Document:

EX-10.5

 EXHIBIT 10.5 

VALUATION SERVICES AGREEMENT 

This VALUATION SERVICES AGREEMENT (this “Agreement”) is made on January 30, 2019 by and between
Chatham Financial Corp., a Pennsylvania corporation (“Chatham Financial”), and Invesco Real Estate Income Trust Inc., a Maryland Corporation (“INVESCO”). 

WHEREAS, INVESCO intends to conduct (i) a private offering of its common stock pursuant to a confidential private
placement memorandum (as amended and supplemented from time to time, the “Memorandum”), and (ii) a public offering of its common stock pursuant to a registration statement on Form
S-11 (as amended and supplemented from time to time, the “Registration Statement”), at prices based upon the net asset value (“NAV”) per share for each class of
common stock being offered; and 
 WHEREAS, INVESCO desires that Chatham Financial perform valuations of (a) the
mortgage payables (“Property-Level Debt Valuations”) that encumber properties that INVESCO owns or may in the future acquire (the “Subject Properties”) and
(b) the entity-level debt of INVESCO (the “Entity-Level Debt Valuations” and together with the Property-Level Debt Valuations, the “Debt Valuations”), each in order to assist in the calculation of
NAV. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the
parties agree as follows: 
 1.    SERVICES. Chatham Financial will perform services set
for below in accordance with INVESCO’s valuation guidelines adopted by INVESCO’s board of directors (the “Board”), as amended from time to time (the “Valuation Guidelines”): 

(a)    Perform Debt Valuations on a staggered basis such that (i) the timing of the Debt Valuations
will be approximately evenly distributed throughout each quarter and each year and (ii) each Debt Valuations will be performed at least once per calendar quarter. Debt Valuations will be delivered to Invesco Advisers, Inc., the external adviser
to INVESCO, or any replacement advisor (the “Adviser”), promptly after such valuations becomes available. The professional staff members assigned to this engagement must be appropriately qualified to perform the work. The
resumes of professionals working on this engagement have been provided to INVESCO prior to the date hereof and shall be provided prior to each subsequent renewal of the term of this Agreement or upon any proposed change in such professionals working
on this engagement; provided, that Chatham Financial shall have received the approval of INVESCO prior to making any change in the professionals working on this engagement, such approval to be in INVESCO’s sole discretion. 

(b)    Independently assemble and maintain Excel or other models to ensure that property-specific
information provided by INVESCO is accurately reflected in the Debt Valuations. 
 (c)    Deliver the
following items to INVESCO within an agreed upon time frame: 
 i.    Draft and final
Debt Valuation reports; and 

 ii.    Explanation of current value
conclusions compared to previous values. 
 (d)    Provide interim Debt Valuations outside the quarterly
valuation cycle if (i) the Adviser or INVESCO notifies Chatham Financial of a property-specific material event and Chatham Financial in its judgment, believes that the value for the Debt Valuation has changed materially, (ii) as requested
by the Adviser or in the judgment of Chatham, as a result of a capital market material event, or (iii) Chatham Financial determines it necessary to confirm any Debt Valuation previously communicated to the Adviser. Chatham Financial shall
perform and deliver the new Debt Valuation to INVESCO within three business days of the material event unless Chatham Financial and the Adviser reasonably agree that additional time is necessary. 

(e)    With respect to the Debt Valuations, provide the Board with periodic valuation reports in
connection with regularly scheduled Board meetings, or at such other times as may be requested by the Board. 

(f)    Monitor, together with the Adviser, overall market conditions and communicate conditions Chatham
Financial believes could materially impact any of the Debt Valuations. 
 (g)    Meet with the Board at
least once per year, or more frequently as requested by the Board, to review the Valuation Guidelines and discuss the services provided by Chatham Financial to INVESCO. 

(h)    Review the Valuation Guidelines, in cooperation with the Adviser, at least annually and provide its
feedback on the operations of the valuation procedure described therein to INVESCO and the Adviser. 

(i)    Prepare, in cooperation with the Adviser, an annual plan to determine when the Debt Valuations will
occur. 
 2.    PAYMENT FOR SERVICES. To receive compensation for the
services rendered by Chatham, Chatham Financial shall submit an invoice to INVESCO and shall receive the amounts set forth in Exhibit A hereto in accordance with the terms and conditions set forth therein. Such amounts shall be paid
quarterly, in arrears, within thirty (30) business days after receipt by INVESCO of each invoice. 

3.    REPRESENTATIONS AND WARRANTIES. 

(a)    Representations and Warranties of INVESCO. INVESCO represents and warrants to
Chatham Financial that: 
 i.    It has been duly authorized by proper corporate action
to enter into this Agreement and perform its obligations hereunder. 
 ii.    The
execution, delivery and performance of this Agreement will not materially violate any provision of applicable law or any agreement or instrument to which it is bound. 

  
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 iii.    It has obtained and will
maintain any and all necessary approvals, orders, consents, authorizations, certificates, licenses, permits, or validations of, or exemptions or other actions by, or recordings or registrations with any federal, state and local governmental or
regulatory or supervisory authority, or any self-regulatory organization (each, a “Governmental Entity”) having jurisdiction over it that is or will be necessary in connection with the execution and delivery of this
Agreement, or its performance of or compliance with the terms and conditions of this Agreement. 

iv.    There are no actions, suits or proceedings pending or to the knowledge of INVESCO,
threatened against INVESCO which could reasonably be expected to have a material adverse effect on the ability of INVESCO to comply with the terms of this Agreement. 

v.    INVESCO or its agents will supply Chatham Financial with the property-specific
information regarding the Subject Properties underlying the Property Debt Valuations reasonably necessary to enable Chatham Financial to perform its duties pursuant to this Agreement. This information may include, but not be limited to: applicable
loan documents, property-level values and unlevered discount rates. 
 vi.    INVESCO or
its agents will promptly notify Chatham Financial of any material event of which it is reasonably aware that could impact the real estate or debt value related to one or more of the Subject Properties. 

(b)    Representations and Warranties of Chatham. Chatham Financial represents and warrants
to INVESCO that: 
 i.    It has been duly authorized by proper corporate action to enter
into this Agreement and perform its obligations hereunder. 
 ii.    The execution,
delivery and performance of this Agreement will not materially violate any provision of applicable law or any agreement or instrument to which it is bound. 

iii.    It has obtained and will maintain any and all necessary approvals, orders,
consents, authorizations, certificates, licenses, permits, or validations of, or exemptions or other actions by, or recordings or registrations that are or will be necessary in connection with the execution and delivery of this Agreement, or its
performance of or compliance with the terms and conditions of this Agreement. 

iv.    There are no actions, suits or proceedings pending, or to the knowledge of Chatham,
threatened against Chatham Financial which could reasonably be expected to have a material adverse effect on the ability of Chatham Financial to comply with the terms of this Agreement. 

v.    It will perform services in a professional and workmanlike manner. 

vi.    It will maintain professional liability and errors and omissions insurance coverage
as set forth in Section 12 hereof. 

  
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 4.    EFFECTIVE DATE. This
Agreement shall be effective as of the date first written above (the “Effective Date”). 
  

	 	5.	 CONFIDENTIALITY. 

(a)    Confidentiality Obligations. Neither party will disclose to any third party
without the prior written consent of the other party any confidential information which is received from the other party for the purposes of providing or receiving services pursuant to this Agreement which (i) if disclosed in tangible form, is
marked confidential, (ii) if disclosed in any other manner, is confirmed in writing as being confidential or (iii) if disclosed in tangible form or otherwise, is manifestly confidential; it being understood that the reports prepared by
Chatham Financial for INVESCO shall be considered confidential information. Each party agrees that any confidential information received from the other party shall only be used for the purposes of providing or receiving the services under this
Agreement or any other contract between the parties. 
 (b)    Exceptions to
Restrictions. The restrictions set forth in this Section 5 will not apply to any information which (i) is or becomes generally available to the public other than as a result of a breach of an obligation by the receiving
party, (ii) is acquired from a third party who, to the recipient’s knowledge, owes no obligation of confidence with respect to the information or (iii) is or has been independently developed by the recipient. 

(c)    Permitted Disclosure. Notwithstanding paragraphs (a) and (b) of this
Section 5, either party will be entitled to disclose confidential information of the other party to (i) the disclosing party’s insurers or legal advisors or (ii) a third party to the extent that such disclosure is required by any
court of competent jurisdiction or a governmental or regulatory authority or where there is a legal right, duty or requirement to disclose; provided, however, that where reasonably practicable (and without breaching any legal or regulatory
requirement), prompt notice in writing shall first be given to the other party. 
 (d)    Term of
Confidentiality. The parties’ respective confidentiality obligations will terminate two years after the expiration or termination of this Agreement. 

6.    ACKNOWLEDGEMENT. Chatham Financial acknowledges that
(i) the valuations included in the Debt Valuation reports provided pursuant hereto will be used or incorporated into INVESCO’s Registration Statement and periodic filings with the U.S. Securities and Exchange Commission (the
“SEC”), (ii) Chatham Financial will be named and described in the Registration Statement and in supplements to the prospectus included therein filed with the SEC, as INVESCO’s independent valuation advisor for
property-level and entity-level debt, (iii) Chatham Financial will be named as an expert in the Registration Statement and in supplements to the prospectus included therein filed with the SEC, (iv) in connection with the foregoing
subsections (i), (ii) and (iii), Chatham Financial will provide a consent in a form satisfactory to Chatham Financial and INVESCO to be attached as an exhibit to the Registration Statement, (v) Chatham’s provision of the aforementioned
consent is subject to INVESCO’s providing Chatham Financial a commercially reasonable opportunity to review and consent to references to Chatham Financial in any regulatory filing which require Chatham Financial to be named as an expert, and
(vi) this Agreement will be filed with the SEC. Chatham Financial also acknowledges that it will be named 

  
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as INVESCO’s independent valuation advisor for property-level and entity-level debt and its role in the calculation of NAV will be disclosed in the memorandum and other offering documents
related to the private placement of common stock by INVESCO. 
 7.     WORK PRODUCT. 

(a)    Permitted Disclosures. Client agrees to treat the Chatham Financial work product with
the utmost confidentiality and shall not disseminate, distribute, make available or otherwise publish the Chatham Financial work product to any third party except to (i) any third party service provider (such as Client’s attorneys,
accountants or consultants) using the Chatham Financial work product in the course of providing services for the sole benefit of Client, (ii) as required by statute, government regulation, legal process or judicial decree, provided that Chatham
Financial is informed of such disclosure (if permitted by law) so that Chatham Financial may attempt to object or limit such disclosure or (iii) as otherwise permitted under this Agreement.  

(b)    INVESCO Responsibilities. Chatham Financial will rely on information provided by
INVESCO, will not verify the accuracy of such information, and Chatham Financial shall not be responsible for any inaccuracy in such information. 

(c)    Intended Use. INVESCO agrees and understands that the Debt Valuation reports will be
subject to Chatham’s standard Assumptions and Limiting Conditions attached as Exhibit B hereto, which will be incorporated into the report. All users of the Debt Valuation reports are specifically cautioned to understand the Assumptions
and Limiting Conditions as well as any extraordinary assumptions and hypothetical conditions which may be employed by Chatham Financial and incorporated into the report. Moreover, all users should consider the report as only one factor together with
its independent investment considerations and underwriting criteria in its overall investment decision. 

(d)    Intended User. Chatham Financial is performing the Services for Client’s sole
use and not for any other purpose. Client acknowledges that any third parties who obtain access to the quarterly Debt Valuation reports are not authorized to use or rely upon it unless they are expressly permitted to rely thereon pursuant to this
Agreement or a separate reliance or consent letter issued by Chatham Financial at its sole discretion. 

8.    TERM OF AGREEMENT. This Agreement shall continue in force for a period of three years
from the Effective Date (“Initial Term”), with three successive one-year renewals. The renewal terms will automatically commence unless this Agreement is terminated by either party with
ninety (90) calendar days’ notice prior to the end of the Initial Term or any renewal term. Notwithstanding the foregoing, this Agreement may be terminated (i) by a party hereto immediately upon a material breach of this Agreement by the other
party; provided, however, that the breaching party has the opportunity to cure such breach, if curable within a thirty (30) calendar day period, (ii) by INVESCO immediately in the event that INVESCO determines (a) not to proceed with or discontinues
the private offering of its common stock pursuant to the Memorandum or (b) not to proceed with registration with the SEC or otherwise discontinues the public offering of INVESCO’s securities or (iii) by INVESCO with thirty
(30) calendar days’ notice upon the approval of the Board, including a majority of its independent directors. The 

  
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parties’ obligations under Sections 2, 5, 6, 7, 8, 10, 11, 13, 17 and 18 of this Agreement shall survive termination of this Agreement. Except as set forth herein or as otherwise required by
law, upon expiration or termination hereof, Chatham Financial shall have no further obligations under this Agreement including, without limitation, any obligation to update any quarterly Debt Valuation reports or related information. 

9.    INDEPENDENT ADVISOR. The parties agree that Chatham Financial is being retained as an
independent contractor to perform the Services and nothing in this Agreement shall be deemed to create any other relationship between Chatham Financial and INVESCO. Chatham Financial shall be solely responsible for the actions and inactions of
itself and of its affiliates, and their respective members, officers, directors, employees, advisors, legal counsel, contractors, and agents (“Chatham Financial Representatives”). Chatham Financial shall not, and is not
authorized to, enter into contracts or agreements on behalf of INVESCO or to otherwise create obligations of INVESCO to third parties. 

10.    INDEMNIFICATION. 

(a)    INVESCO agrees to indemnify and hold harmless Chatham Financial and Chatham Financial
Representatives (collectively, the “Indemnified Parties”), from and against any losses, claims, damages, demands, and liabilities (“Damages”), joint or several, related to or arising in any manner out
of INVESCO’s (i) gross negligence, fraud, or willful misconduct, (ii) material breach of the terms of this Agreement or (iii) violation of applicable law in connection with the performance of its duties under this Agreement (the
“Indemnified Activities”). Notwithstanding the foregoing, INVESCO shall not be liable in respect of any Damages that a court of competent jurisdiction shall have determined by final
non-appealable judgment resulted solely from the gross negligence, fraud or willful misconduct of an Indemnified Party. 

(b)    Chatham Financial agrees to indemnify and hold harmless INVESCO, its employees, directors, officers
and agents, from and against any Damages, joint or several, related to or arising in any manner out of Chatham’s (i) gross negligence, fraud, or willful misconduct, (ii) material breach of the terms of this Agreement or
(iii) violation of applicable law in connection with the performance of its duties under this Agreement. 

(c)    The indemnifying party agrees not to enter into any waiver, release or settlement of any threatened
or pending investigative, administrative, judicial or regulatory claim, action, proceeding or investigation arising in any manner out of any Indemnified Activities (collectively “Proceedings”) which would be binding on the
Indemnified Party (whether or not any Indemnified Party is a formal party to such Proceeding) without prior written consent of the Indemnified Party (which consent not to be unreasonably withheld), unless such waiver, release or settlement includes
and unconditional release of the applicable Indemnified Parties from all liability arising out of such Proceeding. 

(d)    This Section 10 shall remain operative and in full force and effect regardless of any
withdrawal, termination, or failure to initiate or consummate any transaction contemplated by this Agreement. 

  
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 11.    LIMITATION OF LIABILITY. ANYTHING
IN THE AGREEMENT TO THE CONTRARY NOTWITHSTANDING, UNDER NO CIRCUMSTANCES WHATSOEVER SHALL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL, PUNITIVE, OR INCIDENTAL DAMAGES OF ANY KIND WHATSOEVER.
IN NO EVENT WHATSOEVER SHALL CHATHAM FINANCIAL’S (OR ANY OF ITS AFFILIATES OR RESPECTIVE OFFICERS OR EMPLOYEES) TOTAL LIABILITY TO INVESCO, OR ANY OTHER PARTY ENTITLED TO MAKE A CLAIM, FOR DIRECT DAMAGES WITH RESPECT
TO THIS AGREEMENT OR THE SERVICES PROVIDED HEREIN, OR ANY OTHER DAMAGES WHATSOEVER, EXCEED IN THE TOTAL SUM OF FEES (EXCLUSIVE OF REIMBURSED EXPENSES) RECEIVED BY CHATHAM FINANCIAL UNDER THIS AGREEMENT OVER THE TWELVE MONTHS PRECEEDING THE CLAIM;
PROVIDED, HOWEVER, THAT THE FOREGOING LIMITATION ON LIABILITY SHALL NOT APPLY TO ANY DAMAGES, LOSSES OR LIABILITY RESULTING FROM OR BASED UPON CHATHAM FINANCIAL’S FRAUD OR GROSS NEGLIGENCE, AS DETERMINED BY A FINAL JUDGMENT,
VERDICT OR ORDER BY A COURT OF COMPETENT JURISDICTION. 
 12.    INSURANCE. Chatham
Financial agrees to obtain and maintain and keep in full force and effect, at Chatham’s expense, the forms of insurance with the minimum limits of insurance stated in this Section 12. Each insurance policy will be maintained with an
insurer having a rating of at least an “A-” in the most currently available Best’s Insurance Reports. Chatham Financial will provide for at least thirty (30) days’ prior written notice
to INVESCO in the event of any cancellation or material reduction in limits. Chatham Financial will annually furnish INVESCO with certificates of insurance in satisfactory form, evidencing its compliance with these provisions. Chatham Financial will
maintain at least the following: 
  

	 	(a)	 Statutory workers’ compensation covering all state and local requirements; 

 

	 	(b)	 Employer’s liability with a limit of $1,000,000 for one or more claims arising from each accident;

  

	 	(c)	 Commercial general liability, written on an occurrence basis, with a minimum per occurrence combined single
limit of $1,000,000 and a minimum aggregate combined single limit of $2,000,000; 

  

	 	(d)	 Umbrella / Excess Liability Insurance with limits of no less than $10,000,000 per occurrence and in the
aggregate; 

  

	 	(e)	 Errors and Omissions insurance with limits of no less than $10,000,000 per occurrence and $10,000,000 in the
aggregate which includes coverage for third party claims arising out of the negligent act, error or omission of Chatham; and 

  

	 	(f)	 Fidelity bond (AKA crime insurance) at $5,000,000 per occurrence and aggregate, including third party
liability or INVESCO coverage. 

 13.    PUBLICATION. Chatham Financial
agrees that INVESCO may disclose Chatham’s name and capacity as an independent valuation advisor without restriction. 

  
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 14.    COLLECTION. If it becomes necessary
to place collection of the fees and expenses due Chatham Financial in the hands of a collection agent and/or an attorney (whether or not a legal action is filed) INVESCO agrees to pay all fees and expenses including reasonable attorney’s fees
incurred by Chatham Financial in connection with the collection or attempted collection thereof. 

15.    USE OF INVESCO NAME. Unless informed to the contrary by INVESCO in writing, Chatham
Financial may use the name of INVESCO in promotional materials, provided no reference is made to the services performed or properties involved. 

16.    THIRD PARTY BENEFICIARIES. INVESCO acknowledges that Chatham, in connection with its
engagement hereunder, is acting as an independent contractor with duties owing solely to INVESCO and that nothing in this Agreement is intended to confer upon any other person (other than the persons indemnified in Section 10 hereof) any
rights, benefits or remedies hereunder or by reason hereof. 
 17.    NOTICES. All
notices, requests, instructions, or documents required hereunder shall be in writing and delivered personally or via a recognized overnight delivery service mailed to the following: 

 

			
	 To INVESCO:

Invesco Real Estate Income Trust Inc.

2001 Ross Avenue, Suite 3400

Dallas, TX 75201
 Attn: Amy D.B.
White
	  	 To Chatham:

Chatham Financial Corp.
 235
Whitehorse Lane
 Kennett Square, PA 19348

Attn: General Counsel

 18.    AMENDMENT; ASSIGNMENT; OTHER MATTERS. 

(a)    Governing Law; Exclusive Jurisdiction; Jury Trial. This Agreement and any dispute
relating to the Services will be governed by and construed, interpreted and enforced in accordance with the laws of the State of Georgia without giving effect to any provisions relating to conflict of laws that require the laws of another
jurisdiction to apply. The parties hereto (a) irrevocably consent to the exclusive jurisdiction of the state and federal courts located in the County of Fulton, Atlanta, Georgia in any action, suit or proceeding arising out of or relating to
this Agreement, and (b) irrevocably consent that any process or notice or motion or other application to the court or judge thereof may be served within or outside of the State of Georgia by registered or certified mail or nationally-recognized
overnight delivery service, or by personal service, provided a reasonable time for appearance is allowed. EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING, WHETHER AT LAW OR EQUITY, BROUGHT BY
ANY OF THEM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 (b)    Entire Agreement. This
Agreement (including exhibits hereto) contains the entire agreement and understanding of the parties with respect to the subject matter hereof. This Agreement supersedes all prior oral and written agreements, if any, between the parties. This
Agreement shall be binding upon and inure to the benefit of INVESCO, Chatham, the other Indemnified Parties and their respective successors and assigns. 

  
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 (c)    Counterparts. This Agreement may be
executed in two or more counterparts and may be delivered by e-mail or facsimile, each of which shall be deemed to be an original, but all of which shall constitute one and the same Agreement. 

(d)    No Joint Venture. The parties are independent contractors and nothing in this
Agreement shall be construed to create a partnership, joint venture, agency relationship or other joint enterprise between them. 

(e)    Amendment. No change, modification or alteration of this Agreement shall be effective
unless in writing and signed by both parties. 
 (f)    Assignment. Neither party may
assign its rights and/or obligations hereunder without the prior written consent of the other party. 

(g)    Severability. The provisions of this Agreement are independent and severable from
each other. If any term, clause or provision of this Agreement is deemed invalid or unenforceable for any reason, the remainder of this Agreement shall remain valid and enforceable in accordance with its terms. 

  
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 IN WITNESS WHEREOF, the undersigned have executed this Valuation Services
Agreement as of the date set forth above. 
  

									
	 Chatham Financial Corp.
	 		 	 INVESCO REAL ESTATE INCOME TRUST INC.

			
	 /s/ Mathew Henry
                    
	 		 	 /s/ R. Scott Dennis 

	 By:
	 	 Mathew Henry
	 		 	 By:
	 	 R. Scott Dennis

	 Its:
	 	 MD
	 		 	 Its:
	 	 Chief Executive Officer and President

	 Date:
	 	 2/20/2019
	 		 	 Date:
	 	 1/30/2019

  
 Signature Page to
Valuation Services Agreement 

 EXHIBIT A 

FEES 
 Chatham’s fees and
expenses for the Initial Term (commencing on the Effective Date) are set forth below. After the Initial Term the parties will annually negotiate changes in fees. 

$250 per Property-Level or Entity-Level Debt Valuation 

Expenses: 
 The above fees do
not include out-of-pocket expenses. With the exception of any lodging or travel expenses that Chatham Financial incurs in connection with annual site visits or
attendance at Board meetings, pre-approval by INVESCO or the Adviser will be required. 

  
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 EXHIBIT B 

ASSUMPTIONS AND LIMITING CONDITIONS 

The quarterly report has been based on, and is subject to, the following general assumptions and limiting conditions: 

 

	 	•	 	 The conclusions and recommendations reported are only applicable to the purpose, function, and terms stated in
this report, and shall not be used for any other purpose. 

  

	 	•	 	 Chatham Financial has assumed that the reader(s) of this report is well-versed in real estate and is a
sophisticated and knowledgeable business person(s). 

  

	 	•	 	 No responsibility is assumed for the legal description provided or for matters pertaining to legal or title
considerations. Titles to the properties are assumed to be good and marketable unless otherwise stated. It is assumed that the use of the land and improvements are confined within the boundaries or property lines of the properties described, and
that there are no encroachments or trespassing unless noted in the report. The report will not constitute a survey of the property analyzed. 

  

	 	•	 	 Responsible ownership and competent property management are assumed. 

 

	 	•	 	 All statements of fact in the report which are used as the basis of the Chatham’s analyses, opinions, and
conclusions are taken to be true and correct to Chatham’s actual knowledge and belief. Chatham Financial does not make any representation or warranty, express or implied, as to the accuracy or completeness of the information or the condition of
the property furnished to Chatham Financial by INVESCO or others. The conclusions and any permitted reliance on and use of the report shall be subject to the assumptions, limitations, and qualifying statements contained herein.

  

	 	•	 	 Chatham Financial shall have no responsibility for legal matters, including zoning, or questions of survey or
title, soil or subsoil conditions, engineering or other similar technical matters. All engineering studies, if provided, are assumed to be correct. The plot plans and illustrative material in this report are included only to help the reader
visualize the property. 

  

	 	•	 	 It is assumed that there are no hidden or unapparent conditions of the properties, subsoil, or structures that
render it more or less valuable. No responsibility is assumed for detecting such conditions or for obtaining the engineering or environmental studies that may be required to discover them. 

 

	 	•	 	 It is assumed that the properties are in full compliance with all applicable federal, state, and local
environmental regulations and laws, unless the appraiser has been informed of such lack of compliance and it is stated, described, and considered in the report. It is assumed that all required licenses, certificates of occupancy, consents, and other
legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the conclusions contained in this report is based.

  
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	 	•	 	 It is assumed that the properties conform to all applicable zoning and use regulations and restrictions unless
nonconformity has been disclosed to Chatham, identified, described, and considered in the report. 

  

	 	•	 	 Chatham Financial shall not be required to give testimony as a witness or to appear in any capacity in any
legal or administrative hearing or procedure, or to have any continued service responsibility unless compensated in advance by the engager of this report according to their fee schedule then in effect. 

 

	 	•	 	 Unless otherwise stated in this report, Chatham Financial will not be considering the possible existence of
asbestos, urea-formaldehyde foam insulation, PCB transformer, or other toxic, hazardous, or contaminated substances and/or underground storage tanks (collectively “Hazardous Materials”) on or affecting the property, or the
cost or encapsulation or removal thereof. Chatham Financial is not qualified to detect Hazardous Materials and, unless otherwise stated, Chatham Financial has not been informed of any major or significant deferred maintenance of the property that
would require the expertise of a professional cost estimator or contractor. If such repairs are needed, the estimates are prepared by others. The conclusions are predicated on the assumption that there is no such material on or in the property that
would cause a loss in value. No responsibility is assumed for such conditions or for any expertise or engineering knowledge required to discover them. INVESCO is urged to retain an expert in this field, if such expertise is desired.

  

	 	•	 	 In the event INVESCO intends to use the report in connection with a tax matter, INVESCO acknowledges that
Chatham Financial provides no warranty, representation, or prediction as to the outcome of such tax matter. Chatham Financial has no responsibility or liability to INVESCO or any other party for any such taxes, interests, penalties, or fees that may
be incurred. 

  

	 	•	 	 Chatham’s personnel are not engineers, professional building contractors, or environmental consultants.
Such additional expertise is not covered in the report and INVESCO agrees that, if such additional expertise is required, it shall be provided by others at the direction and discretion of INVESCO. No warranties are made by references to physical
property characteristics in terms of quality, condition, cost, suitability, soil conditions, flood risk, obsolescence, etc., and no liability is assumed for any engineering-related issues. 

 

	 	•	 	 Possession of this report or a copy thereof does not imply right of publication, nor use for any purpose by
anyone other than the person to whom it is addressed, without the written consent of Chatham. 

  

	 	•	 	 The liability of Chatham, and its affiliates, employees, officers, directors, and agents, is limited to
INVESCO. This report was prepared specifically for our INVESCO, to whom this report is addressed. 

  

	 	•	 	 INVESCO acknowledges that Chatham Financial is a corporation and agrees that any claim made by INVESCO arising
out of any act or omission of any director, officer, agent, or 

  
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employee of Chatham, in the execution or performance of its contractual or professional responsibilities shall be made solely against Chatham Financial and not against any such director, officer,
agent, or employee. 

  

	 	•	 	 The Americans with Disabilities Act (ADA) became effective January 26, 1992. Chatham Financial shall not
made a specific compliance survey and analysis of the properties to determine whether or not they are in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the properties, together with a
detailed analysis of the requirements for the ADA, could reveal that the properties are not in compliance with one or more of the requirements of the ADA. If so, this fact could have a negative effect upon the value of the property. Since Chatham
Financial shall have no direct evidence relating to this issue, Chatham Financial shall not consider possible non-compliance with the requirements of the ADA in estimating the value of the properties.

  
 14EX-4.2

 Exhibit 4.2 

DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 As of December 31, 2020, SCP & CO Healthcare Acquisition Company (“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, consisting of one share of Class A common
stock (as defined below) and one-half of one redeemable warrant (as defined below), with each whole warrant entitling the holder thereof to purchase one share of Class A common stock (the
“units”), (ii) its Class A common stock, $0.0001 par value per share (“Class A common stock”), and (iii) its public warrants, with each whole warrant exercisable for one share of Class A common stock for
$11.50 per share (the “warrants”). 
 We are a Delaware corporation and our affairs are governed by our amended and restated
certificate of incorporation and the DGCL. Pursuant to our amended and restated certificate of incorporation, we are authorized to issue 111,000,000 shares of common stock, $0.0001 par value each, including 100,000,000 shares of Class A common
stock and 10,000,000 shares of Class B common stock, as well as 1,000,000 shares of preferred stock, $0.0001 par value each. The following description summarizes the material terms of our capital stock 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, our bylaws and our warrant agreement, each of which is incorporated by reference as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2020 (the “Report”) of which this Exhibit 4.5 is a part. 
 Defined
terms used herein but not otherwise defined shall have the meaning ascribed to such terms in the Report. 
 Units

Each unit consists of one share of Class A common stock and one-half 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. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of the
shares of Company’s Class A common stock. 
 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. Holders of Class A
common stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders except as required by law. 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.
 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 and not previously released to us to pay our taxes, divided by the number of then outstanding public shares, subject
to the limitations described herein. 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. 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 any more than 10% of the shares sold in our initial public offering, which we refer to as “Excess
Shares”, without our prior consent. However, our amended and restated certificate of incorporation does not restrict our stockholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business
combination.
 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 and not previously released to us to pay our taxes, divided by the number of then outstanding public shares, upon the completion of our initial business combination, subject to the limitations
described in the Report.
 Redeemable Warrants

Each whole warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to
adjustment as discussed below, at any time commencing on the later of 12 months from the closing of our initial public offering and 30 days after the completion of our initial business combination, provided in each case that we have an effective
registration statement under the Securities Act covering the 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.. 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 are not obligated to deliver any Class A common stock pursuant to the exercise of a
warrant and 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 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 share of Class A common stock equals or
exceeds $18.00. 
 Once the warrants become exercisable, we may redeem the outstanding warrants:

 

	 	•	 	 in whole and not in part;

 

	 	•	 	 at a price of $0.01 per warrant;

 

	 	•	 	 upon a minimum of 30 days’ prior written notice of redemption to each warrant holder;
and

  

	 	•	 	 if, and only if, the closing price of the Class A 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 “—Warrants—Public Stockholders’ Warrants—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, 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.
 Redemption of warrants when the price per share of Class A common stock 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” (as defined below) of our Class A common stock except as otherwise described below; and

  

	 	•	 	 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 “—Warrants—Public Stockholders’ Warrants—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.

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 Class A common stock 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 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 for
these purposes based on volume weighted average price of our Class A common stock 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 common stock shall include a security other than Class A
common stock into which the Class A common stock 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 shares of Class A common stock 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.
  

																																					
	 	  	Fair Market Value of Class A Common Stock	 
	Redemption Date (period to expiration of warrants)	  	<10.00	 	  	11.00	 	  	12.00	 	  	13.00	 	  	14.00	 	  	15.00	 	  	16.00	 	  	17.00	 	  	18.00	 
	 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 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 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 common stock 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 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 are trading at or above $10.00 per share, which may be at a time when the trading price of our Class A common stock
is below the exercise price of the warrants. We have established this redemption feature to provide us with the flexibility to redeem the warrants 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 this 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. As stated above, we can redeem the warrants when the Class A common stock are trading at a price starting at $10.00, which is below the
exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position while providing warrant holders with 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 common stock are trading at a price below the exercise price of the warrants, this could result in the warrant holders receiving fewer Class A common stock than they would have
received if they had chosen to wait to exercise their warrants for Class A common stock if and when such Class A common stock were trading at a price higher than the exercise price of $11.50.

No fractional 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

The warrants have certain anti-dilution and adjustments rights upon certain events. 

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 (with such issue price or effective issue price to be determined in good faith by our board of directors and, in
the case of any such issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate
gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the 

 
funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the volume weighted average trading price of our
Class A common stock 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 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.
 The warrants have been issued in registered form under a warrant agreement between Continental , as warrant agent, and us. The
warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, and that all other modifications or amendments will require the vote or written
consent of the holders of at least a majority of the then outstanding public warrants, and, solely with respect to any amendment to the terms of the private placement warrants, a majority of the then outstanding private placement warrants. You
should review a copy of the warrant agreement, which is filed as an exhibit to this report, 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.

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