Document:

EXHIBIT 10.1

  

  

  

  

  

  
    GENERATIONS BANK

    EMPLOYMENT AGREEMENT

    

    

    This Employment Agreement (the “Agreement”) is made
        effective as of September 1, 2021 (the “Effective Date”), by and between Generations Bank, a federally chartered savings bank with its principal office in Seneca Falls, New York (the “Bank”), and Angela Krezmer (“Executive”). References to the
        “Company” mean Generations Bancorp NY, Inc. a  Maryland corporation that owns 100% of the common stock of the Bank. The Company shall be a signatory to this Agreement for the sole purpose of guaranteeing the Bank’s performance hereunder.

    

    

    WHEREAS, the Executive is
      currently employed as Chief Financial Officer of the Bank effective as of June 7, 2021; and

    

    

    WHEREAS, the Executive is willing to serve the Bank on the terms and conditions hereinafter set forth; and

    

    

    WHEREAS, the Board of Directors of the Bank and the Executive believe it is in the best interests of the Bank to enter into this Agreement in order to reinforce and reward the Executive
        for her service and dedication to the continued success of the Bank.

    

    

    NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows:

    

    

    1. POSITION AND RESPONSIBILITIES.

    

    

    During the period of her employment hereunder, Executive
        agrees to continue to serve as Chief Financial Officer of the Bank (the “Executive Position”). During said period, Executive also agrees to continue to serve, if elected, as an officer and director of any subsidiary or affiliate of the Bank.
        Failure to reelect Executive to Executive Position without the consent of Executive during the term of this Agreement (except for any termination for Cause, as defined herein) shall constitute a breach of this Agreement.

    

    

    2. TERM AND DUTIES.

    

    

    (a) The period of Executive’s employment under this Agreement shall begin as of the date first above written
          and shall continue for a period of 36 full calendar months thereafter. Commencing on the first anniversary date of this Agreement, and continuing at each anniversary date thereafter, the Agreement shall renew for an additional year such that the
          remaining term shall be 36 full calendar months; provided, however, if written notice of nonrenewal is provided to Executive at least ten days and not more than 30 days prior to any anniversary date, the term of this Agreement shall not so renew.
          On an annual basis prior to the deadline for the notice period referenced above, the board of directors of the Company (the “Board of Directors”) shall conduct a performance review of Executive for purposes of determining whether to provide
          notice of nonrenewal.

    

    

    (b) During the period of her employment hereunder, except for periods of absence occasioned by illness,
          reasonable vacation periods,    and reasonable leaves of absence approved by the board of directors of the Bank (“Board”), Executive shall devote substantially all her business time, attention, skill, and efforts to the faithful performance of
          her duties hereunder including activities and services related to the organization, operation and management of the Bank; provided, however, that, with the approval of the Board of the Bank, as evidenced by a resolution of such Board, from time
          to

    
      
        

    

    
     

    

    time, Executive may serve, or continue to serve, on the boards of directors of, and hold any other offices or positions in, business companies or business
      organizations, which, in such Board’s judgment, will not present any conflict of interest with the Bank, or materially affect the performance of Executive’s duties pursuant to this Agreement it being understood that membership in and service on
      boards or committees of social, religious, charitable or similar organizations does not require Board approval pursuant to this Section 2(b). For purposes of this Section 2(b), Board approval shall be deemed to have been granted as to service with
      any such business company or organization that Executive was serving as of the date of this Agreement.

    

    

    3. COMPENSATION, BENEFITS AND REIMBURSEMENT.

    

    

    (a) The compensation specified under this Agreement shall constitute the salary and benefits paid for the
          duties described in Section 2(b). The Bank shall pay Executive as compensation a salary of not less than $160,160 per year (“Base Salary”). Such Base Salary shall be payable biweekly, or with such other frequency as officers and employees are
          generally paid. During the period of this Agreement, Executive’s Base Salary shall be reviewed at least annually. Such review may be conducted by a Committee designated by the Board, and the Bank may increase, but not decrease (except a decrease
          that is generally applicable to all employees) Executive’s Base Salary (with any increase in Base Salary to become “Base Salary” for purposes of this Agreement). In addition to the Base Salary provided in this Section 3(a), the Bank shall provide
          Executive at no cost to Executive with all such other benefits as are provided uniformly to permanent full-time employees of the Bank. Base Salary shall include any amounts of compensation deferred by Executive under qualified and nonqualified
          plans maintained by the Bank.

    

    

    (b) The Bank will provide Executive with employee benefit plans, arrangements and perquisites substantially
          equivalent to those in which Executive was participating or otherwise deriving benefit from immediately prior to the beginning of the term of this Agreement, and the Bank will not, without Executive’s prior written consent, make any changes in
          such plans, arrangements or perquisites which would adversely affect Executive’s rights or benefits thereunder, except as to any changes that are applicable to all participating employees or as reasonably or customarily available. Without
          limiting the generality of the foregoing provisions of this Subsection (b), Executive will be entitled to participate in or receive benefits under any employee benefit plans including, but not limited to, retirement plans, supplemental retirement
          plans, pension plans, profit-sharing plans, health-and-accident insurance plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank or the Company in the future to its senior executives and key
          management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. Executive will be entitled to incentive compensation and bonuses as provided in any plan of the Bank
          or the Company in which Executive is eligible to participate. Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement.

    

    

    (c) In addition to the Base Salary provided for by paragraph (a) of this Section 3, the Bank or the Company
          shall pay or reimburse Executive for all reasonable travel and other reasonable expenses incurred by Executive performing her obligations under this Agreement and may provide such additional compensation in such form and such amounts as the Board
          may from time to time determine. The Bank shall reimburse Executive for her ordinary and necessary business expenses, including, without limitation, fees for memberships in such clubs and organizations as Executive and the Board shall mutually
          agree are necessary and appropriate for business purposes, and travel and entertainment expenses, incurred in connection with the performance of her duties under this Agreement, upon presentation to the Bank of an itemized account of such
          expenses in such form as the Bank may reasonably require. All reimbursements shall be paid promptly by the Bank and in any

    
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    event no later than March 15 of the year immediately following the year in which the expense was incurred.

    

    

    4. PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION.

    

    

    (a) Upon the occurrence of an Event of Termination (as herein defined) during Executive’s term of employment
          under this Agreement, the provisions of this section shall apply. As used in this Agreement, an “Event of Termination” shall mean and include any one or more of the following: (i) the termination by the Bank of Executive’s full-time employment
          hereunder for any reason other than a termination for Cause, as defined in Section 8 hereof, or a termination upon Retirement as defined in Section 7 hereof, or a termination for Disability as set forth in Section 6(a) hereof; and (ii) to the
          extent permitted under Code Section 409A, Executive’s resignation from the Bank’s employ for “Good Reason.” Good Reason shall mean any of the following: (A) failure to elect or reelect or to appoint or reappoint Executive to Executive Position,
          unless consented to by Executive, (B) a material change in Executive’s function, duties, or responsibilities, which change would cause Executive’s position to become one of lesser responsibility, importance, or scope from the position and
          attributes thereof described in Sections 1 and 2 above, to which Executive has not agreed in writing (and any such material change shall be deemed a continuing breach of this Agreement), (C) a relocation of Executive’s principal place of
          employment to a location that is more than 25 miles from the location of the Bank’s principal executive offices as of the date of this Agreement, or a material reduction in Base Salary (except for any reduction that is part of an employee-wide
          reduction in pay or benefits), or (D) material breach of this Agreement by the Bank. Upon the occurrence of any event described in clauses (ii) (A), (B), (C), or (D) above, Executive shall have the right to elect to terminate her employment under
          this Agreement by resignation within ninety (90) days) after the event giving rise to said right to elect, which termination by Executive shall be an Event of Termination. The Bank shall have at least (30) days to remedy any condition set forth
          in clause (ii) (A) through (D), provided, however, that the Bank shall be entitled to waive such period and make an immediate payment hereunder. If the Bank remedies the condition within such thirty (30) day cure period, then no Good Reason shall
          be deemed to exist with respect to such condition. If the Bank does not remedy the condition within such thirty (30) day cure period, then Executive may deliver a Notice of Termination, as defined in Section 9(c) below, for Good Reason at any
          time within sixty (60) days following the expiration of such cure period. No payments or benefits shall be due to Executive under this Agreement upon the termination of Executive’s employment except as provided in Section 4 or 5 hereof.

    

    

    (b) Upon the occurrence of an Event of Termination, the Bank shall pay Executive, or, in the event of her
          subsequent death, her beneficiary or beneficiaries, or her estate, as the case may be, as severance pay or liquidated damages, or both, a lump sum cash amount equal to one and one-half times the sum of (A) the highest annual rate of Base Salary
          paid to Executive at any time under the Agreement, and (B) the greater of (x) the average annual cash bonus paid to Executive with respect to the three completed fiscal years prior to the Event of Termination, or (y) the cash bonus paid to
          Executive with respect to the fiscal year ended prior to the Event of Termination. Such payments shall not be reduced in the event Executive obtains other employment following termination of employment, and shall be payable within thirty (30)
          days following the Executive’s Event of Termination. Notwithstanding the foregoing, in the event the Executive is a Specified Employee (as defined herein), then, solely, to the extent required to avoid penalties under Code Section 409A, the
          Executive’s payment under this Section 4(b) shall be delayed until the first day of the seventh month following the Executive’s Event of Termination. A “Specified Employee” shall be interpreted to comply with Code section 409A and shall mean a
          key employee within the meaning of Code Section 416(i) (without regard to paragraph 5 thereof) but an individual shall be a “Specified Employee” only if the Bank or Company is or becomes a publicly traded company.

    
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    (c) Upon the occurrence of an Event of Termination, the Bank will provide at the Bank’s expense, life
          insurance and non-taxable medical and dental coverage substantially comparable, as reasonably or customarily available, to the coverage maintained by the Bank for Executive prior to her termination, except to the extent such coverage may be
          changed in its application to all Bank employees. Such coverage shall cease 18 months following the Event of Termination. Notwithstanding the foregoing, if applicable law (including, but not limited to, laws prohibiting discriminating in
        favor of highly compensated employees), or, if participation by the Executive is not permitted under the terms of the applicable health plans, or if providing such benefits would subject the Bank to penalties, then the Bank shall pay the Executive
        a cash lump sum payment reasonably estimated to be equal to the cost of such non-taxable life, medical and dental insurance, with such payment to be made by lump sum within thirty (30) business days of the Event of Termination, or if later, the
        date on which the Bank determines that such insurance coverage (or the remainder of such insurance coverage) cannot be provided for the foregoing reasons.

    

    

    (d) Upon the occurrence of an Event of Termination, any non-vested stock options granted to Executive under
          any stock option plan or restricted stock plan of the Bank will fully vest.

    

    

    (e) For purposes of this Agreement, “Event of Termination” as used herein shall mean “Separation from
          Service” as defined in Code Section 409A and the Treasury Regulations promulgated there under, such that the Bank and Executive reasonably anticipate that the level of bona fide services Executive would perform after termination would permanently
          decrease to a level that is less than 50% of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding 36-month period.

    

    

    5. CHANGE IN CONTROL.

    

    

    (a) “Change in Control” shall mean any of the following:

    

    

    (1) “Change in Control” shall mean (i) a change in the ownership of the Bank or Company, (ii) a change in
          the effective control of the Bank or Company, or (iii) a change in the ownership of a substantial portion of the assets of the Bank or Company, as described below.

    

    

    (2) A change in the ownership of a corporation occurs on the date that any one person, or more than one
          person acting as a group (as defined in Final Regulations section 1.409A- 3(i)(5)(v)(B)), acquires ownership of stock of the Bank or Company that, together with stock held by such person or group, constitutes more than 50 percent of the total
          fair market value or total voting power of the stock of such corporation. For these purposes, a change in ownership will not be deemed to have occurred if no stock of the Bank or Company is outstanding.

    

    

    (3) A change in the effective control of the Bank or Company occurs on the date that either (i) any one
          person, or more than one person acting as a group (as defined in Final Regulations section 1.409A-3(i)(5)(vi)(D)) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons)
          ownership of stock of the Bank or Company possessing 30 percent or more of the total voting power of the stock of such Bank or Company, or (ii) a majority of the members of the Bank’s or Company’s board of directors is replaced during any
          12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Bank’s or Company’s board of directors prior to the date of the appointment or election, provided that this subsection “(ii)” is
          inapplicable where a majority shareholder of the Bank or Company is another corporation.

    
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    (4) A change in a substantial portion of the Bank’s or Company’s assets occurs on the date that any one
          person or more than one person acting as a group (as defined in Final Regulations section 1.409A-3(i)(5)(vii)(C)) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons)
          assets from the Bank or Company that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of (i) all of the assets of the Bank or Company, or (ii) the value of the assets being disposed of,
          either of which is determined without regard to any liabilities associated with such assets. For all purposes hereunder, the definition of Change in Control shall be construed to be consistent with the requirements of Final Regulations section
          1.409A-3(i)(5), except to the extent that such final regulations are superseded by subsequent guidance.

    

    

    

    

    (b) If any of the events described in Section 5(a) hereof constituting a Change in Control shall have
          occurred or the Board has determined that a Change in Control has occurred, Executive shall be entitled to the benefits provided in paragraphs (c) and (d) of this Section 5 regardless of whether he has terminated employment in connection with the
          Change in Control.

    

    

    (c) Upon the occurrence of a Change in Control, Executive, or, in the event of her death following a Change
          in Control, her beneficiary or beneficiaries, or her estate, as the case may be, shall receive as severance pay or liquidated damages, or both, an amount equal to three times the highest annual rate of Base Salary paid to Executive at any time under the Agreement or Prior Agreement, and three times the highest rate of cash bonus awarded to Executive during the prior three years, which shall be paid in a
          lump sum distribution on the effective date of the Change in Control.  In addition, upon the occurrence of a termination of employment (which must constitute a “Separation from Service” as defined in Code Section 409A and the Treasury
        Regulations promulgated thereunder) on or after a Change in Control, the Bank will provide at the Bank’s expense, life insurance and non-taxable medical and dental coverage substantially comparable, as reasonably or customarily available, to the
        coverage maintained by the Bank for Executive prior to her termination, except to the extent such coverage may be changed in its application to all Bank employees. Such coverage shall cease 36 months after the date of such termination of
        employment. Notwithstanding the foregoing, if applicable law (including, but not limited to, laws prohibiting discriminating in favor of highly compensated employees), or, if participation by the Executive is not permitted under the terms of the
        applicable health plans, or if providing such benefits would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the cost of such non-taxable life, medical and dental
        insurance, with such payment to be made by lump sum on the date of termination of employment, or if later, the date on which the Bank determines that such insurance coverage (or the remainder of such insurance coverage) cannot be provided for the
        foregoing reasons.

    (d) If the Executive is entitled to payments and benefits under this Section 5(c), the Executive will not be entitled to payments and benefits under Section 4 of this Agreement.

    

    

    (e) Upon the occurrence of a Change in Control, any non-vested stock options granted to Executive under any
          stock option plan or restricted stock plan of the Bank will fully vest.

    

    

    6. TERMINATION FOR DISABILITY OR DEATH.

    

    

    (a) Termination of Executive’s employment based on “Disability” shall be construed to comply with Code
          section 409A and shall be deemed to have occurred if (i) the Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death, or last
          for a continuous period of not less than 12 months; (ii) by reason of any medically determinable physical or mental impairment which can be

    
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    expected to result in death, or last for a continuous period of not less than 12
        months, the Executive is receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Bank or Company; or (iii) the Executive is determined to be totally disabled by
        the Social Security Administration. The provisions of paragraph 6(b) and (c) shall apply upon the termination of the Executive’s employment for Disability.

    

    

    (b) The Bank will pay Executive, as Disability pay, a bi-weekly payment equal to seventy-five percent (75%)
          of Executive’s bi-weekly rate of Base Salary commencing on the date the Executive is determined to be Disabled. These Disability payments will be paid bi-weekly and will end on the earlier (i) the date Executive returns to the full-time
          employment of the Bank in the same capacity as she was employed prior to her termination for Disability; (ii) Executive’s full-time employment by another employer; (iii) Executive attains the age of 65; or (iv) Executive’s death. The Disability
          pay shall be reduced by the amount, if any, paid to Executive under any plan of the Bank or the Company providing disability benefits to Executive.

    

    

    (c) The Bank will cause to be continued life insurance and non-taxable medical and dental coverage
          substantially comparable, as reasonable or customarily available, to the coverage maintained by the Bank for Executive prior to her termination for Disability, except to the extent such coverage may be changed in its application to all Bank
          employees or not available on an individual basis to an employee terminated for Disability. This coverage shall cease upon the earlier of (i) the date Executive returns to the full-time employment of the Bank in the same capacity as she was
          employed prior to her termination for Disability; (ii) Executive’s full-time employment by another employer; (iii) Executive attaining the age of 65; or (iv) Executive’s death.

    

    

    (d) In the event of Executive’s death during the term of the Agreement, her estate, legal representatives or
          named beneficiaries (as directed by executive in writing) shall be paid Executive’s Base Salary as defined in paragraph 3(a) at the rate in effect at the time of Executive’s death for a period of one (1) year from the date of Executive’s death in
          accordance with regular payroll practices, and the Bank will continue to provide medical, dental and other insurance benefits normally provided for Executive’s family (in accordance with its customary co-pay percentages) for one year after
          Executive’s death.

    

    

    7. TERMINATION UPON RETIREMENT.

    

    

    Termination of Executive’s employment based on “Retirement” shall mean termination of Executive’s employment at age 65 or in accordance
      with any retirement policy established by the Board with Executive’s consent with respect to her. Upon termination of Executive based on Retirement, no amounts or benefits shall be due to the Executive under this Agreement, and Executive shall be
      entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party.

    

    

    8. TERMINATION FOR CAUSE.

    

    

    The term “Termination for Cause” shall mean termination
        because of Executive’s personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule, or regulation (other than
        traffic violations or similar offenses) or final cease-and-desist order, or material breach of any provision of this Agreement. Executive’s employment shall not be terminated in accordance with this paragraph for any act or action or failure to act
        which is undertaken or omitted in accordance with a resolution of the Board or upon advice of the Bank’s counsel. Notwithstanding the foregoing, Executive shall not be deemed to have been Terminated for Cause unless and until there shall have been
        delivered to her a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the members

    
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    of the Board at a meeting of the Board called and held for that purpose (after
        reasonable notice to Executive and an opportunity for her, together with counsel, to be heard before the Board), finding that in the good faith opinion of the Board, Executive was guilty of conduct justifying Termination for Cause and specifying
        the particulars thereof in detail. Executive shall not have the right to receive compensation or other benefits for any period after Termination for Cause. Any non-vested stock options granted to Executive under any stock option plan of the Bank,
        the Company or any subsidiary or affiliate thereof, shall become null and void effective upon Executive’s receipt of Notice of Termination for Cause pursuant to Section 9 hereof, and shall not be exercisable by Executive at any time subsequent to
        such Termination for Cause (unless it is determined in arbitration that grounds for Termination for Cause did not exist, in which event all terms of the options as of the date of termination shall apply, and any time periods for exercising such
        options shall commence from the date of resolution in arbitration).

    

    

    9. NOTICE.

    

    

    (a) Any purported termination by the Bank for Cause shall be communicated by Notice of Termination to
          Executive. If, within 30 days after any Notice of Termination for Cause is given, Executive notifies the Bank that a dispute exists concerning the termination, the parties shall promptly proceed to arbitration. Notwithstanding the pendency of any
          such dispute, the Bank may discontinue to pay Executive compensation until the dispute is finally resolved in accordance with this Agreement. If it is determined that Executive is entitled to compensation and benefits under Section 4 or 5 of this
          Agreement, the payment of such compensation and benefits by the Bank shall commence immediately following the date of resolution by arbitration, with interest due Executive on the cash amount that would have been paid pending arbitration (at the
          prime rate as published in The Wall Street Journal from time
          to time).

    

    

    (b) Any other purported termination by the Bank or by Executive shall be communicated by a Notice of
          Termination to the other party. If, within 30 days after any Notice of Termination is given, the party receiving such Notice of Termination notifies the other party that a dispute exists concerning the termination, the parties shall promptly
          proceed to arbitration as provided in Section 19 of this Agreement. Notwithstanding the pendency of any such dispute, the Bank shall continue to pay Executive her Base Salary, and other compensation and benefits in effect when the notice giving
          rise to the dispute was given (except as to termination of Executive for Cause). In the event the voluntary termination by Executive of her employment is disputed by the Bank, and if it is determined in arbitration that Executive is not entitled
          to termination benefits pursuant to this Agreement, she shall return all cash payments made to her pending resolution by arbitration, with interest thereon at the prime rate as published in The Wall Street Journal from time to time if it is determined in arbitration that Executive ‘s voluntary
          termination of employment was not taken in good faith and not in the reasonable belief that grounds existed for her voluntary termination.

    

    

    (c) For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall
          indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated
          and “Date of Termination” shall mean the date of the Notice of Termination.

    

    

    10. NON-COMPETITION AND POST-TERMINATION OBLIGATIONS.

    

    

    (a) All payments and benefits to Executive under this Agreement shall be subject to Executive’s compliance with paragraph (b),
          (c) and (d) of this Section 10.

    
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    (b) Executive shall, upon reasonable notice, furnish such information and assistance to the Bank as may
          reasonably be required by the Bank in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become a   party; provided, however, that Executive shall not be required to provide information or assistance
          with respect to any litigation between the Executive and the Bank or any of its subsidiaries or affiliates.

    

    

    (c) Executive recognizes and acknowledges that the knowledge of the business activities and plans for
          business activities of the Bank, the Company and affiliates thereof, as it may exist from time to time, is a valuable, special and unique asset of the business of the Employers. Executive will not, during or after the term of her employment,
          disclose any knowledge of the past, present, planned or considered business activities of the Employers or affiliates thereof to any person, firm, corporation, or other entity for any reason or purpose whatsoever (except for such disclosure as
          may be required to be provided to either the Office of the Comptroller of the Currency (“OCC”) or the Board of Governors of the Federal Reserve System (together, the “Regulator”). Notwithstanding the foregoing, Executive may disclose any knowledge of banking, financial and/or economic principles, concepts or ideas which are not solely and exclusively derived from the business plans and activities of
          the Bank, and Executive may disclose any information regarding the Bank which is otherwise publicly available or which Executive is otherwise legally required to disclose. In the event of a breach or threatened breach by Executive of the
          provisions of this Section 10, the Bank and the Company will be entitled to an injunction restraining Executive from disclosing, in whole or in part, her knowledge of the past, present, planned or considered business activities of the Bank or the
          Company or any of their affiliates, or from rendering any services to any person, firm, corporation, other entity to whom such knowledge, in whole or in part, has been disclosed or is threatened to be disclosed. Nothing herein will be construed
          as prohibiting the Bank and the Company from pursuing any other remedies available to them for such breach or threatened breach, including the recovery of damages from Executive.

    

    

    (d) Upon any termination of Executive’s employment hereunder pursuant to Section 4 of this Agreement,
          Executive agrees not to compete with the Bank and the Company and any of their subsidiaries for a period of one year following such termination in any city, town or county in which the Bank has an office or has filed an application for regulatory
          approval to establish an office, determined as of the effective date of such termination, except as agreed to pursuant to a resolution duly adopted by the Board. Executive agrees that during such period and within said cities, towns and counties,
          Executive shall not work for or advise, consult or otherwise serve with, directly or indirectly, any entity whose business materially competes with the depository, lending or other business activities of the Bank. The parties hereto, recognizing
          that irreparable injury will result to the Bank, its business and property in the event of Executive’s breach of this Section 10(d) agree that in the event of any such breach by Executive, the Bank will be entitled, in addition to any other
          remedies and damages available, to an injunction to restrain the violation hereof by Executive, Executive’s partners, agents, servants, employers, employees and all persons acting for or with Executive. Executive represents and admits that
          Executive’s experience and capabilities are such that Executive can obtain employment in a business engaged in other lines and/or of a different nature than the Bank, and that the enforcement of a remedy by way of injunction will not prevent
          Executive from earning a livelihood. Nothing herein will be construed as prohibiting the Bank and the Company from pursuing any other remedies available to them for such breach or threatened breach, including the recovery of damages from
          Executive.

    

    

    11. SOURCE OF PAYMENTS.

    

    

    All payments provided in this Agreement shall be timely
        paid in cash or check from the general funds of the Bank. The Company, however, guarantees payment and provision of all amounts and benefits due hereunder to Executive, and if such amounts and benefits due from the Bank are not

    
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    timely paid or provided by the Bank, such amounts and benefits shall be paid
        or provided by the Company.

    

    

    12. EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS.

    

    

    This Agreement contains the entire understanding between the parties hereto and supersedes any prior employment agreement between the
      Bank or any predecessor of the Bank and Executive, including the Prior Agreement, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere provided. No provision of this
      Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to her without reference to this Agreement.

    

    

    13. NO ATTACHMENT; BINDING ON SUCCESSORS.

    

    

    (a) Except as required by law, no right to receive payments under this Agreement shall be subject to
          anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect
          any such action shall be null, void, and of no effect.

    

    

    (b) This Agreement shall be binding upon, and inure to the benefit of, Executive and the Bank and their respective successors and assigns.

    

    

    14. MODIFICATION AND WAIVER.

    

    

    (a) This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto.

    

    

    (b) No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any
          estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein,
          and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future as to any act other than that specifically waived.

    

    

    15. REQUIRED PROVISIONS.

    

    

    (a) The Bank may terminate Executive’s employment at any time, but any termination by the Bank’s Board other
          than Termination for Cause as defined in Section 8 hereof shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall have no right to receive compensation or other benefits for any period after
          Termination for Cause.

    

    

    (b) If Executive is suspended from office and/or temporarily prohibited from participating in the conduct of
          the Bank’s affairs by a notice served under Section 8(e)(3) [12 USC §1818(e)(3)] or 8(g)(l) [12 USC §1818(g)(l)] of the Federal Deposit Insurance Act, the Bank’s obligations under this Agreement shall be suspended as of the date of service,
          unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay Executive all or part of the compensation withheld while its contract obligations were suspended and (ii) reinstate (in
          whole or in part) any of its obligations which were suspended.

    

    

    (c) If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s
          affairs by an order issued under Section 8(e)(4) [12 USC §1818(e)(4)] or 8(g)(l)

    
      9

      
        

    

     

    

    [12 USC §1818(g)(l)] of the Federal Deposit Insurance Act, all obligations of the
        Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected.

    

    

    (d) If the Bank is in default as defined in Section 3(x)(l) [12 USC §1813(x)(l)] of the Federal Deposit
          Insurance Act, all obligations of the Bank under this Agreement shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties.

    

    

    (e) All obligations under this Agreement shall be terminated, except to the extent determined that
          continuation of the contract is necessary for the continued operation of the Bank, (i) by the Regulator, at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section
          13(c) [12 USC §1823(c)] of the Federal Deposit Insurance Act; or (ii) by the Director or her or her designee at the time the Director or her or her designee approves a supervisory merger to resolve problems related to operation of the Bank or
          when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action.

    

    

    (f) Notwithstanding anything herein contained to the contrary, any payments to Executive by the Company,
          whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part
          359.

    

    

    16. SEVERABILITY.

    

    

    If, for any reason, any provision of this Agreement, or
        any part of any provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent
        with law continue in full force and effect.

    

    

    17. HEADINGS FOR REFERENCE ONLY.

    

    

    The headings of sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or
      interpretation of any of the provisions of this Agreement.

    

    

    18. GOVERNING LAW.

    

    

    This Agreement shall be governed by the laws of the State of New York but only to the extent not superseded by federal law.

    

    

    19. ARBITRATION.

    

    

    Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted
      before a panel of three arbitrators sitting in a location selected by the Executive within twenty-five miles of Seneca Falls, New York in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the
      arbitrator’s award in any court having jurisdiction; provided, however, that Executive shall be entitled to seek specific performance of her right to be paid until the Date of Termination during the pendency of any dispute or controversy arising
      under or in connection with this Agreement.

    
      10

      
        

    

    

    

    20. PAYMENT OF LEGAL FEES.

    

    

    All reasonable legal fees paid or incurred by Executive pursuant to any dispute or question of interpretation relating to this
      Agreement shall be paid or reimbursed by the Bank, provided that the dispute or interpretation has been settled by Executive and the Bank or resolved in Executive’s favor, and that such reimbursement shall occur as soon as practicable but not later
      than two and one-half months after the dispute is settled or resolved in Executive’s favor.

    

    

    21. INDEMNIFICATION.

    

    

    The Bank shall provide Executive (including her heirs,
        executors and administrators) with coverage under a standard directors’ and officers’ liability insurance policy at its expense, and shall indemnify Executive (and her heirs, executors and administrators) for the term of the Agreement and for a
        period of six years thereafter to the fullest extent permitted under applicable law against all expenses and liabilities reasonably incurred by her in connection with or arising out of any action, suit or proceeding in which she may be involved by
        reason of her having been a director or officer of the Bank (whether or not she continues to be a director or officer at the time of incurring such expenses or liabilities), such expenses and liabilities to include, but not be limited to,
        judgments, court costs and attorneys’ fees and the cost of reasonable settlements (such settlements must be approved by the Board), provided, however, the Bank shall not be required to indemnify or reimburse Executive for legal expenses or
        liabilities incurred in connection with an action, suit or proceeding arising from any illegal or fraudulent act committed by Executive. Any such indemnification shall be made consistent with Section 18(k) of the Federal Deposit Insurance Act, 12
        U.S.C. §l 828(k), and the regulations issued thereunder in 12 C.F.R. Part 359.

    

    

    22. NOTICE.

    

    

    For the purposes of this Agreement, notices and all other
        communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the respective addresses
        set forth below:

    

    

    	
            To the Company:

          	
            Generations Bancorp, Inc.

            20 E Bayard St

            Seneca Falls, New York 13148

          
	 	 
	
            To the Bank:

             

          	
            Generations Bank

            20 E Bayard St

            Seneca Falls, New York 13148

          
	 	 
	
            To Executive:

             

          	
            Angela Krezmer

            At the address last appearing on

            the personnel records of the Bank

          

    

    

    

    

    
      11

      
        

    

    SIGNATURES

    

    

    IN WITNESS WHEREOF, the Company and the Bank have caused
        this Agreement to be executed by their duly authorized representatives, and Executive has signed this Agreement, on the day and date first above written. The Company has become a party to this Agreement for the sole purpose of binding itself to the
        duties and obligations set forth in Section 11 hereof.

     

      

    

      

      

      	 	 	
              GENERATIONS BANCORP NY, INC.

               

               

               

            
	 August 10, 2021

            	
              By:  

              

            	 /s/ Bradford M. Jones

            
	
              Date

            	 	 
	 	 	
              GENERATIONS BANK

               

               

               

            
	 August 10, 2021	
              By:  

              

            	 /s/ Menzo D. Case

            
	
              Date

            	 	 
	 	 	
              EXECUTIVE

               

               

               

            
	 August 10, 2021	
              By:  

              

            	 /s/ Angela Krezmer

            
	
              Date

            	 	
               Angela Krezmer

               Chief Financial Officer

              

            

      

      

    

    

    

    12Exhibit 4.5

 

DESCRIPTION
OF SECURITIES

 

As
of December 31, 2021, SDCL EDGE Acquisition Corporation (“we,” “our,” “us” or the “company”)
had the following three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”): (i) its units, each consisting of one Class A ordinary share and one-half of one redeemable warrant, (ii) Class A ordinary
shares, par value $0.0001 per share, and (iii) redeemable warrants, each whole warrant exercisable for one Class A ordinary share
at an exercise price of $11.50. In addition, this Description of Securities also references the company’s Class B ordinary shares,
par value $0.0001 per share (the “Class B ordinary shares” or “founder shares”), which are not registered pursuant
to Section 12 of the Exchange Act but are convertible into Class A ordinary shares. The description of the Class B ordinary shares is
included to assist in the description of the Class A ordinary shares. Unless the context otherwise requires, references to our “sponsor”
are to SDCL EDGE Sponsor LLC and references to our “initial shareholders” are to our sponsor, our independent directors,
Sustainable Investors Fund, LP (“Capricorn”), Seaside Holdings (Nominee) Limited (“Seaside” and, together with
Capricorn, the “A Anchor Investors”), seven other qualified institutional buyers or accredited investors not affiliated with
the company, our sponsor, our directors or any member of management (“B Anchor Investors” and, together with the A Anchor
Investors, the “Anchor Investors”), and any other holders of our founder shares prior to our initial public offering (our
“IPO”).

  

We
are a Cayman Islands exempted company and our affairs are governed by our amended and restated memorandum and articles of association,
the Companies Act (As Revised) of the Cayman Islands (the “Companies Act”) and 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,
$0.0001 par value each, 50,000,000 Class B ordinary shares, $0.0001 par value each, and 5,000,000 undesignated preferred shares,
$0.0001 par value each. Because the below is only a summary, it may not contain all the information that is important to you.

 

Units

 

Each
unit consists of one Class A ordinary share and one-half 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 below. Pursuant to the
warrant agreement that governs the warrants (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.

 

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. Additionally, the units will
automatically separate into their component parts and will not be traded after completion of our initial business combination. No fractional
warrants will be issued upon separation of the units and only whole warrants will trade.

 

Ordinary
Shares

 

Class
A ordinary shareholders and Class B ordinary shareholders of record are entitled to one vote for each share held on all matters
to be voted on by shareholders and vote together as a single class, except as required by law; provided, that, prior to our initial
business combination, holders of our Class B ordinary shares will have the right to appoint all of our directors and remove
members of the board of directors for any reason, and holders of our Class A ordinary shares will not be entitled to vote on
the appointment of directors during such time. These provisions of our amended and restated memorandum and articles of association
may only be amended by a special resolution passed by holders of at least two-thirds of our ordinary shares attending and voting in
a general meeting. Unless specified in the Companies Act, our amended and restated memorandum and articles of association 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 (other than the appointment or removal of directors prior to our initial business
combination), and, prior to our initial business combination, the affirmative vote of a majority of our founder shares is required
to approve the appointment or removal of directors. Approval of certain actions will require a special resolution under Cayman
Islands law 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.
Directors are appointed for a term of two years. There is no cumulative voting with respect to the appointment of directors, with
the result that the holders of more than 50% of the founder shares voted for the appointment of directors can appoint all of the
directors prior to our initial business combination. Our shareholders are entitled to receive ratable dividends when, as and if
declared by the board of directors out of funds legally available therefor.

 

     

     

    

 

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.

 

In
accordance with corporate governance requirements of the New York Stock Exchange (the “NYSE”), 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 Act for us to hold annual or extraordinary general meetings to appoint directors. We may not hold an annual general meeting
prior to the consummation of our initial business combination.

 

We
will provide our public shareholders with the opportunity to redeem all or a portion of their 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 taxes (which interest shall be net of taxes payable), divided
by the number of then issued and outstanding public shares, subject to the limitations described herein. The per-share amount we will
distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to
the underwriters. The redemption rights will include the requirement that a beneficial owner must identify itself in order to validly
redeem its shares. Our initial shareholders, directors and officers have entered into a letter agreement with us, pursuant to which they
have agreed to waive their redemption rights with respect to any founder shares and public shares held by them in connection with the
completion of our initial business combination or certain amendments to our amended and restated memorandum and articles of association.
Permitted transferees of our initial shareholders, directors or officers will be subject to the same obligations.

 

Unlike
some 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 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 some blank check companies, offer to redeem shares in conjunction with a proxy
solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek shareholder approval, we will complete
our initial business combination only if we receive an ordinary resolution under Cayman Islands law, which requires the affirmative vote
of holders of a majority of ordinary shares who attend and vote at a general meeting of the company. However, the participation of our
sponsor, directors, officers, advisors or any of their respective 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 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. These quorum and voting
thresholds, and the voting agreements of our initial shareholders, may make it more likely that we will consummate our initial business
combination.

 

    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 ordinary shares sold in our IPO, which we refer to as the “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 the business combination. 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 in connection with our initial business combination, our initial shareholders, excluding the B Anchor Investors,
have agreed (and their permitted transferees will agree), pursuant to the terms of a letter agreement entered into with us, to vote their
founder shares and any public shares held by them in favor of our initial business combination. If we seek shareholder approval in connection
with our initial business combination, the B Anchor Investors have agreed (and their permitted transferees will agree), pursuant to the
terms of a letter agreement entered into with us, to vote their founder shares held by them in favor of our initial business combination.
Our directors and officers have also entered into the letter agreement, imposing similar obligations on them with respect to public shares
acquired by them, if any. Additionally, each public shareholder may elect to redeem its public shares without voting and, if they do
vote, irrespective of whether they vote for or against the proposed transaction.

 

Pursuant
to our amended and restated memorandum and articles of association, if we have not completed our initial business combination within
24 months from the closing of our IPO, we will (1) cease all operations except for the purpose of winding up, (2) as promptly
as reasonably possible but not more than 10 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 to pay our taxes (less up to $100,000 of interest to pay dissolution expenses and which interest
shall be net of taxes payable), divided by the number of then issued and outstanding public shares, which redemption will completely
extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any),
and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and
our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims
of creditors and the requirements of other applicable law. Our initial shareholders have entered into a letter agreement with us, pursuant
to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to their founder shares
if we fail to complete our initial business combination within 24 months from the closing of our IPO or during any extended time that
we have to consummate a business combination as a result of a shareholder vote to amend our certificate of incorporation (an “Extension
Period”). However, if our initial shareholders, directors acquire public shares, they will be entitled to liquidating distributions
from the trust account with respect to such public shares if we fail to complete our initial business combination within the prescribed
time period.

 

In
the event of a liquidation, dissolution or winding up of the company after a business combination, our shareholders at such time will
be 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 shareholders with the
opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust
account, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes (which interest
shall be net of taxes payable), 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 are identical to the Class A ordinary shares included in the units
sold in our IPO, and holders of founder shares have the same shareholder rights as public shareholders, except that: (1) 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; (2) the founder shares are subject
to certain transfer restrictions, as described in more detail below; (3) our initial shareholders, directors and officers have entered
into a letter agreement with us, pursuant to which they have agreed to waive: (i) their redemption rights with respect to any founder
shares and public shares held by them, as applicable, in connection with the completion of our initial business combination; (ii) their
redemption rights with respect to any founder shares and public shares held by them 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 allow redemption
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 or during any Extension Period, or (B) with respect to any other provision relating to shareholders’
rights or pre-initial business combination activity; and (iii) their rights to liquidating distributions from the trust account
with respect to any founder shares they hold if we fail to complete our initial business combination within 24 months from the closing
of our IPO 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); (4) 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 holder, on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described in more
detail below; and (5) the founder shares are entitled to registration rights. If we submit our initial business combination to our
public shareholders for a vote, our initial shareholders have agreed (and their permitted transferees will agree), pursuant to the terms
of a letter agreement entered into with us, to vote their founder shares and any public shares held by them purchased during or after
our IPO in favor of our initial business combination.

 

The
Class B ordinary shares will automatically convert into Class A ordinary shares at the time of our initial business combination,
or earlier at the option of the holder, on a one-for-one basis, subject to adjustment for share sub-divisions, share dividends, rights
issuances, consolidations, reorganizations, recapitalizations and other similar transactions, and subject to further adjustment as provided
herein. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess
of the amounts issued in our IPO and related to the closing of our initial business combination, the ratio at which the Class B
ordinary shares will convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the issued and outstanding
Class B ordinary shares agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that
the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate,
on an as-converted basis, 20% of the sum of all ordinary shares issued and outstanding upon the completion of our IPO plus all Class A
ordinary shares and equity-linked securities issued or deemed issued in connection with our initial business combination, excluding any
shares or equity-linked securities issued, or to be issued, to any seller in our initial business combination. The term “equity-linked
securities” refers to any debt or equity securities that are convertible, exercisable or exchangeable for our Class A ordinary
shares issued in a financing transaction in connection with our initial business combination, including but not limited to a private
placement of equity or debt.

 

With
certain limited exceptions, the founder shares are not transferable, assignable or salable (except to our directors and officers and
other persons or entities affiliated with our sponsor or Anchor Investors, each of whom will be subject to the same transfer restrictions)
until the earlier of: (A) one year after the completion of our initial business combination; and (B) subsequent to our initial
business combination (x) if the last reported sale price of our Class A ordinary shares equals or exceeds $12.00 per share
(as adjusted for share sub-divisions, share dividends, rights issuances, consolidations, reorganizations, recapitalizations and other
similar transactions) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business
combination or (y) the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction
that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property.

 

    4

     

    

 

Register
of Members

 

Under
Cayman Islands law, we must keep a register of members and there shall 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 the shares of each member;

 

		●	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 shall 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. Upon the closing of our IPO, the register of members was updated to reflect the issue of shares by us. Once our register
of members was updated, the shareholders recorded in the register of members shall be deemed to have legal title to the shares set against
their name. However, there are certain limited circumstances where an application may be made to a Cayman Islands court for a determination
on whether the register of members reflects the correct legal position. Further, the Cayman Islands court has the power to order that
the register of members maintained by a company should be rectified where it considers that the register of members does not reflect
the correct legal position. If an application for an order for rectification of the register of members were made in respect of our ordinary
shares, then the validity of such shares may be subject to re-examination by a Cayman Islands court.

 

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 30 days after the completion of our initial business combination and
12 months from the closing of our IPO, except as described below. 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 four 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 covering the issuance of the Class A ordinary
shares issuable upon exercise of the warrants is then effective and a current 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, including
in connection with a cashless exercise permitted as a result of a notice of redemption described below under “Redemption of warrants
when the price per Class A ordinary share equals or exceeds $10.00.” No warrant will be exercisable for cash or on a cashless
basis, and we will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares
upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption is available.
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 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.

 

    5

     

    

 

We
have agreed that as soon as practicable, but in no event later than 15 business days, after the closing of our initial business combination,
we will use our commercially reasonable efforts to file with the SEC a registration statement covering the issuance, 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 thereto, until the expiration of the warrants in accordance
with the provisions of the warrant agreement. Notwithstanding the above, if our Class A ordinary shares are, at the time of any
exercise of a warrant, not listed on a national securities exchange such that 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 will use our commercially reasonable efforts to register
or qualify the shares under applicable blue sky laws to the extent an exemption is not available. In the case of a cashless exercise,
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 Class A ordinary shares per warrant. The “fair market value” as used in the preceding
sentence 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.

 

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;

 

		●	at
a price of $0.01 per warrant;

 

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

 

		●	if,
and only if, the last reported sale price of the Class A ordinary shares for any 20 trading days within a 30-trading day period
ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders (which we refer to
as the “Reference Value”) 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 “— Anti-dilution Adjustments”).

 

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. 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 “— 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;

 

		●	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;

 

    6

     

    

 

		●	if,
and only if, the Reference Value (as defined above under “— Redemption of warrants when the price per Class A ordinary
share equals or exceeds $18.00”) equals or exceeds $10.00 per share (as adjusted for adjustments to the number of shares issuable
upon exercise or the exercise price of a warrant as described under the heading “— Anti-dilution Adjustments”); and

 

		●	if
the Reference Value is less than $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 “— Anti-dilution Adjustments”), the private placement warrants
must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above.

 

During
the period beginning on the date the notice of redemption is given, 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 during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants,
and the number of months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth in the
table below. We will provide our warrant holders with the final fair market value no later than one business day after the 10-trading
day period described above ends.

 

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

 

The
share prices set forth in the column headings of the table below will be adjusted as of any date on which the number of shares issuable
upon exercise of a warrant or the exercise price of 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 number
of shares deliverable upon exercise of a warrant immediately prior to such adjustment and the denominator of which is the number of shares
deliverable upon exercise of a warrant as so adjusted. The number of shares in the table below shall be adjusted in the same manner and
at the same time as the number of shares issuable upon exercise of a warrant. 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 (period to expiration of warrants)	 	Fair Market Value of Class A Ordinary Shares	 
	 	≤10.00	 	 	11.00	 	 	12.00	 	 	13.00	 	 	14.00	 	 	15.00	 	 	16.00	 	 	17.00	 	 	≥18.00	 
	60 months	 	0.261	 	 	0.281	 	 	0.297	 	 	0.311	 	 	0.324	 	 	0.337	 	 	0.348	 	 	0.358	 	 	0.361	 
	57 months	 	0.257	 	 	0.277	 	 	0.294	 	 	0.310	 	 	0.324	 	 	0.337	 	 	0.348	 	 	0.358	 	 	0.361	 
	54 months	 	0.252	 	 	0.272	 	 	0.291	 	 	0.307	 	 	0.322	 	 	0.335	 	 	0.347	 	 	0.357	 	 	0.361	 
	51 months	 	0.246	 	 	0.268	 	 	0.287	 	 	0.304	 	 	0.320	 	 	0.333	 	 	0.346	 	 	0.357	 	 	0.361	 
	48 months	 	0.241	 	 	0.263	 	 	0.283	 	 	0.301	 	 	0.317	 	 	0.332	 	 	0.344	 	 	0.356	 	 	0.361	 
	45 months	 	0.235	 	 	0.258	 	 	0.279	 	 	0.298	 	 	0.315	 	 	0.330	 	 	0.343	 	 	0.356	 	 	0.361	 
	42 months	 	0.228	 	 	0.252	 	 	0.274	 	 	0.294	 	 	0.312	 	 	0.328	 	 	0.342	 	 	0.355	 	 	0.361	 
	39 months	 	0.221	 	 	0.246	 	 	0.269	 	 	0.290	 	 	0.309	 	 	0.325	 	 	0.340	 	 	0.354	 	 	0.361	 
	36 months	 	0.213	 	 	0.239	 	 	0.263	 	 	0.285	 	 	0.305	 	 	0.323	 	 	0.339	 	 	0.353	 	 	0.361	 
	33 months	 	0.205	 	 	0.232	 	 	0.257	 	 	0.280	 	 	0.301	 	 	0.320	 	 	0.337	 	 	0.352	 	 	0.361	 
	30 months	 	0.196	 	 	0.224	 	 	0.250	 	 	0.274	 	 	0.297	 	 	0.316	 	 	0.335	 	 	0.351	 	 	0.361	 
	27 months	 	0.185	 	 	0.214	 	 	0.242	 	 	0.268	 	 	0.291	 	 	0.313	 	 	0.332	 	 	0.350	 	 	0.361	 
	24 months	 	0.173	 	 	0.204	 	 	0.233	 	 	0.260	 	 	0.285	 	 	0.308	 	 	0.329	 	 	0.348	 	 	0.361	 
	21 months	 	0.161	 	 	0.193	 	 	0.223	 	 	0.252	 	 	0.279	 	 	0.304	 	 	0.326	 	 	0.347	 	 	0.361	 
	18 months	 	0.146	 	 	0.179	 	 	0.211	 	 	0.242	 	 	0.271	 	 	0.298	 	 	0.322	 	 	0.345	 	 	0.361	 
	15 months	 	0.130	 	 	0.164	 	 	0.197	 	 	0.230	 	 	0.262	 	 	0.291	 	 	0.317	 	 	0.342	 	 	0.361	 
	12 months	 	0.111	 	 	0.146	 	 	0.181	 	 	0.216	 	 	0.250	 	 	0.282	 	 	0.312	 	 	0.339	 	 	0.361	 
	9 months	 	0.090	 	 	0.125	 	 	0.162	 	 	0.199	 	 	0.237	 	 	0.272	 	 	0.305	 	 	0.336	 	 	0.361	 
	6 months	 	0.065	 	 	0.099	 	 	0.137	 	 	0.178	 	 	0.219	 	 	0.259	 	 	0.296	 	 	0.331	 	 	0.361	 
	3 months	 	0.034	 	 	0.065	 	 	0.104	 	 	0.150	 	 	0.197	 	 	0.243	 	 	0.286	 	 	0.326	 	 	0.361	 
	0 months	 	—	 	 	—	 	 	0.042	 	 	0.115	 	 	0.179	 	 	0.233	 	 	0.281	 	 	0.323	 	 	0.361	 

 

    7

     

    

 

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 during the 10 trading days immediately
following the date on which the notice of redemption is sent to the holders of the warrants is $11.00 per share, and at such time there
are 57 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their
warrants for 0.277 Class A ordinary shares for each whole warrant. For an example where the exact fair market value and redemption
date are not as set forth in the table above, if the volume weighted average price of our Class A ordinary shares during the 10
trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share,
and at such time there are 38 months until the expiration of the warrants, holders may choose to, in connection with this redemption
feature, exercise their warrants for 0.298 Class A ordinary shares for each whole warrant. In no event will the warrants be exercisable
in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment). 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 in many other blank check offerings, 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 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 date of the prospectus
related to our IPO. 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.

 

    8

     

    

 

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.

 

Redemption
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 issued and 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 Class A 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 issued and outstanding Class A ordinary
shares. A rights offering made to all or substantially all holders of Class A 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 (1) 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 (2) 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, (1) 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 (2) “historical fair market value” means the volume weighted average price of Class A ordinary shares
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 to all or substantially all of the holders of Class A
ordinary shares a dividend or make a distribution in cash, securities or other assets to the holders of Class A ordinary shares
on account of such Class A ordinary shares (or other 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 for share sub-divisions, share dividends, rights issuances, consolidations, reorganizations,
recapitalizations and other similar transactions) 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 allow redemption 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 IPO or (B) with respect
to any other provision relating to shareholders’ rights or pre-initial business combination activity, or (e) in connection
with the redemption of our public shares upon our failure to complete our initial business combination, then the warrant exercise price
will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of
any securities or other assets paid on each Class A ordinary share in respect of such event.

 

    9

     

    

 

If
the number of issued and 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 issued and outstanding Class A ordinary shares.

 

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

 

In
addition, if (x) we issue additional ordinary shares or equity-linked securities for capital raising purposes in connection with
the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per 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 completion 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 share 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 issued and 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 a merger or consolidation of us with
or into another corporation (other than a merger or consolidation in which we are the continuing corporation and that does not result
in any reclassification or reorganization of our issued and outstanding Class A ordinary shares), or in the case of any sale or
conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection
with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon
the terms and conditions specified in the warrants and in lieu of our Class A ordinary shares immediately theretofore purchasable
and receivable upon the exercise of the rights represented thereby, the kind and amount of shares, stock or other equity 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 merger or consolidation, 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 merger or consolidation 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. Additionally, if less than 70% of the consideration receivable by the holders of Class A ordinary shares
in such a transaction is payable in the form of ordinary shares in the successor entity that is listed for trading on a national securities
exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such
event, and if the registered holder of the warrant properly exercises the warrant within 30 days following public disclosure of
such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the per share consideration
minus Black-Scholes Warrant Value (as defined in the warrant agreement) of the warrant.

 

    10

     

    

 

The
warrants will be issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as
warrant agent, and us. You should review a copy of the warrant agreement for a complete description of the terms and conditions applicable
to the warrants. The warrant agreement provides that (a) the terms of the warrants may be amended without the consent of any holder
for the purpose of (i) curing any ambiguity or correct any mistake, including to conform the provisions of the warrant agreement
to the description of the terms of the warrants and the warrant agreement set forth in the prospectus related to our IPO, or defective
provision or (ii) 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 and (b) all other modifications or amendments require the vote or written consent of at least
50% of the then outstanding public warrants and, solely with respect to any amendment to the terms of the private placement warrants
or any provision of the warrant agreement with respect to the private placement warrants, at least 50% of the then outstanding private
placement warrants.

 

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.

 

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 liabilities, including judgments, costs and reasonable counsel
fees that may arise out of acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence,
willful misconduct or bad faith of the indemnified person or entity.

 

Certain
Differences in Corporate Law

 

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

 

    11

     

    

 

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

 

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 of merger or consolidation must then be authorized by either (a) a
special resolution (usually a majority of 662⁄3% in value who attend and vote at a general meeting) of the shareholders of each
company; or (b) such other authorization, if any, as may be specified in such constituent company’s articles of association.
No shareholder resolution is required for a merger between a parent company (i.e., a company that owns at least 90% of the issued shares
of each class in a subsidiary company) and its subsidiary company. The consent of each holder of a fixed or floating security interest
of a constituent company must be obtained, unless the court waives such requirement. If the Cayman Islands Registrar of Companies is
satisfied that the requirements of the Companies Act (which includes certain other formalities) have been complied with, the Registrar
of Companies will register the plan of merger or consolidation.

 

Where
the merger or consolidation involves a foreign company, the procedure is similar, save that with respect to the foreign company, the
directors of the Cayman Islands exempted company are required to make a declaration to the effect that, having made due enquiry, they
are of the opinion that the requirements set out below have been met: (1) 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; (2) 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; (3) 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 (4) 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: (1) 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; (2) 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; (3) 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 (4) that there is no other reason why it would be against the
public interest to permit the merger or consolidation.

 

Where
the above procedures are adopted, the Companies Act provides for a right of dissenting shareholders to be paid a payment of the fair
value of his or her 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 or her 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
or her 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 or her intention to dissent including, among other details, a demand for payment of the
fair value of his or her 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 or her shares
at a price that the company determines is the fair value and if the company and the shareholder agrees to 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 fails to agree to 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 to be 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.

 

    12

     

    

 

Moreover,
Cayman Islands law also has separate statutory provisions that facilitate the reconstruction or amalgamation of companies in certain
circumstances, such 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 of 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 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 is satisfied
that:

 

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

 

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

 

		●	the
arrangement is such as a business-person would reasonably approve; and

 

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

 

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

 

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.

 

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

 

    13

     

    

 

Shareholders’
Suits.  Our Cayman Islands counsel is not aware of any reported class action having been brought in
a Cayman Islands court. Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed
the availability of 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 directors or officers 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 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
that 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 (1) 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 (2) in original actions brought in the Cayman Islands, to impose liabilities against
us predicated upon the civil liability provisions of the federal securities laws of the United States or any state, so far as the
liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the
Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign
money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a
competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain
conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a
liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the
same matter, impeachable on the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of which is, contrary to
natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to
public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

 

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

 

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

 

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

 

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

 

		●	an
exempted company may issue negotiable or bearer shares or 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);

 

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		●	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.

 

Our
Amended and Restated Memorandum and Articles of Association

 

Our
amended and restated memorandum and articles of association contain certain requirements and restrictions relating to our IPO that will
apply to us until the completion of our initial business combination. These provisions (other than amendments relating to provisions
governing the appointment or removal of directors prior to our initial business combination, which require the approval of holders of
at least two-thirds of our ordinary shares attending and voting in a general meeting) cannot be amended without a special resolution.
As a matter of Cayman Islands law, a resolution is deemed to be a special resolution where it has been approved by either (1) holders
of at least two-thirds (or any higher threshold specified in a company’s articles of association) of a company’s ordinary
shares at a general meeting for which notice specifying the intention to propose the resolution as a special resolution has been given
or (2) 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 holders of at least two-thirds of our ordinary shares who attend and vote at a general meeting (i.e., the
lowest threshold permissible under Cayman Islands law), or by a unanimous written resolution of all of our shareholders.

 

Our
initial shareholders may 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 completed our initial business combination within 24 months from the closing of our IPO, we will: (1) cease all operations
except for the purpose of winding up; (2) as promptly as reasonably possible but not more than 10 business days thereafter, redeem
100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
including interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $100,000
of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then issued and outstanding
public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to
receive further liquidating distributions, if any); and (3) as promptly as reasonably possible following such redemption, subject
to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations
under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law;

 

		●	prior
to our initial business combination, we may not issue additional ordinary shares that would entitle the holders thereof to (1) receive
funds from the trust account or (2) vote as a class with our public shares on any initial business combination;

 

		●	although
we do not intend to enter into a business combination with a target business that is affiliated with our sponsor, 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 and disinterested
directors, will obtain an opinion from an independent investment banking firm or another valuation or appraisal firm that regularly renders
fairness opinions on the type of target business we are seeking to acquire 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 law 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;

 

    15

     

    

 

		●	as
long as our securities are listed on the NYSE, our initial business combination must be with one or more operating businesses or assets
with a fair market value equal to at least 80% of the net assets held in trust (net of amounts disbursed to management for working capital
purposes and excluding the amount of any deferred underwriting discount held in trust);

 

		●	if
our shareholders approve an amendment to our amended and restated memorandum and articles of association (A) to modify the substance
or timing of our obligation to allow redemption 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 IPO or (B) with respect to any other
provision relating to shareholders’ rights or pre-initial business combination activity, we will provide our public shareholders
with the opportunity to redeem all or a portion of their ordinary shares upon such approval at a per-share price, payable in cash, equal
to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not
previously released to us to pay our taxes (which interest shall be net of taxes payable), divided by the number of then issued and outstanding
public shares; 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 following such redemptions.

 

The
Companies Act permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the approval
of the holders of at least two-thirds of such company’s issued and outstanding ordinary shares attending and voting at a general
meeting. 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 proposed offering, structure and business plan which are contained in our amended and restated memorandum and articles of association,
we view all of these provisions as binding obligations to our shareholders and neither we, nor our directors or officers, will take any
action to amend or waive any of these provisions unless we provide dissenting public shareholders with the opportunity to redeem their
public shares.

 

Anti-Money
Laundering — Cayman Islands

 

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

 

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

 

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

 

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

 

    16

     

    

 

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

 

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

 

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

 

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

 

If
any person resident in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is
engaged in criminal conduct or is involved with terrorism or terrorist property and the information for that knowledge or suspicion came
to their attention in the course of business in the regulated sector, or other trade, profession, business or employment, the person
will be required to report such knowledge or suspicion to (1) 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 (2) 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.

 

Data
Protection — Cayman Islands

 

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

 

In
this subsection, “we”, “us,” “our” and the “Company” refers to SDCL EDGE Acquisition
Corporation or our affiliates and/or delegates, except where the context requires otherwise.

 

Privacy
Notice

 

Introduction

 

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

 

Investor
Data

 

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

 

    17

     

    

 

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

 

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

 

Who
this Affects

 

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

 

How
the Company May Use a Shareholder’s Personal Data

 

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

 

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

 

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

 

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

 

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

 

Why
We May Transfer Your Personal Data

 

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

 

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

 

The
Data Protection Measures We Take

 

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

 

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

 

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

 

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

 

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

 

Listing
of Securities

 

Our
units, Class A ordinary shares and warrants are listed on the NYSE under the symbols “SEDA.U” “SEDA” and
“SEDA WS” respectively.

 

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