Document:

Exhibit 4.5

 

DESCRIPTION OF REGISTRANT’S SECURITIES

 

As of March 29, 2022, FAST Acquisition
Corp. II has three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”): (1) our units; (2) our Class A common stock; and (3) our warrants.

 

The following description of our units, Class A common stock and warrants
is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our amended and restated
certificate of incorporation and our Bylaws (the “Bylaws”), each of which are incorporated by reference as an
exhibit to the Annual Report on Form 10-K of which this Exhibit 4.5 is a part. We encourage you to read our amended and restated
certificate of incorporation, our Bylaws and the applicable provisions of Delaware General Corporations Law (Title 8, Chapter 1 of the
Delaware Code).

 

Terms not otherwise defined herein shall have
the meaning assigned to them in the Annual Report on Form 10-K of which this Exhibit 4.5 is a part.

 

Description of Units

 

Each unit has an offering price of $10.00 and
consists of one share of Class A common stock and one-quarter of one redeemable warrant. Each whole warrant entitles the holder
thereof to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment as described in our prospectus
(the “Prospectus”). Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a
whole number of the shares of the company’s Class A common stock. This means only a whole warrant may be exercised at any given
time by a warrant holder. For example, if a warrant holder holds one-quarter, one-half or three-quarters of one warrant to purchase
a share of Class A common stock, such warrant will not be exercisable. If a warrant holder holds four-quarters of one warrant,
such whole warrant will be exercisable for one share of Class A common stock at a price of $11.50 per share, subject to adjustment
as described in the Prospectus.

 

Description of Class A Common Stock

 

Stockholders of record are entitled to one vote
for each share held on all matters to be voted on by stockholders. Prior to our initial business combination, only holders of our founder
shares will have the right to vote on the appointment of directors. Holders of our public shares will not be entitled to vote on the appointment
of directors during such time. In addition, prior to the completion of an initial business combination, holders of a majority of our founder
shares may remove a member of the board of directors for any reason. Accordingly, you may not have any say in the management of our company
prior to the completion of an initial business combination.

 

Holders of Class A common stock and holders
of Class B common stock will vote together as a single class on all other matters submitted to a vote of our stockholders except
as required by law. Unless specified in our amended and restated certificate of incorporation, or as required by applicable provisions
of the DGCL or applicable stock exchange rules, the affirmative vote of a majority of our shares of common stock that are voted is required
to approve any such matter voted on by our stockholders. Our board of directors is divided into three classes, each of which will generally
serve for a term of three years with only one class of directors being elected in each year. There is no cumulative voting with respect
to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can
elect all of the directors. Our stockholders 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 certificate of
incorporation authorizes the issuance of up to 380,000,000 shares of Class A common stock, 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 shares of Class A
common stock which we are authorized to issue at the same time as our stockholders vote on the business combination to the extent we seek
stockholder approval in connection with our initial business combination. Our board of directors is divided into three classes with only
one class of directors being elected in each year and each class (except for those directors appointed prior to our first annual meeting
of stockholders) serving a three-year term.

 

     

     

    

 

In accordance with NYSE corporate governance requirements,
we are not required to hold an annual meeting until no later than one year after our first full fiscal year end following our listing
on the NYSE. Under Section 211(b) of the DGCL, we are, however, required to hold an annual meeting of stockholders for the purposes
of electing directors in accordance with our bylaws, unless such election is made by written consent in lieu of such a meeting. We may
not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial business combination, and thus
we may not be in compliance with Section 211(b) of the DGCL, which requires an annual meeting. Therefore, if our stockholders want
us to hold an annual meeting prior to the consummation of our initial business combination, they may attempt to force us to hold one by
submitting an application to the Delaware Court of Chancery in accordance with Section 211(c) of the DGCL. Prior to the completion
of an initial business combination, any vacancy on the board of directors may be filled by a nominee chosen by holders of a majority of
our founder shares. In addition, prior to the completion of an initial business combination, holders of a majority of our founder shares
may remove a member of the board of directors for any reason.

 

We will provide our public stockholders 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 (net of permitted withdrawals),
divided by the number of then outstanding public shares, subject to the limitations described herein. The amount in the trust account
is initially anticipated to be $10.00 per public share. The per share amount we will distribute to investors who properly redeem their
shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. The redemption rights include the
requirement that a beneficial holder must identify itself in order to validly redeem its shares. Our initial stockholders, sponsor, officers
and directors 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 they hold in connection with the completion of our initial business combination. Unlike many special
purpose acquisition companies that hold stockholder votes and conduct proxy solicitations in conjunction with their initial business combinations
and provide for related redemptions of public shares for cash upon completion of such initial business combinations even when a vote is
not required by law, if a stockholder vote is not required by law and we do not decide to hold a stockholder vote for business or other
reasons, we will, pursuant to our amended and restated certificate of incorporation, 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
certificate of incorporation requires these tender offer documents to contain substantially the same financial and other information about
our initial business combination and the redemption rights as is required under the SEC’s proxy rules. If, however, a stockholder
approval of the transaction is required by law, or we decide to obtain stockholder approval for business or other reasons, we will, like
many special purpose acquisition 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 stockholder approval, we will complete our initial business combination only if
a majority of the shares of common stock voted are voted in favor of our initial business combination. However, the participation of our
sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions (as described in the Prospectus),
if any, could result in the approval of our initial business combination even if a majority of our public stockholders vote, or indicate
their intention to vote, against such initial business combination. For purposes of seeking approval of the majority of our outstanding
shares of common stock, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained.

 

If we seek stockholder 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 certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder
or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the
Exchange Act), will be restricted from redeeming its shares with respect to Excess Shares, without our prior consent. However, we would
not be restricting our stockholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business
combination. Our stockholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our
initial business combination, and such stockholders could suffer a material loss in their investment if they sell such Excess Shares on
the open market. Additionally, such stockholders will not receive redemption distributions with respect to the Excess Shares if we complete
our initial business combination. And, as a result, such stockholders 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.

 

    2

     

    

 

If we seek stockholder approval in connection
with our initial business combination, our initial stockholders, sponsor, officers and directors have agreed to vote any founder shares
they hold and any public shares purchased during or after our initial public offering (the “Public Offering”)
in favor of our initial business combination. As a result, in addition to our initial stockholders’ founder shares, we would need
8,337,633, or 37.5%, of the 22,233,687 public shares sold in the Public Offering to be voted in favor of an initial business combination
in order to have our initial business combination approved (assuming all outstanding shares are voted and the over-allotment option
is not exercised). Additionally, each public stockholder may elect to redeem their public shares irrespective of whether they vote for
or against the proposed transaction.

 

Pursuant to our amended and restated certificate
of incorporation, if we do not complete our initial business combination within 24 months from the closing of the Public Offering,
we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than
ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then
on deposit in the trust account, including interest earned on the funds held in the trust account (net of permitted withdrawals and up
to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely
extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any),
and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and
our board of directors, liquidate and dissolve, subject in each case to our obligations under Delaware law to provide for claims of creditors
and the requirements of other applicable law. Our initial stockholders have entered into agreements 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 the Public Offering or during any Extension Period. However,
if our initial stockholders or management team acquire public shares in or after the Public Offering, 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 allotted time period.

 

In the event of a liquidation, dissolution or
winding up of the company after a business combination, our stockholders are entitled to share ratably in all assets remaining available
for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference
over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable
to the common stock, except that we will provide our public stockholders with the opportunity to redeem their public shares for cash at
a per share price equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the
trust account (net of permitted withdrawals), divided by the number of then outstanding public shares, upon the completion of our initial
business combination, subject to the limitations described herein.

 

Description of Warrants

 

Public Stockholders’ Warrants

 

Each whole warrant entitles the registered holder
to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment as described in the Prospectus,
at any time commencing on the later of 12 months from the closing of the Public Offering and 30 days after the completion of
our initial business combination, provided in each case that we have an effective registration statement under the Securities Act covering
the shares of Class A common stock issuable upon exercise of the warrants and a current prospectus relating to them is available
(or we permit holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and such
shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the
holder. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of Class A
common stock. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued
upon separation of the units and only whole warrants will trade. 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.

 

    3

     

    

 

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

 

We have agreed that as soon as practicable, but
in no event later than fifteen (15) business days after the closing of our initial business combination, we will use our best efforts
to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A common stock issuable
upon exercise of the warrants. We will use our best efforts to cause the same to become effective and to maintain the effectiveness of
such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions
of the warrant agreement. If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants
is not effective by the sixtieth (60th) business day after the closing of our initial business combination, warrant holders
may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an effective
registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities
Act or another exemption. Notwithstanding the above, if our Class A common stock 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, and in the event we do not so elect, we will use our best efforts to register or qualify
the shares under applicable blue sky laws to the extent an exemption is not available. In such event, each holder would pay the exercise
price by surrendering the warrants for that number of shares of Class A common stock equal to the lesser of (A) the quotient
obtained by dividing (x) the product of the number of shares of Class A common stock 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. The “fair market value” as used in this paragraph shall mean the volume weighted average price of the
Class A common stock for the ten 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 share of Class A
common stock equals or exceeds $18.00

 

Once the warrants become exercisable, we may call
the warrants for redemption for cash:

 

		●	in
                                            whole and not in part;
	 	 	 

		●	at
                                            a price of $0.01 per warrant;
	 	 	 

		●	upon
                                            not less than the 30-day redemption period to each warrant holder; and
	 	 	 

		●	if,
                                            and only if, the closing price of the common stock 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”)
                                            for any 20 trading days within a 30-trading day period ending three trading days before
                                            we send the notice of redemption to the warrant holders.

 

We will not redeem the warrants as described above
unless a registration statement under the Securities Act covering the issuance of the Class A common stock issuable upon exercise
of the warrants is then effective and a current prospectus relating to those shares of Class A common stock is available throughout
the 30-day redemption period. If and when the warrants become redeemable by us for cash, 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.

 

    4

     

    

 

We have established the last of the redemption
criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise
price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled
to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A common stock may fall
below the $18.00 redemption trigger price (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise
price of a warrant as described under the heading “— Warrants — Public Stockholders’ Warrants — Anti-Dilution Adjustments”)
as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued.

 

Redemption of warrants when the price per share of Class A
common stock equals or exceeds $10.00

 

Once 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 $0.10 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” (as defined below) of our Class A common stock except as otherwise described below;
	 	 	 

		●	if, and only if, the closing price of our Class A common
stock equals or exceeds $10.00 per public share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise
price of a warrant as described under the heading “— Anti-Dilution Adjustments”) for any 20 trading days within
the 30-trading day period ending three trading days before we send the notice of redemption to the warrant holders; and
	 	 	 

		●	if the closing price of our Class A common stock 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 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.

 

Beginning on the date the notice of redemption
is given until the warrants are redeemed or exercised, holders may elect to exercise their warrants on a cashless basis. The numbers in
the table below represent the number of shares of our Class A common stock that a warrant holder will receive upon exercise in connection
with a redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A common stock
on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are not redeemed for $0.10 per
warrant), determined based on volume-weighted average price of our Class A common stock as reported during the ten 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.

 

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.

 

    5

     

    

 

	Redemption Date

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

 

The exact fair market value and redemption date
may not be set forth in the table above, in which case, if the fair market value is between two values in the table or the redemption
date is between two redemption dates in the table, the number of shares of Class A common stock 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 common stock during the ten 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 common stock for each
whole warrant. For an example where the exact fair market value and redemption date are not as set forth in the table above, if the volume-weighted average
price of our Class A common stock during the ten 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 common stock for each
whole warrant. In no event will the warrants be exercisable on a cashless basis in connection with this redemption feature for more than
0.361 shares of Class A common stock per warrant (subject to adjustment). Finally, as reflected in the table above, if the warrants
are out of the money and about to expire, they cannot be exercised on a cashless basis in connection with a redemption by us pursuant
to this redemption feature, since they will not be exercisable for any shares of Class A common stock.

 

This redemption feature differs from the typical
warrant redemption features used in 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 common stock exceeds $18.00 per share for a specified
period of time. This redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the Class A
common stock is trading at or above $10.00 per share, which may be at a time when the trading price of our Class A common stock is
below the exercise price of the warrants. We have established this redemption feature to provide us with the flexibility to redeem the
warrants without the warrants having to reach the $18.00 per share threshold set forth above under “— Redemption of warrants
when the price per share of Class A common stock 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. 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 and we will be required to pay the 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.

 

    6

     

    

 

No fractional shares of Class A common stock
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 common stock to be issued to the holder. If, at the time of redemption,
the warrants are exercisable for a security other than the shares of Class A common stock 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 common stock, the company (or surviving company)
will use its commercially reasonable efforts to register under the Securities Act the security issuable upon 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 4.9% or 9.8% (as specified by the holder) of the Class A common stock outstanding
immediately after giving effect to such exercise.

 

Anti-Dilution Adjustments

 

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

 

In addition, if we, at any time while the warrants
are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to all or substantially all of
the holders of the Class A common stock on account of such Class A common stock (or other securities into which the warrants
are convertible), other than (a) as described above, (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 common stock during the 365-day period
ending on the date of declaration of such dividend or distribution, does not exceed $0.50 (as adjusted to appropriately reflect any other
adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise price or to the number of
shares of Class A common stock issuable on exercise of each warrant) but only with respect to the amount of the aggregate cash dividends
or cash distributions equal to or less than $0.50 per share, (c) to satisfy the redemption rights of the holders of Class A
common stock in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders of Class A
common stock in connection with a stockholder vote to amend our amended and restated certificate of incorporation (A) to modify the
substance or timing of our obligation to provide holders of our Class A common stock the right to have their shares redeemed in connection
with our initial business combination or to redeem 100% of our public shares if we have not consummated an initial business combination
within the required time period or (B) with respect to any other material provisions relating to stockholders’ 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 share of Class A common stock in respect of such
event.

 

    7

     

    

 

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

 

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

 

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

 

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

 

    8

     

    

 

The warrants will be issued in registered form
under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement
provides that (a) the terms of the warrants may be amended without the consent of any holder (i) for the purpose of curing any
ambiguity, or curing or, correcting or supplementing any defective provision contained therein or adding or changing any other provisions
with respect to matters or questions arising thereunder as the parties may deem necessary or desirable and that the parties deem shall
not adversely affect the interest of the registered holders of the warrants, and (ii) to provide for the delivery of an alternative
issuance described above and (b) all other modifications or amendments require the vote or written consent of at least 65% of the
then outstanding public warrants and, solely with respect to any amendment to the terms of the private placement warrants or warrants
issued upon conversion of working capital loans or any provision of the warrant agreement with respect to the private placement warrants
or warrants issued upon conversion of working capital loans, at least 65% of the then outstanding private placement warrants and warrants
issued upon conversion of working capital loans. You should review a copy of the warrant agreement, which has been filed as an exhibit
to the registration statement of which this prospectus is a part, for a complete description of the terms and conditions applicable to
the warrants.

 

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

 

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

 

We have agreed that, subject to applicable law,
any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement will be brought and enforced
in the courts of the State of New York or the United States District Court for the Southern District of New York, and we
irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum for any such action, proceeding or claim. See
“Risk Factors — Our warrant agreement will designate the courts of the State of New York or the United States District
Court for the Southern District of New York as the sole and exclusive forum for certain types of actions and proceedings that may
be initiated by holders of our warrants, which could limit the ability of warrant holders to obtain a favorable judicial forum for disputes
with our company.” This provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act
or any claim for which the federal district courts of the United States of America are the sole and exclusive forum.

 

    9

     

    

 

Private Placement Warrants

 

The private placement warrants (including the
Class A common stock issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable until
30 days after the completion of our initial business combination (except, among other limited exceptions as described under the section
of the Prospectus entitled “Principal Stockholders — Transfers of Founder Shares and Private Placement Warrants,” to
our officers and directors and other persons or entities affiliated with the initial purchasers of the private placement warrants) and
they will not be redeemable by us so long as they are held by the initial stockholders or their permitted transferees (except for a number
of shares of Class A common stock as described under “— Public Stockholders’ Warrants — Redemption of warrants
for Class A common stock”). The initial purchasers, or their permitted transferees, have the option to exercise the private placement
warrants on a cashless basis and the initial purchasers and their permitted transferees will also have certain registration rights related
to the private placement warrants (including the shares of Class A common stock issuable upon exercise of the private placement warrants),
as described below. Except as described in this section, the private placement warrants have terms and provisions that are identical to
those of the warrants sold as part of the units in the Public Offering, including that they may be redeemed for shares of Class A
common stock. If the private placement warrants are held by holders other than the initial purchasers or their permitted transferees,
the private placement warrants will be redeemable by us in all redemption scenarios and exercisable by the holders on the same basis as
the warrants included in the units sold in the Public Offering.

 

Except as described under “Description of
Securities — Warrants — Public Stockholders’ Warrants — Redemption of warrants when the price per share of Class A
common stock equals or exceeds $18.00” and under “Description of Securities — Warrants — Public Stockholders’
Warrants — Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00,” if holders
of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her
or its warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product
of the number of shares of Class A common stock underlying the warrants, multiplied by the excess of the “fair market value”
of our Class A common stock (defined below) over the exercise price of the warrants by (y) the fair market value. The “fair
market value” will mean the average last reported sales price of the Class A common stock for the ten trading days ending on
the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have
agreed that these warrants will be exercisable on a cashless basis so long as they are held by the initial purchasers or their permitted
transferees is because it is not known at this time whether they will be affiliated with us following a business combination. If they
remain affiliated with us, their ability to sell our securities in the open market will be significantly limited. We expect to have policies
in place that prohibit insiders from selling our securities except during specific periods of time. Even during such periods of time when
insiders will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of material
non-public information. Accordingly, unlike public stockholders who could exercise their warrants and sell the shares of Class A
common stock received upon such exercise freely in the open market in order to recoup the cost of such exercise, the insiders could be
significantly restricted from selling such securities. As a result, we believe that allowing the holders to exercise such warrants on
a cashless basis is appropriate.

 

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

 

Our initial stockholders have agreed not to transfer,
assign or sell any of the private placement warrants (including the Class A common stock issuable upon exercise of any of these warrants)
until the date that is 30 days after the date we complete our initial business combination, except that, among other limited exceptions
as described under the section of the Prospectus entitled “Principal Stockholders — Transfers of Founder Shares and Private
Placement Warrants,” transfers can be made to our officers and directors and other persons or entities affiliated with the sponsor.

 

 

10EX-10.1

 Exhibit 10.1 

VIA ELECTRONIC MAIL 
 March 24, 2022 

Michael Kauffman, M.D., Ph.D. 
 Dear Michael: 

This letter agreement confirms our agreement with respect to your planned separation from employment with Karyopharm Therapeutics Inc. (the
“Company”). As we have discussed, the Company will continue to employ you through a Transition Period (as defined below), pursuant to the terms and conditions set forth in this letter agreement. 

Further, provided you (a) sign and return this letter agreement to me by Monday, March 28 at 5 pm ET; (b) sign the Additional Release attached
hereto as Attachment A on the Separation Date (as defined in paragraph 1) and do not timely revoke your acceptance, and (c) comply with the terms and conditions set forth herein, the Company will provide you with the Severance Benefits
set forth in paragraph 2 below. 
 Because both this letter agreement and the Additional Release will become binding agreements between you and the Company,
you are advised to consult with an attorney before signing this letter agreement and the Additional Release and you have been given a reasonable amount of time to do so. If you sign and return the Additional Release on the Separation Date, you may
change your mind and revoke your agreement during the seven (7) day period after you signed it (the “Revocation Period”) by notifying me in writing. 

Although your receipt of the Severance Benefits is expressly conditioned on you entering into this letter agreement and the Additional Release (and not timely
revoking the Additional Release), the following will apply regardless of such conditions: 
  

	 	•	 	 As of your last day of employment with the Company, all salary payments from the Company will cease and any
benefits you had as of the Separation Date under Company-provided benefit plans, programs, or practices will terminate, except as required by federal or state law. 

 

	 	•	 	 You will receive payment on the Separation Date for your final wages and any unused vacation time accrued through
the Separation Date. 

  

	 	•	 	 You will continue to be covered by your current health and dental plans through the last day of the month in
which your employment with the Company terminates, after which you may, if eligible, elect to continue receiving group medical insurance at your own cost pursuant to the “COBRA” law. Please consult the COBRA materials to be provided
by the Company under separate cover for details regarding these benefits. 

  

	 	•	 	 You are obligated to keep confidential and not to use or disclose any and all
non-public information concerning the Company that you acquired during the course of your employment with the Company, including any non-public information concerning
the Company’s assets, discovery or development programs, business affairs, business relationships, business prospects, and financial condition, except as otherwise permitted by paragraph 9 below. Further, you remain subject to your continuing
confidentiality, inventions assignment, non-competition, and non-solicitation obligations to the Company as set forth in the
Non-Disclosure and Inventions Assignment Agreement you previously executed for the benefit of the Company, which remain in full force and effect. 

  
 1 

	 	•	 	 You must return to the Company on the Separation Date all Company property once arrangements have been made with
the Company to remove all personal information contained on any electronic devices being returned and such information has been removed. 

If you elect to timely sign and return this letter agreement and the Additional Release (and do not timely revoke the Additional Release), the
following terms and conditions will also apply: 
 1. Transition Period — Should you sign and return this letter
agreement and comply with the terms herein, your effective date of separation from the Company will be May 31, 2022 (the “Separation Date”). During the period between the date of this letter agreement and the Separation Date (the
“Transition Period”), you will use your best efforts to perform such transition duties as set forth in Attachment B to this letter agreement (the “Transition Duties”). During the Transition Period, you will continue to
receive your base salary (at the annualized rate of $388,125), less all applicable taxes and withholdings, as well as customary benefits. Notwithstanding any of the foregoing, you and the Company retain the right to immediately terminate your
employment prior to the Separation Date. In the event that, prior to the Separation Date, the Company terminates your employment without Cause or you resign for Good Reason (each as defined in the April 28, 2021 Amended and Restated Employment
Agreement by and between you and the Company, hereinafter the “Employment Agreement”), you will remain eligible to receive the Severance Benefits described below, following your execution and
non-revocation of the Additional Release. In the event the Company terminates your employment for Cause or you resign from employment (other than for Good Reason) prior to the Separation Date (unless otherwise
agreed to by the Company in connection with such resignation), you will not be eligible to receive the Severance Benefits in whole or in part, nor will you receive any further salary payments, benefits, or other compensation from the Company
following your termination from employment. 
 2. Severance Benefits – If you timely sign and return this letter agreement
and the Additional Release and do not revoke your acceptance of the Additional Release, and further provided that the Company does not terminate your employment for Cause and you do not resign your employment with the Company other than for Good
Reason, each prior to the Separation Date, the Company will provide you with the following severance benefits (the “Severance Benefits”): 
  

	 	a.	 Severance Pay. The Company will pay to you $970,312.50, less all applicable taxes and withholdings, as
severance pay (an amount equivalent to eighteen (18) months of your 2021 base salary as CEO). This severance pay will be paid in installments in accordance with the Company’s regular payroll practices, but in no event shall payments begin
earlier than the Company’s first payroll date following the expiration of the Revocation Period. 

  

	 	b.	 COBRA Benefits. Should you timely elect and be eligible to continue receiving your current group health
insurance pursuant to the “COBRA” law, the Company will, until the earlier of (x) the date that is eighteen (18) months following the Separation Date, and (y) the date on which you obtain alternative coverage (as applicable,
the “COBRA Contribution Period”), pay 100% of the premiums for such coverage you were receiving immediately prior to the Separation Date (including, without limitation, with respect to your Israeli health insurance). All premium costs
after the COBRA Continuation Period shall be paid by you on a monthly basis for as long as, and to the extent that, you remain eligible for COBRA continuation. You agree that, should you obtain alternative medical and/or dental insurance coverage
prior to the date that is eighteen (18) months following the Separation Date, you will so inform the Company in writing within five (5) business days of obtaining such coverage. 

  
 2 

	 	c.	 2022 Annual Bonus. You will be eligible to receive a prorated annual performance bonus for 2022, based
on your target bonus of 50% of your base salary of $388,125 per annum. Your performance bonus shall be prorated for the time you were employed by the Company during 2022. The exact bonus amount shall be based on the corporate performance multiplier
determined in the sole discretion of the Compensation Committee based on achievement of the Company’s performance goals and corporate milestones established by the Board. Any such bonus will be paid on or about the same date that such annual
bonuses are paid to other Company employees, but in no event later than March 15, 2023. 

  

	 	d.	 Equity Acceleration. Effective as of the Separation Date, the Remaining Equity Awards (as defined in
your Employment Agreement) shall tentatively vest. In addition, you will have until the earlier of (x) March 1, 2025, and (y) the expiration date of such options to exercise any outstanding vested stock options you may have,
including, without limitation, any stock options accelerated pursuant to this paragraph 1(d). The stock options for which vesting is accelerated by the first sentence of this paragraph 1(d) will only become fully vested and exercisable upon the
expiration of the Revocation Period. Any tax liability incurred by you on account of Restricted Stock Unit vesting shall the paid from the sale and proceeds of sufficient RSUs to defray such liability. In the event that you do not execute this
letter agreement and the Additional Release, or you timely revoke the Additional Release, your tentatively vested options will be forfeited retroactively to the Separation Date, and further, you will have until the date that is ninety (90) days
after the Separation Date to exercise any outstanding vested and fully exercisable stock options. 

 You will not be
eligible for, nor shall you have a right to receive, any payments or benefits following the Separation Date other than as set forth in this Paragraph. For the avoidance of doubt, the foregoing payment and benefits are intended to include and cover
any and all mandatory payments or entitlements in connection with your employment and termination thereof, under the laws of any applicable jurisdiction. 

3. Releases of Claims – In consideration of your continued employment through the Transition Period and your eligibility to
receive the Severance Benefits, which you acknowledge you would not otherwise be entitled to receive, you hereby fully, forever, irrevocably and unconditionally release, remise and discharge the Company, its respective affiliates, subsidiaries,
parent companies, predecessors, and successors, and all of their respective past and present officers, directors, stockholders, partners, members, employees, agents, representatives, plan administrators, attorneys, insurers and fiduciaries (each in
their individual and corporate capacities) (collectively, the “Released Parties”) from any and all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings,
covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorneys’ fees and costs), of every kind and nature that you ever had or now have against any or all of the
Released Parties, whether known or unknown, including, but not limited to, any and all claims arising out of or relating to your employment with and/or separation from the Company through the effective date of this letter agreement, including, but
not limited to, all claims under Title VII of the Civil Rights Act, the Americans With Disabilities Act, the Genetic Information Nondiscrimination Act, the Family and Medical Leave Act, the Worker Adjustment

  
 3 

 
and Retraining Notification Act, the Rehabilitation Act, Executive Order 11246, Executive Order 11141, the Fair Credit Reporting Act, and the Employee Retirement Income Security Act, all as
amended; all claims arising out of the Massachusetts Fair Employment Practices Act, Mass. Gen. Laws ch. 151B, § 1 et seq., the Massachusetts Wage Act, Mass. Gen. Laws ch. 149, § 148 et seq. (Massachusetts law
regarding payment of wages and overtime), the Massachusetts Civil Rights Act, Mass. Gen. Laws ch. 12, §§ 11H and 11I, the Massachusetts Equal Rights Act, Mass. Gen. Laws. ch. 93, § 102, Mass. Gen. Laws ch. 214, § 1C
(Massachusetts right to be free from sexual harassment law), the Massachusetts Labor and Industries Act, Mass. Gen. Laws ch. 149, § 1 et seq., Mass. Gen. Laws ch. 214, § 1B (Massachusetts right of privacy law), the
Massachusetts Maternity Leave Act, Mass. Gen. Laws ch. 149, § 105D, and the Massachusetts Small Necessities Leave Act, Mass. Gen. Laws ch. 149, § 52D, all as amended; all common law claims including, but not limited to, actions in
defamation, intentional infliction of emotional distress, misrepresentation, fraud, wrongful discharge, and breach of contract; all state and federal whistleblower claims to the maximum extent permitted by law; and any claim or damage arising out of
your employment with and/or separation from the Company (including a claim for retaliation) under any common law theory or any federal, state or local statute or ordinance in any applicable jurisdiction not expressly referenced above; provided,
however, that this release of claims does not prevent you from filing a charge with, cooperating with, or participating in any investigation or proceeding before, the Equal Employment Opportunity Commission or a state fair employment practices
agency (except that you acknowledge that you may not recover any monetary benefits in connection with any such charge, investigation, or proceeding, and you further waive any rights or claims to any payment, benefit, attorneys’ fees or other
remedial relief in connection with any such charge, investigation or proceeding). Further, nothing herein shall release (i) any claims you may have for indemnification under the Company’s certificate of incorporation, by-laws, insurance and/or any written agreement between you and the Company for director or officer indemnification (recognizing that any such indemnification shall be governed by the instrument, if any, providing
for such indemnification), (ii) any rights you may have to receive insurance payments under any policy maintained by the Company; (iii) any vested rights you may have as an equity holder or option holder,
(iv) any rights you may have to receive retirement and other benefits that are accrued and fully vested as of the Separation Date, or (v) any other claims that cannot be released as a matter of law. 

The Company hereby fully, forever, irrevocably and unconditionally releases, remises and discharges you from any and all claims through the
date of this letter agreement arising out of your employment by the Company; provided, however, that this release does not include any claims arising out of or related to any fraudulent, criminal, or willful misconduct by you. 

4. Continuing Obligations – You acknowledge and reaffirm your confidentiality and
non-disclosure obligations discussed on page 1 of this letter agreement, as well as the post-employment obligations set forth in the Non-Disclosure and Inventions
Assignment Agreement, as amended herein which survive your separation from employment with the Company. Sections 5.1(i) and (ii) of the Non-Disclosure and Inventions Assignment Agreement is amended to
read as follows:(i) provide services to, collaborate with, or become a partner, officer, director, employee, consultant, agent, independent contractor or stockholder of, any company or business organization engaged in the research, development, or
commercialization of therapeutics targeting Exportin 1 (XPO1); (ii) engage in any business activity related to products that are in any registration directed clinical trial or are approved for treatment of (a) endometrial cancer;
(b) multiple myeloma; (c) myelodysplastic syndromes; or (d) myelofibrosis; 

  
 4 

 5. Non-Disparagement – You
understand and agree that, following the Separation Date, to the extent permitted by law and except as otherwise permitted by paragraph 9 below, you will not, in public or private, make any false, disparaging, derogatory or defamatory statements,
online (including, without limitation, on any social media, networking, or employer review site) or otherwise, to any person or entity, including, but not limited to, any media outlet, industry group, financial institution or current or former
employee, board member, consultant, client or customer of the Company, regarding the Company or any of the other Released Parties, or regarding the Company’s assets, discovery or development programs, business affairs, business relationships,
business prospects, or financial condition. The Company agrees that, to the extent permitted by law and except as otherwise permitted by paragraph 9 below, it will not issue any statements that make any false, disparaging, derogatory or defamatory
statements regarding you, and further agrees to instruct in writing its officers and directors (and obtain written acknowledgment of such instruction) not to, in public or private, make any false, disparaging, derogatory or defamatory statements
online (including, without limitation, on any social media, networking, or employer review site) or otherwise, to any third party regarding you. Additionally, nothing herein shall be construed as requiring you to refrain, or requiring the Company to
instruct any individual to refrain, from making truthful disclosures in any litigation or arbitration. 
 6. Company
Affiliation – You acknowledge your resignation from the Company’s Board of Directors effective March 22, 2022, and you affirm that such decision was not because of a disagreement with the Company. Further, notwithstanding
anything to the contrary in the Employment Agreement, you acknowledge that you have relinquished your contractual right to be nominated as a board member. 

7. Return of Company Property – You confirm that, on the Separation Date, you will have returned to the Company all
keys, files, records (and copies thereof), equipment (including, but not limited to, computer hardware, software, printers, flash drives and other storage devices, wireless handheld devices, cellular phones, tablets, etc.), Company identification,
and any other Company owned property in your possession or control, and that you have, in coordination with the Company, deleted all personal information on such property but left intact all, and have otherwise not destroyed, deleted, or made
inaccessible to the Company any electronic Company documents, including, but not limited to, those that you developed or helped to develop during your employment, and that you have not (a) retained any copies in any form or media;
(b) maintained access to any copies in any form, media, or location; (c) stored any copies in any physical or electronic locations that are not readily accessible or not known to the Company or that remain accessible to you; or
(d) sent, given, or made accessible any copies to any persons or entities that the Company has not authorized to receive such electronic or hard copies. You further confirm that you have cancelled all accounts for your benefit, if any, in the
Company names, including but not limited to, credit cards, telephone charge cards, cellular phone accounts, and computer accounts. 
 8.
Confidentiality – You understand and agree that, to the extent permitted by law and except as otherwise permitted by paragraph 9 below, the contents of the negotiations and discussions resulting in this letter agreement shall be
maintained as confidential by you and your agents and representatives and shall not be disclosed except as otherwise agreed to in writing by the Company. 

9. Scope of Disclosure Restrictions – Nothing in this letter agreement prohibits you or the Company from communicating with
government agencies about possible violations of federal, state, or local laws or otherwise providing information to government agencies or participating in government agency investigations or proceedings. Neither you nor the Company are required to
notify the other of any such communications; provided, however, that nothing herein authorizes the disclosure of information you obtained through a communication that was subject to the attorney-client privilege. Further, notwithstanding your
confidentiality and nondisclosure obligations, you are hereby advised as follows pursuant to the Defend Trade Secrets Act: “An 

  
 5 

 
individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a
Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document
filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual
and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.” 

10. Cooperation – You agree that, to the extent permitted by law, you shall cooperate to a reasonable extent
with the Company in the investigation, defense or prosecution of any claims or actions which already have been brought, are currently pending, or which may be brought in the future against the Company by a third party or by or on behalf of the
Company against any third party, whether before a state or federal court, any state or federal government agency, or a mediator or arbitrator. Your full cooperation in connection with such claims or actions shall include, but not be limited to,
being available to meet with the Company’s counsel, at reasonable times and locations designated by the Company, to investigate or prepare the Company’s claims or defenses, to prepare for trial or discovery or an administrative hearing,
mediation, arbitration, or other proceeding and to act as a witness when requested by the Company. You further agree that, to the extent permitted by law, you will notify the Company promptly in the event that you are served with a subpoena
(other than a subpoena issued by a government agency), or in the event that you are asked to provide a third party (other than a government agency) with information concerning any actual or potential complaint or claim against the Company.
For time reasonably expended in fulfilling your obligations under this paragraph either (a) in excess of 20 hours or (b) that occurs after the eighteen (18) month severance period, you will be compensated at the rate of $750 per hour,
except that you will not be compensated for time spent preparing for your testimony as a witness or testifying in any legal proceeding. The Company will reimburse you for any reasonable
out-of-pocket travel, food, and lodging expenses incurred on account of your obligations herein, as well as reasonable attorneys fees and costs. 

11. Amendment and Waiver – This letter agreement shall be binding upon the parties and may not be modified in any
manner, except by an instrument in writing of concurrent or subsequent date signed by duly authorized representatives of the parties hereto. This letter agreement is binding upon and shall inure to the benefit of the parties and their respective
agents, assigns, heirs, executors, successors, and administrators. No delay or omission by the Company in exercising any right under this letter agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company
on any one occasion shall be effective only in that instance and shall not be construed as a bar to or waiver of any right on any other occasion. 

12. Validity – Should any provision of this letter agreement or the Additional Release be declared or be determined by any
court of competent jurisdiction to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term or provision shall be deemed not to be a part of this letter
agreement or the Additional Release. 
 13. Nature of Agreement – You understand and agree that this letter
agreement, including the Additional Release, is a severance agreement and does not constitute an admission of liability or wrongdoing on the part of the Company. 

  
 6 

 14. Acknowledgments and Voluntary Assent – You acknowledge that
you have been given a reasonable amount of time to review this letter agreement and the Additional Release and that the Company is hereby advising you to consult with an attorney of your own choosing prior to signing it. You affirm that no other
promises or agreements of any kind have been made to or with you by any person or entity whatsoever to cause you to sign either this letter agreement or the Additional Release, and that you fully understand the meaning and intent of each. You
further state and represent that you have carefully read this letter agreement and the Additional Release, understand the contents herein, freely and voluntarily assent to all of the terms and conditions hereof, and sign your name of your own free
act. 
 15. Applicable Law –This letter agreement and the Additional Release shall be interpreted and construed by the
laws of the Commonwealth of Massachusetts, without regard to conflict of laws provisions. You and the Company agree that, in addition to the matters already subject to mandatory arbitration pursuant to Section 8 of your Employment Agreement
(which agreement to arbitrate remains in full force and effect), any controversy, dispute or claim directly or indirectly arising out of or relating to this letter agreement or the breach thereof shall be resolved through binding arbitration in
accordance with and subject to the arbitration procedures set forth in Section 8 of your Employment Agreement. 
 16. Entire
Agreement – This letter agreement, including the Additional Release and all applicable documents referenced herein, contains and constitutes the entire understanding and agreement between the parties hereto with respect to your
Severance Benefits and the settlement of claims against the Company and cancels all previous oral and written negotiations, agreements, and commitments in connection therewith.  

17. Tax Acknowledgement – In connection with the Severance Benefits provided to you pursuant to this letter agreement, the
Company shall withhold and remit to the tax authorities the amounts required under applicable law, and you shall be responsible for all applicable taxes with respect to such Severance Benefits under applicable law. You acknowledge that you are not
relying upon the advice or representation of the Company with respect to the tax treatment of any of the Severance Benefits set forth in paragraph 2 of this letter agreement. 

[REMAINDER OF PAGE INTENTIONALLY BLANK] 

  
 7 

 
			
	Very truly yours,
		
	By:	 	 /s/ Richard Paulson

		 	Richard Paulson, M.B.A.
		 	President and Chief Executive Officer

 I hereby agree to the terms and conditions set forth above. 

 

									
	 /s/ Michael Kauffman
	 		 		 		 	 March 28, 2022

	Michael Kauffman, M.D., Ph.D.	 		 		 		 	Date

 To be returned in a timely manner as set forth on the first page of this letter agreement. 

  
 8 

 ATTACHMENT A 

Additional Release 
 1.
Release—In consideration of the Severance Benefits set forth in the letter agreement to which this Additional Release of Claims (the “Additional Release”) is attached, which you acknowledge you would not otherwise be
entitled to receive, you hereby fully, forever, irrevocably and unconditionally release, remise and discharge the Company, its affiliates, subsidiaries, parent companies, predecessors, and successors, and all of their respective past and present
officers, directors, stockholders, partners, members, employees, agents, representatives, plan administrators, attorneys, insurers and fiduciaries (each in their individual and corporate capacities) (collectively, the “Released Parties”)
from any and all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations,
liabilities, and expenses (including attorneys’ fees and costs), of every kind and nature that you ever had or now have against any or all of the Released Parties, including, but not limited to, any and all claims arising out of or relating to
your employment with and/or separation from the Company through the Separation Date, including, but not limited to, all claims under Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq., the Americans With
Disabilities Act of 1990, 42 U.S.C. § 12101 et seq., the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., the Genetic Information Nondiscrimination Act of 2008, 42 U.S.C. § 2000ff et
seq., the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq., the Worker Adjustment and Retraining Notification Act (“WARN”), 29 U.S.C. § 2101 et seq., the Rehabilitation Act of 1973, 29
U.S.C. § 701 et seq., Executive Order 11246, Executive Order 11141, the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq., and the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C.
§ 1001 et seq., all as amended; all claims arising out of the Massachusetts Fair Employment Practices Act, Mass. Gen. Laws ch. 151B, § 1 et seq., the Massachusetts Wage Act, Mass. Gen. Laws ch. 149, § 148
et seq. (Massachusetts law regarding payment of wages and overtime), the Massachusetts Civil Rights Act, Mass. Gen. Laws ch. 12, §§ 11H and 11I, the Massachusetts Equal Rights Act, Mass. Gen. Laws. ch. 93, § 102, Mass.
Gen. Laws ch. 214, § 1C (Massachusetts right to be free from sexual harassment law), the Massachusetts Labor and Industries Act, Mass. Gen. Laws ch. 149, § 1 et seq., Mass. Gen. Laws ch. 214, § 1B (Massachusetts right of
privacy law), the Massachusetts Maternity Leave Act, Mass. Gen. Laws ch. 149, § 105D, and the Massachusetts Small Necessities Leave Act, Mass. Gen. Laws ch. 149, § 52D, all as amended; all common law claims including, but not
limited to, actions in defamation, intentional infliction of emotional distress, misrepresentation, fraud, wrongful discharge, and breach of contract; all claims to any non-vested ownership interest in the
Company, contractual or otherwise; all state and federal whistleblower claims to the maximum extent permitted by law; and any claim or damage arising out of your employment with and/or separation from the Company (including a claim for retaliation)
under any common law theory or any federal, state or local statute or ordinance in any applicable jurisdiction not expressly referenced above; provided, however, that this release of claims does not prevent you from filing a charge with,
cooperating with, or participating in any investigation or proceeding before, the Equal Employment Opportunity Commission or a state fair employment practices agency (except that you acknowledge that you may not recover any monetary benefits in
connection with any such charge, investigation, or proceeding, and you further waive any rights or claims to any payment, benefit, attorneys’ fees or other remedial relief in connection with any such charge, investigation or proceeding).

 The Company hereby fully, forever, irrevocably and unconditionally releases, remises and discharges you from any and all claims through the Separation
Date arising out of your employment with the Company; provided, however, that this release does not include any claims arising out of or related to any fraudulent criminal, or willful misconduct by you. 

  
 1 

 2. Business Expenses and Final Compensation – You acknowledge that you have been
reimbursed by the Company for all business expenses incurred in conjunction with the performance of your employment and that no other reimbursements are owed to you. You further acknowledge that you have received payment in full for all services
rendered in conjunction with your employment by the Company, including payment for all wages, commissions, bonuses, and accrued, unused vacation time, and that no other compensation is owed to you except as provided in the letter agreement to which
this Additional Release is attached. For the avoidance of doubt, you also acknowledge that the payments contemplated herein are intended to include and cover any and all mandatory payments or entitlements in connection with your employment and
termination thereof, under the laws of any applicable jurisdiction. 
 3. Acknowledgments – You acknowledge that you have been
given at least twenty-one (21) days to consider this Additional Release, and that the Company is hereby advising you to consult with an attorney of your own choosing prior to signing this letter
agreement. You understand that you may revoke this Additional Release for a period of seven (7) days after you sign it by notifying me in writing, and the Additional Release shall not be effective or enforceable until the expiration of this
seven (7) day revocation period. You understand and agree that by entering into this letter agreement, you are waiving any and all rights or claims you might have under the Age Discrimination in Employment Act, as amended by the Older Workers
Benefit Protection Act, and that you have received consideration beyond that to which you were previously entitled. 
 4. Voluntary
Assent—You affirm that no other promises or agreements of any kind have been made to or with you by any person or entity whatsoever to cause you to sign this, and that you fully understand the meaning and intent of this Additional
Release. You state and represent that you have had an opportunity to fully discuss and review the terms of this Additional Release with an attorney. You further state and represent that you have carefully read this Additional Release, understand the
contents herein, freely and voluntarily assent to all of the terms and conditions hereof, and sign your name of your own free act. 
 I hereby agree to the
terms and conditions set forth above. I have been given at least twenty-one (21) days to consider this Additional Release and I have chosen to execute this on the date below. I intend that this Additional
Release will become a binding agreement between me and the Company if I do not revoke my acceptance in seven (7) days. 
  

							
	  
	 		 		 	  

	Michael Kauffman, M.D., Ph.D.	 		 		 	Date
		 		 		 	

 To be returned on, but not before, the Separation Date. 

  
 2 

 ATTACHMENT B 

Transition Duties 
  

	 	•	 	 Oversight of MD Tracker and transition of this function to KPTI medical team

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