Document:

Document

Exhibit 10.2
RELEASE OF CERTAIN GUARANTORS
Reference is made to that certain Third Supplemental Indenture, dated as of June 2, 2020 (the “Third Supplemental Indenture”), among Diversified Healthcare Trust (formerly known as Senior Housing Properties Trust), a Maryland real estate investment trust, U.S. Bank National Association, as Trustee (the “Trustee”), each of the Subsidiaries listed on Schedule 1 attached hereto (each, a “Released Guarantor”) and certain other Subsidiaries of the Company, as Guarantors, to the Indenture, dated as of February 18, 2016 (the “Indenture”), between the Company and the Trustee, relating to the Company’s 9.750% Senior Notes due 2025 (the “Notes”).  The terms defined in the Third Supplemental Indenture are used herein as therein defined, unless otherwise defined herein.
Pursuant to Section 6 of the Third Supplemental Indenture, the undersigned, as Trustee, hereby confirms the release and discharge of each Released Guarantor from any and all obligations and liabilities under the Subsidiary Guarantee, and further hereby confirms the termination and release of each Released Guarantor of all other obligations under the Third Supplemental Indenture, the Indenture or the Notes, each as of January 29, 2021.

Dated as of March 5, 2021.
U.S. Bank National Association, as Trustee
By:    /s/ David W. Doucette                                   
Name: David W. Doucette
Title:  Vice President

SCHEDULE 1
RELEASED GUARANTORS

1.SNH Alpharetta LLC, a Delaware limited liability company
2.SNH Blaine Inc., a Maryland corporation
3.SNH Clear Brook LLC, a Delaware limited liability company
4.SNH Clear Creek Properties Trust, a Maryland real estate investment trust
5.SNH Durham LLC, a Delaware limited liability company
6.SNH Glenview (Patriot) LLC, a Delaware limited liability company
7.SNH Harrisburg LLC, a Delaware limited liability company
8.SNH Independence Park LLC, a Delaware limited liability company
9.SNH Maryland Heights LLC, a Delaware limited liability company
10.SNH Medical Office Properties LLC, a Delaware limited liability company
11.SNH Medical Office Properties Trust, a Maryland real estate investment trust
12.SNH Phoenix (Cotton) LLC, a Delaware limited liability company
13.SNH REIT Irving LLC, a Delaware limited liability company
14.SNH REIT Rockwall LLC, a Delaware limited liability company
15.SNH REIT San Antonio LLC, a Delaware limited liability company
16.SNH St. Louis LLC, a Delaware limited liability company
17.SNH Valencia LP, a Delaware limited partnershipExhibit 4.3 

 

DESCRIPTION OF REGISTERED SECURITIES

 

The following summary of the
material terms of our securities is not intended to be a complete summary of the rights and preferences of such securities and is
qualified in its entirety by our second amended and restated certificate of incorporation and amended and restated bylaws. The full
text of our certificate of incorporation and amended and restated bylaws are filed as exhibits to the registration statement filed
with the SEC on March 19, 2021. For a complete description of the rights and preferences of our securities, we urge you to read our
second amended and restated certificate of incorporation, amended and restated bylaws and the applicable provisions of Delaware
law.

 

Authorized and Outstanding Stock

 

Our certificate of incorporation authorizes the issuance
of 2,554,000,000 shares, consisting of:

 

		·	1,000,000 shares of preferred stock, par value $0.0001 per share;

 

		·	2,500,000,000 shares of Class A Common Stock, par value $0.0001 per share;

 

		·	9,000,000 shares of Series B-1 common stock, par value $0.0001 per share;

 

		·	4,000,000 shares of Series B-2 common stock, par value $0.0001 per share; and

 

		·	40,000,000 shares of Class V Common Stock, par value $0.0001 per share.

 

Class A Common Stock

 

As of April 14, 2021, there are
187,051,142 shares of Class A Common Stock outstanding. All shares of Class A Common Stock are fully paid and non-assessable. In
connection with the Business Combination, the Class B ordinary shares held by the Sponsor converted into shares of Class A Common
Stock of the Company other than 2,500,000 Class B ordinary shares which automatically converted into Series B-1 common stock in
accordance with the Sponsor Side Letter Agreement and the certificate of incorporation.

 

Voting
rights. Each holder of Class A Common Stock is entitled to one vote for each share of Class A Common Stock held of record
by such holder on all matters on which stockholders generally are entitled to vote. Holders of Class A Common Stock vote together with
holders of Class V Common Stock as a single class on all matters presented to the Company’s stockholders for their vote or approval.
Generally, all matters to be voted on by stockholders must be approved by a majority (or, in the case of election of directors, by a plurality)
of the votes entitled to be cast by all stockholders present in person or represented by proxy, voting together as a single class. Notwithstanding
the foregoing, to the fullest extent permitted by law, holders of Class A Common Stock, as such, have no voting power with respect to,
and are not entitled to vote on, any amendment to the certificate of incorporation (including any certificate of designations relating
to any series of Preferred Stock) that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders
of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon
pursuant to the certificate of incorporation (including any certificate of designations relating to any series of Preferred Stock) or
pursuant to the DGCL.

 

Dividend
rights. Subject to preferences that may be applicable to any outstanding Preferred Stock, the holders of shares of Class
A Common Stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the Board out of funds
legally available therefor.

 

     

     

    

 

Rights
upon liquidation. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company’s
affairs, the holders of Class A Common Stock are entitled to share ratably in all assets remaining after payment of the Company’s
debts and other liabilities, subject to prior distribution rights of Preferred Stock or any class or series of stock having a preference
over the Class A Common Stock, then outstanding, if any.

 

Other
rights. The holders of Class A Common Stock have no preemptive or conversion rights or other subscription rights. There
are no redemption or sinking fund provisions applicable to the Class A Common Stock. The rights, preferences and privileges of holders
of the Class A Common Stock will be subject to those of the holders of any shares of the Preferred Stock the Company may issue in the
future.

 

Class B Common Stock

 

As of April 2, 2021, there are 8,120,367 shares of Series
B-1 common stock and 3,372,184 shares of Series B-2 common stock outstanding.

 

Voting
rights. Except as required by law, holders of Class B common stock are not entitled to any voting rights with respect to
such Class B common stock.

 

Dividend
rights. Dividends and other distributions will be declared simultaneously with any dividend on shares of Class A Common
Stock and ratably for the holders of Class B common stock, provided that no such dividends will be paid on any share of Class B common
stock until the conversion of such share into Class A Common Stock, if any, at which time all accrued dividends will be paid.

 

Rights
upon liquidation. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company’s
affairs, the holders of Class B common stock are not entitled to receive any assets of the Company (other than to the extent such liquidation,
dissolution or winding up constitutes a Conversion Event (as defined in the Sponsor Side Letter Agreement), in which case such Class B
common stock shall, in accordance with the certificate of incorporation, automatically convert to Class A Common Stock and the holders
of such resulting Class A Common Stock shall be treated as a holder of Class A Common Stock).

 

Other
rights. The Series B-1 common stock automatically converts into Class A Common Stock of the Company on a one-to-one basis
upon the occurrence of VWAP 1 Vesting Event. The Series B-2 common stock automatically converts into Class A Common Stock of the Company
on a one-to-one basis upon the occurrence of VWAP 2 Vesting Event.

 

Class V Common Stock

 

As of April 2, 2021, there are 35,636,680 shares of Class
V Common Stock outstanding, and the Company holds 4,363,320 shares of Class V Common Stock in treasury. All shares of Class V Common Stock
are fully paid and non-assessable.

 

Voting
rights. Each holder of Class V Common Stock is entitled to one vote for each share of Class V Common Stock held of record
by such holder on all matters on which stockholders generally are entitled to vote (whether voting separately as a class or together with
one or more classes of the Company’s capital stock). Holders of shares of Class V Common Stock vote together with holders of the
Class A Common Stock as a single class on all matters presented to the Company’s stockholders for their vote or approval. Generally,
all matters to be voted on by stockholders must be approved by a majority (or. in the case of election of directors, by a plurality) of
the votes entitled to be cast by all stockholders present in person or represented by proxy, voting together as a single class. Notwithstanding
the foregoing, to the fullest extent permitted by law, holders of Class V Common Stock, as such, have no voting power pursuant to the
certificate of incorporation with respect to, and are not entitled to vote on, any amendment to the certificate of incorporation (including
any certificate of designations relating to any series of Preferred Stock) that relates solely to the terms of one or more outstanding
series of Preferred Stock if the holders of such affected series are entitled, either separately or together with the holders of one or
more other such series, to vote thereon pursuant to the certificate of incorporation (including any certificate of designations relating
to any series of Preferred Stock) or pursuant to the DGCL.

 

    

     

    

 

Dividend
rights. Dividends and other distributions will not be declared or paid on the Class V Common Stock.

 

Rights
upon liquidation. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company’s
affairs, the holders of Class V Common Stock are not entitled to receive any assets of the Company.

 

Other
rights. The holders of shares of Class V Common Stock do not have preemptive, subscription, redemption or conversion rights.
There are no redemption or sinking fund provisions applicable to the Class V Common Stock.

 

Issuance
and Retirement of Class V Common Stock. In the event that any outstanding share of Class V Common Stock ceases to be held
directly or indirectly by a holder of a Common Units, such share will automatically be transferred to the Company and cancelled for no
consideration. The Company will not issue additional shares of Class V Common Stock after the adoption of the certificate of incorporation
other than in connection with the valid issuance of Common Units in accordance with the governing documents of E2open or the vesting of
Restricted Common Units.

 

Preferred Stock

 

No shares of Preferred Stock are issued
or outstanding. The certificate of incorporation authorizes the Board to establish one or more series of Preferred Stock. Unless required
by law or any stock exchange, the authorized shares of Preferred Stock will be available for issuance without further action by the holders
of the Common Stock. The Board has the discretion to determine the powers, preferences and relative, participating, optional and other
special rights, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each
series of Preferred Stock.

 

The issuance of Preferred Stock may
have the effect of delaying, deferring or preventing a change in control of the Company without further action by the stockholders. Additionally,
the issuance of Preferred Stock may adversely affect the holders of the Common Stock by restricting dividends on the Class A Common Stock,
diluting the voting power of the Class A Common Stock and the Class V Common Stock or subordinating the liquidation rights of the Class
A Common Stock. As a result of these or other factors, the issuance of Preferred Stock could have an adverse impact on the market price
of the Class A Common Stock. At present, we have no plans to issue any Preferred Stock.

 

     

     

    

 

Warrants

 

Public Shareholders’ and Forward Purchase Warrants

 

Each whole Warrant entitles the registered
holder to purchase one share of Class A Common Stock at a price of $11.50 per share, subject to adjustment as discussed below, at any
time commencing on the later of one year from the closing of the IPO or 30 days after the completion of the Business Combination, provided
in each case that we have an effective registration statement under the Securities Act covering the Class A Common Stock 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 warrant holder may
exercise its Warrants only for a whole number of shares of Class A Common Stock. This means only a whole Warrant may be exercised at a
given time by a warrant holder. No fractional Warrants will be issued upon separation of the units and only Whole warrants will trade.
The warrants will expire five years after the Closing Date, at 5:00 p.m., New York City time on February 4, 2026, or earlier upon redemption
or liquidation.

 

We will not be obligated to deliver
any Class A Common Stock pursuant to the exercise of a Warrant and will have no obligation to settle such warrant exercise unless a registration
statement under the Securities Act with respect to the Class A Common Stock underlying the Warrants is then effective and a prospectus
relating thereto is current, subject to our satisfying our obligations described below with respect to registration. No Warrant will be
exercisable and we will not be obligated to issue a Class A Common Stock upon exercise of a Warrant unless the Class A Common Stock issuable
upon such Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of
the registered holder of the Warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with
respect to a Warrant, the holder of such Warrant will not be entitled to exercise such Warrant and such Warrant may have no value and
expire worthless. In no event will we be required to net cash settle any Warrant. In the event that a registration statement is not effective
for the exercised Warrants, the purchaser of a unit containing such Warrant will have paid the full purchase price for the unit solely
for the Class A Common Stock underlying such unit.

 

We have agreed that as soon as practicable,
but in no event later than 20 business days after the closing of the Business Combination, we will use commercially reasonable efforts
to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A Common Stock issuable upon
exercise of the Warrants. We will use 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. If a registration statement covering the Class A Common Stock issuable upon exercise of the Warrants
is not effective by the 60th day after the closing of the initial business combination, warrant holders may, until such time as there
is an effective registration statement and during any period when we will have failed to maintain an effective registration statement,
exercise Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding
the above, if our Class A Common Stock is at the time of any exercise of a Warrant not listed on a national securities exchange such that
they satisfy 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, and
in the event we do not so elect, we will use commercially reasonable efforts to register or qualify the shares under applicable blue sky
laws to the extent an exemption is not available.

 

Redemption of Warrants for Cash

 

Once the Warrants become exercisable, we may call the Warrants
for redemption:

		·	in whole and not in part;

 

		·	at a price of $0.01 per Warrant;

 

     

     

    

 

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

 

		·	if, and only if, the reported last sale price of the Class A Common Stock equals or exceeds $18.00 per share (as adjusted for share
splits, share capitalizations, reorganizations, recapitalizations and the like) on each of 20 trading days within a 30-trading day period
ending on the third business day before we send to the notice of redemption to the Warrant holders.

 

If and when the Warrants become redeemable
by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all
applicable state securities laws.

 

We have established the last of the
redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the
warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the Warrants, each Warrant holder
will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A Common
Stock may fall below the $18.00 redemption trigger price (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations
and the like) as well as the $11.50 (for whole shares) Warrant exercise price after the redemption notice is issued.

 

Redemption of Warrants for Class A Common Stock

 

Commencing ninety days after 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;

 

		·	for a number of shares of Class A Common Stock to be determined by reference to the table below, based on the redemption date and
the “fair market value” (as defined below) of our Class A Common Stock except as otherwise
described below;

 

		·	upon a minimum of 30 days’ prior written notice of redemption; and

 

		·	if, and only if, the last sale price of our Class A Common Stock equals or exceeds $10.00 per share (as adjusted per share splits,
share dividends, reorganizations, reclassifications, recapitalizations and the like) on the trading day prior to the date on which we
send the notice of redemption to the Warrant holders.

 

The numbers in the table below represent
the “redemption prices,” or the number of Class A Common Stock that a Warrant holder will receive upon redemption by us pursuant
to this redemption feature, based on the “fair market value” of our Class A Common Stock on the corresponding redemption date,
determined based on the average of the last reported sales price for the 10 trading days ending on the third trading day prior to the
date on which the notice of redemption is sent to the holders of Warrants, and the number of months that the corresponding redemption
date precedes the expiration date of the Warrants, each as set forth in the table below.

 

The stock prices set forth in the column
headings of the table below will be adjusted as of any date on which the number of shares issuable upon exercise of a Warrant is adjusted
as set forth in the first three paragraphs under the heading “- Anti-dilution Adjustments” below. The adjusted share
prices in the column headings will equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator
of which is the number of shares deliverable upon exercise of a Warrant immediately prior to such adjustment and the denominator of which
is the number of shares deliverable upon exercise of a Warrant as so adjusted. The number of shares in the table below shall be adjusted
in the same manner and at the same time as the number of shares issuable upon exercise of a Warrant.

 

     

     

    

 

Redemption Date Fair Market Value of Class A Common Stock

 

	 	 	Fair Market Value of Class A Common
    Stock	 
	Redemption Date 
 (period to expiration of warrants)	 	$10.00	 	 	$11.00	 	 	$12.00	 	 	$13.00	 	 	$14.00	 	 	$15.00	 	 	$16.00	 	 	$17.00	 	 	$18.00	 
	57 months	 	 	0.257	 	 	 	0.277	 	 	 	0.294	 	 	 	0.310	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.365	 
	54 months	 	 	0.252	 	 	 	0.272	 	 	 	0.291	 	 	 	0.307	 	 	 	0.322	 	 	 	0.335	 	 	 	0.347	 	 	 	0.357	 	 	 	0.365	 
	51 months	 	 	0.246	 	 	 	0.268	 	 	 	0.287	 	 	 	0.304	 	 	 	0.320	 	 	 	0.333	 	 	 	0.346	 	 	 	0.357	 	 	 	0.365	 
	48 months	 	 	0.241	 	 	 	0.263	 	 	 	0.283	 	 	 	0.301	 	 	 	0.317	 	 	 	0.332	 	 	 	0.344	 	 	 	0.356	 	 	 	0.365	 
	45 months	 	 	0.235	 	 	 	0.258	 	 	 	0.279	 	 	 	0.298	 	 	 	0.315	 	 	 	0.330	 	 	 	0.343	 	 	 	0.356	 	 	 	0.365	 
	42 months	 	 	0.228	 	 	 	0.252	 	 	 	0.274	 	 	 	0.294	 	 	 	0.312	 	 	 	0.328	 	 	 	0.342	 	 	 	0.355	 	 	 	0.364	 
	39 months	 	 	0.221	 	 	 	0.246	 	 	 	0.269	 	 	 	0.290	 	 	 	0.309	 	 	 	0.325	 	 	 	0.340	 	 	 	0.354	 	 	 	0.364	 
	36 months	 	 	0.213	 	 	 	0.239	 	 	 	0.263	 	 	 	0.285	 	 	 	0.305	 	 	 	0.323	 	 	 	0.339	 	 	 	0.353	 	 	 	0.364	 
	33 months	 	 	0.205	 	 	 	0.232	 	 	 	0.257	 	 	 	0.280	 	 	 	0.301	 	 	 	0.320	 	 	 	0.337	 	 	 	0.352	 	 	 	0.364	 
	30 months	 	 	0.196	 	 	 	0.224	 	 	 	0.250	 	 	 	0.274	 	 	 	0.297	 	 	 	0.316	 	 	 	0.335	 	 	 	0.351	 	 	 	0.364	 
	27 months	 	 	0.185	 	 	 	0.214	 	 	 	0.242	 	 	 	0.268	 	 	 	0.291	 	 	 	0.313	 	 	 	0.332	 	 	 	0.350	 	 	 	0.364	 
	24 months	 	 	0.173	 	 	 	0.204	 	 	 	0.233	 	 	 	0.260	 	 	 	0.285	 	 	 	0.308	 	 	 	0.329	 	 	 	0.348	 	 	 	0.364	 
	21 months	 	 	0.161	 	 	 	0.193	 	 	 	0.223	 	 	 	0.252	 	 	 	0.279	 	 	 	0.304	 	 	 	0.326	 	 	 	0.347	 	 	 	0.364	 
	18 months	 	 	0.146	 	 	 	0.179	 	 	 	0.211	 	 	 	0.242	 	 	 	0.271	 	 	 	0.298	 	 	 	0.322	 	 	 	0.345	 	 	 	0.363	 
	15 months	 	 	0.130	 	 	 	0.164	 	 	 	0.197	 	 	 	0.230	 	 	 	0.262	 	 	 	0.291	 	 	 	0.317	 	 	 	0.342	 	 	 	0.363	 
	12 months	 	 	0.111	 	 	 	0.146	 	 	 	0.181	 	 	 	0.216	 	 	 	0.250	 	 	 	0.282	 	 	 	0.312	 	 	 	0.339	 	 	 	0.363	 
	9 months	 	 	0.090	 	 	 	0.125	 	 	 	0.162	 	 	 	0.199	 	 	 	0.237	 	 	 	0.272	 	 	 	0.305	 	 	 	0.336	 	 	 	0.362	 
	6 months	 	 	0.065	 	 	 	0.099	 	 	 	0.137	 	 	 	0.178	 	 	 	0.219	 	 	 	0.259	 	 	 	0.296	 	 	 	0.331	 	 	 	0.362	 
	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 Common Stock shall mean the average last reported sale price of our Class A Common Stock for the 10 trading days ending
on the third trading day prior to the date on which the notice of redemption is sent to the holders of 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 shares of Class A Common Stock to be issued for each Warrant redeemed
will be determined by a straight-line interpolation between the number of shares set forth for the higher and lower fair market values
and the earlier and later redemption dates, as applicable, based on a 365- or 366-day year, as applicable. For example, if the average
last reported sale price of our Class A Common Stock for the 10 trading days ending on the third trading date prior to the date on which
the notice of redemption is sent to the holders of the warrants is $11 per share, and at such time there are 57 months until the expiration
of the Warrants, we may choose to, pursuant to this redemption feature, redeem the Warrants at a “redemption price” of 0.277
shares of Class A Common Stock for each whole Warrant. For an example where the exact fair market value and redemption date are not as
set forth in the table above, if the average last reported sale price of our Class A Common Stock for the 10 trading days ending on the
third trading date prior to the date on which the notice of redemption is sent to the holders of the Warrants is $13.50 per share, and
at such time there are 38 months until the expiration of the Warrants, we may choose to, pursuant to this redemption feature, redeem the
Warrants at a “redemption price” of 0.298 Class A Common Stock for each whole Warrant. In no event will the Warrants be exercisable
in connection with this redemption feature for more than 0.365 Class A Common Stock per Warrant (subject to adjustment). Finally, as reflected
in the table above, if the Warrants are out of the money and about to expire, they cannot be exercised on a cashless basis in connection
with a redemption by us pursuant to this redemption feature, since they will not be exercisable for any Class A Common Stock.

 

This redemption feature differs from
the typical Warrant redemption features used in other offerings by special purpose acquisition companies, which typically only provide
for a redemption of warrants for cash (other than the private placement warrants) when the trading price for the Class A Common Stock
exceeds $18.00 per share for a specified period of time. This redemption feature is structured to allow for all of the outstanding Warrants
(other than the Private Placement Warrants) be redeemed when the Class A Common Stock are trading at or above $10.00 per share, which
may be at a time when the trading price of our Class A Common Stock is below the exercise price of the Warrants. We have established this
redemption feature to provide us with the flexibility to redeem the Warrants for Class A Common Stock, instead of cash, for “fair
value” without the Warrants having to reach the $18.00 per share threshold set forth above under “- Redemption of Warrants
for Cash.” Holders of the Warrants will, in effect, receive a number of shares representing fair value 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 premium in value as compared to the expected trading price that the Warrants would be expected
to trade. This redemption right provides us not only with an additional mechanism by which to redeem all of the outstanding Warrants,
in this case, for Class A Common Stock, and therefore have certainty as to (i) our capital structure as the Warrants would no longer be
outstanding and would have been exercised or redeemed and (ii) to the amount of cash provided by the exercise of the Warrants and available
to us, and also provides a ceiling to the theoretical value of the Warrants as it locks in the “redemption prices” we would
pay to Warrant holders if we chose to redeem warrants in this manner. While we will effectively be required to pay a “premium”
to Warrant holders if we choose to exercise this redemption right, it will allow us to quickly proceed with a redemption of the Warrants
for Class A Common Stock 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 premium to the Warrant holders.
In particular, it would allow us to quickly redeem the warrants for Class A Common Stock, without having to negotiate a redemption price
with the Warrant holders, which in some situations, may allow us to more quickly and easily close a business combination. And for this
right, we are effectively agreeing to pay a premium to the Warrant holders. In addition, the Warrant holders will have the ability to
exercise the warrants prior to redemption if they should choose to do so.

 

As stated above, we can redeem the Warrants
when the Class A Common Stock are trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will
provide certainty with respect to our capital structure and cash position while providing Warrant holders with a premium (in the form
of Class A Common Stock). If we choose to redeem the Warrants when the Class A Common Stock are trading at a price below the exercise
price of the Warrants, this could result in the warrant holders receiving fewer Class A Common Stock than they would have received if
they had chosen to wait to exercise their Warrants for Class A Common Stock if and when such Class A Common Stock were trading at a price
higher than the exercise price of $11.50.

 

    

     

    

 

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

 

Redemption Procedures and Cashless Exercise

 

If we call the Warrants for redemption
as described above, our management will have the option to require any holder that wishes to exercise his, her or its Warrant to do so
on a “cashless basis.” In determining whether to require all holders to exercise their Warrants on a “cashless basis,”
our management will consider, among other factors, our cash position, the number of Warrants that are outstanding and the dilutive effect
on our shareholders of issuing the maximum number of Class A Common Stock issuable upon the exercise of our Warrants. If our management
takes advantage of this option, all holders of Warrants would pay the exercise price by surrendering their Warrants for that number of
Class A Common Stock equal to the quotient obtained by dividing (x) the product of the number of Class A Common Stock underlying the Warrants,
multiplied by the excess of the “fair market value” of our Class A Common Stock (defined below) over the exercise prices of
the Warrants by (y) the fair market value. The “fair market value” will mean the average last reported sale price of the Class
A Common Stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to
the holders of Warrants. If our management takes advantage of this option, the notice of redemption will contain the information necessary
to calculate the number of Class A Common Stock to be received upon exercise of the Warrants, including the “fair market value”
in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive
effect of a Warrant redemption. We believe this feature is an attractive option to us if we do not need the cash from the exercise of
the Warrants . If we call our Warrants for redemption and our management does not take advantage of this option, the holders of the Private
Placement Warrants and their permitted transferees would still be entitled to exercise their Private Placement Warrants for cash or on
a cashless basis using the same formula described above that other Warrant holders would have been required to use had all warrant holders
been required to exercise their Warrants on a cashless basis, as described in more detail below.

 

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 4.9% or 9.8% (as specified by the holder) of the Class A Common Stock outstanding
immediately after giving effect to such exercise.

 

Anti-dilution Adjustments

 

If the number of outstanding Class A
Common Stock is increased by a share capitalization payable in Class A Common Stock, or by a split-up of common stock or other similar
event, then, on the effective date of such share capitalization, split-up or similar event, the number of Class A Common Stock issuable
on exercise of each Warrant will be increased in proportion to such increase in the outstanding common stock. A rights offering to holders
of common stock entitling holders to purchase Class A Common Stock at a price less than the fair market value will be deemed a share capitalization
of a number of Class A Common Stock equal to the product of (i) the number of Class A Common Stock actually sold in such rights offering
(or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class A Common
Stock) and (ii) the quotient of (x) the price per Class A ordinary share paid in such rights offering and (y) the fair market value. For
these purposes, (i) if the rights offering is for securities convertible into or exercisable for Class A Common Stock, in determining
the price payable for Class A Common Stock, there will be taken into account any consideration received for such rights, as well as any
additional amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of Class A Common
Stock as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the Class A Common
Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

 

    

     

    

 

In addition, if we, at any time while
the Warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of
Class A Common Stock on account of such Class A Common Stock(or other securities into which the warrants are convertible), other than
(a) as described above, or (b) certain ordinary cash dividends up to $0.50 per share per annum, 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 stock in respect of such event.

 

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

 

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

 

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

 

    

     

    

 

The Warrants were 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 the Public Warrants and, solely with respect to any amendment to the terms of the Private
Placement Warrants or any provision of the warrant agreement with respect to the Private Placement Warrants, 50% of the then outstanding
private placement warrants. You should review a copy of the warrant agreement, which is filed as an exhibit to the registration statement for a complete description of the terms and conditions applicable to the Warrants.

 

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

 

Private Placement Warrants

 

The Private Placement Warrants (including
the Class A Common Stock issuable upon exercise of the Private Placement Warrants) are not be redeemable by us so long as they are held
by the Sponsor or its permitted transferees. The Sponsor, or its permitted transferees, has the option to exercise the Private Placement
Warrants on a cashless basis. Except as described below, the Private Placement Warrants have terms and provisions that are identical to
those of the Public Warrants. If the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees,
the Private Placement Warrants will be redeemable by us and exercisable by the holders on the same basis as the Public Warrants.

 

If holders of the Private Placement
Warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its Warrants for that
number of Class A Common Stock equal to the quotient obtained by dividing (x) the product of the number of Class A Common Stock underlying
the warrants, multiplied by the excess of the “fair market value” ​(as defined below) of our
Class A Common Stock over the exercise price of the Warrants by (y) the fair market value. The “fair market value” will mean
the average reported last sale price of the Class A Common Stock for the 10 trading days ending on the third trading day prior to the
date on which the notice of warrant exercise is sent to the warrant agent. The reason that CCNB1 agreed that these Warrants will be exercisable
on a cashless basis so long as they are held by the Sponsor and permitted transferees is because it was not known at the time of issuance
whether the Sponsor and its permitted transferees would be affiliated with us following a business combination. Given they remain affiliated
with us, their ability to sell our securities in the open market is significantly limited. We have an insider trading policy in place
that prohibit insiders from selling our securities except during specific periods of time. Even during such periods of time when insiders
are 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 exercise their Warrants and sell the Class A Common Stock received upon such exercise
freely in the open market in order to recoup the cost of such exercise, the insiders are significantly restricted from selling such securities.
As a result, CCNB1 believed that allowing the holders to exercise such Warrants on a cashless basis is appropriate.

 

    

     

    

 

Dividends

 

We did not declare any dividend in the
past and the Board will consider whether or not to institute a divided policy in the future. The payment of future dividends on the shares
of Class A Common Stock will depend on the financial condition of the Company after the completion of the Business Combination subject
to the discretion of the Board.

 

Upon completion of the Business Combination,
the Company is a holding company with no material assets other than its interest in E2open. We intend to cause E2open to make distributions
to holders of Common Units in amounts sufficient to cover applicable taxes and other obligations under the Tax Receivable Agreement as
well as any cash dividends declared by us.

 

The Third Amended and Restated Limited
Liability Company Agreement provides that pro rata cash distributions be made to holders of Common Units (including the Company) at certain
assumed tax rates, which we refer to as “tax distributions.” See the section entitled “The Business Combination - Related
Agreements -  Third Amended and Restated Limited Liability Company Agreement.” The Company anticipates
that the distributions it will receive from E2open may, in certain periods, exceed the Company’s actual tax liabilities and obligations
to make payments under the Tax Receivable Agreement. The Board, in its sole discretion, will make any determination from time to time
with respect to the use of any such excess cash so accumulated, which may include, among other uses, to pay dividends on the Company’s
Class A Common Stock. The Company will have no obligation to distribute such cash (or other available cash other than any declared dividend)
to its stockholders. We also expect, if necessary, to undertake ameliorative actions, which may include pro rata or non-pro rata reclassifications,
combinations, subdivisions or adjustments of outstanding Common Units, to maintain one-for-one parity between Common Units held by the
Company and shares of Class A Common Stock of the Company. See the risk factor entitled “Risk 

 

Factors - Risks
Related to Our Business - The Company is a holding company and its only material asset after completion of the Business
Combination is its interest in E2open, and it is accordingly dependent upon distributions made by its subsidiaries to pay taxes, make
payments under the Tax Receivable Agreement or pay dividends.”

 

Anti-Takeover Effects of the certificate of incorporation,
the Bylaws and Certain Provisions of Delaware Law

 

The certificate of incorporation, the
Bylaws and the DGCL contain provisions, which are summarized in the following paragraphs, which are intended to enhance the likelihood
of continuity and stability in the composition of the Board and to discourage certain types of transactions that may involve an actual
or threatened acquisition of the Company. These provisions are intended to avoid costly takeover battles, reduce the Company’s vulnerability
to a hostile change of control or other unsolicited acquisition proposal, and enhance the ability of the Board to maximize stockholder
value in connection with any unsolicited offer to acquire the Company. However, these provisions may have the effect of delaying, deterring
or preventing a merger or acquisition of the Company by means of a tender offer, a proxy contest or other takeover attempt that a stockholder
might consider in its best interest, including attempts that might result in a premium over the prevailing market price for the shares
of Class A Common Stock. The certificate of incorporation will provide that any action required or permitted to be taken by the Company’s
stockholders must be effected at a duly called annual or Shareholders Meeting of such stockholders and may not be effected by any consent
in writing by such holders unless such action is recommended or approved by all directors of the Board then in office, except that holders
of Class V Common Stock or one or more series of Preferred Stock, if such series are expressly permitted to do so by the certificate of
designation relating to such series, may take any action by written consent if such action permitted to be taken by such holders and the
written consent is signed by the holders of outstanding shares of the relevant class or series having not less than the minimum number
of votes that would be necessary to authorize or take such action at a meeting.

 

    

     

    

 

Authorized but Unissued Capital Stock

 

Delaware law does not require stockholder
approval for any issuance of authorized shares. However, the listing requirements of NYSE, which would apply if and so long as the Class
A Common Stock remains listed on NYSE, require stockholder approval of certain issuances equal to or exceeding 20% of the then outstanding
voting power or then outstanding number of shares of Class A Common Stock. Additional shares that may be issued in the future may be used
for a variety of corporate purposes, including future public offerings, to raise additional capital or to facilitate acquisitions.

 

One of the effects of the existence
of unissued and unreserved common stock may be to enable the Board to issue shares to persons friendly to current management, which issuance
could render more difficult or discourage an attempt to obtain control of the Company by means of a merger, tender offer, proxy contest
or otherwise and thereby protect the continuity of management and possibly deprive stockholders of opportunities to sell their shares
of Class A Common Stock at prices higher than prevailing market prices.

 

Election of Directors and Vacancies

 

The certificate of incorporation provides
that the Board will determine the number of directors who will serve on the board, subject to the rights set forth in the Investor Rights
Agreement. Upon adoption of the certificate of incorporation, the Board will be divided into three classes designated as Class I, Class
II and Class III. Class I directors will initially serve for a term expiring at the first annual meeting of stockholders following the
Closing Date. Class II and Class III directors will initially serve for a term expiring at the second and third annual meeting of stockholders
following the Closing Date, respectively. At each succeeding annual meeting of stockholders, directors will be elected for a full term
of three years to succeed the directors of the class whose terms expire at such annual meeting of the stockholders. There will be no limit
on the number of terms a director may serve on the Board.

 

In addition, the certificate of incorporation
provides that any vacancy on the Board, including a vacancy that results from an increase in the number of directors or a vacancy that
results from the removal of a director with cause, may be filled only by a majority of the directors then in office, subject to the provisions
of the Investor Rights Agreement and any rights of the holders of Preferred Stock. For more information on the Investor Rights Agreement,
see the section entitled “The Business Combination - Related Agreements - Investor Rights Agreement.”

 

Notwithstanding the foregoing provisions
of this section, each director will serve until his successor is duly elected and qualified or until his earlier death, resignation, retirement,
disqualification or removal. No decrease in the number of directors constituting the Board will shorten the term of any incumbent director.

 

    

     

    

 

Business Combinations

 

The Company has elected not to be governed
by Section 203 of the DGCL. Notwithstanding the foregoing, the certificate of incorporation provides that the Company will not engage
in any “business combinations” ​(as defined in the certificate of incorporation), at any point
in time at which the Company’s Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act, with any “interested
stockholder” ​(as defined in the certificate of incorporation) for a three-year period after the time
that such person became an interested stockholder unless:

 

		·	prior to such time, the Board approved either the business combination or the transaction which resulted in the stockholder becoming
an interested stockholder;

 

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

 

		·	at or subsequent to such time, the business combination is approved by the Board and authorized at an annual or special meeting of
stockholders, and not by written consent, by the affirmative vote of at least 66-2/3% of the outstanding voting stock of the Company which
is not owned by the interested stockholder.

 

Under the certificate of incorporation,
a “business combination” is defined to generally include a merger, asset or stock sale, or other transaction resulting in
a financial benefit to the interested stockholder. An interested stockholder is a person who, together with affiliates and associates,
owns or, within three years prior to the determination of interested stockholder status, did own 15% or more of a corporation’s
outstanding voting stock. The certificate of incorporation will expressly exclude certain of the Company’s stockholders with whom
the Company will enter into the Investor Rights Agreement, certain of their respective transferees and their respective successors and
affiliates from the definition of “interested stockholder” irrespective of the percentage ownership of the total voting power
beneficially owned by them. Under certain circumstances, such provisions in the certificate of incorporation make it more difficult for
a person who would be an “interested stockholder” to effect various business combinations with a corporation for a three-year
period. Accordingly, such provisions in the certificate of incorporation could have an anti-takeover effect with respect to certain transactions
which the Board does not approve in advance. Such provisions may encourage companies interested in acquiring the Company to negotiate
in advance with the Board because the stockholder approval requirement would be avoided if the Board approves either the business combination
or the transaction that results in the stockholder becoming an interested stockholder. However, such provisions also could discourage
attempts that might result in a premium over the market price for the shares held by stockholders. These provisions also may make it more
difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests.

 

Quorum

 

The Bylaws provide that at any meeting
of the Board a majority of the total number of directors then in office constitutes a quorum for all purposes.

 

No Cumulative Voting

 

Under Delaware law, the right to vote
cumulatively does not exist unless the certificate of incorporation expressly authorizes cumulative voting. The certificate of incorporation
does not authorize cumulative voting.

 

    

     

    

 

 

General Stockholder Meetings

 

The certificate of incorporation provides
that special meetings of stockholders may be called only by or at the direction of the Board, the Chairman of the Board or the Chief Executive
Officer.

 

Requirements for Advance Notification of Stockholder
Meetings, Nominations and Proposals

 

The Bylaws establish advance notice
procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made
by or at the direction of the Board or a committee of the Board. For any matter to be “properly brought” before a meeting,
a stockholder will have to comply with advance notice requirements and provide the Company with certain information. Generally, to be
timely, a stockholder’s notice must be received at the Company’s principal executive offices not less than 90 days nor more
than 120 days prior to the first anniversary date of the immediately preceding annual meeting of stockholders (for the purposes of the
first annual meeting of the stockholders of the Company following the adoption of the Bylaws, the date of the preceding annual meeting
will be deemed to be February 2 of the preceding calendar year). The Bylaws also specify requirements as to the form and content of a
stockholder’s notice. These provisions will not apply to the Stockholder Parties (as defined in the Bylaws) so long as the Investor
Rights Agreement remains in effect. The Bylaws allow the presiding officer at a meeting of the stockholders 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 the Company.

 

Supermajority Provisions

 

The certificate of incorporation and
the Bylaws provide that the Board is expressly authorized to make, alter, amend, change, add to, rescind or repeal, in whole or in part,
the Bylaws without a stockholder vote in any matter not inconsistent with the laws of the State of Delaware or the certificate of incorporation.
Any amendment, alteration, rescission or repeal of the Bylaws by the Company’s stockholders requires the affirmative vote of the
holders of at least 66-2/3%, in case of provisions in Article I. Article II and Article IV of the Bylaws, and a majority, in case of any
other provisions, in voting power of all the then outstanding shares of the Company’s stock entitled to vote thereon, voting together
as a single class.

 

The DGCL provides generally that the
affirmative vote of a majority of the outstanding shares entitled to vote thereon, voting together as a single class, is required to amend
a corporation’s certificate of incorporation, unless the certificate of incorporation requires a greater percentage. The certificate
of incorporation will provide that Article X therein, including the provisions therein regarding competition and corporate opportunities,
may be amended, altered, repealed or rescinded only by the affirmative vote of the holders of at least 80% in voting power of all the
then outstanding shares of the Company’s stock entitled to vote thereon, voting together as a single class. The certificate of incorporation
will provide that Article V, Article VI, Article VII, Article VIII, Article IX, Article XII and Article XIII therein, including the following
provisions therein may be amended, altered, repealed or rescinded only by the affirmative vote of the holders of at least 66-2/3% in voting
power of all the then outstanding shares of the Company’s stock entitled to vote thereon, voting together as a single class:

 

		·	the provision requiring a 66-2/3% supermajority vote, in case of provisions in Article I, Article II and Article IV of the Bylaws,
and a majority vote, in case of any other provisions, for stockholders to amend the Bylaws;

 

		·	the provisions providing for a classified Board (the election and term of directors);

 

		·	the provisions regarding filling vacancies on the Board and newly created directorships;

 

		·	the provisions regarding resignation and removal of directors;

 

		·	the provisions regarding calling special meetings of stockholders;

 

		·	the provisions regarding stockholder action by written consent;

 

		·	the provisions eliminating monetary damages for breaches of fiduciary duty by a director;

 

     

     

    

 

		·	the provisions regarding the election not to be governed by Section 203 of the DGCL;

 

		·	the provisions regarding the selection of forum (see “- Exclusive Forum”); and

 

		·	the amendment provision requiring that the above provisions be amended only with an 66-2/3% supermajority vote.

 

These provisions may have the effect
of deterring hostile takeovers or delaying or preventing changes in control of the Company or its management, such as a merger, reorganization
or tender offer. These provisions are intended to enhance the likelihood of continued stability in the composition of the Board and its
policies and to discourage certain types of transactions that may involve an actual or threatened acquisition of the Company. These provisions
are designed to reduce the Company’s vulnerability to an unsolicited acquisition proposal. The provisions are also intended to discourage
certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others from making tender
offers for the Company’s shares and, as a consequence, may inhibit fluctuations in the market price of the Company’s shares
that could result from actual or rumored takeover attempts. Such provisions may also have the effect of preventing changes in management.

 

Exclusive Forum

 

The certificate of incorporation provides
that, unless the Company consents in writing to the selection of an alternative forum, (i) any derivative action or proceeding brought
on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any current or former director, officer,
other employee, agent or stockholder of the Company to the Company or the Company’s stockholders, or any claim for aiding and abetting
such alleged breach, (iii) any action asserting a claim against the Company or any current or former director, officer, other employee,
agent or stockholder of the Company (a) arising pursuant to any provision of the DGCL, the certificate of incorporation (as it may be
amended or restated) or the Bylaws or (b) as to which the DGCL confers jurisdiction on the Delaware Court of Chancery or (iv) any action
asserting a claim against the Company or any current or former director, officer, other employee, agent or stockholder of the Company
governed by the internal affairs doctrine of the law of the State of Delaware shall, as to any action in the foregoing clauses (i) through
(iv), to the fullest extent permitted by law. be solely and exclusively brought in the Delaware Court of Chancery; provided, however,
that the foregoing shall not apply to any claim (a) as to which the Delaware Court of Chancery determines that there is an indispensable
party not subject to the jurisdiction of the Delaware 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 Delaware Court of Chancery, or (c) arising under federal securities laws, including the Securities
Act of 1933, as amended, as to which the federal district courts of the United States of America shall, to the fullest extent permitted
by law, be the sole and exclusive forum. Notwithstanding the foregoing, the provisions of Article XII of the certificate of incorporation
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. While Section 22 of the Securities Act creates
concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities
Act or the rules and regulations thereunder, Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought
to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. Any person or entity purchasing
or otherwise acquiring any interest in any shares of the Company’s capital stock shall be deemed to have notice of and to have consented
to the forum provisions in the certificate of incorporation. If any action the subject matter of which is within the scope of the forum
provisions is filed in a court other than a court located within the State of Delaware (a “foreign action”) in the name of
any stockholder, such stockholder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts
located within the State of Delaware in connection with any action brought in any such court to enforce the forum provisions (an “enforcement
action”); and (y) having service of process made upon such stockholder in any such enforcement action by service upon such stockholder’s
counsel in the foreign action as agent for such stockholder. This choice-of-forum provision may limit a stockholder’s ability to
bring a claim in a judicial forum that it finds favorable for disputes with the Company or its directors, officers, stockholders, agents
or other employees, which may discourage such lawsuits. We note that there is uncertainty as to whether a court would enforce this provision,
and the enforceability of similar choice of forum provisions in other companies’ charter documents has been challenged in legal
proceedings. Further, investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. It
is possible that a court could find these types of provisions to be inapplicable or unenforceable, and if a court were to find this provision
of the certificate of incorporation inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings,
the Company may incur additional costs associated with resolving such matters in other jurisdictions, which could materially and adversely
affect the Company’s business, financial condition and results of operations and result in a diversion of the time and resources
of the Company’s management and board of directors.

 

     

     

    

 

Conflicts of Interest

 

Delaware law permits corporations to
adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the corporation or its officers,
directors or stockholders. The certificate of incorporation, to the maximum extent permitted from time to time by Delaware law, renounces
any interest or expectancy that the Company has in, or right to be offered an opportunity to participate in, specified business opportunities
that are from time to time presented to the Company’s officers, directors or stockholders or their respective affiliates, other
than those officers, directors, stockholders or affiliates who are employees of the Company or its subsidiaries. The certificate of incorporation
provides that, to the fullest extent permitted by law, none of the non-employee directors or his or her affiliates will have any duty
to refrain from (i) engaging in a corporate opportunity in the same or similar lines of business in which the Company or its affiliates
now engage or propose to engage or (ii) otherwise competing with the Company or its affiliates. In addition, to the fullest extent permitted
by law, in the event that any non-employee director or any of his or her affiliates acquires knowledge of a potential transaction or other
business opportunity which may be a corporate opportunity for itself or himself or herself or its or his or her affiliates or for the
Company or its affiliates, such person will have no duty to communicate or offer such transaction or business opportunity to the Company
or any of its affiliates and they may take any such opportunity for themselves or offer it to another person or entity. The certificate
of incorporation does not renounce the Company’s interest in any business opportunity that is expressly offered to, or acquired
or developed by a non-employee director solely in his or her capacity as a director or officer of the Company. To the fullest extent permitted
by law, a corporate opportunity shall not be deemed to be a potential corporate opportunity for the Company if it is a business opportunity
that (i) the Company is neither financially or legally able, nor contractually permitted to undertake, (ii) from its nature, is not in
the line of the Company’s business or is of no practical advantage to the Company, (iii) is one in which the Company has no interest
or reasonable expectancy, or (iv) is one presented to any account for the benefit of a member of the Board or such member’s affiliate
over which such member of the Board has no direct or indirect influence or control, including, but not limited to, a blind trust.

 

Limitations on Liability and Indemnification of Officers
and Directors

 

The DGCL authorizes corporations to
limit or eliminate the personal liability of directors to corporations and their stockholders for monetary damages for breaches of directors’
fiduciary duties, subject to certain exceptions. The certificate of incorporation includes a provision that eliminates, to the fullest
extent permitted by law, the personal liability of directors for monetary damages for any breach of fiduciary duty as a director. The
effect of these provisions is to eliminate the rights of the Company and its stockholders, through stockholders’ derivative suits
on the Company’s behalf, to recover monetary damages from a director for breach of fiduciary duty as a director, including breaches
resulting from grossly negligent behavior. However, exculpation does not apply to any director if the director has acted in bad faith,
knowingly or intentionally violated the law, authorized illegal dividends or redemptions or derived an improper benefit from his or her
actions as a director.

 

The Bylaws provide that the Company
must indemnify and advance expenses to directors and officers to the fullest extent permitted by Delaware law. The Company is also expressly
authorized to carry directors’ and officers’ liability insurance providing indemnification for directors, officers and certain
employees for some liabilities. The Company believes that these indemnification and advancement provisions and insurance are useful to
attract and retain qualified directors and executive officers.

 

     

     

    

 

The limitation of liability,
indemnification and advancement provisions in the certificate of incorporation and the Bylaws may discourage stockholders from
bringing a lawsuit against directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the
likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise
benefit the Company and its stockholders. In addition, your investment may be adversely affected to the extent the Company pays the
costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions. The Company
believes that these provisions, liability insurance and the indemnity agreements are necessary to attract and retain talented and
experienced directors and officers.

 

Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to the Company’s directors, officers and controlling persons pursuant to the foregoing
provisions, or otherwise, the Company has been advised that in the opinion of the SEC such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable.

 

There is currently no pending material
litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.

 

Stockholder Registration Rights

 

At the Closing, the Company entered
into the Investor Rights Agreement, pursuant to which, among other things, the Sponsor, the Blocker Sellers, the Insight Member and the
independent directors of CCNB1 have specified rights to require the Company to register all or a portion of their shares under the Securities
Act. The defined term Registrable Securities therein includes the shares of Class A Common Stock and warrants to purchase Class A Common
Stock issued pursuant to the Domestication. See the section entitled “The Business Combination - Related Agreements - Investor
Rights Agreement.”

Listing

 

The Company has been approved to list
the Class A Common Stock and the Public Warrants on NYSE under the symbol “ETWO” and “ETWO WS,” respectively.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]