Document:

smsi-ex106_192.htm

EXHIBIT 10.6.3

 

AMENDMENT TO SMITH MICRO SOFTWARE, INC.

2015 OMNIBUS EQUITY INCENTIVE PLAN

 

 

The Smith Micro Software, Inc. 2015 Omnibus Equity Incentive Plan (as previously amended on June 14, 2018, the “Plan”) is hereby amended as of the date set forth below, as follows:

Section 5.1(a) shall be stricken and replaced in its entirety with the following:

“(a) Share Reserve. The Committee may from time to time grant Awards to one or more Employees, Directors and/or Consultants determined by it to be eligible for participation in the Plan in accordance with the provisions of Article VI. The maximum aggregate number of Shares which may be issued pursuant to all Awards may not exceed Nine Million Six Hundred Twenty-Five Thousand (9,625,000) (subject to adjustment in the same manner provided in Article XV with respect to Shares subject to Awards then outstanding) (the “Share Reserve”).”

The remaining provisions of the Plan are not modified or changed by this Amendment.  

This Amendment was adopted by the Board of Directors of Smith Micro Software, Inc. on April 14, 2020 and by its stockholders on June 9, 2020.

	
Dated:  June 9, 2020
	
/s/ Timothy C. Huffmyer

Timothy C. Huffmyer

Vice President, Chief Financial Officer, Treasurer and SecretaryExhibit 4.5

 

Description of securities

 

We are a Cayman Islands exempted company and our affairs are
governed by our amended and restated memorandum and articles of association, the Companies Law (2020 Revision) of the Cayman Islands
(the “Companies Law”) and the common law of the Cayman Islands. Pursuant to our amended and restated memorandum and
articles of association, we are authorized to issue 500,000,000 Class A ordinary shares and 50,000,000 Class B ordinary shares,
as well as 5,000,000 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. Capitalized terms used herein but not defined shall have the meanings
ascribed to them in the Annual Report.

 

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 the warrant agreement we entered into with Continental Stock Transfer &
Trust Company on October 6, 2020 (the “warrant agreement”). 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.

 

The Class A ordinary shares and warrants comprising the units
commenced separate trading on the New York Stock Exchange on November 27, 2020. Unit holders have the option to continue to hold
units or separate their units into the component securities. Holders will need to have their brokers contact our transfer agent
in order to separate the units into Class A ordinary shares and warrants. No fractional warrants will be issued upon separation
of the units and only whole warrants will trade. Accordingly, unless you hold at least three units, you will not be able to receive
or trade a whole warrant.

 

Additionally, the units will automatically separate into their
component parts and will not be traded after completion of our initial business combination.

 

Ordinary Shares

 

Ordinary shareholders of record are entitled to one vote for
each share held on all matters to be voted on by shareholders. Except as described below, 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 Law or applicable stock exchange rules, the affirmative vote of a majority of our ordinary
shares that are voted is required to approve any such matter voted on by our shareholders. Approval of certain actions 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 a term 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. In addition, in a vote to transfer the Company by way of continuation
of the Cayman Islands to another jurisdiction (which requires the approval of at least two thirds of the votes of all ordinary
shares), holders of our Class B ordinary shares will have ten votes for every Class B ordinary share and holders of our Class A
ordinary shares will have one vote for every Class A ordinary share. 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 and our continuation
in a jurisdiction outside the Cayman Islands prior to our initial business combination may only be amended by a special resolution
passed by not less than two-thirds of our ordinary shares who attend and vote at our general meeting which shall include the affirmative
vote of a simple majority of our Class B ordinary shares.

 

     

     

    

 

Because our amended and restated memorandum and articles of
association authorize the issuance of up to 500,000,000 Class A ordinary shares, if we were to enter into a business combination,
we may (depending on the terms of such a business combination) be required to increase the number of Class A ordinary shares which
we are authorized to issue at the same time as our shareholders vote on the business combination to the extent we seek shareholder
approval in connection with our 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 the NYSE 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 the NYSE. There is no
requirement under the Companies Law for us to hold annual or general meetings to appoint directors. We may not hold an annual 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 will include the requirement that a beneficial owner must identify
itself in order to valid redeem its shares. Our sponsor and each member of our management team have entered into an agreement with
us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares held
by them 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 our Initial Public Offering or during any extended time that we have to consummate a business combination beyond
24 months as a result of a shareholder vote to amend our amended and restated memorandum and articles of association (an “Extension
Period”) or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares. 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 listing requirements,
if a shareholder vote is not required by applicable law or stock exchange listing requirements 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 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 listing requirements, 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 obtain the approval of an ordinary resolution under Cayman Islands law, being the affirmative vote of a majority of the ordinary
shares represented in person or by proxy and entitled to vote thereon and who vote at a general meeting. However, the participation
of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions , 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. 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 require that at least five days' notice will be given of any general
meeting.

 

    2 

     

    

 

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 provide 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 more than an aggregate of 15% of the shares sold
in our Initial Public Offering (“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 obtain the approval of an ordinary resolution under Cayman Islands law, being the affirmative vote
of a majority of the ordinary shares represented in person or by proxy and entitled to vote thereon and who vote at a general meeting.
In such case, our sponsor and each member of our management team have agreed to vote their founder shares and public shares in
favor of our initial business combination. . Additionally, each public shareholder may elect 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 have not consummated an initial business combination within 24 months from the closing of our Initial Public
Offering, we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not
more than ten business days thereafter, 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. Our sponsor and each member of our management 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 our Initial Public Offering
or during any Extension Period (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 the prescribed time frame). Our amended
and restated memorandum and articles of association provide that, if we wind up for any other reason prior to the consummation
of our initial business combination, we will follow the foregoing procedures with respect to the liquidation of the trust account
as promptly as reasonably possible but not more than ten business days thereafter, subject to applicable Cayman Islands law.

 

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.

 

    3 

     

    

 

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 , and holders of founder shares have the same shareholder
rights as public shareholders, except that: (a) prior to our initial business combination, only holders of the founder shares have
the right to vote on the appointment of directors and holders of a majority of our founder shares may remove a member of the board
of directors for any reason; (b) the founder shares are subject to certain transfer restrictions, as described in more detail below;
(c) in a vote to transfer the Company by way of continuation out of the Cayman Islands to another jurisdiction (which requires
the approval of at least two thirds of the votes of all ordinary shares), holders of our founder shares will have ten votes for
every founder share and holders of our Class A ordinary shares will have one vote for every Class A ordinary share; (d) our sponsor
and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to (i) waive
their redemption rights with respect to their founder shares (ii) to waive their redemption rights with respect to their founder
shares and public shares 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 our Initial Public Offering
or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares; and (iii) 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 our Initial Public Offering or during any Extension Period
(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 the prescribed time frame); (e) the founder shares will automatically
convert into our Class A ordinary shares at the time of our initial business combination or earlier at the option of the holders
thereof as described herein; and (f) the founder shares (and the Class A ordinary shares into which they may be converted) are
entitled to registration rights. If we seek shareholder approval, we will complete our initial business combination only if we
obtain the approval of an ordinary resolution under Cayman Islands law, being the affirmative vote of a majority of the ordinary
shares represented in person or by proxy and entitled to vote thereon and who vote at a general meeting. In such case, our sponsor
and each member of our management team have agreed to vote their founder shares and public shares in favor of our initial business
combination.

 

The founder shares are designated as Class B ordinary shares
and will automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion will
not have redemption rights or be entitled to liquidating distributions from the trust account if we do not consummate an initial
business combination) at the time of our initial business combination or earlier at the option of the holders thereof 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 our
Initial Public Offering, plus (ii) 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 forward purchase securities and 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, its affiliates or any
member of our management team 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 directors and
executive officers have agreed not to transfer, assign or sell any of their founder shares until 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 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. We refer to such transfer restrictions throughout as the lock-up. Any permitted transferees would
be subject to the same restrictions and other agreements of our sponsor and our directors and executive officers with respect to
any founder shares.

 

    4 

     

    

 

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. These provisions of our
amended and restated memorandum and articles of association may only be amended by a special resolution passed by not less than
two-thirds of our ordinary shares who attend and vote at our general meeting which shall include the affirmative vote of a simple
majority of our 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 Cayman Islands law, we must keep a register of members
and there will be entered therein:

 

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

 

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

 

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

 

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

 

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

 

Preference Shares

 

Our amended and restated memorandum and articles of association
authorize 5,000,000 preference shares and provide that preference shares may be issued from time to time in one or more series.
Our board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating,
optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each
series. Our board of directors will be able to, without shareholder approval, issue 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 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.

 

    5 

     

    

 

Warrants

 

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 our Initial Public Offering and 30 days after the completion of our initial business
combination, except as discussed in the immediately succeeding paragraph. 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 twenty business days after the closing of our initial business combination, we will use our commercially reasonable
efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares
issuable upon exercise of the warrants, 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 elect, we will not be required to
file or maintain in effect a registration statement, but we will use our commercially reasonably efforts to register or qualify
the shares under applicable blue sky laws to the extent an exemption is not available. 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 commercially reasonably efforts
to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. In such event, each
holder would pay the exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the lesser
of (A) 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 “fair market value” (defined below) less the exercise price of the warrants by (y) the fair market
value and (B) 0.361 per warrant. The “fair market value” as used in this paragraph shall mean the volume weighted average
price of the Class A ordinary shares for the 10 trading days ending on the trading day prior to the date on which the notice of
exercise is received by the warrant agent.

 

    6 

     

    

 

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

 

		●	in whole and not in part;

 

		●	upon a minimum of 30 days' prior written notice of redemption
to each warrant holder;

 

		●	if, and only if, the closing price of the Class A ordinary
shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise
price of a warrant as described under the heading “— Warrants — Public Shareholders' Warrants — Anti-dilution
Adjustments”) on the trading day prior to the date on which we send the notice of redemption to the warrant holders.

 

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 Class A ordinary 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.

 

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. Any such exercise would not be done on a “cashless”
basis and would require the exercising warrant holder to pay the exercise price for each warrant being exercised. However, the
price of the Class A ordinary shares may fall below the $18.00 redemption trigger price (as adjusted for adjustments to the number
of shares issuable upon exercise or the exercise price of a warrant as described under the heading “— Warrants —
Public Shareholders' Warrants — Anti-dilution Adjustments”) as well as the $11.50 (for whole shares) warrant exercise
price after the redemption notice is issued.

 

Redemption of warrants 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, and only if the private placement
warrants are simultaneously redeemed;

 

		●	at a price of $0.01 per warrant;

 

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

 

		●	if, and only if, the closing price of our Class A ordinary
shares equals or exceeds $10.00 per public share (as adjusted for adjustments to the number of shares issuable upon exercise or
the exercise price of a warrant as described under the heading “— Warrants — Public Shareholders’ Warrants
— Anti-dilution Adjustmentso) on the trading day prior to the date on which we send the notice of redemption to the
warrant holders.

 

Beginning on the date the notice of redemption is given until
the warrants are redeemed or exercised, holders may elect to exercise their warrants on a cashless basis. The numbers in the table
below represent the number of Class A ordinary shares that a warrant holder will receive upon such cashless exercise in connection
with a redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A ordinary
shares on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are not redeemed
for $0.10 per warrant), determined for these purposes based on volume weighted average price of our Class A ordinary shares for
the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders
of warrants, and the number of months that the corresponding redemption date precedes the expiration date of the warrants, each
as set forth in the table below. 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.

 

    7 

     

    

 

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
a 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 a warrant is adjusted, (a) in the case
of an adjustment pursuant to the fifth paragraph under the heading “— Anti-dilution Adjustments” below, the adjusted
share prices in the column headings will equal the unadjusted share price 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 and (b) in the case of an adjustment pursuant to the second paragraph under the heading
“— Anti-dilution Adjustments” below, the adjusted share prices in the column headings will equal the unadjusted
share price less the decrease in the exercise price of a warrant pursuant to such exercise price adjustment.

 

	Redemption Date	 	Fair Market Value of Class A Ordinary Shares	 
	(period to expiration of warrants)	 	≤10.00	 	 	11.00	 	 	12.00	 	 	13.00	 	 	14.00	 	 	15.00	 	 	16.00	 	 	17.00	 	 	≥18.00	 
	60 months	 	 	0.261	 	 	 	0.281	 	 	 	0.297	 	 	 	0.311	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	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	 

 

    8 

     

    

 

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 for the 10 trading days ending on the third trading day prior to the date
on which the notice of redemption is sent to the holders of 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 for the 10 trading
days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of 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 on a cashless basis in connection with this redemption feature for more than 0.361 Class A ordinary
shares per warrant (subject to adjustment). Finally, as reflected in the table above, if the warrants are out of the money and
about to expire, they cannot be exercised on a cashless basis in connection with a redemption by us pursuant to this redemption
feature, since they will not be exercisable for any Class A ordinary shares.

 

This redemption feature differs from the typical warrant redemption
features used by many other blank check companies, which typically only provide for a redemption of warrants for cash (other than
the private placement warrants) when the trading price for the Class A ordinary shares exceeds $18.00 per share for a specified
period of time. 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 public 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 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 the Initial Public Offering prospectus. 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.

 

    9 

     

    

 

Maximum Percentage Procedures.    A
holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have
the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person's
affiliates), to the warrant agent's actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder
may specify) of the Class A ordinary shares 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 split-up of ordinary shares or other similar event, then, on the effective date of such capitalization or share
dividend, split-up 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 of the holders
of the 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, (c) to satisfy the redemption rights of the holders of Class A ordinary
shares in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders of Class
A ordinary shares in connection with a shareholder vote to 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 our Initial Public Offering or (B) with respect to any other
provision relating to the rights of holders of our Class A ordinary shares, or (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.

 

    10 

     

    

 

In addition, if (x) we issue additional Class A ordinary shares
or equity-linked securities, excluding the forward purchase 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 ordinary share (with such
issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance
to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable,
prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent
more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination
on the date of the consummation of our initial business combination (net of redemptions), and (z) the volume weighted average trading
price of our Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which we
consummate our initial business combination (such price, the “Market Value”) is below $9.20 per share, 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, the $18.00 per share redemption trigger price described above under “— Redemption of warrants when the
price per Class A ordinary share equals or exceeds $18.00” and “— Redemption of warrants when the price per Class
A ordinary shares equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the
Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described above under “—Redemption
of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to
be equal to the higher of the Market Value and the Newly Issued Price.

 

In case of any reclassification or reorganization of the outstanding
Class A ordinary shares (other than those described above or that solely affects the par value of such Class A ordinary shares),
or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which
we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding Class A
ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of
us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter
have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu
of the Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby,
the kind and amount of 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. However, if such holders were
entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation
or merger, then the kind and amount of securities, cash or other assets for which each warrant will become exercisable will be
deemed to be the weighted average of the kind and amount received per share by such holders in such consolidation or merger that
affirmatively make such election, and if a tender, exchange or redemption offer has been made to and accepted by such holders (other
than a tender, exchange or redemption offer made by the company in connection with redemption rights held by shareholders of the
company as provided for in the company's amended and restated memorandum and articles of association or as a result of the redemption
of Class A ordinary shares by the company if a proposed initial business combination is presented to the shareholders of the company
for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with
members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together
with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any
such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange
Act) more than 50% of the issued and outstanding Class A ordinary shares, the holder of a warrant will be entitled to receive the
highest amount of cash, securities or other property to which such holder would actually have been entitled as a shareholder if
such warrant holder had exercised the warrant prior to the expiration of such tender or exchange offer, accepted such offer and
all of the Class A ordinary shares held by such holder had been purchased pursuant to such tender or exchange offer, subject to
adjustment (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments
provided for in the warrant agreement. 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
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.

 

    11 

     

    

 

The warrants are 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 for the purpose of (i) curing any ambiguity or correcting any
mistake, or defective provision (ii) amending the provisions relating to cash dividends on ordinary shares as contemplated by and
in accordance with the warrant agreement or (iii) adding or changing any provisions with respect to matters or questions arising
under the warrant agreement as the parties to the warrant agreement may deem necessary or desirable and that the parties deem to
not adversely affect the rights of the registered holders of the warrants, provided that the approval by the holders of at least
50% of the then-outstanding public warrants is required 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 warrants will be issued upon separation of the
units and only whole warrants will trade. 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 included as part of the units. The private placement warrants
(including the Class A ordinary shares issuable upon exercise of the private placement warrants) are not be transferable, assignable
or salable until 30 days after the completion of our initial business combination (except pursuant to limited exceptions 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 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 being
sold in our 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.

 

    12 

     

    

 

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 “Sponsor fair market value” (defined below) over the exercise price of
the warrants by (y) the Sponsor fair market value. For these purposes, the “Sponsor fair market value” shall 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 warrant agent. The reason that we have agreed that these warrants
will be exercisable on a cashless basis so long as they are held by our sponsor and its permitted transferees is because it is
not known at this time whether they will be affiliated with us following a business combination. If they remain affiliated with
us, their ability to sell our securities in the open market will be significantly limited. We expect to have policies in place
that 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 $2,000,000 of such loans may be convertible
into warrants of the post business combination entity at a price of $1.50 per warrant at the option of the lender. Such warrants
would be identical to the private placement warrants.

 

Forward Purchase Securities

 

We have entered into a forward purchase agreement pursuant to
which Empower Funding, which has received commitments from one or more funds affiliated with MidOcean, has agreed to subscribe
for an aggregate of up to 5,000,000 forward purchase units, consisting of one Class A ordinary share and one-third of one warrant
to purchase one Class A ordinary share for $10.00 per unit, or up to $50,000,000 in the aggregate, in a private placement to close
substantially concurrently with the closing of our initial business combination, subject to approval at such time by the MidOcean
investment committee. The allocation of the forward purchase securities among the ultimate MidOcean funds that will be funding
the forward purchase will be determined by MidOcean, in its sole discretion, at the time of our initial business combination. If
the sale of the forward purchase units fails to close, for any reason, we may lack sufficient funds to consummate our initial business
combination. The forward purchase shares and forward purchase warrants will be identical to the Class A ordinary shares and warrants
included in the units, except that they will be subject to certain registration rights.

 

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 our initial 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 our initial business combination. The payment of any cash dividends subsequent to our initial business combination
will be within the discretion of our board of directors at such time. 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 Law.
The Companies Law is modeled on English Law but does not follow recent English Law statutory enactments, and differs from laws
applicable to United States corporations and their shareholders. Set forth below is a summary of the certain differences between
the provisions of the Companies Law applicable to us and the laws applicable to companies incorporated in the United States and
their shareholders.

 

    13 

     

    

 

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

 

Where the merger or consolidation is between two Cayman Islands
companies, the directors of each company must approve a written plan of merger or consolidation containing certain prescribed information.
That plan or merger or consolidation must then be authorized by either (a) a special resolution (usually a majority of 66 2/3%
in value of the voting shares voted at a general meeting) of the shareholders of each company; 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 Law (which includes certain other formalities) have been complied with, the Registrar of Companies will register
the plan of merger or consolidation.

 

Where the merger or consolidation involves a foreign company,
the procedure is similar, save that with respect to the foreign company, the directors of the Cayman Islands exempted company are
required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out
below have been met: (i) that the merger or consolidation is permitted or not prohibited by the constitutional documents of the
foreign company and by the laws of the jurisdiction in which the foreign company is incorporated, and that those laws and any requirements
of those constitutional documents have been or will be complied with; (ii) that no petition or other similar proceeding has been
filed and remains outstanding or order made or resolution adopted to wind up or liquidate the foreign company in any jurisdictions;
(iii) that no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction and is acting in
respect of the foreign company, its affairs or its property or any part thereof; 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 Law provides
for a right of dissenting shareholders to be paid a payment of the fair value of his shares upon their dissenting to the merger
or consolidation 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.

 

    14 

     

    

 

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

 

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

 

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

 

		●	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 Law or that would amount to a “fraud on the minority.”

 

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

 

Squeeze-out Provisions.    When
a takeover offer is made and accepted by holders of 90% of the shares to whom the offer 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.

 

    15 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		●	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 issue shares with no par value;

 

		●	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.

 

    16 

     

    

 

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

 

Amended and Restated Memorandum and Articles of Association

 

Our amended and restated memorandum and articles of association
contain provisions designed to provide certain rights and protections that will apply to us until the completion of our initial
business combination. These provisions cannot be amended without a special resolution under Cayman Islands law. 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. Other than as described above, our amended and restated memorandum and articles of association
provide that special resolutions must be approved either by at least two-thirds of our shareholders 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.

 

Our sponsor and its permitted transferees, if any, who collectively
beneficially own 20% of our ordinary shares will participate in any vote to amend our amended and restated memorandum and articles
of association and will have the discretion to vote in any manner they choose. Specifically, our amended and restated memorandum
and articles of association provide, among other things, that:

 

		●	If we have not consummated an initial business combination
within 24 months from the closing of our Initial Public Offering, we will (i) cease all operations except for the purpose
of winding up; (ii) as promptly as reasonably possible but 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 that were paid by us or
are payable by us, 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 or in connection with 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 our Initial Public Offering or (y) amend the foregoing provisions;

 

		●	Although we do not intend to enter into a business combination
with a target business that is affiliated with our sponsor, Founders, our directors or our 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
independent investment banking firm or another independent entity that commonly renders valuation opinions that such a business
combination 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 listing requirements 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;

 

    17 

     

    

 

		●	So long as our securities are then listed on the NYSE,
our initial business combination must occur with one or more target businesses that together have an aggregate fair market value
of at least 80% of the assets held in the trust account (excluding the amount of deferred underwriting commissions held in trust
and taxes payable on the income earned on the trust account) at the time of 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 our Initial Public Offering or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary
shares, 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 provide that under no circumstances will we redeem our public shares in an amount that would cause our net tangible
assets to be less than $5,000,001.

 

The Companies Law permits a company incorporated in the Cayman
Islands to amend its memorandum and articles of association with the approval of a special resolution which requires the approval
of the holders of at least two-thirds of such company's issued and outstanding ordinary shares who attend and vote at a general
meeting or by way of unanimous written 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 provide 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

 

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

 

    18 

     

    

 

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

 

Our amended and restated memorandum and articles of association
provide that our board of directors will be 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 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

 

The Class A ordinary shares sold in our Initial Public Offering
(25,000,000 Class A ordinary 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 (6,250,000 founder shares) and all of the outstanding private placement warrants (4,666,667 private
placement warrants) are restricted securities under Rule 144, in that they were issued in private transactions not involving a
public offering.

 

Upon the closing of the sale of the forward purchase units,
all of the forward purchase shares, forward purchase warrants and Class A ordinary shares underlying the forward purchase warrants
will be restricted securities under Rule 144.

 

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 twelve 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 equals 312,500 shares; or

 

		●	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;

 

    19 

     

    

 

		●	the issuer of the securities has filed all Exchange Act
reports and material required to be filed, as applicable, during the preceding twelve 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 sponsor will be able to sell its founder shares
and private placement warrants, as applicable, 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
and any 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, upon the exercise of warrants that may be issued upon conversion of working capital
loans and upon conversion of the founder shares) will be entitled to registration rights pursuant to a registration and shareholder
rights agreement which was executed 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 lockup 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.

 

Pursuant to the forward purchase agreement, we have agreed that
we will use our commercially reasonable efforts to (i) within 30 days after the closing of the initial business combination, file
a registration statement with the SEC for a secondary offering of (A) the forward purchase investors' forward purchase shares,
(B) the Class A ordinary shares issuable upon exercise of the forward purchase investors' forward purchase warrants and (C)
any other Class A ordinary shares acquired by the forward purchase investors, including any acquisitions after we complete our
initial business combination, (ii) cause such registration statement to be declared effective promptly thereafter, but in no event
later than 90 days after the closing of the initial business combination and (iii) maintain the effectiveness of such registration
statement and to ensure the registration statement does not contain a material omission or misstatement, including by way of amendment
or other update, as required, until the earlier of (A) the date on which a forward purchase investor ceases to hold the securities
covered thereby and (B) the date all of the securities covered thereby can be sold publicly without restriction or limitation under
Rule 144 under the Securities Act, and without the requirement to be in compliance with Rule 144(c)(1) under the Securities Act,
subject to certain conditions and limitations set forth in the forward purchase agreement. We will bear the cost of registering
these securities.

 

Except as described herein, our sponsor and our directors and
executive officers have agreed not to transfer, assign or sell 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 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. Any permitted transferees will be subject to the same restrictions and other agreements of
our sponsor with respect to any founder shares.

 

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 our sponsor holds any securities covered by the registration
and shareholder rights agreement, in addition to other rights as detailed in the registration and shareholder rights agreement.

 

 

20

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