Document:

Exhibit 10.15

 

CHANGE IN TERMS AGREEMENT

 

	Principal	Loan Date	Maturity	Loan No	Call /Coll	Account	Officer	Initials
	$2,000,000.00	04-10-2018	07-10-2021	XXXXXXXXXX	XXXXXX	XXXXXXXXXX	XXXXX	 
	References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item. 

Any item above containing “***" has been omitted due to text length limitations.

 

	Borrower:	AUDDIA INC. (fka CLIP INTERACTIVE, LLC)	Lender:	BANK OF THE WEST
	 	5755 CENTRAL AVE, UNIT C	 	SME BBC South Denver #21191
	 	BOULDER, CO 80301	 	9335 East County Line Road
	 	 	 	Centennial, CO 80112

 

 

	Principal
Amount: $2,000,000.00	Date of Agreement: March 5, 2021

 

DESCRIPTION OF EXISTING INDEBTEDNESS.

 

Promissory Note dated April 10, 2018 in the original
principal amount of $6,000,000.00.

 

DESCRIPTION OF COLLATERAL.

 

an Assignment of Deposit Account dated March 5, 2021.

 

DESCRIPTION OF CHANGE IN TERMS.

 

1. The heading captioned "PROMISE
TO PAY" has been modified as follows:

 

PROMISE TO PAY. AUDDIA
INC. ("Borrower") promises to pay to BANK OF THE WEST ("Lender"), or order, in lawful money of the United States
of America, the principal amount of Two Million & 00/100 Dollars ($2,000,000.00) or so much as may be outstanding, together
with interest on the unpaid outstanding principal balance of each advance. Interest shall be calculated from the date of each advance
until repayment of each advance.

My Credit Limit has been decreased by $4,000,000.00.

 

2. COLLATERAL. The collateral
provision is modified as follows:

 

New Collateral Added. The following separate
security instruments prepared together with this Change in Terms have been added as security:

 

Assignment of Deposit Account (1) dated March 5,
2021.

 

Released Collateral. The following described
Collateral has been released as security:

 

Assignment of Deposit Accounts (3) dated April 10,
2018.

 

3. Conditions
Precedent. As a condition precedent to the effectiveness of this Change In Terms Agreement, Borrower agrees to pay Lender
a principal pay down of $4,000,000.00 at closing of this agreement.

 

CONTINUING VALIDITY.
Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements
evidenced or securing the obligation(s), remain unchanged and in full force and effect. Consent by Lender to this Agreement does
not waive Lender's right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in
terms. Nothing in this Agreement will constitute a satisfaction of the obligation(s). It is the intention of Lender to retain as
liable parties all makers and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly
released by Lender in writing. Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement.
If any person who signed the original obligation does not sign this Agreement below, then all persons signing below acknowledge
that this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes
and provisions of this Agreement or otherwise will not be released by it. This waiver applies not only to any initial extension,
modification or release, but also to all such subsequent actions.

 

PRIOR TO SIGNING THIS
AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT. BORROWER AGREES TO THE TERMS OF THE AGREEMENT.

 

BORROWER:

 

AUDDIA INC. (FKA CLIP INTERACTIVE, LLC)

 

	By: 	/s/ Jeffrey Thramann	 	By: 	 /s/ Michael Lawless
	 	JEFFREY THRAMANN, Executive Chairman of AUDDIA INC. (fka CLIP INTERACTIVE, LLC) 	 	 	MICHAEL LAWLESS, President/CEO/Secretary of
AUDDIA INC. (fka CLIP INTERACTIVE, LLC)

    	 		 

     

    

 

ASSIGNMENT OF DEPOSIT ACCOUNT

 

	Principal	Loan Date	Maturity	Loan No	Call /Coll	Account	Officer	Initials
	$2,000,000.00	04-10-2018	07-10-2021	XXXXXXXXXX	XXXXXX	XXXXXXXXXX	XXXXX	 
	References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item. 

Any item above containing ""'" has been omitted due to text length limitations.

 

	Grantor:	AUDDIA INC. (fka CLIP INTERACTIVE,
LLC)	Lender:	BANK OF THE WEST
	 	5755 CENTRAL AVE, UNIT C	 	SME BBC South Denver #21191
	 	BOULDER, CO 80301	 	9335 East County Line
Road
	 	 	 	Centennial, CO 80112

 

 

THIS
ASSIGNMENT OF DEPOSIT ACCOUNT dated March 5, 2021, is made and executed between AUDDIA INC. (fka CLIP INTERACTIVE, LLC) ("Grantor")
and BANK OF THE WEST ("Lender").

 

ASSIGNMENT. For valuable
consideration, Grantor assigns and grants to Lender a security interest in the Collateral, including without limitation the deposit
account(s) described below, to secure the Indebtedness and agrees that Lender shall have the rights stated in this Agreement with
respect to the Collateral, in addition to all other rights which Lender may have by law.

 

COLLATERAL DESCRIPTION.
The word "Collateral" means the following described deposit account(s) ("Account"):

 

Savings Account
Number XXXXXXXXX with Lender with an approximate balance of $2,000,000.00

 

together with (A) all interest,
whether now accrued or hereafter accruing; (B) all additional deposits hereafter made to the Account; (C) any and all proceeds
from the Account; and (D) all renewals, replacements and substitutions for any of the foregoing.

 

RIGHT OF SETOFF. To
the extent permitted by applicable law, Lender reserves a right of setoff in all Grantor's accounts with Lender (whether checking,
savings, or some other account). This includes all accounts Grantor holds jointly with someone else and all accounts Grantor may
open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited
by law. Grantor authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the Indebtedness
against any and all such accounts.

 

GRANTOR'S REPRESENTATIONS
AND WARRANTIES WITH RESPECT TO THE COLLATERAL. With respect to the Collateral, Grantor represents and promises to Lender that:

 

Ownership. Grantor
is the lawful owner of the Collateral free and clear of all loans, liens, encumbrances, and claims except as disclosed to and accepted
by Lender in writing.

 

Right to Grant Security
Interest. Grantor has the full right, power, and authority to enter into this Agreement and to assign the Collateral to Lender.

 

No Prior Assignment. Grantor has not previously
granted a security interest in the Collateral to any other creditor.

 

No Further Transfer.
Grantor shall not sell, assign, encumber, or otherwise dispose of any of Grantor's rights in the Collateral except as provided
in this Agreement.

 

No Defaults. There
are no defaults relating to the Collateral, and there are no offsets or counterclaims to the same. Grantor will strictly and promptly
do everything required of Grantor under the terms, conditions, promises, and agreements contained in or relating to the Collateral.

 

Proceeds. Any and
all replacement or renewal certificates, instruments, or other benefits or proceeds related to the Collateral that are received
by Grantor shall be held by Grantor in trust for Lender and immediately shall be delivered by Grantor to Lender to be held as part
of the Collateral.

 

 

 

    	 		 

     

    

 

ASSIGNMENT OF DEPOSIT ACCOUNT

	Loan No: XXXXXXXXXX	(Continued)	Page 2

 

 

Validity; Binding Effect.
This Agreement is binding upon Grantor and Grantor's successors and assigns and is legally enforceable in accordance with its
terms.

 

Financing Statements.
Grantor authorizes Lender to file a UCC financing statement, or alternatively, a copy of this Agreement to perfect Lender's
security interest. At Lender's request, Grantor additionally agrees to sign all other documents that are necessary to perfect,
protect, and continue Lender's security interest in the Property. Grantor will pay all filing fees, title transfer fees, and other
fees and costs involved unless prohibited by law or unless Lender is required by law to pay such fees and costs. Grantor irrevocably
appoints Lender to execute documents necessary to transfer title if there is a default. Lender may file a copy of this Agreement
as a financing statement.

 

LENDER'S RIGHTS AND OBLIGATIONS
WITH RESPECT TO THE COLLATERAL. While this Agreement is in effect, Lender may retain the rights to possession of the Collateral,
together with any and all evidence of the Collateral, such as certificates or passbooks. This Agreement will remain in effect until
(a) there no longer is any Indebtedness owing to Lender; (b) all other obligations secured by this Agreement have been fulfilled;
and (c) Grantor, in writing, has requested from Lender a release of this Agreement.

 

LENDER'S EXPENDITURES.
If any action or proceeding is commenced that would materially affect Lender's interest in the Collateral or if Grantor fails
to comply with any provision of this Agreement or any Related Documents, including but not limited to Grantor's failure to discharge
or pay when due any amounts Grantor is required to discharge or pay under this Agreement or any Related Documents, Lender on Grantor's
behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging
or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on the Collateral and
paying all costs for insuring, maintaining and preserving the Collateral. All such expenditures incurred or paid by Lender for
such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of
repayment by Grantor. All such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on
demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become
due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as
a balloon payment which will be due and payable at the Note's maturity. The Agreement also will secure payment of these amounts.
Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon the occurrence of any Event
of Default.

 

LIMITATIONS ON OBLIGATIONS
OF LENDER. Lender shall use ordinary reasonable care in the physical preservation and custody of any certificate or passbook
for the Collateral but shall have no other obligation to protect the Collateral or its value. In particular, but without limitation,
Lender shall have no responsibility (A) for the collection or protection of any income on the Collateral; (B) for the preservation
of rights against issuers of the Collateral or against third persons; (C) for ascertaining any maturities, conversions, exchanges,
offers, tenders, or similar matters relating to the Collateral; nor (D) for informing the Grantor about any of the above, whether
or not Lender has or is deemed to have knowledge of such matters.

 

DEFAULT.
Each of the following shall constitute an Event of Default under this Agreement: 

 

Payment Default. Grantor fails to
make any payment when due under the Indebtedness.

 

Other Defaults. Grantor
fails to comply with or to perform any other term, obligation, covenant or condition contained in this Agreement or in any of the
Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement
between Lender and Grantor.

 

Default in Favor of Third
Parties. Any guarantor or Grantor defaults under any loan, extension of credit, security agreement, purchase or sales agreement,
or any other agreement, in favor of any other creditor or person that may materially affect any of any guarantor's or Grantor's
property or ability to perform their respective obligations under this Agreement or any of the Related Documents.

 

False Statements. Any
warranty, representation or statement made or furnished to Lender by Grantor or on Grantor's behalf under this Agreement or the
Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false
or misleading at any time thereafter.

 

 

 

 

    	 		 

     

    

 

ASSIGNMENT OF DEPOSIT ACCOUNT

	Loan No: XXXXXXXXXX	(Continued)	Page 3

 

 

Defective Collateralization.
This Agreement or any of the Related Documents ceases to be in full force and effect (including failure of any collateral document
to create a valid and perfected security interest or lien) at any time and for any reason.

 

Insolvency. The dissolution
or termination of Grantor's existence as a going business, the insolvency of Grantor, the appointment of a receiver for any part
of Grantor's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding
under any bankruptcy or insolvency laws by or against Grantor.

 

Creditor or Forfeiture
Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession
or any other method, by any creditor of Grantor or by any governmental agency against any collateral securing the Indebtedness.
This includes a garnishment of any of Grantor's accounts, including deposit accounts, with Lender. However, this Event of Default
shall not apply if there is a good faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis
of the creditor or forfeiture proceeding and if Grantor gives Lender written notice of the creditor or forfeiture proceeding and
deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its
sole discretion, as being an adequate reserve or bond for the dispute.

 

Events Affecting Guarantor.
Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or Guarantor dies or becomes incompetent
or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.

 

Adverse Change. A
material adverse change occurs in Grantor's financial condition, or Lender believes the prospect of payment or performance of the
Indebtedness is impaired.

 

Insecurity. Lender in good faith believes
itself insecure.

 

RIGHTS AND REMEDIES ON
DEFAULT. Upon the occurrence of an Event of Default, or at any time thereafter, Lender may exercise any one or more of the
following rights and remedies, in addition to any rights or remedies that may be available at law, in equity, or otherwise:

 

Accelerate Indebtedness.
Lender may declare all Indebtedness of Grantor to Lender immediately due and payable, without notice of any kind to Grantor.

 

Application of Account
Proceeds. Lender may take directly all funds in the Account and apply them to the Indebtedness. If the Account is subject to
an early withdrawal penalty, that penalty shall be deducted from the Account before its application to the Indebtedness, whether
the Account is with Lender or some other institution. Any excess funds remaining after application of the Account proceeds to the
Indebtedness will be paid to Grantor as the interests of Grantor may appear. Grantor agrees, to the extent permitted by law, to
pay any deficiency after application of the proceeds of the Account to the Indebtedness. Lender also shall have all the rights
of a secured party under the Delaware Uniform Commercial Code, even if the Account is not otherwise subject to such Code concerning
security interests, and the parties to this Agreement agree that the provisions of the Code giving rights to a secured party shall
nonetheless be a part of this Agreement.

 

Transfer Title. Lender
may effect transfer of title upon sale of all or part of the Collateral. For this purpose, Grantor irrevocably appoints Lender
as Grantor's attorney-in-fact to execute endorsements, assignments and instruments in the name of Grantor and each of them (if
more than one) as shall be necessary or reasonable.

 

Other Rights and Remedies.
Lender shall have and may exercise any or all of the rights and remedies of a secured creditor under the provisions of the
Delaware Uniform Commercial Code, at law, in equity, or otherwise.

 

Deficiency Judgment.
If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due to Lender
after application of all amounts received from the exercise of the rights provided in this section.

 

 

 

 

    	 		 

     

    

 

ASSIGNMENT OF DEPOSIT ACCOUNT

	Loan No: XXXXXXXXXX	(Continued)	Page 4

 

 

Election of Remedies.
Except as may be prohibited by applicable law, all of Lender's rights and remedies, whether evidenced by this Agreement or
by any other writing, shall be cumulative and may be exercised singularly or concurrently. Election by Lender to pursue any remedy
shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation
of Grantor under this Agreement, after Grantor's failure to perform, shall not affect Lender's right to declare a default and exercise
its remedies.

 

Cumulative Remedies.
All of Lender's rights and remedies, whether evidenced by this Agreement or by any other writing, shall be cumulative and may
be exercised singularly or concurrently. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy,
and an election to make expenditures or to take action to perform an obligation of Grantor under this Agreement, after Grantor's
failure to perform, shall not affect Lender's right to declare a default and to exercise its remedies.

 

ADDITIONAL PROVISIONS.
The following provisions are made a part of this Agreement. To the extent of any conflict between the following provisions
and any other provision in this Agreement, the following provisions shall control.

 

1. The
Section headed RIGHT OF SETOFF is deleted in its entirety and replaced with the following: "To the extent permitted
by applicable law, Lender reserves a right of setoff in the Account."

 

2. The
subsection headed Financing Statements under the section headed MISCELLANEOUS PROVISIONS is revised to provide that
any filing fees, title transfer fees, and other fees and costs shall be paid by Borrower.

 

3. Subsection
(c) of the section headed LENDER'S RIGHTS AND OBLIGATIONS WITH RESPECT TO THE COLLATERAL is revised by inserting the word
"and" immediately prior to the "(b)" and deleting subsection (c) in its entirety.

 

4. The
section headed LIMITATIONS ON OBLIGATIONS OF LENDER is revised by inserting the clause, "unless otherwise agreed in writing
or as provided pursuant to applicable law," in front of the word "Lender" in the 3rd line.

 

5.
The subsection headed Attorneys' Fees; Expenses under the section headed MISCELLANEOUS PROVISIONS is revised by
deleting the word "Grantor" each place it appears and inserting in its place the term "Borrower".

 

MISCELLANEOUS PROVISIONS. The following miscellaneous
provisions are a part of this Agreement:

 

Amendments. This
Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters
set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless given in writing and signed
by the party or parties sought to be charged or bound by the alteration or amendment.

 

Attorneys' Fees; Expenses.
Grantor agrees to pay upon demand all of Lender's costs and expenses, including Lender's reasonable attorneys' fees and Lender's
legal expenses, incurred in connection with the enforcement of this Agreement. Lender may hire or pay someone else to help enforce
this Agreement, and Grantor shall pay the costs and expenses of such enforcement. Costs and expenses include Lender's reasonable
attorneys' fees and legal expenses whether or not there is a lawsuit, including reasonable attorneys' fees and legal expenses for
bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment
collection services. Lender may also recover from Grantor all court, alternative dispute resolution or other collection costs (including,
without limitation, fees and charges of collection agencies) actually incurred by Lender.

 

Caption Headings. Caption
headings in this Agreement are for convenience purposes only and are not to be used to interpret or define the provisions of this
Agreement.

 

 

 

 

    	 		 

     

    

 

ASSIGNMENT OF DEPOSIT ACCOUNT

	Loan No: XXXXXXXXXX	(Continued)	Page 5

 

 

Governing Law. With respect
to procedural matters related to the perfection and enforcement of Lender's rights against the Collateral, this Agreement will
be governed by federal law applicable to Lender and to the extent not preempted by federal law, the laws of the State of Delaware.
In all other respects, this Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by
federal law, the laws of the State of Colorado without regard to its conflicts of law provisions. However, if there ever is a question
about whether any provision of this Agreement is valid or enforceable, the provision that is questioned will be governed by whichever
state or federal law would find the provision to be valid and enforceable. The loan transaction that is evidenced by the Note and
this Agreement has been applied for, considered, approved and made, and all necessary loan documents have been accepted by Lender
in the State of Colorado.

 

Choice of Venue. If
there is a lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction of the courts of Arapahoe County, State
of Colorado.

 

No Waiver by Lender.
Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in writing and signed
by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other
right. A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver of Lender's right otherwise
to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course
of dealing between Lender and Grantor, shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as
to any future transactions. Whenever the consent of Lender is required under this Agreement, the granting of such consent by Lender
in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases
such consent may be granted or withheld in the sole discretion of Lender.

 

Notices. Any notice
required to be given under this Agreement shall be given in writing, and shall be effective when actually delivered, when actually
received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or,
if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to
the addresses shown near the beginning of this Agreement. Any party may change its address for notices under this Agreement by
giving formal written notice to the other parties, specifying that the purpose of the notice is to change the party's address.
For notice purposes, Grantor agrees to keep Lender informed at all times of Grantor's current address. Unless otherwise provided
or required by law, if there is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to
all Grantors.

 

Power of Attorney. Grantor
hereby appoints Lender as its true and lawful attorney-in-fact, irrevocably, with full power of substitution to do the following:
(1) to demand, collect, receive, receipt for, sue and recover all sums of money or other property which may now or hereafter become
due, owing or payable from the Collateral; (2) to execute, sign and endorse any and all claims, instruments, receipts, checks,
drafts or warrants issued in payment for the Collateral; (3) to settle or compromise any and all claims arising under the Collateral,
and in the place and stead of Grantor, to execute and deliver its release and settlement for the claim; and (4) to file any claim
or claims or to take any action or institute or take part in any proceedings, either in its own name or in the name of Grantor,
or otherwise, which in the discretion of Lender may seem to be necessary or advisable. This power is given as security for the
Indebtedness, and the authority hereby conferred is and shall be irrevocable and shall remain in full force and effect until renounced
by Lender.

 

Severability. If
a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to any circumstance,
that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible,
the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision
cannot be so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality, invalidity,
or unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability of any other provision
of this Agreement.

 

Successors and Assigns.
Subject to any limitations stated in this Agreement on transfer of Grantor's interest, this Agreement shall be binding upon
and inure to the benefit of the parties, their successors and assigns. If ownership of the Collateral becomes vested in a person
other than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Agreement and
the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Agreement or liability
under the Indebtedness.

 

 

 

 

    	 		 

     

    

 

ASSIGNMENT OF DEPOSIT ACCOUNT

	Loan No: XXXXXXXXXX	(Continued)	Page 6

 

 

Survival of Representations
and Warranties. All representations, warranties, and agreements made by Grantor in this Agreement shall survive the execution
and delivery of this Agreement, shall be continuing in nature, and shall remain in full force and effect until such time as Grantor's
Indebtedness shall be paid in full.

 

Time is of the Essence. Time is of the essence
in the performance of this Agreement.

 

Waive Jury. All parties
to this Agreement hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by any party against
any other party.

 

DEFINITIONS. The following
capitalized words and terms shall have the following meanings when used in this Agreement. Unless specifically stated to the contrary,
all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the
singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise
defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code:

 

Account. The word "Account" means
the deposit account(s) described in the "Collateral Description" section.

 

Agreement. The word
"Agreement" means this Assignment of Deposit Account, as this Assignment of Deposit Account may be amended or
modified from time to time, together with all exhibits and schedules attached to this Assignment of Deposit Account from time
to time.

 

Borrower. The word
"Borrower" means AUDDIA INC. (fka CLIP INTERACTIVE, LLC) and includes all co-signers and co-makers signing the Note and
all their successors and assigns.

 

Collateral. The word
"Collateral" means all of Grantor's right, title and interest in and to all the Collateral as described in the Collateral
Description section of this Agreement.

 

Event of Default. The
words "Event of Default" mean any of the events of default set forth in this Agreement in the default section of this
Agreement.

 

Grantor. The word "Grantor"
means AUDDIA INC. (fka CLIP INTERACTIVE, LLC).

 

Guarantor. The word "Guarantor"
means any guarantor, surety, or accommodation party of any or all of the Indebtedness.

 

Guaranty. The word
"Guaranty" means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the
Note.

 

Indebtedness. The
word "Indebtedness" means the indebtedness evidenced by the Note or Related Documents, including all principal and interest
together with all other indebtedness and costs and expenses for which Grantor is responsible under this Agreement or under any
of the Related Documents.

 

Lender. The word "Lender"
means BANK 0F THE WEST, its successors and assigns.

 

Note. The word "Note"
means the Note dated April 10, 2018 and executed by CLIP INTERACTIVE, LLC in the principal amount of $6,000,000.00, together with
all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the note or credit
agreement.

 

Property. The word
"Property" means all of Grantor's right, title and interest in and to all the Property as described in the "Collateral
Description" section of this Agreement.

 

 

 

 

    	 		 

     

    

 

ASSIGNMENT OF DEPOSIT ACCOUNT

	Loan No: XXXXXXXXXX	(Continued)	Page 7

 

 

Related Documents. The
words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties,
security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and
documents, whether now or hereafter existing, executed in connection with the Indebtedness.

 

GRANTOR HAS READ AND UNDERSTOOD
ALL THE PROVISIONS OF THIS ASSIGNMENT OF DEPOSIT ACCOUNT AND AGREES TO ITS TERMS. THIS AGREEMENT IS DATED MARCH 5, 2021.

 

THIS AGREEMENT IS DELIVERED
UNDER SEAL AND IT IS INTENDED THAT THIS AGREEMENT IS AND SHALL CONSTITUTE AND HAVE THE EFFECT OF A SEALED INSTRUMENT ACCORDING
TO LAW.

 

GRANTOR:

 

AUDDIA INC. (FKA CLIP INTERACTIVE,
LLC)

 

 

	By:	/s/ Jeffrey Thramann	(Seal)	By:	 /s/ Michael Lawless	(Seal)
	 	
        JEFFREY THRAMANN, Executive Chairman
of AUDDIA INC. (fka CLIP INTERACTIVE, LLC)
	 	 	MICHAEL LAWLESS, President/CEO/Secretary of AUDDIA INC. (fka CLIP INTERACTIVE, LLC)	 
	 	 	 	 	 	 
	LENDER:	 	 	 	 
	 	 	 	 	 	 
	BANK OF THE WEST	 	 	 	 
	 	 	 	 	 	 

 

	 	X	 	 	 	 	 
	 	 	Authorized
OfficerEXHIBIT
4.5

 

DESCRIPTION
OF SECURITIES

 

The following
summary of the material terms of the securities of Consonance-HFW Acquisition Corp. (“we,” “us,” “our”
or “the company”) is not intended to be a complete summary of the rights and preferences of such securities and is
subject to and qualified by reference to our amended and restated memorandum and articles of association incorporated by reference
as an exhibit to the company’s Annual Report on Form 10-K for the year ended December 31, 2020, and applicable
Cayman Islands law. We urge you to read our amended and restated memorandum and articles of association in their entirety for a
complete description of the rights and preferences of our securities.

 

Certain Terms

 

Unless otherwise stated in this Exhibit
or the context otherwise requires, references to:

 

		·	“Companies Act” are to the Companies Act (2021 Revision)
of the Cayman Islands as the same may be amended from time to time;

 

		·	“Consonance Capital” are to Consonance Capital Management
LP, any existing and future entity in the investment advisory business to which Mitchell Blutt, Benny Soffer or Kevin Livingston
provides services and any affiliates of our sponsor;

 

		·	“Consonance Capital Management” are to Consonance Capital
Management LP, a Delaware limited partnership;

 

		·	“founders” are to Gad Soffer, our Chief Executive Officer
and Kevin Livingston, our Chief Financial Officer;

 

		·	“founder shares” are to our Class B ordinary shares, par
value $0.0001 per share, initially issued to our sponsor in a private placement prior to our Initial Public Offering and the Class
A ordinary shares, par value $0.0001 per share, that will be issued upon the automatic conversion of the Class B ordinary shares
at the time of our initial business combination (for the avoidance of doubt, such Class A ordinary shares will not be “public
shares”);

 

		·	“Initial Public Offering” are to the company’s offering
that closed on November 23, 2020;

 

		·	“initial shareholders” are to our sponsor and each other
holder of founder shares upon the consummation of our Initial Public Offering;

 

		·	“management” or “our management team” are
to our executive officers and directors;

 

		·	“ordinary shares” are to our Class A ordinary shares and
our Class B ordinary shares;

 

		·	“private placement units” are to the units that were sold
to our sponsor in a private placement simultaneously with the closing of our Initial Public Offering;

 

		·	“public shares” are to our Class A ordinary shares sold
as part of the units in our Initial Public Offering (whether they were purchased in our Initial Public Offering or thereafter in
the open market);

 

		·	“public shareholders” are to the holders of our public
shares, including our sponsor and management team to the extent our sponsor and/or members of our management team purchase public
shares, provided that our sponsor’s and each member of our management team’s status as a “public shareholder”
will only exist with respect to such public shares; and

 

		·	“sponsor” are to Consonance Life Sciences, a Cayman Islands
exempted company.

 

General

 

We are a Cayman Islands exempted company
and our affairs are governed by our amended and restated memorandum and articles of association, the Companies Act and the common
law of the Cayman Islands. Pursuant to our amended and restated memorandum and articles of association, we are authorized to issue
350,000,000 Class A ordinary shares and 150,000,000 Class B ordinary shares, as well as 1,000,000 preference shares,
$0.0001 par value each. The following description summarizes certain terms of our shares as set out more particularly in our amended
and restated memorandum and articles of association. Because it is only a summary, it may not contain all the information that
is important to you.

 

    

     

    

 

Units

 

Each unit consists of one Class A ordinary
share and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary
share at a price of $11.50 per share, subject to adjustment as described in this Annual Report on Form 10-K. Pursuant to the warrant
agreement, a warrant holder may exercise its warrants only for a whole number of the company’s Class A ordinary shares.
This means only a whole warrant may be exercised at any given time by a warrant holder.

 

Private Placement Units

 

The private placement units (including
the private placement shares, the private placement warrants and Class A ordinary shares issuable upon exercise of such warrants)
will not be transferable or salable until 30 days after the completion of our initial business combination (except, among
other limited exceptions as described under “Transfers of Founder Shares and Private Placement Units,” to our officers
and directors and other persons or entities affiliated with our sponsor) and the private placement warrants included therein will
not be redeemable by us (except as described below under “Redemption of warrants for cash when the price per Class A
ordinary share equals or exceeds $10.00”) so long as they are held by our sponsor or its permitted transferees. Holders
of our private placement units are entitled to certain registration rights. If we do not consummate an initial business combination
within 24 months from the Initial Public Offering, the proceeds from the sale of the private placement units held in
the trust account will be used to fund the redemption of our public shares (subject to the requirements of applicable law) and
the private placement units (and the underlying securities) will expire worthless. Further, if we seek shareholder approval,
we will complete our initial business combination only if a majority of the ordinary shares, represented in person or by proxy
and entitled to vote thereon, voted at a shareholder meeting are voted in favor of the business combination. In such case, our
sponsor and each member of our management team have agreed to vote their founder shares, private placement shares and any public
shares purchased during or after the Initial Public Offering in favor of our initial business combination. Otherwise, the private
placement units are identical to the units sold in the Initial Public Offering.

 

Our sponsor and our management team have
agreed not to transfer, assign or sell any of their private placement units, private placement shares, the private placement
warrants and any Class A ordinary shares issued upon conversion or exercise thereof until 30 days after the completion
of our initial business combination, except that, among other limited exceptions as described under the section of this Annual
Report on Form 10-K entitled “Transfers of Founder Shares and Private Placement Units,” transfers may be made to our
officers and directors and other persons or entities affiliated with our sponsor.

 

Ordinary Shares

 

As of December 31, 2020, 12,368,000 of our
ordinary shares were outstanding, including:

 

•       9,634,000
Class A ordinary shares underlying the units issued as part of the Initial Public Offering;

 

•       2,300,000
Class B ordinary shares held by our initial shareholders; and

 

•       434,000
Class A ordinary shares underlying the private placement units held by our sponsors.

 

Ordinary shareholders of record are
entitled to one vote for each share held on all matters to be voted on by shareholders. Holders of Class A ordinary
shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of
our shareholders except as required by law. Unless specified in our amended and restated memorandum and articles of
association, or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the affirmative
vote of a majority of our ordinary shares that are voted is required to approve any such matter voted on by our shareholders.
Approval of certain actions will require a special resolution under Cayman Islands law, being the affirmative vote of at
least two-thirds of our ordinary shares that are voted, and pursuant to our amended and restated memorandum and articles of
association; such actions include amending our amended and restated memorandum and articles of association and approving a
statutory merger or consolidation with another company. Our board of directors is divided into three classes, each of which
will generally serve for terms of three years with only one class of directors being appointed in each year. There is no
cumulative voting with respect to the appointment of directors, with the result that the holders of more than 50% of the
shares voted for the appointment of directors can appoint all of the directors. Our shareholders are entitled to receive
ratable dividends when, as and if declared by the board of directors out of funds legally available therefor.

 

    

     

    

 

Prior to our initial business combination,
only holders of our founder shares will have the right to vote on the appointment of directors. Holders of our public shares will
not be entitled to vote on the appointment of directors during such time. In addition, prior to the completion of an initial business
combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason. The provisions
of our amended and restated memorandum and articles of association governing the appointment or removal of directors prior to our
initial business combination may only be amended by a special resolution passed by holders representing at least two-thirds of
our issued and outstanding Class B ordinary shares.

 

Because our amended and restated memorandum
and articles of association authorizes the issuance of up to 350,000,000 Class A ordinary shares, if we were to enter into
a business combination, we may (depending on the terms of such a business combination) be required to increase the number of Class A
ordinary shares which we are authorized to issue at the same time as our shareholders vote on the business combination to the extent
we seek shareholder approval in connection with our initial business combination.

 

Our board of directors is divided into three
classes with only one class of directors being appointed in each year and each class (except for those directors appointed prior
to our first annual general meeting) serving a three-year term. In accordance with NYSE American corporate governance requirements,
we are not required to hold an annual general meeting until one year after our first fiscal year end following our listing on NYSE
American. As an exempted company, there is no requirement under the Companies Act for us to hold annual or extraordinary general
meetings to appoint directors. We may not hold an annual or extraordinary general meeting to appoint new directors prior to the
consummation of our initial business combination. Prior to the completion of an initial business combination, any vacancy on the
board of directors may be filled by a nominee chosen by holders of a majority of our founder shares. In addition, prior to the
completion of an initial business combination, holders of a majority of our founder shares may remove a member of the board of
directors for any reason.

 

We will provide our public shareholders
with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business
combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account
calculated as of two business days prior to the consummation of our initial business combination, including interest earned
on the funds held in the trust account and not previously released to us to pay our income taxes, if any, divided by the
number of the then-outstanding public shares, subject to the limitations described herein. The amount in the trust account is
initially anticipated to be $10.00 per public share. The per share amount we will distribute to investors who properly redeem
their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. The redemption
rights may include the requirement that a beneficial owner must identify itself in order to valid redeem its shares. Our
sponsor and our founding team have entered into an agreement with us, pursuant to which they have agreed to waive their
redemption rights with respect to their founder shares and any public shares purchased during or after the Initial Public
Offering in connection with (i) the completion of our initial business combination and (ii) a shareholder vote to
approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the
substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares
redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our
initial business combination within 24 months from the closing of the Initial Public Offering or (B) with respect
to any other provision relating to the rights of holders of our Class A ordinary shares or pre-initial business
combination activity. Unlike many blank check companies that hold shareholder votes and conduct proxy solicitations in
conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon
completion of such initial business combinations even when a vote is not required by law, if a shareholder vote is not
required by applicable law or stock exchange rule and we do not decide to hold a shareholder vote for business or other
reasons, we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions
pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial
business combination. Our amended and restated memorandum and articles of association will require these tender offer
documents to contain substantially the same financial and other information about the initial business combination and the
redemption rights as is required under the SEC’s proxy rules. If, however, a shareholder approval of the transaction is
required by applicable law or stock exchange rule, or we decide to obtain shareholder approval for business or other reasons,
we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the
proxy rules and not pursuant to the tender offer rules. If we seek shareholder approval, we will complete our initial
business combination only if we receive approval pursuant to an ordinary resolution under Cayman Islands law, which requires
the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. However, the
participation of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions (as
described in this Annual Report on Form 10-K), if any, could result in the approval of our initial business combination even
if a majority of our public shareholders vote, or indicate their intention to vote, against such initial business combination
unless restricted by applicable NYSE American rules. For purposes of seeking approval of the majority of our issued and
outstanding ordinary shares, non-votes will have no effect on the approval of our initial business combination once a quorum
is obtained. Our amended and restated memorandum and articles of association will require that at least five days’
notice will be given of any general meeting.

 

    

     

    

 

If we seek shareholder approval of our initial
business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender
offer rules, our amended and restated memorandum and articles of association provides that a public shareholder, together with
any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group”
(as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to Excess Shares,
without our prior consent. However, we would not be restricting our shareholders’ ability to vote all of their shares (including
Excess Shares) for or against our initial business combination. Our shareholders’ inability to redeem the Excess Shares will
reduce their influence over our ability to complete our initial business combination, and such shareholders could suffer a material
loss in their investment if they sell such Excess Shares on the open market.

 

Additionally, such shareholders will not
receive redemption distributions with respect to the Excess Shares if we complete our initial business combination. And, as a result,
such shareholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required
to sell their shares in open market transactions, potentially at a loss.

 

If we seek shareholder approval, we will
complete our initial business combination only if we receive approval pursuant to an ordinary resolution under Cayman Islands law,
which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company.
In such case, our sponsor and each member of our founding team have agreed to vote their founder shares and public shares purchased
during or after the Initial Public Offering in favor of our initial business combination. As a result, in addition to our initial
shareholders’ founder shares, we would need 2,517,001, or 26.1%, of the 9,634,000 public shares sold in the Initial Public
Offering to be voted in favor of an initial business combination in order to have our initial business combination approved (assuming
all issued and outstanding shares are voted and the over-allotment option is not exercised). The other members of our founding
team are subject to the same arrangements with respect to any public shares acquired by them in or after the Initial Public Offering.
Additionally, each public shareholder may appoint to redeem their public shares irrespective of whether they vote for or against
the proposed transaction or vote at all.

 

Pursuant to our amended and restated
memorandum and articles of association, if we do not consummate an initial business combination within 24 months from
the closing of the Initial Public Offering, we will (i) cease all operations except for the purpose of winding up;
(ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the public shares, at a
per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest
earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any (less up to
$100,000 of interest to pay dissolution expenses), divided by the number of the then-outstanding public shares, which
redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive
further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption,
subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each
case of clause (ii) and (iii), to our obligations under Cayman Islands law to provide for claims of creditors and the
requirements of other applicable law. Our sponsor and each member of our founding team have entered into an agreement with
us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect
to any founder shares they hold if we fail to consummate an initial business combination within 24 months from the
closing of the Initial Public Offering (although they will be entitled to liquidating distributions from the trust account
with respect to any public shares they hold if we fail to complete our initial business combination within 24 months
from the closing of the Initial Public Offering).

 

    

     

    

 

In the event of a liquidation, dissolution
or winding up of the company after a business combination, our shareholders are entitled to share ratably in all assets remaining
available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having
preference over the ordinary shares. Our shareholders have no preemptive or other subscription rights. There are no sinking fund
provisions applicable to the ordinary shares, except that we will provide our public shareholders with the opportunity to redeem
their public shares for cash at a per share price 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 income taxes, if any, divided
by the number of the then-outstanding public shares, upon the completion of our initial business combination, subject to the limitations
described herein.

 

Founder Shares

 

The founder shares are designated as Class B
ordinary shares and, except as described below, are identical to the Class A ordinary shares included in the units sold
in the Initial Public Offering, and holders of founder shares have the same shareholder rights as public shareholders, except that:

 

		•	prior to our initial business combination, only holders of our founder shares will have the right to vote on the appointment
of directors;

 

		•	the founder shares are subject to certain transfer restrictions, as described in more detail below;

 

		•	our sponsor and our founding team have entered into an agreement with us, pursuant to which they have agreed to (i) waive
their redemption rights with respect to any founder shares and public shares they hold, (ii) to waive their redemption rights
with respect to any founder shares and any public shares purchased during or after the Initial Public Offering in connection with
a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would
modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their
shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete
our initial business combination within 24 months from the closing of the Initial Public Offering or (B) with respect
to any other provision relating to the rights of holders of our Class A ordinary shares or pre-initial business combination
activity and (iii) waive their rights to liquidating distributions from the trust account with respect to any founder shares
or private placement warrants they hold if we fail to consummate an initial business combination within 24 months from the
closing of the Initial Public Offering (although they will be entitled to liquidating distributions from the trust account with
respect to any public shares they hold if we fail to complete our initial business combination within 24 months from the closing
of the Initial Public Offering);

 

		•	the founder shares will automatically convert into our Class A ordinary shares at the time of our initial business combination
as described below and in our amended and restated memorandum and articles of association; and

 

		•	the founder shares are entitled to registration rights.

 

If we submit our initial business
combination to our public shareholders for a vote, our sponsor and our founding team have agreed to vote their founder shares
and any public shares purchased during or after the Initial Public Offering in favor of our initial business combination. If
we seek shareholder approval, we will complete our initial business combination only if a majority of the ordinary shares,
represented in person or by proxy and entitled to vote thereon, voted at a general meeting are voted in favor of the business
combination. In such case, our sponsor and each member of our founding team have agreed to vote their founder shares and any
public shares purchased during or after the Initial Public Offering in favor of our initial business combination. As a
result, in addition to our initial shareholders’ founder shares, we would need 2,517,001, or 26.1%, of the 9,634,000 public
shares sold in the Initial Public Offering to be voted in favor of an initial business combination in order to have our
initial business combination approved (assuming all issued and outstanding shares are voted and the overallotment option is
not exercised); 

 

    

     

    

 

The founder shares will automatically convert
into Class A ordinary shares on the first business day following the consummation of our initial business combination at a
ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate,
on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion
of the Initial Public Offering, plus (ii) the sum of the total number of Class A ordinary shares issued or deemed issued
or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection
with or in relation to the consummation of the initial business combination, excluding any Class A ordinary shares or equity-linked
securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller
in the initial business combination and any private placement warrants issued to our sponsor, members of our founding team or any
of their affiliates upon conversion of working capital loans. In no event will the Class B ordinary shares convert into Class A
ordinary shares at a rate of less than one to one.

 

Except as described herein, our sponsor and
our founding team have agreed not to transfer, assign or sell (i) any of their founder shares until the earliest of (A) one
year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if
the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions,
share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period
commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation,
merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right
to exchange their ordinary shares for cash, securities or other property and (ii) any of their private placement warrants
and Class A ordinary shares issued upon conversion or exercise thereof until 30 days after the completion of our initial
business combination. Any permitted transferees will be subject to the same restrictions and other agreements of our sponsor and
our founding team with respect to any founder shares, private placement warrants and Class A ordinary shares issued upon conversion
or exercise thereof. We refer to such transfer restrictions throughout this Annual Report on Form 10-K as the lock-up. Notwithstanding
the foregoing, if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share
sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
day period commencing at least 150 days after our initial business combination, the founder shares will be released from the
lock-up.

 

Prior to the completion of our initial business
combination, only holders of our founder shares will have the right to vote on the appointment of directors. Holders of our public
shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to the completion of an
initial business combination, holders of a majority of our founder shares may remove a member of the board of directors for any
reason. These provisions of our amended and restated memorandum and articles of association may only be amended by a special resolution
passed by holders representing at least two-thirds of our issued and outstanding Class B ordinary shares. With respect to
any other matter submitted to a vote of our shareholders, including any vote in connection with our initial business combination,
except as required by law, holders of our founder shares and holders of our public shares will vote together as a single class,
with each share entitling the holder to one vote.

 

Register of Members

 

Under the Companies Act, we must keep a register
of members and there should be entered therein:

 

		•	the names and addresses of the members of the company, a statement of the shares held by each member, which:

 

		•	distinguishes each share by its number (so long as the share has a number);

 

		•	confirms the amount paid, or agreed to be considered as paid, on the shares of each member; confirms the number and category
of shares held by each member; and

 

    

     

    

 

		•	confirms whether each relevant category of shares held by a member carries voting rights under the Articles, and if so, whether
such voting rights are conditional;

 

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

 

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

 

For these purposes, “voting rights”
means rights conferred on shareholders, including the right to appoint or remove directors, in respect of their shares to vote
at general meetings of the company on all or substantially all matters. A voting right is conditional where the voting right arises
only in certain circumstances.

 

Under Cayman Islands law, the register of
members of our company is prima facie evidence of the matters set out therein (i.e. the register of members will raise a presumption
of fact on the matters referred to above unless rebutted) and a member registered in the register of members will be deemed as
a matter of Cayman Islands law to have legal title to the shares as set against its name in the register of members.

 

Further, the Cayman Islands court has the
power to order that the register of members maintained by a company should be rectified where it considers that the register of
members does not reflect the correct legal position. If an application for an order for rectification of the register of members
were made in respect of our ordinary shares, then the validity of such shares may be subject to re-examination by a Cayman Islands
court.

 

Preference Shares

 

Our amended and restated memorandum and articles
of association authorizes 1,000,000 preference shares and provides that preference shares may be issued from time to time in one
or more series. Our board of directors is authorized to fix the voting rights, if any, designations, powers, preferences, the relative,
participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the
shares of each series. Our board of directors is able to, without shareholder approval, issue preference shares with voting and
other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have
anti-takeover effects. The ability of our board of directors to issue preference shares without shareholder approval could have
the effect of delaying, deferring or preventing a change of control of us or the removal of our existing management. We have no
preference shares issued and outstanding at the date hereof. Although we do not currently intend to issue any preference shares,
we cannot assure you that we will not do so in the future. No preference shares were issued or registered in the Initial Public
Offering.

 

Warrants

 

Each warrant entitles the registered holder
to purchase one ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing
on the later of 30 days after the completion of an initial business combination or the liquidation date.

 

Public Shareholders’ Warrants

 

Each whole warrant entitles the
registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as
discussed below, at any time commencing on the later of one year from the closing of the Initial Public Offering and
30 days after the completion of our initial business combination, provided in each case that we have an effective
registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the
warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a
cashless basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or
exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the
warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A ordinary shares. 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. Accordingly, unless you purchase at least three units,
you will not be able to receive or trade a whole warrant. The warrants will expire five years after the completion of
our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

    

     

    

 

We will not be obligated to deliver any Class A
ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration
statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and
a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration,
or a valid exemption from registration is available. No warrant will be exercisable and we will not be obligated to issue a Class A
ordinary share upon exercise of a warrant unless the Class A ordinary share 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
ordinary share underlying such unit.

 

We have agreed that as soon as practicable,
but in no event later than 20 business days after the closing of our initial business combination, we will use our commercially
reasonable efforts to file with the SEC a registration statement covering the Class A ordinary shares issuable upon exercise
of the warrants, and we will use our commercially reasonable efforts to cause the same to become effective within 60 business days
after the closing of our initial business combination, and to maintain the effectiveness of such registration statement and a current
prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant
agreement; provided that if our Class A ordinary shares are at the time of any exercise of a warrant not listed on a national
securities exchange such that 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 appoint, we will not be required
to file or maintain in effect a registration statement. If a registration statement covering the Class A ordinary shares issuable
upon exercise of the warrants is not effective by the 60th day after the closing of the initial business combination, warrant holders
may, until such time as there is an effective registration statement and during any period when we will have failed to maintain
an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9)
of the Securities Act or another exemption, but we will use our best efforts to register or qualify the shares under applicable
blue sky laws to the extent an exemption is not available.

 

In addition, if (x) we issue additional
Class A ordinary shares or equity linked securities for capital raising purposes in connection with the closing of our initial
business combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue
price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to
our initial shareholders or their affiliates, without taking into account any founder shares held by our initial shareholders or
such affiliates, as applicable, prior to such issuance including any transfer or reissuance of such shares (the “Newly Issued
Price”)), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds,
and interest thereon, available for the funding of our initial business combination, and (z) the volume-weighted average trading
price of our Class A ordinary shares during the 10 trading day period starting on the trading day after the day on which we
consummate our initial business combination is below $9.20 per share, the exercise price of the warrants will be adjusted (to the
nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share
redemption trigger prices adjacent to “Redemption of warrants for cash when the price per Class A ordinary share
equals or exceeds $10.00.” and “Redemptions of warrants for cash when the price per Class A ordinary share
equals or exceeds $18.00.” will be adjusted (to the nearest cent) to be equal to 100% and 180% of the higher of the Market
Value and the Newly Issued Price, respectively.

 

Redemptions of warrants for cash when
the price per Class A ordinary share equals or exceeds $18.00.    Once the warrants become exercisable,
we may call the warrants for redemption (except as described herein with respect to the private placement warrants):

 

    

     

    

 

		•	in whole and not in part;

 

		•	at a price of $0.01 per warrant;

 

		•	upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

 

		•	if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for
share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading
day period ending on the third trading day prior to the date on which notice of the redemption is given to the warrant holders
(the “Reference Value”).

 

We will not redeem the warrants as described
above unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable
upon exercise of the warrants is then effective and a current prospectus relating to those shares is available throughout the 30-day
redemption period. If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable
to register or qualify the underlying securities for sale under all applicable state securities laws. As a result, we may redeem
the warrants as set forth above even if the holders are otherwise unable to exercise the warrants.

 

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
ordinary shares may fall below the $18.00 redemption trigger price (as adjusted for share sub-divisions, 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 cash when the
price per Class A ordinary share equals or exceeds $10.00.    Once the warrants become exercisable, we
may redeem the outstanding warrants:

 

		•	in whole and not in part;

 

		•	at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that during such 30
day period holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares
determined by reference to the table below, based on the redemption date and the “fair market value” of our Class A
ordinary shares (as defined below) except as otherwise described below; provided, further, that if the warrants are not
exercised on a cashless basis or otherwise during such 30 day period, we shall redeem such warrants for $0.10 per share;

 

		•	if, and only if, the Reference Value (as defined above under “Redemption of warrants when the price per Class A
ordinary share equals or exceeds $18.00”) equals or exceeds $10.00 per share (as adjusted for share subdivisions, share
dividends, reorganizations, recapitalizations and the like) on the trading day before we send the notice of redemption to the warrant
holders; and

 

		•	if the Reference Value is less than $18.00 per share (as adjusted for share subdivisions, share dividends, reorganizations,
recapitalizations and the like), the private placement warrants must also be concurrently called for redemption on the same terms
as the outstanding public warrants, as described above.

 

The numbers in the table below
represent the number of Class A ordinary shares that a warrant holder will receive upon exercise in connection with a
redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A
ordinary shares on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are
not redeemed for $0.10 per warrant), determined based on volume-weighted average price of our Class A ordinary shares as
reported during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders
of warrants, and the number of months that the corresponding redemption date precedes the expiration date of the
warrants, each as set forth in the table below. We will provide our warrant holders with the final fair market value no later
than one business day after the 10-trading day period described above ends.

 

    

     

    

 

Pursuant to the warrant agreement, references
above to Class A ordinary shares shall include a security other than Class A ordinary shares into which the Class A
ordinary shares have been converted or exchanged for in the event we are not the surviving company in our initial business combination.
The numbers in the table below will not be adjusted when determining the number of Class A ordinary shares to be issued upon
exercise of the warrants if we are not the surviving entity following our initial business combination.

 

The share prices set forth in the column
headings of the table below will be adjusted as of any date on which the number of shares issuable upon exercise of a warrant or
the exercise price of the warrant is adjusted as set forth under the heading “—Anti-dilution Adjustments” below.
If the number of shares issuable upon exercise of a warrant is adjusted, the adjusted share prices in the column headings will
equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the exercise price
of the warrant after such adjustment and the denominator of which is the price of the warrant immediately prior to such adjustment.
In such an event, the number of shares in the table below shall be adjusted by multiplying such share amounts 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. If the exercise price of the
warrant is adjusted as a result of raising capital in connection with the initial business combination, the adjusted share prices
in the column headings will by multiplied by a fraction, the numerator of which is the higher of the Market Value and the Newly
Issued Price as set forth under the heading “—Anti-dilution Adjustments” and the denominator of which is $10.00.

 

	Redemption Date (period
        to 

        expiration of warrants)
	 	 	Fair
    Market Value of Class A Ordinary Shares 	 
	 	<$10.00
    	 	 	$11.00
    	 	 	$12.00
    	 	 	$13.00
    	 	 	$14.00
    	 	 	$15.00
    	 	 	$16.00
    	 	 	$17.00
    	 	 	>$18.00
    	 
	60 months	 	 	0.261	 	 	0.281	 	 	0.297	 	 	0.311	 	 	0.324	 	 	0.337	 	 	0.348	 	 	0.358	 	 	0.361	 
	57 months	 	 	0.257	 	 	0.277	 	 	0.294	 	 	0.310	 	 	0.324	 	 	0.337	 	 	0.348	 	 	0.358	 	 	0.361	 
	54 months	 	 	0.252	 	 	0.272	 	 	0.291	 	 	0.307	 	 	0.322	 	 	0.335	 	 	0.347	 	 	0.357	 	 	0.361	 
	51 months	 	 	0.246	 	 	0.268	 	 	0.287	 	 	0.304	 	 	0.320	 	 	0.333	 	 	0.346	 	 	0.357	 	 	0.361	 
	48 months	 	 	0.241	 	 	0.263	 	 	0.283	 	 	0.301	 	 	0.317	 	 	0.332	 	 	0.344	 	 	0.356	 	 	0.361	 
	45 months	 	 	0.235	 	 	0.258	 	 	0.279	 	 	0.298	 	 	0.315	 	 	0.330	 	 	0.343	 	 	0.356	 	 	0.361	 
	42 months	 	 	0.228	 	 	0.252	 	 	0.274	 	 	0.294	 	 	0.312	 	 	0.328	 	 	0.342	 	 	0.355	 	 	0.361	 
	39 months	 	 	0.221	 	 	0.246	 	 	0.269	 	 	0.290	 	 	0.309	 	 	0.325	 	 	0.340	 	 	0.354	 	 	0.361	 
	36 months	 	 	0.213	 	 	0.239	 	 	0.263	 	 	0.285	 	 	0.305	 	 	0.323	 	 	0.339	 	 	0.353	 	 	0.361	 
	33 months	 	 	0.205	 	 	0.232	 	 	0.257	 	 	0.280	 	 	0.301	 	 	0.320	 	 	0.337	 	 	0.352	 	 	0.361	 
	30 months	 	 	0.196	 	 	0.224	 	 	0.250	 	 	0.274	 	 	0.297	 	 	0.316	 	 	0.335	 	 	0.351	 	 	0.361	 
	27 months	 	 	0.185	 	 	0.214	 	 	0.242	 	 	0.268	 	 	0.291	 	 	0.313	 	 	0.332	 	 	0.350	 	 	0.361	 
	24 months	 	 	0.173	 	 	0.204	 	 	0.233	 	 	0.260	 	 	0.285	 	 	0.308	 	 	0.329	 	 	0.348	 	 	0.361	 
	21 months	 	 	0.161	 	 	0.193	 	 	0.223	 	 	0.252	 	 	0.279	 	 	0.304	 	 	0.326	 	 	0.347	 	 	0.361	 
	18 months	 	 	0.146	 	 	0.179	 	 	0.211	 	 	0.242	 	 	0.271	 	 	0.298	 	 	0.322	 	 	0.345	 	 	0.361	 
	15 months	 	 	0.130	 	 	0.164	 	 	0.197	 	 	0.230	 	 	0.262	 	 	0.291	 	 	0.317	 	 	0.342	 	 	0.361	 
	12 months	 	 	0.111	 	 	0.146	 	 	0.181	 	 	0.216	 	 	0.250	 	 	0.282	 	 	0.312	 	 	0.339	 	 	0.361	 
	9 months	 	 	0.090	 	 	0.125	 	 	0.162	 	 	0.199	 	 	0.237	 	 	0.272	 	 	0.305	 	 	0.336	 	 	0.361	 
	6 months	 	 	0.065	 	 	0.099	 	 	0.137	 	 	0.178	 	 	0.219	 	 	0.259	 	 	0.296	 	 	0.331	 	 	0.361	 
	3 months	 	 	0.034	 	 	0.065	 	 	0.104	 	 	0.150	 	 	0.197	 	 	0.243	 	 	0.286	 	 	0.326	 	 	0.361	 
	0 months	 	 	—	 	 	—	 	 	0.042	 	 	0.115	 	 	0.179	 	 	0.233	 	 	0.281	 	 	0.323	 	 	0.361	 

 

    

     

    

 

The exact fair market value and
redemption date may not be set forth in the table above, in which case, if the fair market value is between two values in the
table or the redemption date is between two redemption dates in the table, the number of Class A ordinary shares to be
issued for each warrant exercised will be determined by a straight-line interpolation between the number of shares set forth
for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or
366-day year, as applicable. For example, if the volume-weighted average price of our Class A ordinary shares as
reported during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders
of the warrants is $11.00 per share, and at such time there are 57 months until the expiration of the warrants, holders
may choose to, in connection with this redemption feature, exercise their warrants for 0.277 Class A ordinary shares for
each whole warrant. For an example where the exact fair market value and redemption date are not as set forth in the table
above, if the volume-weighted average price of our Class A ordinary shares as reported during the 10 trading days
immediately following the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share,
and at such time there are 38 months until the expiration of the warrants, holders may choose to, in connection with
this redemption feature, exercise their warrants for 0.298 Class A ordinary shares for each whole warrant. In no event
will the warrants be exercisable in connection with this redemption feature for more than 0.361 Class A ordinary shares
per warrant (subject to adjustment).

 

This redemption feature is structured to
allow for all of the outstanding warrants to be redeemed when the Class A ordinary shares are trading at or above $10.00 per
share, which may be at a time when the trading price of our Class A ordinary shares is below the exercise price of the warrants.
We have established this redemption feature to provide us with the flexibility to redeem the warrants without the warrants having
to reach the $18.00 per share threshold set forth above under “Redemption of warrants for cash when the price per Class A
ordinary share equals or exceeds $18.00.” Holders choosing to exercise their warrants in connection with a redemption
pursuant to this feature will, in effect, receive a number of shares for their warrants based on an option pricing model with a
fixed volatility input as of the date of the Annual Report on Form 10-K. This redemption right provides us with an additional mechanism
by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as the warrants would
no longer be outstanding and would have been exercised or redeemed. We will be required to pay the applicable redemption price
to warrant holders if we choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of
the warrants if we determine it is in our best interest to do so. As such, we would redeem the warrants in this manner when we
believe it is in our best interest to update our capital structure to remove the warrants and pay the redemption price to the warrant
holders.

 

As stated above, we can redeem the warrants
when the Class A ordinary shares 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 the opportunity
to exercise their warrants on a cashless basis for the applicable number of shares. If we choose to redeem the warrants when the
Class A ordinary shares are trading at a price below the exercise price of the warrants, this could result in the warrant
holders receiving fewer Class A ordinary shares than they would have received if they had chosen to wait to exercise their
warrants for Class A ordinary shares if and when such Class A ordinary shares were trading at a price higher than the
exercise price of $11.50.

 

    

     

    

 

No fractional Class A ordinary shares
will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share, we will
round down to the nearest whole number of the number of Class A ordinary shares to be issued to the holder. If, at the time
of redemption, the warrants are exercisable for a security other than the Class A ordinary shares pursuant to the warrant
agreement (for instance, if we are not the surviving company in our initial business combination), the warrants may be exercised
for such security. At such time as the warrants become exercisable for a security other than the Class A ordinary shares,
the Company (or surviving company) will use its commercially reasonable efforts to register under the Securities Act the security
issuable upon the exercise of the warrants.

 

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 ordinary shares
issued and outstanding immediately after giving effect to such exercise.

 

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

 

In addition, if we, at any time while the
warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to all or substantially
all the holders of Class A ordinary shares on account of such Class A ordinary shares (or other securities into which
the warrants are convertible), other than (a) as described above, (b) any cash dividends or cash distributions which,
when combined on a per share basis with all other cash dividends and cash distributions paid on the Class A ordinary shares
during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted
to appropriately reflect any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment
to the exercise price or to the number of Class A ordinary shares issuable on exercise of each warrant) but only with respect
to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (b) to satisfy
the redemption rights of the holders of Class A ordinary shares in connection with a proposed initial business combination,
(d) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a shareholder vote
to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation
to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business
combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months
from the closing of the Initial Public Offering or (B) with respect to any other provision relating to the rights of holders
of our Class A ordinary shares or pre-initial business combination activity, or (e) in connection with the redemption
of our public shares upon our failure to complete our initial business combination, then the warrant exercise price will be decreased,
effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities
or other assets paid on each Class A ordinary share in respect of such event.

 

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

 

    

     

    

 

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

 

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

 

The warrants have been issued in registered
form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement
provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective
provision or correct any mistake, including to conform the provisions of the warrant agreement to the description of the terms
of the warrants and the warrant agreement set forth in the Annual Report on Form 10-K, but requires the approval by the holders
of at least 65% of the then outstanding public warrants to make any change that adversely affects the interests of the registered
holders.

 

The warrant holders do not have the rights
or privileges of holders of ordinary shares and any voting rights until they exercise their warrants and receive Class A ordinary
shares. After the issuance of Class A ordinary shares upon exercise of the warrants, each holder will be entitled to one vote
for each share held of record on all matters to be voted on by shareholders.

 

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

 

We have agreed that, subject to
applicable law, any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement
will be brought and enforced in the courts of the State of New York or the United States District Court for the Southern
District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum for any
such action, proceeding or claim. This provision 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.

 

    

     

    

 

 

Private Placement Warrants

 

Except as described below, the private placement
warrants have terms and provisions that are identical to those of the warrants sold as part of the units in the Initial Public
Offering. The private placement warrants (including the Class A ordinary shares issuable upon exercise of the private placement
warrants) will not be transferable, assignable or salable until 30 days after the completion of our initial business combination
(except pursuant to limited exceptions as described in this Annual Report on Form 10-K under “Transfers of Founder Shares
and private placement Warrants,” to our officers and directors and other persons or entities affiliated with the initial
purchasers of the private placement warrants) and they will not be redeemable by us (except as described above under “ Redemption
of warrants for cash when the price per Class A ordinary share equals or exceeds $10.00”) so long as they are held
by our sponsor or its permitted transferees. Our sponsor, or its permitted transferees, has the option to exercise the private
placement warrants on a cashless basis. If the private placement warrants are held by holders other than our sponsor or its permitted
transferees, the private placement warrants will be redeemable by us in all redemption scenarios and exercisable by the holders
on the same basis as the warrants included in the units sold in the Initial Public Offering. Any amendment to the terms of
the private placement warrants or any provision of the warrant agreement with respect to the private placement warrants will require
a vote of holders of at least 50% of the number of the then outstanding private placement 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 ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A
ordinary shares underlying the warrants, multiplied by the excess of the “historical fair market value” (defined below)
over the exercise price of the warrants by (y) the historical fair market value. The “historical fair market value”
will mean the average reported closing price of the Class A ordinary shares 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 holders of warrants. The reason that we have agreed
that these warrants will be exercisable on a cashless basis so long as they are held by our sponsor and permitted transferees is
because it is not known at this time whether they will be affiliated with us following a business combination. If they remain affiliated
with us, their ability to sell our securities in the open market will be significantly limited. We expect to have policies in place
that restrict insiders from selling our securities except during specific periods of time. Even during such periods of time when
insiders will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of material
non-public information. Accordingly, unlike public shareholders who could exercise their warrants and sell the Class A ordinary
shares received upon such exercise freely in the open market in order to recoup the cost of such exercise, the insiders could be
significantly restricted from selling such securities. As a result, we believe that allowing the holders to exercise such warrants
on a cashless basis is appropriate.

 

In order to fund working capital deficiencies
or finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor
or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such
loans may be convertible into warrants of the post-business combination company at a price of $1.50 per warrant at the option of
the lender. Such warrants would be identical to the private placement warrants.

 

Dividends

 

We have not paid any cash dividends on our
ordinary shares to date and do not intend to pay cash dividends prior to the completion of a business combination. The payment
of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial
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, and we will only pay such dividend out of our profits or
share premium (subject to solvency requirements) as permitted under Cayman Islands law. Further, if we incur any indebtedness in
connection with a business combination, our ability to declare dividends may be limited by restrictive covenants we may agree to
in connection therewith.

 

     

     

    

 

Our Transfer Agent and Warrant Agent

 

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

 

Certain Differences in Corporate Law

 

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

 

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

 

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

 

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

 

Where the surviving company is the Cayman
Islands exempted company, the directors of the Cayman Islands exempted company are further required to make a declaration to the
effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (i) that
the foreign company is able to pay its debts as they fall due and that the merger or consolidated is bona fide and not intended
to defraud unsecured creditors of the foreign company; (ii) that in respect of the transfer of any security interest granted
by the foreign company to the surviving or consolidated company (a) consent or approval to the transfer has been obtained,
released or waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional documents
of the foreign company; and (c) the laws of the jurisdiction of the foreign company with respect to the transfer have been
or will be complied with; (iii) that the foreign company will, upon the merger or consolidation becoming effective, cease
to be incorporated, registered or exist under the laws of the relevant foreign jurisdiction; and (iv) that there is no other
reason why it would be against the public interest to permit the merger or consolidation.

 

     

     

    

 

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

 

Moreover, Cayman Islands law has separate
statutory provisions that facilitate the reconstruction or amalgamation of companies in certain circumstances, schemes of arrangement
will generally be more suited for complex mergers or other transactions involving widely held companies, commonly referred to in
the Cayman Islands as a “scheme of arrangement” which may be tantamount to a merger.

 

In the event that a merger was sought pursuant
to a scheme of arrangement (the procedures for which are more rigorous and take longer to complete than the procedures typically
required to consummate a merger in the United States), the arrangement in question must be approved by a majority in number of
each class of shareholders and creditors with whom the arrangement is to be made and who must in addition represent three-fourth
in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by
proxy at a meeting, or meeting summoned for that purpose. The convening of the meetings and subsequently the terms of the arrangement
must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder would have the right to express to
the court the view that the transaction should not be approved, the court can be expected to approve the arrangement if it satisfies
itself that:

 

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

 

		•	the shareholders have been fairly represented at the meeting in question; the arrangement is such as a businessman would reasonably
approve; and

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

Special Considerations for Exempted Companies.   We
are an exempted company with limited liability (meaning our public shareholders have no liability, as members of the company, for
liabilities of the company over and above the amount paid for their shares) under the Companies Act. The Companies Act distinguishes
between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business
mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company
are essentially the same as for an ordinary company except for the exemptions and privileges listed below:

 

		•	annual reporting requirements are minimal and consist mainly of a statement that the company has conducted its operations mainly
outside of the Cayman Islands and has complied with the provisions of the Companies Act;

 

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

 

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

 

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

 

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

 

		•	an exempted company may register as a limited duration company; and an exempted company may register as a segregated portfolio
company.

 

Amended and Restated Memorandum and Articles of Association

 

Our amended and restated memorandum and articles
of association contains provisions designed to provide certain rights and protections relating to the Initial Public Offering that
will apply to us until the completion of our initial business combination. These provisions cannot be amended without a special
resolution. As a matter of Cayman Islands law, a resolution is deemed to be a special resolution where it has been approved by
either (i) the affirmative vote of at least two-thirds (or any higher threshold specified in a company’s articles of
association) of a company’s shareholders entitled to vote and so voting at a general meeting for which notice specifying
the intention to propose the resolution as a special resolution has been given; or (ii) if so authorized by a company’s
articles of association, by a unanimous written resolution of all of the company’s shareholders. Our amended and restated
memorandum and articles of association provides that special resolutions must be approved either by at least two-thirds of our
shareholders who attend and vote at a general meeting of the company (i.e., the lowest threshold permissible under Cayman Islands
law), or by a unanimous written resolution of all of our shareholders.

 

Further, our amended and restated memorandum
and articles of association provides that a quorum at our general meetings will consist of one-third of the ordinary shares entitled
to vote at such meeting and present in person or by proxy; provided that a quorum in connection with any meeting that is convened
to vote on a business combination or any amendment to our amended and restated memorandum and articles of association (A) that
would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have
their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete
our initial business combination within 24 months from the closing of the Initial Public Offering or (B) with respect
to any other provision relating to the rights of holders of our Class A ordinary shares or pre-initial business combination
activity shall be a majority of the ordinary shares entitled to vote at such meeting being individuals present in person or by
proxy or if a corporation or other non-natural person by its duly authorized representative or proxy.

 

     

     

    

 

Our initial shareholders and their permitted
transferees, if any, who collectively beneficially own approximately 20% of our ordinary shares upon the closing of the Initial
Public Offering, will participate in any vote to amend our amended and restated memorandum and articles of association and will
have the discretion to vote in any manner they choose. Specifically, our amended and restated memorandum and articles of association
provides, among other things, that:

 

		•	if we do not consummate an initial business combination within 24 months from the closing of the Initial Public Offering,
we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but no
more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously
released to us to pay our income taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number
of the then-outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders
(including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject
in the case of clauses (ii) and (iii) to our obligations under Cayman Islands law to provide for claims of creditors
and the requirements of other applicable law;

 

		•	prior to the completion of our initial business combination, we may not issue additional securities that would entitle the
holders thereof to (i) receive funds from the trust account or (ii) vote as a class with our public shares (a) on
our initial business combination or on any other proposal presented to shareholders prior to or in connection with the completion
of an initial business combination or (b) to approve an amendment to our amended and restated memorandum and articles of association
to (x) extend the time we have to consummate a
business combination beyond 24 months from the closing of the Initial Public Offering or (y) amend the foregoing provisions;

 

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

 

		•	if a shareholder vote on our initial business combination is not required by applicable law or stock exchange rule and we do
not decide to hold a shareholder vote for business or other reasons, we will offer to redeem our public shares pursuant to Rule 13e-4
and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing our initial
business combination which contain substantially the same financial and other information about our initial business combination
and the redemption rights as is required under Regulation 14A of the Exchange Act;

 

		•	our initial business combination must occur with one or more partner businesses that together have an aggregate fair market
value of at least 80% of the net assets held in the trust account (excluding the amount of deferred underwriting discounts held
in trust and taxes payable on the interest earned on the trust account) at the time of signing the agreement to enter into the
initial business combination;

 

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

 

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

 

In addition, our amended and restated memorandum
and articles of association provides that under no circumstances will we redeem our public shares in an amount that would cause
our net tangible assets to be less than $5,000,001.

 

     

     

    

 

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

 

Anti-Money Laundering — Cayman Islands

 

In order to comply with legislation or regulations
aimed at the prevention of money laundering, we are required to adopt and maintain anti-money laundering procedures, and may require
subscribers to provide evidence to verify their identity and source of funds. Where permitted, and subject to certain conditions,
we may also delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information)
to a suitable person.

 

We reserve the right to request such information
as is necessary to verify the identity of a subscriber. In some cases the directors may be satisfied that no further information
is required since an exemption applies under the Anti-Money Laundering Regulations (2020 Revision) of the Cayman Islands, as amended
and revised from time to time (the “Regulations”). Depending on the circumstances of each application, a detailed verification
of identity might not be required where:

 

		(a)	the subscriber makes the payment for their investment from an account held in the subscriber’s name at a recognized financial
institution;

 

		(b)	the subscriber is regulated by a recognized regulatory authority and is based or incorporated in, or formed under the law of,
a recognized jurisdiction; or

 

		(c)	the application is made through an intermediary which is regulated by a recognized regulatory authority and is based in or
incorporated in, or formed under the law of a recognized jurisdiction and an assurance is provided in relation to the procedures
undertaken on the underlying investors.

 

For the purposes of these exceptions, recognition
of a financial institution, regulatory authority or jurisdiction will be determined in accordance with the Regulations by reference
to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent anti-money laundering regulations.

 

In the event of delay or failure on the part
of the subscriber in producing any information required for verification purposes, we may refuse to accept the application, in
which case any funds received will be returned without interest to the account from which they were originally debited.

 

We also reserve the right to refuse to make
any distribution payment to a shareholder if our directors or officers suspect or are advised that the payment of such distribution
to such shareholder might result in a breach of applicable anti-money laundering or other laws or regulations by any person in
any relevant jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance with any such laws
or regulations in any applicable jurisdiction.

 

If any person resident in the Cayman Islands
knows or suspects, or has reasonable grounds for knowing or suspecting, that another person is engaged in criminal conduct or is
involved with terrorism or terrorist property and the information for that knowledge or suspicion came to their attention in the
course of business in the regulated sector or other trade, profession, business or employment, the person will be required to report
such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime
Law (2020 Revision) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering or (ii) a police
officer of the rank of constable or higher, or the Financial Reporting Authority, pursuant to the Terrorism Law (2018 Revision)
of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report
will not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment
or otherwise.

 

     

     

    

 

Data Protection in the Cayman Islands — Privacy
Notice

 

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

 

Introduction

 

This privacy notice puts our shareholders
on notice that through your investment in the company you will provide us with certain personal information which constitutes personal
data within the meaning of the DPA (“personal data”).

 

In the following discussion, the “company”
refers to us and our affiliates and/or delegates, except where the context requires otherwise.

 

Investor Data

 

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

 

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

 

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

 

Who this Affects

 

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

 

How the Company May Use Your Personal Data

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

Why We May Transfer Your Personal Data

 

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

 

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

 

The Data Protection Measures We Take

 

Any transfer of personal data by us or our
duly authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance with the requirements of the DPA.

 

We and our duly authorized affiliates and/or
delegates shall apply appropriate technical and organizational information security measures designed to protect against unauthorized
or unlawful processing of personal data, and against accidental loss or destruction of, or damage to, personal data.

 

We shall notify you of any personal data
breach that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms or those data subjects to
whom the relevant personal data relates.

 

If you consider that your personal data has
not been handled correctly, or you are not satisfied with the company’s responses to any requests you have made regarding
the use of your personal data, you have the right to complain to the Cayman Islands’ Ombudsman. The Ombudsman can be contacted
by calling +1 (345) 946-6283 or by email at info@ombudsman.ky.

 

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

 

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

 

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

 

Securities Eligible for Future Sale

 

As of December 31, 2020, we had 9,634,000
Class A ordinary shares issued and outstanding on an as-converted basis. These shares are freely tradable without restriction
or further registration under the Securities Act, except for any Class A ordinary shares purchased by one of our affiliates
within the meaning of Rule 144 under the Securities Act. All of the outstanding founder shares (2,300,000 founder shares)
and all of the outstanding private placement units (434,000 private placement units) are restricted securities under Rule 144,
in that they were issued in private transactions not involving a public offering.

 

     

     

    

 

Rule 144

 

Pursuant to Rule 144, a person who has
beneficially owned restricted shares or warrants for at least six months would be entitled to sell their securities provided
that (i) such person is not deemed to have been one of our affiliates at the time of, or at any time during the three months
preceding, a sale and (ii) we are subject to the Exchange Act periodic reporting requirements for at least three months
before the sale and have filed all required reports under Section 13 or 15(d) of the Exchange Act during the 12 months
(or such shorter period as we were required to file reports) preceding the sale.

 

Persons who have beneficially owned restricted
shares or warrants for at least six months but who are our affiliates at the time of, or at any time during the three months
preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month
period only a number of securities that does not exceed the greater of:

 

		•	1% of the total number of ordinary shares then outstanding, which equaled 345,000 shares immediately after the Initial Public
Offering and exercise of the underwriter’s option; and

 

		•	the average weekly reported trading volume of the Class A ordinary shares during the four calendar weeks preceding the
filing of a notice on Form 144 with respect to the sale.

 

Sales by our affiliates under Rule 144
are also limited by manner of sale provisions and notice requirements and to the availability of current public information about
us.

 

Restrictions on the Use of Rule 144 by Shell Companies
or Former Shell Companies

 

Rule 144 is not available for the resale
of securities initially issued by shell companies (other than business combination related shell companies) or issuers that have
been at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition if
the following conditions are met:

 

		•	the issuer of the securities that was formerly a shell company has ceased to be a shell company;

 

		•	the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;

 

		•	the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the
preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form
8-K reports; and

 

		•	at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting
its status as an entity that is not a shell company.

 

As a result, our initial shareholders will
be able to sell their founder shares and our sponsor will be able to sell its private placement warrants, and the securities underlying
the foregoing, pursuant to Rule 144 without registration one year after we have completed our initial business combination.

 

Registration and Shareholder Rights

 

The holders of the founder shares, private
placement warrants, Class A ordinary shares underlying the private placement warrants and warrants that may be issued upon
conversion of working capital loans (and any Class A ordinary shares issuable upon the exercise of the private placement warrants
and warrants that may be issued upon conversion of working capital loans) will be entitled to registration rights pursuant to a
registration and shareholder rights agreement that the holders signed at the closing of our Initial Public Offering. The holders
of these securities are entitled to make up to three demands, excluding short form demands, that we register such securities. In
addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent
to our completion of our initial business combination. However, the registration and shareholder rights agreement provides that
we will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable
lock-up period, which occurs (i) in the case of the founder shares, as described in the following paragraph, and (ii) in
the case of the private placement warrants and the respective Class A ordinary shares underlying such warrants, 30 days
after the completion of our initial business combination. We will bear the expenses incurred in connection with the filing of any
such registration statements.

 

     

     

    

 

Except as described herein, our sponsor
and our directors and executive officers have agreed not to transfer, assign or sell (i) any of their founder shares
until the earliest of (A) one year after the completion of our initial business combination and (B) subsequent to
our initial business combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00
per share (as adjusted for share divisions, share capitalizations, reorganizations, recapitalizations and the like) for any
20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or
(y) the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction
that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or
other property, and (ii) any of their private placement warrants and Class A ordinary shares issued upon conversion
or exercise thereof until 30 days after the completion of our initial business combination. Any permitted transferees
will be subject to the same restrictions and other agreements of our sponsor and directors and executive officers with
respect to any founder shares, private placement warrants and Class A ordinary shares issued upon conversion or exercise
thereof. We refer to such transfer restrictions throughout this Annual Report on Form 10-K as the lock-up.

 

In addition, pursuant to the registration
and shareholder rights agreement, our sponsor, upon and following consummation of an initial business combination, will be entitled
to nominate three individuals for appointment to our board of directors, as long as the sponsor holds any securities covered by
the registration and shareholder rights agreement.

 

Listing of Securities

 

Our units, Class A ordinary shares and
warrants are listed on NYSE American under the symbols “CHFW.U,” “CHFW” and “CHFW.W,” respectively.
The units will automatically separate into their component parts and will not be traded following the completion of our initial
business combination.

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