memorandum and articles of association, or as required by applicable provisions of the Companies Law or applicable stock exchange rules, the affirmative vote of a majority of our ordinary shares that are voted is required to approve any such matter voted on by our shareholders. Approval of certain actions requires a special resolution under Cayman Islands law, being the affirmative vote of not less than two-thirds of our ordinary shares that are voted, and pursuant to our amended and restated memorandum and articles of association; such actions include amending our amended and restated memorandum and articles of association and approving a statutory merger or consolidation with another company. Our board of directors is divided into three classes, each of which generally serves 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 appointment of directors, with the result that the holders of more than 50% of the shares voted for the appointment of directors can appoint all of the directors. Our shareholders are entitled to 

 

 

receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor. Pursuant to the terms of our amended and restated memorandum and articles of association, holders of our Class B ordinary shares have the exclusive right to elect, remove and replace any director prior to the consummation of our initial business combination. This provision may only be amended if approved by holders of 90% of our ordinary shares entitled to vote thereon.

Because our amended and restated memorandum and articles of association authorizes the issuance of up to 500,000,000 Class A ordinary shares, if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required to increase the number of Class A ordinary shares which we are authorized to issue at the same time as our shareholders vote on the business combination to the extent we seek shareholder approval in connection with our business combination.

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

We will provide our public shareholders with the opportunity to redeem all or a portion of their Class A ordinary shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding ordinary shares that were sold as part of the units of our initial public offering, which we refer to collectively as our public shares, subject to the limitations described herein. The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting discounts and commissions that we will pay to the underwriters of our initial public offering. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and any public shares held by them in connection with the completion of our business combination. Unlike many blank check companies that hold shareholder votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not required by law, if a shareholder vote is not required by law and we do not decide to hold a shareholder vote for business or other legal reasons, we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial business combination. Our amended and restated memorandum and articles of association will require 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, shareholder approval of the transaction is required by law, or we decide to obtain shareholder 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 shareholder approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, being the affirmative vote of a majority of the ordinary shares represented in person or by proxy and entitled to vote thereon, voted and who vote at a general meeting. A quorum for such meeting will consist of the holders present in person or by proxy of shares of the company representing a majority of the voting power of all outstanding shares of the company entitled to vote at such meeting. For purposes of seeking approval of the majority of our outstanding ordinary shares voted, abstentions and non-votes will have no effect on the approval of our 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 business combination. These quorum and voting thresholds, and the voting agreements of our initial shareholders, may make it more likely that we will consummate our initial business combination.

If we seek shareholder 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 memorandum 

2

 

and articles of association provides that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13(d)(3) of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 20% of the public shares, which we refer to as the Excess Shares. However, we would not be restricting our shareholders’ ability to vote all of their shares (including Excess Shares) for or against our business combination. Our shareholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our business combination, and such shareholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such shareholders will not receive redemption distributions with respect to the Excess Shares if we complete our business combination. 

If we seek shareholder approval in connection with our business combination, our initial shareholders 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. Additionally, each public shareholder may elect to redeem its public shares irrespective of whether it votes for or against the proposed transaction (subject to the limitation described in the preceding paragraph).

Pursuant to our amended and restated memorandum and articles of association, if we are unable to complete our business combination within 24 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 ten 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 taxes (net of any taxes payable by us and 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 shareholders’ rights as shareholders (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 shareholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. Our sponsor, 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 business combination within 24 months from the closing of our initial public offering. However, if our sponsor, 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.

In the event of a liquidation, dissolution or winding up of the company after a business combination, our shareholders are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the ordinary shares. Our shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the ordinary shares, except that we will provide our public shareholders with the opportunity to redeem their public shares for cash 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 Class A ordinary shares included in the units sold in our initial public offering, and holders of founder shares have the same shareholder rights as public shareholders, except that (i) only holders of the founder shares have the right to vote on the appointment of directors prior to our initial business combination, (ii) the founder shares are subject to certain transfer restrictions, as described in more detail below, (iii) our sponsor, 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, (B) to waive their redemption rights with respect to any founder shares and public shares held by them in connection with a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (a) in a manner that would affect the substance or timing of our obligation to redeem 100% of our public shares if we have not consummated an initial business combination within 24 months from the closing of our initial public offering or (b) with respect to any other provision relating to the rights of holders of our Class A ordinary shares or pre-initial business combination activity, 

3

 

and (C) 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 business combination within 24 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, (iv) the founder shares are our Class B ordinary shares that will automatically convert into our Class A ordinary shares at the time of our initial business combination on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described herein and (v) after conversion to Class A ordinary shares, the earnout shares (as defined below) will be subject to forfeiture under certain conditions,  and (vi) the founder shares are subject to registration rights. If we submit our business combination to our public shareholders for a vote, we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, being the affirmative vote of a majority of the ordinary shares, represented in person or by proxy and entitled to vote thereon, voted and who vote at a general meeting. Our initial shareholders 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 Class B ordinary shares will automatically convert into Class A ordinary shares at the time of our initial business combination on a one-for-one basis (subject to adjustment for share subdivisions, share dividends, reorganizations, recapitalizations and the like), and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts sold in our initial public offering and related to the closing of the business combination, the ratio at which Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all ordinary shares outstanding upon completion of our initial public offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with the business combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the business combination).

Our initial shareholders have agreed not to transfer, assign or sell any founder shares held by them until one year after the date of the consummation of our initial business combination or earlier if, subsequent to our business combination, (i) the last sale price of our ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination or (ii) we consummate a subsequent liquidation, merger, share exchange or other similar transaction that results in all of our shareholders having the right to exchange their ordinary shares for cash, securities or other property.

Founder Shares Earnout

Upon and subject to the conversion of the Class B ordinary shares (as adjusted as set forth above) into Class A ordinary shares at the time of the closing of our initial business combination as set forth above, 25% of such Class A ordinary shares (the “earnout shares”) shall become subject to potential forfeiture if the triggering event (as defined below) does not occur during the time period between the closing date of our initial business combination and the five-year anniversary of such date (the “earnout period”); “triggering event” means the date on which the average reported last sale price of our Class A ordinary shares equals or exceeds $12.00 for any 10 trading days within any 20 consecutive trading day period; provided, that, if, during the earnout period, we consummate a subsequent liquidation, merger, share exchange or other similar transaction pursuant to which we or any of our shareholders have the right to receive consideration implying a value of our Class A ordinary shares (as determined in good faith by our board) of greater than or equal to $12.00, then the triggering event shall be deemed to have occurred.

Our initial shareholders have agreed not to transfer, assign or sell any earnout shares held by them until the earlier of (i) the occurrence of the triggering event (as defined above); and (ii) the fifth anniversary of the date of the consummation of our initial business combination, at which time the earnout shares would be forfeited. 

Register of Members

Under Cayman Islands law, we must keep a register of members and enter therein:

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•
	
the names and addresses of the members, a statement of the shares held by each member, and of the amount paid or agreed to be considered as paid, on the shares of each member and the voting rights of shares of each member;

	
 
	
•
	
whether voting rights are attached to the share in issue;

	
 
	
•
	
the date on which the name of any person was entered on the register as a member; and

	
 
	
•
	
the date on which any person ceased to be a member.

Under Cayman Islands law, the register of members of our company is prima facie evidence of the matters set out therein (i.e. the register of members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register of members is deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name in the register of members. The shareholders recorded in the register of members are deemed to have legal title to the shares set against their name. However, there are certain limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified where it considers that the register of members does not reflect the correct legal position. If an application for an order for rectification of the register of members were made in respect of our ordinary shares, then the validity of such shares may be subject to re-examination by a Cayman Islands court.

Preferred Shares

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

Warrants

Public Warrants

As of March 31, 2021, 6,325,000 warrants underlying the units were outstanding.

Each whole warrant entitles the registered holder to purchase one whole Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of 12 months from the closing of our initial public offering or 30 days after the completion of our initial business combination, provided in each case that we have an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”), covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the warrant agreement, a warrantholder may exercise its warrants only for a whole number of Class A ordinary shares. This means that only a whole warrant may be exercised at any given time by a warrantholder. The warrants will expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

We will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is 

5

 

current, subject to our satisfying our obligations described below with respect to registration. No warrant will be exercisable and we will not be obligated to issue Class A ordinary shares upon exercise of a warrant unless the Class A ordinary shares 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 without value to the holder. 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 share of Class A ordinary shares underlying such unit.

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 registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants. We will use our commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. Notwithstanding the above, if our Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that 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 be required to use our commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

Once the warrants become exercisable, we may redeem the outstanding warrants for cash (except as described herein with respect to the private placement warrants):

	
 
	
•
	
in whole and not in part;

	
 
	
•
	
at a price of $0.01 per warrant;

	
 
	
•
	
upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrantholder; and

	
 
	
•
	
if, and only if, the reported last sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share subdivisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before we send the notice of redemption to the warrantholders.

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 warrantholder will be entitled to exercise its warrant prior to the scheduled redemption date. However, the price of the Class A ordinary shares may fall below the $18.00 redemption trigger price (as adjusted for share subdivisions, share dividends, reorganizations, recapitalizations and the like) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued.

Once the warrants become exercisable, we may redeem the outstanding warrants (except as described herein with respect to the private placement warrants):

	
 
	
•
	
in whole and not in part;

	
 
	
•
	
at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of 

6

 

	
 
		
Class A ordinary shares to be determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A ordinary shares; and

	
 
	
•
	
if, and only if, the last sale price of the Class A ordinary shares equals or exceeds $10.00 per share (as adjusted for share subdivisions, share dividends, reorganizations, recapitalizations and the like) on the trading day prior to the date on which the Company sends the notice of redemption to the warrantholders.

Beginning on the date the notice of redemption is given until the warrants are redeemed or exercised, holders may elect to exercise their warrants on a cashless basis. The numbers in the table below represent the number of Class A ordinary shares that a warrantholder will receive upon a cashless exercise in connection with a redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A ordinary shares on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are not redeemed for $0.10 per warrant), 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. .

										
	
Redemption Date
	
Fair Market Value of Class A Ordinary Shares

	
(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
	
0.318
	
0.358
	
0.361

	
57 months
	
0.257
	
0.277
	
0.294
	
0.310
	
0.324
	
0.337
	
0.348
	
0.358
	
0.361

	
54 months
	
0.252
	
0.272
	
0.291
	
0.307
	
0.322
	
0.335
	
0.347
	
0.357
	
0.361

	
51 months
	
0.246
	
0.268
	
0.287
	
0.304
	
0.320
	
0.333
	
0.346
	
0.357
	
0.361

	
48 months
	
0.241
	
0.263
	
0.283
	
0.301
	
0.317
	
0.332
	
0.344
	
0.356
	
0.361

	
45 months
	
0.235
	
0.258
	
0.279
	
0.298
	
0.315
	
0.330
	
0.343
	
0.356
	
0.361

	
42 months
	
0.228
	
0.252
	
0.274
	
0.294
	
0.312
	
0.328
	
0.342
	
0.355
	
0.361

	
39 months
	
0.221
	
0.246
	
0.269
	
0.290
	
0.309
	
0.325
	
0.340
	
0.354
	
0.361

	
36 months
	
0.213
	
0.239
	
0.263
	
0.285
	
0.305
	
0.323
	
0.339
	
0.353
	
0.361

	
33 months
	
0.205
	
0.232
	
0.257
	
0.280
	
0.301
	
0.320
	
0.337
	
0.352
	
0.361

	
30 months
	
0.196
	
0.224
	
0.250
	
0.274
	
0.297
	
0.316
	
0.335
	
0.351
	
0.361

	
27 months
	
0.185
	
0.214
	
0.242
	
0.268
	
0.291
	
0.313
	
0.332
	
0.350
	
0.361

	
24 months
	
0.173
	
0.204
	
0.233
	
0.260
	
0.285
	
0.308
	
0.329
	
0.348
	
0.361

	
21 months
	
0.161
	
0.193
	
0.223
	
0.252
	
0.279
	
0.304
	
0.326
	
0.347
	
0.361

	
18 months
	
0.146
	
0.179
	
0.211
	
0.242
	
0.271
	
0.298
	
0.322
	
0.345
	
0.361

	
15 months
	
0.130
	
0.164
	
0.197
	
0.230
	
0.262
	
0.291
	
0.317
	
0.342
	
0.361

	
12 months
	
0.111
	
0.146
	
0.181
	
0.216
	
0.250
	
0.282
	
0.312
	
0.339
	
0.361

	
9 months
	
0.090
	
0.125
	
0.162
	
0.199
	
0.237
	
0.272
	
0.305
	
0.336
	
0.361

	
6 months
	
0.065
	
0.099
	
0.137
	
0.178
	
0.219
	
0.259
	
0.296
	
0.331
	
0.361

	
3 months
	
0.034
	
0.065
	
0.104
	
0.150
	
0.197
	
0.243
	
0.286
	
0.326
	
0.361

	
0 months
	
—
	
—
	
0.042
	
0.115
	
0.179
	
0.233
	
0.281
	
0.323
	
0.361

The “fair market value” of our Class A ordinary shares shall mean the average reported last sale price of our Class A ordinary shares for the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants.

The exact fair market value and redemption date may not be set forth in the table above, in which case, if the fair market value is between two values in the table or the redemption date is between two redemption dates in the table, the number of Class A ordinary shares to be issued for each warrant exercised will be determined by a straight-line interpolation between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365-day year.

This redemption feature is structured to allow for all of the outstanding warrants (other than the private placement warrants) to be redeemed when the Class A ordinary shares are trading at or above $10.00 per share, which may be at a time when the trading price of our Class A ordinary shares is below the exercise price of the warrants. We have established this redemption feature to provide us with the flexibility to redeem the warrants without the warrants having to reach the $18.00 per share threshold. 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 the “redemption price” as determined pursuant to the above table. We have calculated the “redemption prices” as set forth in the table above to reflect a Black-Scholes option pricing model with a fixed volatility input as of the date of this prospectus. This redemption right provides us with an additional mechanism by which to redeem all of the outstanding warrants (other than the private placement warrants), and therefore have certainty as to our 

7

 

capital structure as the warrants would no longer be outstanding and would have been exercised or redeemed, and we will effectively be required to pay the redemption price to warrantholders if we choose to exercise this redemption right, 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 warrantholders.

No fractional Class A ordinary shares will be issued upon the exercise of warrants on a cashless basis. If, upon the exercise of warrants on a cashless basis, a holder would be entitled to receive a fractional interest in a share, we will round down to the nearest whole number of the number of Class A ordinary shares to be issued to the holder. 

A holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder may specify) of the Class A ordinary shares outstanding immediately after giving effect to such exercise.

The share prices set forth in the column headings of the table above shall be adjusted as of any date on which the number of shares issuable upon exercise of a warrant is adjusted pursuant to the following three paragraphs. The adjusted share prices in the column headings shall 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 above 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 number of outstanding Class A ordinary shares is increased by a share dividend payable in Class A ordinary shares, or by a subdivision of Class A ordinary shares or other similar event, then, on the effective date of such share dividend, subdivision or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding Class A ordinary shares. A rights offering to holders of Class A ordinary shares entitling holders to purchase Class A ordinary shares at a price less than the fair market value will be deemed a share dividend of a number of Class A ordinary shares equal to the product of (i) the number of Class A ordinary shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class A ordinary shares) multiplied by (ii) one (1) minus the quotient of (x) the price per Class A ordinary share paid in such rights offering divided by (y) the fair market value. For these purposes (i) if the rights offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the price payable for Class A ordinary shares, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) fair market value means the average last reported sale price of Class A ordinary shares as reported for the ten (10) trading day period ending on the trading day prior to the first date on which the Class A ordinary shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

In addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Class A ordinary shares on account of such Class A ordinary shares (or other shares into which the warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) in a manner that would affect the substance or timing of our obligation to redeem 100% of our Class A ordinary shares if we have not consummated our initial business combination within 24 months from the closing of our initial public offering or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares or pre-initial business combination activity, or (e) in connection with the redemption of our public shares upon our failure to complete our initial business combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each Class A ordinary share in respect of such event.

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

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

In case of any reclassification or reorganization of the outstanding Class A ordinary shares (other than those described above or that solely affects the par value of such Class A ordinary shares), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event. If less than 70% of the consideration receivable by the holders of Class A ordinary shares in such a transaction is payable in the form of ordinary shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants. The warrant exercise price will not be adjusted for other events.

The warrants have been issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least 50% of the then outstanding public warrants to make any change that adversely affects the interests of the registered holders of public warrants. 

In addition, if (x) we issue additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or its affiliates, as applicable, prior to such issuance) (the “newly issued price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the volume weighted average trading price of our Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which we consummate our initial business combination (such price, the “market value”) is below $9.20 per share, (i) 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, (ii) the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the market value and the newly issued price, (iii) the $10.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to the higher of the market value and the newly issued price, and (iv) the $12.00 per share trigger price described above will be adjusted (to the nearest cent) to be equal to 120% of the higher of the market value and the newly issued price.

9

 

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

No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number of Class A ordinary shares to be issued to the warrantholder.

Private Placement Warrants

As of March 31, 2021, 5,550,000 private placement warrants were outstanding.

The private placement warrants (including the Class A ordinary shares issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable until 30 days after the completion of our initial business combination (except, among other limited exceptions, to our officers and directors and other persons or entities affiliated with our sponsor), and they will not be redeemable by us so long as they are held by our sponsor or its permitted transferees. Our sponsor, or its permitted transferees, has the option to exercise the private placement warrants for cash or on a cashless basis. Except as described below, the private placement warrants have terms and provisions that are identical to those of the warrants sold as part of the units in our initial public offering, including as to exercise price, exercisability and exercise period. If the private placement warrants are held by holders other than our sponsor or its permitted transferees, the private placement warrants will be redeemable by us in all redemption scenarios and exercisable by the holders on the same basis as the warrants included in the units sold in our initial public offering.

If holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering the warrants in exchange for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of (A) the number of Class A ordinary shares underlying the warrants and (B) the excess of the “fair market value” (defined below) over the exercise price of the warrants by (y) the fair market value. The “fair market value” shall mean the average last reported sale price of the Class A ordinary shares as reported 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 our sponsor and its permitted transferees is because it is not known at this time whether they will be affiliated with us following a business combination. If they remain affiliated with us, their ability to sell our securities in the open market will be significantly limited. We expect to have policies in place that 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 shareholders who could sell the Class A ordinary shares issuable upon exercise of the warrants freely in the open market to fund their cash exercise price, 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.

In order to finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we would repay such loaned amounts out of the proceeds of the trust account released to us. In the event that our initial business combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used to repay such loaned amounts. Up to $1,500,000 of such loans may be convertible into warrants at a price of $1.50 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 sponsor has agreed not to transfer, assign or sell any of the private placement warrants (including the Class A ordinary shares issuable upon exercise of any of these warrants) until the date that is 30 days after the date we 

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complete our initial business combination except that, among other limited exceptions, to our officers and directors and other persons or entities affiliated with our sponsor. If our sponsor transfers our private placement warrants to any person other than a permitted transferee, the transferred warrants will become identical to our public warrants, including that they will be subject to redemption in certain circumstances, they generally will not be exercisable on a cashless basis, and they will be exercisable solely for Class A ordinary shares. 

Dividends

We have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of a 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 a business combination. The payment of any cash dividends subsequent to a 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 share 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.

Certain Differences in Corporate Law

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

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

Where the merger or consolidation is between two Cayman Islands companies, the directors of each company must approve a written plan of merger or consolidation containing certain prescribed information. That plan or merger or consolidation must then be authorized by either (a) a special resolution (usually a majority of 66 2/3% in value of the voting shares voted at a general meeting) of the shareholders of each company; and (b) such other authorization, if any, as may be specified in such constituent company’s articles of association. No shareholder resolution is required for a merger between a parent company (i.e., a company that owns at least 90% of the issued shares of each class in a subsidiary company) and its subsidiary company. The consent of each holder of a fixed or floating security interest of a constituent company must be obtained, unless the court waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that the requirements of the Companies Law (which includes certain other formalities) have been complied with, the Registrar of Companies will register the plan of merger or consolidation.

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

Where the surviving company is the Cayman Islands exempted company, the directors of the Cayman Islands exempted company are further required to make a declaration to the effect that, having made due enquiry, they are 

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of the opinion that the requirements set out below have been met: (i) that the foreign company is able to pay its debts as they fall due and that the merger or consolidated is bona fide and not intended to defraud unsecured creditors of the foreign company; (ii) that in respect of the transfer of any security interest granted by the foreign company to the surviving or consolidated company (a) consent or approval to the transfer has been obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional documents of the foreign company; and (c) the laws of the jurisdiction of the foreign company with respect to the transfer have been or will be complied with; and (iii) that the foreign company will, upon the merger or consolidation becoming effective, cease to be incorporated, registered or exist under the laws of the relevant foreign jurisdiction.

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

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

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

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

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•
	
the arrangement is such as a businessman would reasonably consider; and

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

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

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

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

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

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

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

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

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

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

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

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to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

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

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

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

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

	
 
	
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an exempted company may issue shares with no par value;

	
 
	
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an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

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

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

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

Our Amended and Restated Memorandum and Articles of Association

Our amended and restated memorandum and articles of association contains certain requirements and restrictions relating to our initial public offering that will apply to us until the completion of our initial business combination. These provisions (other than amendments relating to the appointment of directors prior to our initial business combination, which require the approval of a majority of at least 90% of our ordinary shares voting at a general meeting) cannot be amended without a special resolution. As a matter of Cayman Islands law, a resolution is deemed to be a special resolutions where it has been approved by either (i) at least two-thirds (or any higher threshold specified in a company’s articles of association) of a company’s shareholders at a general meeting for which notice specifying the intention to propose the resolution as a special resolution has been given; or (ii) if so authorized by a company’s articles of association, by a unanimous written resolution of all of the company’s shareholders. Our amended and restated memorandum and articles of association provide that special resolutions must be approved either by at least two-thirds of our shareholders (i.e., the lowest threshold permissible under Cayman Islands law), or by a unanimous written resolution of all of our shareholders. 

Our initial shareholders, who collectively beneficially own 20.6% of our ordinary shares, will participate in any vote to amend our amended and restated memorandum and articles of association and will have the discretion to vote in any manner they choose. Specifically, our amended and restated memorandum and articles of association provides, among other things, that:

	
 
	
•
	
If we are unable to complete our initial business combination within 24 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 ten 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 taxes (net of any taxes payable by us and less up to $100,000 of 

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interest to pay dissolution expenses), divided by the number of then-outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (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 shareholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law;

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

	
 
	
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If a shareholder vote on our initial business combination is not required by law and we do not decide to hold a shareholder vote for business or other legal reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E under 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;

	
 
	
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Our initial business combination must occur with one or more target businesses that together have a fair market value of at least 80% of the net assets held in the trust account (net of amounts disbursed to management for working capital purposes and excluding the amount of any deferred underwriting discount held in trust) at the time of the agreement to enter into the initial business combination;

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

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

In addition, our amended and restated memorandum and articles of association provide 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 and after payment of underwriters’ fees and commissions. 

The Companies Law permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the approval of a special resolution. A company’s articles of association may specify that the approval of a higher majority is required. Accordingly, although we could amend any of the provisions relating to our proposed offering, structure and business plan which are contained in our amended and restated memorandum and articles of association, we view all of these provisions as binding obligations to our shareholders and neither we, nor our officers or directors, will take any action to amend or waive any of these provisions unless we provide dissenting public shareholders with the opportunity to redeem their public shares.

Anti-Money Laundering – Cayman Islands

If any person in the Cayman Islands knows or suspects, or has reasonable grounds for knowing or suspecting, that another person is engaged in criminal conduct or money laundering or is involved with terrorism or terrorist financing and property and the information for that knowledge or suspicion came to their attention in the course of business in the regulated sector or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Law (2020 Revision) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering or (ii) a police officer of the rank of constable or higher, or the Financial Reporting Authority, 

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pursuant to the Terrorism Law (2018 Revision) of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

Data Protection

We have certain duties under the Data Protection Law, 2017 of the Cayman Islands (the “DPL”) based on internationally accepted principles of data privacy.

Privacy Notice

Introduction

This privacy notice puts our shareholders on notice that through your investment in the company you will provide us with certain personal information which constitutes personal data within the meaning of the DPL (“personal data”). In the following discussion, the “company” refers to us and our affiliates and/or delegates, except where the context requires otherwise.

Investor Data

We will collect, use, disclose, retain and secure personal data to the extent reasonably required only and within the parameters that could be reasonably expected during the normal course of business. We will only process, disclose, transfer or retain personal data to the extent legitimately required to conduct our activities of on an ongoing basis or to comply with legal and regulatory obligations to which we are subject. We will only transfer personal data in accordance with the requirements of the DPL, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction or damage to the personal data.

In our use of this personal data, we will be characterized as a “data controller” for the purposes of the DPL, while our affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act as our “data processors” for the purposes of the DPL or may process personal information for their own lawful purposes in connection with services provided to us.

We may also obtain personal data from other public sources. Personal data includes, without limitation, the following information relating to a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email address, contact details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification, credit history, correspondence records, passport number, bank account details, source of funds details and details relating to the shareholder’s investment activity.

Who this Affects

If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation your investment in the company, this will be relevant for those individuals and you should transmit the content of this Privacy Notice to such individuals or otherwise advise them of its content.

How the Company May Use a Shareholder’s Personal Data

The company, as the data controller, may collect, store and use personal data for lawful purposes, including, in particular:

	
 
	
•
	
where this is necessary for the performance of our rights and obligations under any purchase agreements;

	
 
	
•
	
where this is necessary for compliance with a legal and regulatory obligation to which we are subject (such as compliance with anti-money laundering and FATCA/CRS requirements); and/or

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•
	
where this is necessary for the purposes of our legitimate interests and such interests are not overridden by your interests, fundamental rights or freedoms.

Should we wish to use personal data for other specific purposes (including, if applicable, any purpose that requires your consent), we will contact you.

Why We May Transfer Your Personal Data

In certain circumstances we may be legally obliged to share personal data and other information with respect to your shareholding with the relevant regulatory authorities such as the Cayman Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange this information with foreign authorities, including tax authorities.

We anticipate disclosing personal data to persons who provide services to us and their respective affiliates (which may include certain entities located outside the United States, the Cayman Islands or the European Economic Area), who will process your personal data on our behalf.

 

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

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

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

Extraordinary General Meetings

Our amended and restated memorandum and articles of association provides that extraordinary general meetings may be called only by a majority vote of our board of directors, by a Chief Executive Officer or by our Chairman.

Advance Notice Requirements for Shareholder Proposals and Director Nominations

Our amended and restated memorandum and articles of association provide that shareholders seeking to bring business before our annual general meeting, or to nominate candidates for appointment as directors at our annual general meeting must provide timely notice of their intent in writing. To be timely, a shareholder’s notice will need to be received by the company secretary at our principal executive offices not later than the close of business on the 90th day nor earlier than the close of business on the 120th day prior to the anniversary date of the immediately preceding annual meeting of shareholders. Pursuant to Rule 14a-8 under the Exchange Act, proposals seeking inclusion in our annual proxy statement must comply with the notice periods contained therein. Our amended and restated memorandum and articles of association also specifies certain requirements as to the form and content of a shareholders’ meeting. These provisions may preclude our shareholders from bringing matters before our annual general meeting or from making nominations for directors at our annual general meeting. Our amended and restated memorandum and articles of association allow the chairman of the meeting at a meeting of the shareholders to adopt rules and regulations for the conduct of meetings which may have the effect of precluding the conduct of certain business at a meeting if the rules and regulations are not followed. These provisions may also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to influence or obtain control of us.

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Unanimous Written Resolutions

Any action required or permitted to be taken by our ordinary shareholders must be effected by a duly called annual general meeting or extraordinary general meeting and may not be effected by unanimous written resolution of the shareholders other than with respect to our Class B ordinary shares.

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 memorandum and articles of association provide that the authorized number of directors may be changed only by resolution of the board of directors. Subject to the terms of any preferred shares, 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 entitled to vote generally in the appointment 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 a vote of a majority of our directors then in office.

Class B Ordinary Shares Consent Right

For so long as any Class B ordinary shares remain outstanding, we may not, without the prior vote or written consent of the holders of a majority of Class B ordinary shares then outstanding, voting separately as a single class, amend, alter or repeal any provision our amended and restated memorandum and articles of association, whether by merger, consolidation or otherwise, if such amendment, alteration or repeal of would alter or change the powers, preferences or relative, participating, optional or other or special rights of the Class B ordinary shares. Any action required or permitted to be taken at any meeting of the holders of Class B ordinary shares 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 ordinary shares 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 Class B ordinary shares were present and voted.

Registration Rights

The holders of the founder shares, private placement warrants and warrants that may be issued upon conversion of working capital loans (and any Class A ordinary shares issuable upon the exercise of the private placement warrants and warrants that may be issued upon conversion of working capital loans and upon conversion of the founder shares) and any Class A ordinary shares held by our initial shareholders, will be entitled to registration rights pursuant to a registration rights agreement, dated January 7, 2021, requiring us to register such securities for resale (in the case of the founder shares, only after conversion to our Class A ordinary shares). The holders of these securities are entitled to make up to three demands that we offer such securities in an underwritten offering. These holders also have certain “piggy-back” registration rights with respect to certain underwritten offerings we may conduct. We will bear the expenses incurred in connection with registering these securities.

 

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