Document:

Exhibit
4.6

 

Description of Securities

 

General

 

The
following description summarizes all of the material terms of our securities. Because it is only a summary, it may not contain all the
information that is important to you. For a complete description you should refer to our amended and restated certificate of incorporation
and bylaws, which are filed as exhibits to the registration statement that we filed in connection with our initial public offering (the
“IPO”).

 

Units

 

Each
public unit (the “Public Unit”) consists of one share of common stock and one right. Each right entitles the holder thereof
to receive one-tenth (1/10) of a share of common stock upon consummation of our initial business combination. We will not issue
fractional shares in connection with an exchange of rights. As a result, you must hold rights in multiples of 10 in order to receive
shares for all of your rights upon closing of a business combination.

 

The
common stock and rights comprising the Public Units began separate trading on September 14, 2021. Holders have the option to continue
to hold units or separate their units into the component pieces. Holders will need to have their brokers contact our transfer agent in
order to separate the units into shares of common stock and rights.

 

Private
Units

 

The
private units (the “Private Units”) are identical to the Public Units sold in the IPO except that (a) the Private Units
and their component securities will not be transferable, assignable or salable until after the completion of our initial business combination
except to permitted transferees, and (b) with respect to the Private Units held by Chardan Capital Markets, LLC, for so long as
they are held by the underwriters, will not be exercisable more than five years from the effective date of the registration statement
that we fled in connection with our IPO in accordance with FINRA Rule 5110(g)(8)(A).

 

Common
Stock

 

We
are authorized to issue of 10,000,000 shares of common stock, par value $0.0001. Holders of record of common stock are entitled to one
vote for each share held on all matters to be voted on by stockholders. In connection with any vote held to approve our initial business
combination, our insiders, officers and directors, have agreed to vote their respective shares of common stock owned by them immediately
prior to our IPO, including both the insider shares and the private shares, and any shares acquired in the IPO or following the IPO in
the open market, in favor of the proposed business combination.

 

We
will consummate our initial business combination only if public stockholders do not exercise conversion rights in an amount that would
cause our net tangible assets to be less than $5,000,001 and, assuming a quorum is present at the meeting, the affirmative vote of a
majority of the shares of Common Stock present in person or represented by proxy and entitled to vote at the meeting are voted in favor
of the business combination.

 

We
have five directors. Each member of our board of directors will be elected at our annual meetings. There is no cumulative voting with
respect to the election of directors, with the result that the holders of more than 50% of the shares eligible to vote for the election
of directors can elect all of the directors.

 

Pursuant
to our amended and restated certificate of incorporation, if we do not consummate our initial business combination within 12 months
(or up to 18 months if our time to complete a business combination is extended as described herein) from the closing of the IPO,
we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more
than ten business days thereafter, redeem 100% of the outstanding public shares for a pro rata portion of the funds held in the
trust account, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to
receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject (in
the case of (ii) and (iii) above) to our obligations under Delaware law to provide for claims of creditors and the requirements
of other applicable law. Our insiders have agreed to waive their rights to share in any distribution with respect to their insider shares
and private shares.

 

     

     

    

 

Our
stockholders have no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable
to the shares of common stock, except that public stockholders have the right to have their shares of common stock converted to cash
equal to their pro rata share of the trust account if the Business Combination is completed. If we hold a stockholder vote to amend any
provisions of our certificate of incorporation relating to stockholder’s rights or pre-business combination activity (including
the substance or timing within which we have to complete a business combination), we will provide our public stockholders with the opportunity
to redeem their shares of common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released
to us to pay our franchise and income taxes, divided by the number of then outstanding public shares, in connection with any such vote.
In either of such events, converting stockholders would be paid their pro rata portion of the trust account promptly following consummation
of the business combination or the approval of the amendment to the certificate of incorporation. If the business combination is not
consummated or the amendment is not approved, stockholders will not be paid such amounts

 

Preferred
Stock

 

There
are no shares of preferred stock outstanding. Our certificate of incorporation provides that shares of preferred stock may be issued
from time to time in one or more series. Our board of directors is empowered, without stockholder approval, to issue preferred stock
with dividend, liquidation, conversion, voting or other rights which could adversely affect the voting power or other rights of the holders
of common stock. However, the underwriting agreement that we entered into in connection with our IPO prohibits us, prior to a business
combination, from issuing preferred stock which participates in any manner in the proceeds of the trust account, or which votes as a
class with the common stock on our initial business combination. We may issue some or all of the preferred stock to effect our initial
business combination. In addition, the preferred stock could be utilized as a method of discouraging, delaying or preventing a change
in control of us. Although we do not currently intend to issue any shares of preferred stock, we reserve the right to do so in the future.

 

Rights
included as part of Units

 

Except
in cases where we are not the surviving company in a business combination, each holder of a right will automatically receive one-tenth (1/10)
of a share of common stock upon consummation of our initial business combination, even if the holder of a public right converted all
shares of common stock held by him, her or it in connection with the initial business combination or an amendment to our certificate
of incorporation with respect to our pre-business combination activities. In the event we will not be the surviving company upon
completion of our initial business combination, each holder of a right will be required to affirmatively convert his, her or its rights
in order to receive the one-tenth (1/10) of a share underlying each right upon consummation of the business combination. No additional
consideration will be required to be paid by a holder of rights in order to receive his, her or its additional shares of common stock
upon consummation of an initial business combination. The shares issuable upon exchange of the rights will be freely tradable (except
to the extent held by affiliates of ours). If we enter into a definitive agreement for a business combination in which we will not be
the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per share consideration the
holders of the common stock will receive in the transaction on an as-converted into common stock basis.

 

The
rights are issued in registered form under a rights agreement between American Stock Transfer & Trust Company, LLC, as rights agent,
and us. The rights agreement provides that the terms of the rights may be amended without the consent of any holder to cure any ambiguity
or correct any defective provision, but requires the approval, by written consent or vote, of the holders of a majority of the then outstanding
rights in order to make any change that adversely affects the interests of the registered holders.

 

    2

     

    

 

We
will not issue fractional shares in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest
whole share or otherwise addressed in accordance with the applicable provisions of Delaware law. As a result, you must hold rights in
multiples of 10 in order to receive shares for all of your rights upon closing of a business combination. If we are unable to complete
an initial business combination within the required time period and we liquidate the funds held in the trust account, holders of rights
will not receive any of such funds with respect to their rights, nor will they receive any distribution from our assets held outside
of the trust account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for
failure to deliver securities to the holders of the rights upon consummation of an initial business combination. Additionally, in no
event will we be required to net cash settle the rights. Accordingly, the rights may expire worthless.

 

We
have agreed that, subject to applicable law, any action, proceeding or claim against us arising out of or relating in any way to the
rights agreement, including under the Securities Act, will be brought and enforced in the courts of the State of New York or the
United States District Court for the Southern District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction
will be the exclusive forum for any such action, proceeding or claim. This provision applies to claims under the Securities Act but does
not apply to claims under the Exchange Act or any claim for which the federal district courts of the United States of America
are the sole and exclusive forum. We note, however, that there is uncertainty as to whether a court would enforce these provisions and
that investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. Section 22 of
the Securities Act creates concurrent jurisdiction for state and federal courts over all suits brought to enforce any duty or liability
created by the Securities Act or the rules and regulations thereunder.

 

Dividends

 

We
have not paid any cash dividends on common stock 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 condition 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 stock dividends in the foreseeable future, except if we increase the size
of the offering pursuant to Rule 462(b) under the Securities Act, in which case we will effect a stock dividend immediately
prior to the consummation of the offering in such amount as to maintain the number of insider shares at 20.0% of our issued and outstanding
shares of common stock upon the consummation of the IPO. Further, if we incur any indebtedness, our ability to declare dividends may
be limited by restrictive covenants we may agree to in connection therewith.

 

Our
Transfer Agent and Rights Agent

 

The
transfer agent for common stock and rights agent for our rights is American Stock Transfer & Trust Company, 6201 15th Ave.,
Brooklyn, NY 11219.

 

Certain Anti-Takeover Provisions
of Delaware Law and our Certificate of Incorporation and By-Laws

 

We
are subject to the provisions of Section 203 of Delaware General Corporation Law, or the DGCL, regulating corporate takeovers. This
statute prevents certain Delaware corporations, under certain circumstances, from engaging in a “business combination” with:

 

		●	a
                                            stockholder who owns 10% or more of our outstanding voting stock (otherwise known as an “interested
                                            stockholder”);

 

		●	an
                                            affiliate of an interested stockholder; or

 

		●	an
                                            associate of an interested stockholder, for three years following the date that the
                                            stockholder became an interested stockholder.

 

    3

     

    

 

A
“business combination” includes a merger or sale of more than 10% of our assets. However, the above provisions of Section 203
do not apply if:

 

		●	our
                                            board of directors approves the transaction that made the stockholder an “interested
                                            stockholder,” prior to the date of the transaction;

 

		●	after
                                            the completion of the transaction that resulted in the stockholder becoming an interested
                                            stockholder, that stockholder owned at least 85% of our voting stock outstanding at the time
                                            the transaction commenced, other than statutorily excluded shares of common stock; or

 

		●	on
                                            or subsequent to the date of the transaction, the business combination is approved by our
                                            board of directors and authorized at a meeting of our stockholders, and not by written consent,
                                            by an affirmative vote of at least two-thirds of the outstanding voting stock not owned
                                            by the interested stockholder.

 

Special
meeting of stockholders

 

Our
bylaws provide that special meetings of our stockholders may be called only by resolution of the board of directors, or by the chairman
or the Chief Executive Officer.

 

Advance
notice requirements for stockholder proposals and director nominations

 

Our
bylaws provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates for election
as directors at our annual meeting of stockholders must provide timely notice of their intent in writing. To be timely, a stockholder’s
notice will need to be delivered to our principal executive offices not later than the close of business on the 90th day
nor earlier than the opening of business on the 120th day prior to the scheduled date of the annual meeting of stockholders.
Our bylaws also specify certain requirements as to the form and content of a stockholders’ meeting. These provisions may preclude
our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual
meeting of stockholders.

 

Exclusive
forum for certain lawsuits

 

Our
amended and restated certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum,
the Court of Chancery shall, to the fullest extent permitted by law, be the sole and exclusive forum for any (1) derivative action
or proceeding brought on behalf of our company, (2) action asserting a claim of breach of a fiduciary duty owed by any director,
officer, employee or agent of our company to our company or our stockholders, or any claim for aiding and abetting any such alleged breach,
(3) action asserting a claim against our company or any director or officer of our company arising pursuant to any provision of
the DGCL or our amended and restated certificate of incorporation or our bylaws, or (4) action asserting a claim against us or any
director or officer of our company governed by the internal affairs doctrine except for, as to each of (1) through (4) above,
any claim (A) as to which the Court of Chancery determines that there is an indispensable party not subject to the jurisdiction
of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days
following such determination), (B) which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery,
or (C) arising under the federal securities laws, including the Securities Act as to which the Court of Chancery and the federal
district court for the District of Delaware shall concurrently be the sole and exclusive forums. Notwithstanding the foregoing, the inclusion
of such provision in our amended and restated certificate of incorporation will not be deemed to be a waiver by our stockholders of our
obligation to comply with federal securities laws, rules and regulations, and the provisions of this paragraph will not apply to suits
brought to enforce any liability or duty created by the Exchange Act, or any other claim for which the federal district courts of
the United States of America shall be the sole and exclusive forum. Although we believe this provision benefits us by providing
increased consistency in the application of Delaware law in the types of lawsuits to which it applies, the provision may have the effect
of discouraging lawsuits against our directors and officers. Furthermore, the enforceability of choice of forum provisions in other companies’
certificates of incorporation has been challenged in legal proceedings, and it is possible that a court could find these types of provisions
to be inapplicable or unenforceable.

 

 

4Document

EXHIBIT 10.1

SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT
THIS SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Agreement”) is entered into as of March 30, 2022, by and among WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, and its successors and assigns (“Lender”), QUMU CORPORATION, a Minnesota corporation, and QUMU, INC., a California corporation (individually and collectively, “Borrower”).
RECITALS
A.    Borrower and Lender entered into that certain Loan and Security Agreement dated January 15, 2021 (as amended by that certain First Amendment to Loan and Security Agreement dated August 6, 2021, and as further amended, restated or otherwise modified from time to time, the “Loan Agreement”). Subject to the terms and conditions contained in the Loan Agreement, the Lender agreed to extend to the Borrower a credit facility in the original principal amount of $10,000,000.  
B.    The Borrower and the Lender have agreed to amend certain provisions of the Loan Agreement, upon the terms and conditions set forth herein. 
Accordingly, the Borrower and the Lender hereby agree as follows:
AGREEMENT
1.Amendment to Defined Terms.  
(a)The definition of “Revolving Line” in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety as follows:
    “Revolving Line” means a credit extension of up to the following amounts at the following times:  Ten Million Dollars ($10,000,000) through March 31, 2022; Five Million Dollars ($5,000,000) from April 1, 2022 through June 30, 2022; Four Million Dollars ($4,000,000) from July 1, 2022 through September 30, 2022; and Three Million Dollars ($3,000,000) at all times thereafter. 
2.Financial Covenants. Section 6.8(a) of the Loan Agreement is hereby amended and restated in its entirety as follows:
(a)Performance to Plan.  As of the last day of each fiscal quarter, commencing with the fiscal quarter ending March 31, 2022, Borrower’s Recurring Revenue shall be not less than the amounts set forth on Schedule A attached hereto. For the avoidance of doubt, the Financial Covenant Side Letter Agreement shall no longer be in effect.
3.Schedule A.  Schedule A to this Agreement is hereby attached to the Loan Agreement as Schedule A.
    

4.Borrowing Base Certificate.  Exhibit C to the Loan Agreement is hereby replaced in its entirety with Exhibit C attached hereto and all references in the Loan Agreement to the Borrowing Base Certificate shall mean Exhibit C attached hereto.
5.No Other Changes.  Except as explicitly amended by this Agreement, all of the terms and conditions of the Loan Agreement shall remain in full force and effect and shall apply to any advance or letter of credit thereunder.
6.Conditions to Effectiveness. The agreements of the Lender under this Agreement are subject to the satisfaction of each of the following conditions precedent, time being of the essence:
(a)The Lender shall have received the following documents, each duly executed by all of the parties thereto and each in form and substance satisfactory to the Lender:
    (i)    this Agreement; and 
        (ii)     such other documents, instruments and/or agreements as the Lender may reasonably request.
(b)The Lender or its counsel shall have received the costs, fees and expenses owing pursuant to Section 12.
7.Representations and Warranties. Borrower hereby represents and warrants to Lender as follows:
(a)This Agreement is within Borrower’s organizational powers and has been duly authorized by all necessary organizational actions.  The execution, delivery, and performance of the Loan Documents are within Borrower’s powers, have been duly authorized, and are not in conflict with nor constitute a breach of any provision contained in Borrower’s organizational documents, nor will they constitute an event of default under any material agreement to which Borrower is a party or by which Borrower is bound.  
(b)All of the representations and warranties contained in the Loan Agreement, including but not limited to the information contained in the schedules to the Loan Agreement, are correct in all material respects with the same effect as though made on and as of the date of this Agreement (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct only as of such specified date and to the extent that such representation and warranty by its terms is qualified or modified by materiality, then such representation and warranty, as so qualified or modified, shall be true and correct).
8.References.  All references in the Loan Agreement to “this Agreement” shall be deemed to refer to the Loan Agreement as amended hereby; and any and all references in the Loan Documents to the Loan Agreement shall be deemed to refer to the Loan Agreement as amended hereby.  
2

9.No Waiver.  The execution of this Agreement and any documents related hereto and the acceptance of all other agreements and instruments related hereto shall not be deemed to be a waiver of any Default or Event of Default under the Loan Agreement or a waiver of any breach, default or event of default under any Loan Document or other document held by Lender, whether or not known to Lender and whether or not existing on the date of this Agreement.
10.Release. Borrower hereby absolutely and unconditionally releases and forever discharges Lender, and any and all parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents and employees of any of the foregoing, from any and all Known Claims which Borrower has had, now has, or has made claim to have against any such Person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this Agreement.  For purposes hereof, the term “Known Claims” shall mean all claims, demands or causes of action (whether matured or unmatured) arising from or related to the Credit Agreement and each of the Loan Documents and of which the Borrower has actual knowledge on the date hereof, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise. 
11.Amendment Fee.  Borrower shall pay to Lender a nonrefundable amendment fee equal to Twenty-Five Thousand Dollars ($25,000), which amendment fee shall be fully earned on the date of this Agreement, but shall be due and payable on December 15, 2022 unless the Loan Agreement shall have been terminated before such date.
12.Costs and Expenses. The Borrower hereby reaffirms its agreement under the Loan Agreement to pay or reimburse Lender on demand for all Lender Expenses (as defined in the Loan Agreement) incurred by Lender in connection with the Loan Documents. Without limiting the generality of the foregoing, the Borrower specifically agrees to pay all Lender Expenses attributable to counsel to Lender for the services performed by such counsel in connection with the preparation of this Agreement and the documents and instruments incidental hereto.  Borrower hereby agrees that Lender may, at any time or from time to time in their sole discretion and without further authorization by Borrower, make a loan to Borrower under the Loan Agreement, or apply the proceeds of any loan, for the purpose of paying any such Lender Expenses.
13.Miscellaneous. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original and all of which counterparts, taken together, shall constitute one and the same instrument.  Borrower acknowledges and agrees that the recitals set forth herein are true and correct statements of fact, are incorporated herein, and form a substantive part of this Agreement. Section headings used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.
14.Choice of Law, Waiver of Jury Trial.  This Agreement shall be governed by and construed in accordance with the laws of New York (the “State”), but giving effect to federal laws applicable to national banks, without reference to the conflicts of law or choice of law principles thereof. BORROWER AND LENDER EACH HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION 
3

BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS.  EACH PARTY RECOGNIZES AND AGREES THAT THE FOREGOING WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR IT TO ENTER INTO THIS AGREEMENT.  EACH PARTY REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

[Signature Page Follows]

4

    IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first above written.
						
	QUMU CORPORATION

	By:	/s/ TJ Kennedy
		TJ Kennedy
		Chief Executive Officer & President
		
		
	QUMU, INC.

	By:	/s/ TJ Kennedy
		TJ Kennedy
		Chief Executive Officer & President
		
		
		
	WELLS FARGO BANK, NATIONAL ASSOCIATION

	By:	/s/ Kristin Davis
		Name: Kristin Davis
		Title: SVP
		

[Signature Page to Second Amendment to Loan and Security Agreement]

SCHEDULE A

Borrower’s Recurring Revenue for Fiscal Year 2022 shall be at least the following amounts at the following times: 
						
	Trailing Three-Month Period Ending	Recurring Revenue
	March 31, 2022	$4,300,000
	June 30, 2022	$4,400,000
	September 30, 2022	$4,500,000
	December 31, 2022	$5,000,000

A-1

EXHIBIT C
Borrowing Base Certificate
Wells Fargo Bank, National Association
QUMU CORPORATION & QUMU, INC.

						
	Borrowing Base Calculation	
	1. Total trailing three (3) month Recurring Revenue
	$_______
	2. Less: (i) Revenue for which the corresponding Accounts Receivable are Aged more than 90 days from the due date, but in any case, not later than 150 Days from Invoice Date, (ii) Revenue derived in connection with credit balances owed to Account Debtors
	
	3. Total Trailing 3 Month Recurring Revenue from Eligible Customer Accounts (Item 1 minus Item 2)
	$_______
	4. Average Monthly Recurring Revenue (Item 3, divided by three (3))
	$_______
	Borrowing Base (Item 4, multiplied by (i) four (4) if Monthly Recurring Revenue declined from the preceding calendar quarter, (ii) five (5) if Monthly Recurring Revenue increased up to five percent (5%) over the preceding calendar quarter, or (iii) six (6) if Monthly Recurring Revenue increased at least five percent (5%) over the preceding calendar quarter)
	$_______
	Available Amount ((i) $7,500,000 until receipt and review of financial statements for the calendar quarter ending September 30, 2021, then the lesser of (a) the Borrowing Base or (b)(i) $10,000,000 through March 31, 2022, (ii) $5,000,000 from April 1, 2022 through June 30, 2022, (iii) $4,000,000 from July 1, 2022 through September 30, 2022, and (iv) $3,000,000 at all times thereafter
	$_______
	Borrowing Availability:
	
	5. Less Aggregate amount of outstanding face amount on all Letters of Credit
	$_______
	6. Less outstanding principal balance of any Advances
	$_______
	Availability Amount (Available Amount less Items 5 and 6)	$_______
	A security interest has been granted to Wells Fargo Bank N.A. in accordance with terms and conditions of the existing continuing security agreement between the undersigned and Wells Fargo Bank N.A. to which reference is made. We hereby certify that the forgoing is true and correct in all particulars and the accounts describe above as collateral for loans represent accounts which conform to all representations and warranties set forth in said agreement.	
	QUMU CORPORATION	
	Company Address:  ________________________________	
	

By: ________________________________
       Name:   
       Date:
	

C-1

						
	QUMU, INC.	
	Company Address:  ________________________________	
	

By: ________________________________
       Name:   
       Date:
	

C-2

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