As filed with the Securities
and Exchange Commission on October 5, 2020
Registration
No. 333-249061
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 1 TO
FORM S-1
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
Motion Acquisition Corp.
(Exact name of registrant as specified
in its charter)
|
Delaware
|
|
6770
|
|
85-2515483
|
(State or other jurisdiction of
incorporation or organization)
|
|
(Primary Standard Industrial
Classification Code Number)
|
|
(I.R.S. Employer
Identification Number)
|
c/o Graubard Miller
The Chrysler Building
405 Lexington Avenue
New York, New York 10174
Telephone: (212) 818-8800
(Address, including zip code, and telephone
number, including area code, of registrant’s principal executive offices)
Michael Burdiek, Chief Executive Officer
Motion Acquisition Corp.
The Chrysler Building
405 Lexington Avenue
New York, New York 10174
Telephone: (212) 818-8800
(Name, address, including zip code, and
telephone number, including area code, of agent for service)
Copies to:
David Alan Miller, Esq.
Jeffrey M. Gallant, Esq.
Graubard Miller
The Chrysler Building
405 Lexington Avenue
New York, New York 10174
Telephone: (212) 818-8800
|
|
Alan I. Annex, Esq.
Jason T. Simon, Esq.
Greenberg Traurig PA
333 S.E. 2nd Avenue
Miami, FL 33131
Telephone: (305) 579-0576
|
Approximate
date of commencement of proposed sale to the public: As soon as practicable after the effective date of this registration
statement.
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415
under the Securities Act of 1933 check the following box. ☐
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act,
please check the following box and list the Securities Act registration statement number of the earlier effective registration
statement for the same offering. ☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
|
Non-accelerated filer
|
☒
|
Smaller reporting company
|
☒
|
|
|
|
Emerging growth company
|
☒
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities
Act. ☐
CALCULATION OF REGISTRATION FEE
|
Title of each Class of Security being registered
|
|
Amount being
Registered
|
|
Proposed
Maximum
Offering
Price Per
Security(1)
|
|
|
Proposed
Maximum
Aggregate
Offering
Price(1)
|
|
|
Amount of
Registration
Fee
|
|
|
Units,
each consisting of one share of Class A common stock, $0.0001 par value, and one-third of one redeemable Warrant(2)
|
|
14,950,000 Units
|
|
$
|
10.00
|
|
|
$
|
149,500,000
|
|
|
$
|
19,405.10
|
|
|
Shares
of Class A common stock included as part of the Units(3)
|
|
14,950,000 Shares
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
(4)
|
|
Redeemable
Warrants included as part of the Units(3)
|
|
4,983,333 Warrants
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
(4)
|
|
Total
|
|
|
|
|
|
|
|
$
|
149,500,000
|
|
|
$
|
19,405.10
|
(5)
|
|
|
(1)
|
Estimated solely for the purpose of calculating the registration
fee.
|
|
|
(2)
|
Includes 1,950,000 Units, consisting of 1,950,000 shares
of Class A common stock and 650,000 Redeemable Warrants underlying such Units, which may be issued on exercise of a 45-day
option granted to the underwriter.
|
|
|
(3)
|
Pursuant to Rule 416 under the Securities Act of
1933, there are also being registered an indeterminable number of additional securities as may be issued to prevent dilution resulting
from share splits, share capitalizations or similar transactions.
|
|
|
(4)
|
No fee pursuant to Rule 457(g) under the Securities
Act of 1933.
|
The registrant hereby amends this registration statement
on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which
specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange
Commission, acting pursuant to said Section 8(a), may determine.
EXPLANATORY NOTE:
This amendment to the Registration Statement is being filed
solely to include certain exhibits thereto.
PART II
Information not required in prospectus
Item 13. Other Expenses of Issuance and Distribution.
The estimated expenses payable by us in connection with the
offering described in this registration statement (other than the underwriting discount and commissions) will be as follows:
|
SEC expenses
|
|
$
|
19,405
|
|
|
FINRA expenses
|
|
|
22,925
|
|
|
Accounting fees and expenses
|
|
|
40,000
|
|
|
Printing and engraving expenses
|
|
|
40,000
|
|
|
Travel and road show expenses
|
|
|
20,000
|
|
|
Legal fees and expenses
|
|
|
250,000
|
|
|
Stock exchange listing and filing fees (not including deferred portion)
|
|
|
5,000
|
|
|
Director & Officer liability insurance premiums(1)
|
|
|
200,000
|
|
|
Miscellaneous
|
|
|
52,670
|
|
|
Total
|
|
$
|
650,000
|
|
|
|
(1)
|
This amount represents the approximate amount of annual
director and officer liability insurance premiums the registrant anticipates paying following the completion of its initial public
offering and until it completes a business combination.
|
Item 14. Indemnification of Directors and Officers.
Our amended and restated certificate of incorporation will provide
that all of our directors, officers, employees and agents shall be entitled to be indemnified by us to the fullest extent permitted
by Section 145 of the Delaware General Corporation Law.
Section 145 of the Delaware General Corporation Law concerning
indemnification of officers, directors, employees and agents is set forth below.
“Section 145. Indemnification of officers, directors,
employees and agents; insurance.
|
|
(a)
|
A corporation shall have power to indemnify any person
who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason
of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request
of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by the person in connection with such action, suit or proceeding if the person acted in good faith and in a manner the
person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe the person’s conduct was unlawful. The termination of any action,
suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not,
of itself, create a presumption that the person did not act in good faith and in a manner which the person reasonably believed
to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had
reasonable cause to believe that the person’s conduct was unlawful.
|
|
|
(b)
|
A corporation shall have power to indemnify any person
who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the
right of the corporation to procure a judgment in its favor by reason of the fact that the person is or was a director, officer,
employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys’
fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action or suit if the
person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the
corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person
shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court
in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view
of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court
of Chancery or such other court shall deem proper.
|
|
|
(c)
|
To the extent that a present or former director or officer
of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections
(a) and (b) of this section, or in defense of any claim, issue or matter therein, such person shall be indemnified against
expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection therewith.
|
|
|
(d)
|
Any indemnification under subsections (a) and (b) of
this section (unless ordered by a court) shall be made by the corporation only as authorized in the specific case upon a determination
that indemnification of the present or former director, officer, employee or agent is proper in the circumstances because the
person has met the applicable standard of conduct set forth in subsections (a) and (b) of this section. Such determination
shall be made, with respect to a person who is a director or officer at the time of such determination, (1) by a majority
vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum, or (2) by a
committee of such directors designated by majority vote of such directors, even though less than a quorum, or (3) if there
are no such directors, or if such directors so direct, by independent legal counsel in a written opinion, or (4) by the stockholders.
|
|
|
(e)
|
Expenses (including attorneys’ fees) incurred by
an officer or director in defending any civil, criminal, administrative or investigative action, suit or proceeding may be paid
by the corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or
on behalf of such director or officer to repay such amount if it shall ultimately be determined that such person is not entitled
to be indemnified by the corporation as authorized in this section. Such expenses (including attorneys’ fees) incurred by
former directors and officers or other employees and agents may be so paid upon such terms and conditions, if any, as the corporation
deems appropriate.
|
|
|
(f)
|
The indemnification and advancement of expenses provided
by, or granted pursuant to, the other subsections of this section shall not be deemed exclusive of any other rights to which those
seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested
directors or otherwise, both as to action in such person’s official capacity and as to action in another capacity while
holding such office. A right to indemnification or to advancement of expenses arising under a provision of the certificate of
incorporation or a bylaw shall not be eliminated or impaired by an amendment to the certificate of incorporation or the bylaws
after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative action,
suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision in effect at the time
of such act or omission explicitly authorizes such elimination or impairment after such action or omission has occurred.
|
|
|
(g)
|
A corporation shall have power to purchase and maintain
insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving
at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity,
or arising out of such person’s status as such, whether or not the corporation would have the power to indemnify such person
against such liability under this section.
|
|
|
(h)
|
For purposes of this section, references to “the
corporation” shall include, in addition to the resulting corporation, any constituent corporation (including any constituent
of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and
authority to indemnify its directors, officers, and employees or agents, so that any person who is or was a director, officer,
employee or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same
position under this section with respect to the resulting or surviving corporation as such person would have with respect to such
constituent corporation if its separate existence had continued.
|
|
|
(i)
|
For purposes of this section, references to “other
enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed
on a person with respect to any employee benefit plan; and references to “serving at the request of the corporation”
shall include any service as a director, officer, employee or agent of the corporation which imposes duties on, or involves services
by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and
a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and
beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of
the corporation” as referred to in this section.
|
|
|
(j)
|
The indemnification and advancement of expenses provided
by, or granted pursuant to, this section shall, unless otherwise provided when authorized or ratified, continue as to a person
who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators
of such a person.
|
|
|
(k)
|
The Court of Chancery is hereby vested with exclusive
jurisdiction to hear and determine all actions for advancement of expenses or indemnification brought under this section or under
any bylaw, agreement, vote of stockholders or disinterested directors, or otherwise. The Court of Chancery may summarily determine
a corporation’s obligation to advance expenses (including attorneys’ fees).”
|
Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to our directors, officers, and controlling persons pursuant to the foregoing provisions,
or otherwise, we have been advised that, in the opinion of the SEC, such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment of expenses incurred or paid by a director, officer or controlling person in a successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, we will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to the court
of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.
Paragraph B of Article Eighth of our certificate of incorporation
provides:
“The Corporation, to the full extent permitted by Section 145
of the [DGCL], as amended from time to time, shall indemnify all persons whom it may indemnify pursuant thereto. Expenses (including
attorneys’ fees) incurred by an officer or director in defending any civil, criminal, administrative, or investigative action,
suit or proceeding for which such officer or director may be entitled to indemnification hereunder shall be paid by the Corporation
in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director
or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the Corporation
as authorized hereby.”
Pursuant to the Underwriting Agreement filed as Exhibit 1.1
to this Registration Statement, we have agreed to indemnify the Underwriter and the Underwriter has agreed to indemnify us against
certain civil liabilities that may be incurred in connection with this offering, including certain liabilities under the Securities
Act.
Item 15. Recent Sales of Unregistered Securities.
|
|
(a)
|
During the past three years, we sold the following shares
of Class B common stock without registration under the Securities Act:
|
|
Stockholders
|
|
Number
of Shares
|
|
|
Motion Acquisition LLC
|
|
|
3,737,500
|
|
Such shares were issued in August 2020 in connection with
our organization pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act as the shares
were sold to an accredited investor. The shares issued were sold for an aggregate offering price of $25,000 at an average purchase
price of approximately $0.007 per share.
The Company’s initial stockholders have also committed
that they and their designees will purchase 2,733,333 warrants at $1.50 per private warrant (for an aggregate purchase price of
$4,100,000), or 2,993,333 warrants at $1.50 per private warrant (for an aggregate purchase price of $4,490,000) if the underwriter’s
option to purchase additional units is exercised in full. This purchase will take place on a private placement basis simultaneously
with the consummation of the initial public offering. These issuances will be made pursuant to the exemption from registration
contained in Section 4(a)(2) of the Securities Act.
No underwriting discounts or commissions were paid with respect
to such sales.
Item 16. Exhibits and Financial Statement Schedules.
|
|
(a)
|
The following exhibits are filed as part of this Registration
Statement:
|
Item 17. Undertakings.
|
|
(a)
|
The undersigned registrant hereby undertakes:
|
|
|
(1)
|
To file, during any period in which offers or sales are
being made, a post-effective amendment to this registration statement:
|
|
|
i.
|
To include any prospectus required by Section 10(a)(3)
of the Securities Act of 1933;
|
|
|
ii.
|
To reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually
or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in
volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the “Calculation
of Registration Fee” table in the effective registration statement;
|
|
|
iii.
|
To include any material information with respect to the
plan of distribution not previously disclosed in the registration statement or any material change to such information in the
registration statement.
|
|
|
(2)
|
That, for the purpose of determining any liability under
the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.
|
|
|
(3)
|
To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the termination of the offering.
|
|
|
(4)
|
That for the purpose of determining any liability under
the Securities Act of 1933 in a primary offering of securities of the undersigned registrant pursuant to this registration statement,
regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such
purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to such purchaser:
|
|
|
(i)
|
Any preliminary prospectus or prospectus of the undersigned
registrant relating to the offering required to be filed pursuant to Rule 424;
|
|
|
(ii)
|
Any free writing prospectus relating to the offering
prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
|
|
|
(iii)
|
The portion of any other free writing prospectus relating
to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of
the undersigned registrant; and
|
|
|
(iv)
|
Any other communication that is an offer in the offering
made by the undersigned registrant to the purchaser.
|
|
|
(b)
|
The undersigned hereby undertakes to provide to the underwriter
at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required
by the underwriter to permit prompt delivery to each purchaser.
|
|
|
(c)
|
Insofar as indemnification for liabilities arising under
the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such
issue.
|
|
|
(d)
|
The undersigned registrant hereby undertakes that:
|
|
|
(1)
|
For purposes of determining any liability under the Securities
Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon
Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h)
under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.
|
|
|
(2)
|
For the purpose of determining any liability under the
Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.
|
Signatures
Pursuant to the requirements of the
Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in New York, New York, on the 5th day of October, 2020.
|
|
MOTION ACQUISITION CORP.
|
|
|
BY:
|
/s/ Michael Burdiek
|
|
|
|
Name: Michael Burdiek
|
|
|
|
Title: Chief Executive Officer
|
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints each of Michael Burdiek and Richard Vitelle his true and lawful attorney-in-fact, with full
power of substitution and re-substitution for him and in his name, place and stead, in any and all capacities to sign any and all
amendments including pre- and post-effective amendments to this registration statement, any subsequent registration statement for
the same offering which may be filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and pre- or post-effective
amendments thereto, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities
and Exchange Commission, hereby ratifying and confirming all that said attorney-in-fact or his substitute, each acting alone, may
lawfully do or cause to be done by virtue thereof.
Pursuant to the requirements of the Securities Act of 1933,
this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
|
Name
|
|
Position
|
|
Date
|
|
|
|
|
|
|
|
/s/
James Travers
|
|
Chairman
|
|
October 5, 2020
|
|
James Travers
|
|
|
|
|
|
|
|
|
|
|
|
/s/
Michael Burdiek
|
|
Chief Executive Officer
|
|
October 5, 2020
|
|
Michael Burdiek
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
|
/s/
Richard Vitelle
|
|
Chief Financial Officer
|
|
October 5, 2020
|
|
Richard Vitelle
|
|
(Principal Financial and Accounting Officer)
and Secretary
|
|
|
|
|
|
|
|
|
|
/s/
Andrew Flett
|
|
Director
|
|
October 5, 2020
|
|
Andrew Flett
|
|
|
|
|
|
|
|
|
|
|
|
/s/
Mark Licht
|
|
Director
|
|
October 5, 2020
|
|
Mark Licht
|
|
|
|
|
|
|
|
|
|
|
|
/s/
Kyle Messman
|
|
Director
|
|
October 5, 2020
|
|
Kyle Messman
|
|
|
|
|
II-7
Exhibit 1.1
13,000,000 Units
Motion
Acquisition Corp.
($10.00 per Unit)
UNDERWRITING AGREEMENT
[Date], 2020
Barclays Capital Inc.,
As Representative of the several
Underwriters named in Schedule I attached hereto,
c/o Barclays Capital Inc.
745 Seventh Avenue
New York, New York 10019
Ladies and Gentlemen:
Motion Acquisition Corp.,
a Delaware corporation (the “Company”), proposes to sell 13,000,000 units (the “Firm Units”),
each unit consisting of one share of Class A common stock, par value $0.0001 per share (the “Common Stock”),
of the Company and one-third of one redeemable warrant (the “Public Warrants” and together with the Placement
Warrants (as defined below), the “Warrants”). In addition, solely for the purpose of covering over-allotments,
the Company proposes to grant to the underwriters named in Schedule I (the “Underwriters”) attached
to this agreement (this “Agreement”) an option to purchase from the Company up to 1,950,000 units on
the terms set forth in Section 2 of this Agreement (the “Additional Units”). The Firm Units and
the Additional Units, if purchased, are hereinafter collectively called the “Units.” This Agreement is
to confirm the agreement concerning the purchase of the Units from the Company by the Underwriters. To the extent that there are
no additional Underwriters listed on Schedule I, the term Underwriters as used herein shall mean Barclays Capital Inc.,
as an Underwriter, and the term Underwriter shall mean either the singular or plural as the context requires.
The shares of Common
Stock and Warrants included in the Units will not trade separately until the 52nd day following the date of the Prospectus (unless
Barclays Capital Inc. informs the Company of its decision to allow earlier separate trading), subject to (a) the Company’s
preparation of an audited balance sheet reflecting the receipt by the Company of the proceeds of the Offering (as defined below),
(b) the filing of such audited balance sheet with the U.S. Securities and Exchange Commission (the “Commission”)
on a Form 8-K or similar form by the Company that includes such audited balance sheet and (c) the Company having issued a press
release announcing when such separate trading will begin. Each whole Warrant entitles its holder, upon exercise, to purchase one
share of Common Stock for $11.50 per share during the period commencing on the later of 30 days after the completion of an initial
Business Combination (as defined below) or 12 months from the date of the initial public offering contemplated by this Agreement
(the “Offering”) and terminating on the five-year anniversary of the date of the completion of such initial
Business Combination or earlier upon redemption or liquidation; provided, however, that pursuant to the Warrant Agreement
(as defined below), a fractional warrant may not be exercised, so that only a whole warrant may be exercised at any given time
by a holder thereof. As used herein, the term “Business Combination” (as described more fully in the
Registration Statement (as defined below)) shall mean a merger, capital stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination with one or more businesses or entities.
The Company has entered
into an Investment Management Trust Agreement, effective as of the date hereof, with Continental Stock Transfer & Trust Company
(“CST”), as trustee, in substantially the form filed as Exhibit 10.2 to the Registration Statement (the
“Trust Agreement”), pursuant to which the proceeds from the sale of the Placement Warrants (as defined
below) and certain proceeds of the Offering will be deposited and held in a trust account (the “Trust Account”)
for the benefit of the Company, the Underwriters and the holders of the Firm Units and the Additional Units, if and when issued.
The Company has entered
into a Warrant Agreement, effective as of effective as of the date hereof, with respect to the Warrants with CST, as warrant agent,
in substantially the form filed as Exhibit 4.4 to the Registration Statement (the “Warrant Agreement”),
pursuant to which CST will act as warrant agent in connection with the issuance, registration, transfer, exchange, redemption and
exercise of the Warrants.
In August 2020, the Company
entered into a Securities Subscription Agreement (the “Securities Subscription Agreement”) with Motion
Acquisition LLC, a Delaware limited liability company (the “Sponsor”), pursuant to which the Sponsor
purchased an aggregate of 3,737,500 shares of Class B common stock (the “Founder Shares”) for an aggregate
purchase price of $25,000, or approximately $0.007 per share. Up to 487,500 Founder Shares are subject to forfeiture depending
on the extent to which the Underwriters’ over-allotment option is exercised. The Founder Shares are substantially similar
to the shares of Common Stock included in the Units except as described in the Registration Statement, the Statutory Prospectus
and the Prospectus. The Founder Shares are substantially similar to the Common Stock included in the Units except as described
in the Prospectus (as defined below).
The Company has entered
into a Warrant Subscription Agreement, dated as of the date hereof, in substantially the form filed as Exhibit 10.5 to the Registration
Statement (the “Warrant Subscription Agreement”), with the Sponsor, pursuant to which the Sponsor agreed
to purchase an aggregate of 2,733,333 Warrants (or up to 2,993,333 Warrants if the over-allotment option is exercised in full),
each entitling the holder to purchase one share of Common Stock (the “Placement Warrants”), for $1.50
per Placement Warrant. The Placement Warrants are substantially similar to the Public Warrants included in the Units, except as
described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.
The Company has entered
into a Registration Rights Agreement, dated as of the date hereof, with the Sponsor, in substantially the form filed as Exhibit
10.4 to the Registration Statement (the “Registration Rights Agreement”), pursuant to which the Company
has granted certain registration rights in respect of the Founder Shares, the Placement Warrants, any Warrants that may be issued
upon conversion of working capital loans (“Working Capital Warrants”), any and shares of Common Stock
underlying the Placement Warrants, any shares of Common Stock underlying the Working Capital Warrants and shares of common stock
that may be issued upon conversion of the Founder Shares.
The Company has entered
into letter agreements, dated as of the date hereof, with the Sponsor and each of the Company’s officers and directors prior
to the Offering, in substantially the form filed as Exhibit 10.1 to the Registration Statement (collectively the “Letter
Agreement”).
The Company has entered
into an Administrative Services Agreement, dated as of the date hereof, with Graubard Miller, in substantially the form filed as
Exhibit 10.7 to the Registration Statement (the “Administrative Services Agreement”), pursuant to which
Graubard Miller will provide the Company with office space, utilities, secretarial support and administrative services free of
charge.
1. Representations,
Warranties and Agreements of the Company. The Company represents, warrants and agrees that:
(a) A
registration statement on Form S-1 (File No. 333-249061) relating to the Units (i) has been prepared by the Company in conformity
with the requirements of the Securities Act of 1933, as amended (the “Securities Act”), and the rules
and regulations of the Commission thereunder; (ii) has been filed with the Commission under the Securities Act; and (iii) has become
effective under the Securities Act. Copies of such registration statement and any amendment thereto have been delivered by the
Company to you as the representative of the Underwriters (the “Representative”). As used in this Agreement:
(i) “Applicable
Time” means [●] P.M. (New York City time) on [●], 2020;
(ii) “Effective
Date” means the date and time at which the Registration Statement, or the most recent post-effective amendment thereto,
if any, was declared effective by the Commission in accordance with the rules and regulations under the Securities Act;
(iv) “Preliminary
Prospectus” means any preliminary prospectus relating to the Stock included in such registration statement or filed
with the Commission pursuant to Rule 424(b) under the Securities Act;
(v) “Pricing
Disclosure Package” means, as of the Applicable Time, the most recent Preliminary Prospectus, together with the information
included in Schedule II hereto;
(vi) “Prospectus”
means the final prospectus relating to the Units, as filed with the Commission pursuant to Rule 424(b) under the Securities Act;
(vii) “Registration
Statement” means, collectively, the various parts of such registration statement, each as amended as of the Effective
Date for such part, including any Preliminary Prospectus or the Prospectus, all exhibits to such registration statement and including
the information deemed by virtue of Rule 430A under the Securities Act to be part of such registration statement as of the Effective
Date; and
(viii)
“Testing-the-Waters Communication” means any oral or written communication with potential investors undertaken
in reliance on Section 5(d) of the Securities Act; and
(ix)
“Written Testing-the-Waters Communication” means any Testing-the-Waters Communication that is a written
communication within the meaning of Rule 405 under the Securities Act.
Any reference
to the “most recent Preliminary Prospectus” shall be deemed to refer to the latest Preliminary Prospectus included
in the Registration Statement or filed pursuant to Rule 424(b) under the Securities Act prior to or on the date hereof. Any reference
herein to the term “Registration Statement” shall be deemed to include any abbreviated registration statement to register
additional Units under Rule 462(b) under the Securities Act (the “Rule 462(b) Registration Statement”).
The Commission has not issued any order preventing or suspending the use of any Preliminary Prospectus or the Prospectus or suspending
the effectiveness of the Registration Statement, and no proceeding or examination for such purpose has been instituted or threatened
by the Commission.
(b) From
the time of initial confidential submission of the Registration Statement to the Commission (or, if earlier, the first date on
which the Company engaged directly or through any person authorized to act on its behalf in any Testing-the-Waters Communication)
through the date hereof, the Company has been and will be an “emerging growth company,” as defined in Section 2(a)
of the Securities Act (an “Emerging Growth Company”).
(c) The
Company (i) has not engaged in any Testing-the-Waters Communication, other than Testing-the-Waters Communications with, the consent
of the Representative, with entities that are qualified institutional buyers within the meaning of Rule 144A under the Securities
Act, or with institutions that are accredited investors within the meaning of Rule 501 under the Securities Act and (ii) has not
authorized anyone other than the Representative and its affiliates to engage in Testing-the-Waters Communications. The Company
reconfirms that the Representative have been authorized to act on its behalf in undertaking Testing-the-Waters Communications.
The Company has not distributed or approved for distribution any Written Testing-the-Waters Communications other than those listed
on Schedule IV hereto.
(d) (i)
At the time of filing the Registration Statement, (ii) as of the date hereof and (iii) on the applicable Delivery Date (as defined
below), the Company was, is and will be an “Ineligible Issuer” (as defined in Rule 405 under the Securities Act).
(e) The
Company has prepared and filed, in accordance with Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and the rules and regulations thereunder, a registration statement (as amended, the “Exchange
Act Registration Statement”) on Form 8-A (File No. 001-[●]) under the Exchange Act to register, under Section
12(b) of the Exchange Act, the classes of securities consisting of the Units, the Common Stock and the Warrants. The Exchange Act
Registration Statement has become effective as provided in Section 12 of the Exchange Act.
(f) The
Registration Statement conformed and will conform in all material respects on the Effective Date and on the applicable Delivery
Date, and any amendment to the Registration Statement filed after the date hereof will conform in all material respects when filed,
to the requirements of the Securities Act and the rules and regulations thereunder. The most recent Preliminary Prospectus conformed,
and the Prospectus will conform, in all material respects when filed with the Commission pursuant to Rule 424(b) under the Securities
Act and on the applicable Delivery Date to the requirements of the Securities Act and the rules and regulations thereunder.
(g) The
Registration Statement did not, as of the Effective Date, contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading; provided that no representation
or warranty is made as to information contained in or omitted from the Registration Statement in reliance upon and in conformity
with written information furnished to the Company through the Representative by or on behalf of any Underwriter specifically for
inclusion therein, which information is specified in Section 8(e).
(h) The
Prospectus will not, as of its date or as of the applicable Delivery Date, contain an untrue statement of a material fact or omit
to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided that no representation or warranty is made as to information contained in or omitted
from the Prospectus in reliance upon and in conformity with written information furnished to the Company through the Representative
by or on behalf of any Underwriter specifically for inclusion therein, which information is specified in Section 8(e).
(i) The
Pricing Disclosure Package did not, as of the Applicable Time, contain an untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading; provided that no representation or warranty is made as to information contained in or omitted from the Pricing
Disclosure Package made in reliance upon and in conformity with written information furnished to the Company through the Representative
by or on behalf of any Underwriter specifically for inclusion therein, which information is specified in Section 8(e).
(j) The
“roadshow” (as defined in Rule 433 under the Securities Act) materials listed in Schedule III hereto, when taken together
with the Pricing Disclosure Package, did not, as of the Applicable Time, contain an untrue statement of a material fact or omit
to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided that no representation or warranty is made as to information contained in or omitted
from such roadshow materials listed in Schedule III hereto made in reliance upon and in conformity with written information furnished
to the Company through the Representative by or on behalf of any Underwriter specifically for inclusion therein, which information
is specified in Section 8(e).
(k) No
Written Testing-the-Waters Communication, as of the Applicable Time, when taken together with the Pricing Disclosure Package, contained
an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading; provided that no representation or warranty is
made as to information contained in or omitted from such Written Testing-the-Waters Communication listed on Schedule IV hereto
made in reliance upon and in conformity with written information furnished to the Company through the Representative by or on behalf
of any Underwriter specifically for inclusion therein, which information is specified in Section 8(e); and the Company has filed
publicly on the Commission’s Electronic Data Gathering, Analysis, and Retrieval system (“EDGAR”)
at least 15 calendar days prior to any road show, any confidentially submitted registration statement and registration statement
amendments relating to the offer and sale of the Units. Each Written Testing-the-Waters Communications did not, as of the Applicable
Time, and at all times through the completion of the public offer and sale of the Stock will not, include any information that
conflicted, conflicts or will conflict with the information contained in the Registration Statement, the Pricing Disclosure Package
or the Prospectus.
(l) The
Company has not, directly or indirectly, prepared, used or referred to any “Free Writing Prospectus” (as defined in
Rule 405 under the Securities Act).
(m) The
Company has been duly organized, is validly existing and in good standing as a corporation or other business entity under the laws
of its jurisdiction of organization and is duly qualified to do business and in good standing as a foreign corporation or other
business entity in each jurisdiction in which its ownership or lease of property or the conduct of its business requires such qualification,
except where the failure to be so qualified or in good standing could not, in the aggregate, reasonably be expected to have a material
adverse effect on the condition (financial or otherwise), results of operations, stockholders’ equity, properties, business
or prospects of the Company (a “Material Adverse Effect”). The Company has all power and authority necessary
to own or hold its properties and to conduct the business in which it is engaged. The Company has no subsidiaries and does not
own or control, directly or indirectly, any corporation, association or other entity.
(n) The
Company has an authorized capitalization as set forth under the heading “Capitalization” in each of the most recent
Preliminary Prospectus and the Prospectus as of the date or dates set forth therein, and all of the issued shares of capital stock
of the Company have been duly authorized and validly issued, are fully paid and non-assessable, conform to the description thereof
contained in the most recent Preliminary Prospectus and were issued in compliance with federal and state securities laws and not
in violation of any preemptive right, resale right, right of first refusal or similar right. All of the Company’s options,
warrants and other rights to purchase or exchange any securities for shares of the Company’s capital stock have been duly
authorized and validly issued, conform to the description thereof contained in the most recent Preliminary Prospectus and were
issued in compliance with federal and state securities laws.
(o) The
Units have been duly and validly authorized and, when issued and delivered against payment therefor as provided herein, will be
duly and validly issued and free of statutory and contractual preemptive rights, resale rights, rights of first refusal and similar
rights.
(p) The
shares of Common Stock included in the Units have been reserved for issuance and have been duly and validly authorized and, when
issued and delivered against payment therefor as provided herein, will be duly and validly issued, fully paid and non-assessable
and free of statutory and contractual preemptive rights, resale rights, rights of first refusal and similar rights.
(q) The
Warrants when executed, authenticated, issued and delivered in the manner set forth in the Warrant Agreement against payment therefor
as provided for herein or in the Warrant Placement Agreement, as applicable, will be duly executed, authenticated, issued and delivered,
and will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms,
except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights
generally from time to time in effect and by equitable principles of general applicability.
(r) The
shares of Common Stock issuable upon exercise of the Warrants have been duly authorized and reserved for issuance upon exercise
thereof and, when issued and delivered against payment therefor pursuant to the Warrant Agreement, as applicable, will be validly
issued, fully paid and non-assessable; the holders of such Common Stock are not and will not be subject to personal liability by
reason of being such holders; such Common Stock is not and will not be subject to any preemptive or other similar contractual rights
granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of such Common Stock
(other than such execution, countersignature and delivery at the time of issuance) has been duly and validly taken.
(s) The
Founder Shares have been duly authorized and are validly issued, fully paid and non-assessable.
(t) The
capital stock of the Company, including the Units, conforms in all material respects to each description thereof, if any, contained
in the Registration Statement, the Pricing Disclosure Package and the Prospectus; and the certificates for the Units are in due
and proper form.
(u) The
Company has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement, the
Trust Agreement, the Warrant Agreement, the Securities Subscription Agreement, the Warrant Placement Agreement, the Registration
Rights Agreement, the Letter Agreement and the Administrative Services Agreement.
(v) This
Agreement has been duly and validly authorized, executed and delivered by the Company, and is a valid and binding agreement of
the Company, enforceable against the Company in accordance with its terms, except as the enforceability thereof may be limited
by bankruptcy, insolvency or similar laws affecting creditors’ rights generally from time to time in effect and by equitable
principles of general applicability.
(w) The
Trust Agreement has been duly authorized, executed and delivered by the Company, and is a valid and binding agreement of the Company,
enforceable against the Company in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy,
insolvency or similar laws affecting creditors’ rights generally from time to time in effect and by equitable principles
of general applicability.
(x) The
Warrant Agreement has been duly authorized, executed and delivered by the Company and is a valid and binding agreement of the Company,
enforceable against the Company in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy,
insolvency or similar laws affecting creditors’ rights generally from time to time in effect and by equitable principles
of general applicability.
(y) The
Securities Subscription Agreement has been duly authorized, executed and delivered by the Company and the Sponsor, and is a valid
and binding agreement of the Company and the Sponsor, enforceable against the Company and the Sponsor in accordance with its terms,
except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights
generally from time to time in effect and by equitable principles of general applicability.
(z) The
Warrant Placement Agreement has been duly authorized, executed and delivered by the Company and Sponsor, and is a valid and binding
agreement of the Company and Sponsor, enforceable against the Company and Sponsor, in accordance with its terms, except as the
enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally from
time to time in effect and by equitable principles of general applicability.
(aa) The Registration
Rights Agreement has been duly authorized, executed and delivered by the Company and the Sponsor, and is a valid and binding agreement
of the Company and the Sponsor, respectively, enforceable against the Company and the Sponsor, respectively, in accordance with
its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’
rights generally from time to time in effect and by equitable principles of general applicability.
(bb) The Letter
Agreement has been duly authorized, executed and delivered by the Company, the Sponsor and, to the Company’s knowledge, each
such executive officer and director, respectively, and is a valid and binding agreement of the Company, the Sponsor and, to the
Company’s knowledge, each such executive officer, director and director nominee, respectively, enforceable against the Company,
the Sponsor and, to the Company’s knowledge, each such executive officer, director and director nominee, respectively, in
accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting
creditors’ rights generally from time to time in effect and by equitable principles of general applicability.
(cc) The Administrative
Services Agreement has been duly authorized, executed and delivered by the Company, and is a valid and binding agreement of the
Company, enforceable against the Company in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy,
insolvency or similar laws affecting creditors’ rights generally from time to time in effect and by equitable principles
of general applicability.
(dd) The issuance
and sale of the Units and the Placement Warrants, the execution, delivery and performance by the Company of its obligations under
this Agreement, the Trust Agreement, the Warrant Agreement, the Securities Subscription Agreement, the Warrant Placement Agreement,
the Registration Rights Agreement, the Letter Agreement and the Administrative Services Agreement, the consummation of the transactions
contemplated hereby and the application of the proceeds from the sale of the Units and the Placement Warrants as described under
“Use of Proceeds” in the most recent Preliminary Prospectus will not (i) conflict with or result in a breach or violation
of any of the terms or provisions of, impose any lien, charge or encumbrance upon any property or assets of the Company, or constitute
a default under, any indenture, mortgage, deed of trust, loan agreement, license, lease or other agreement or instrument to which
the Company is a party or by which the Company is bound or to which any of the property or assets of the Company is subject; (ii)
result in any violation of the provisions of the Company’s Amended and Restated Certificate of Incorporation or Bylaws (or
similar organizational documents) of the Company; or (iii) result in any violation of any law, statute or any judgment, order,
decree, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its properties
or assets, except, with respect to clauses (i) and (iii), conflicts or violations that would not reasonably be expected to have
a Material Adverse Effect.
(ee) No consent,
approval, authorization or order of, or filing, registration or qualification with, any court or governmental agency or body having
jurisdiction over the Company or any of its properties or assets is required for the issue and sale of the Units, the execution,
delivery and performance by the Company of its obligations under this Agreement, the Trust Agreement, the Warrant Agreement, the
Securities Subscription Agreement, the Warrant Placement Agreement, the Registration Rights Agreement, the Letter Agreement and
the Administrative Services Agreement, the consummation of the transactions contemplated hereby, and the application of the proceeds
from the sale of the Units as described under “Use of Proceeds” in the most recent Preliminary Prospectus, except for
the registration of the Units under the Securities Act and such consents, approvals, authorizations, orders, filings, registrations
or qualifications as may be required under the Exchange Act and applicable state or foreign securities laws and/or the bylaws and
rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”) in connection with the purchase
and sale of the Units by the Underwriters.
(ff) The historical
financial statements (including the related notes and supporting schedules) included in the most recent Preliminary Prospectus
comply as to form in all material respects with the requirements of Regulation S-X under the Securities Act and present fairly
the financial condition, results of operations and cash flows of the entities purported to be shown thereby at the dates and for
the periods indicated and have been prepared in conformity with accounting principles generally accepted in the United States applied
on a consistent basis throughout the periods involved.
(gg) WithumSmith+Brown,
PC, who have certified certain financial statements of the Company, whose report appears in the most recent Preliminary Prospectus
and who have delivered the initial letter referred to in Section 7(f) hereof, are independent public accountants as required
by the Securities Act and the rules and regulations thereunder.
(hh) The Company
maintains internal accounting controls sufficient to provide reasonable assurances regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in
the United States, including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that
(i) transactions are executed in accordance with management’s general or specific authorization, (ii) transactions are recorded
as necessary to permit preparation of the Company’s financial statements in conformity with accounting principles generally
accepted in the United States and to maintain accountability for its assets, (iii) access to the Company’s assets is permitted
only in accordance with management’s general or specific authorization and (iv) the recorded accountability for the Company’s
assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
As of the date of the most recent balance sheet of the Company reviewed or audited by WithumSmith+Brown, PC and the audit committee
of the board of directors of the Company (the “Audit Committee”), there were no material weaknesses in
the Company’s internal controls.
(ii) (i)
The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act), (ii)
such disclosure controls and procedures are designed to ensure that the information is accumulated and communicated to management
of the Company, including its principal executive officers and principal financial officers, as appropriate, and (iii) such disclosure
controls and procedures are effective in all material respects to perform the functions for which they were established.
(jj) Since the date
of the most recent balance sheet of the Company reviewed or audited by WithumSmith+Brown, PC and the Audit Committee, (i) the Company
has not been advised of or become aware of (A) any significant deficiencies in the design or operation of internal controls that
could adversely affect the ability of the Company to record, process, summarize and report financial data, or any material weaknesses
in internal controls, or (B) any fraud, whether or not material, that involves management or other employees who have a significant
role in the internal controls of the Company; and (ii) there have been no significant changes in internal controls or in other
factors that could significantly affect internal controls, including any corrective actions with regard to significant deficiencies
and material weaknesses.
(kk) There is and
has been no failure on the part of the Company and any of the Company’s directors or officers, in their capacities as such,
to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith.
(ll) Since the date
of the latest audited financial statements included in the most recent Preliminary Prospectus, the Company has not (i) sustained
any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance,
or from any labor dispute or court or governmental action, order or decree (whether foreign or domestic), (ii) issued or granted
any securities, (iii) incurred any material liability or obligation, direct or contingent, other than liabilities and obligations
that were incurred in the ordinary course of business, (iv) entered into any material transaction not in the ordinary course of
business or (v) declared or paid any dividend on its capital stock, and since such date, there has not been any change in the capital
stock, long-term debt, total assets or total current liabilities of the Company or any adverse change, or any development involving
a prospective adverse change, in or affecting the condition (financial or otherwise), results of operations, stockholders’
equity, properties, management, business or prospects of the Company, in each case except as could not, in the aggregate, reasonably
be expected to have a Material Adverse Effect.
(mm) The Company
does not own any property (real or personal, excluding for the purposes of this Section 1(mm), the matters covered by Section
1(oo)); the property described in the Registration Statement, the Pricing Disclosure Package and the Prospectus as being available
for use by the Company is available for use thereby under a valid and enforceable agreement in accordance with its terms.
(nn) The Company
has such permits, licenses, franchises, certificates of need and other approvals or authorizations of governmental or regulatory
authorities (“Permits”) as are necessary under applicable law to own its properties and conduct its business
in the manner described in the most recent Preliminary Prospectus, except for any of the foregoing that could not, in the aggregate,
reasonably be expected to have a Material Adverse Effect. The Company has fulfilled and performed all of its obligations with respect
to the Permits, and no event has occurred that allows, or after notice or lapse of time would allow, revocation or termination
thereof or results in any other impairment of the rights of the holder or any such Permits, except for any of the foregoing that
could not reasonably be expected to have a Material Adverse Effect. The Company has not received notice of any revocation or modification
of any such Permits or has any reason to believe that any such Permits will not be renewed in the ordinary course.
(oo) The
Company does not own or possess any inventions, patent applications, patents, trademarks (whether registered or unregistered),
trade names, service names, copyrights, trade secrets or other proprietary information owned or licensed by it; the Company has
not infringed or is not infringing the intellectual property of a third party, and the Company has not received notice of a claim
by a third party to the contrary.
(pp) There are no
legal or governmental proceedings pending to which the Company or the Sponsor is a party or of which any property or assets of
the Company or the Sponsor is the subject that could, in the aggregate, reasonably be expected to have a Material Adverse Effect
or could, in the aggregate, reasonably be expected to have a Material Adverse Effect on the performance of this Agreement or the
consummation of the transactions contemplated hereby; and to the Company’s knowledge, no such proceedings are threatened
or contemplated by governmental authorities or others.
(qq) There are no
contracts or other documents required to be described in the Registration Statement or the most recent Preliminary Prospectus or
filed as exhibits to the Registration Statement that are not described and filed as required. The statements made in the most recent
Preliminary Prospectus, insofar as they purport to constitute summaries of the terms of the contracts and other documents described
and filed, constitute accurate summaries of the terms of such contracts and documents in all material respects. The Company does
not have knowledge that any other party to any such contract or other document has any intention not to render full performance
as contemplated by the terms thereof.
(rr) Other than
directors’ and officers’ liability insurance, the Company does not maintain any insurance covering its operations,
personnel and businesses; such directors’ and officers’ liability insurance is in full force and effect on the date
hereof and will be in full force and effect at the time of purchase and each additional time of purchase, if any; the Company does
not have reason to believe that it will not be able to (i) renew any such insurance as and when such insurance expires or (ii)
obtain comparable coverage from similar institutions.
(ss) No relationship,
direct or indirect, exists between or among the Company, on the one hand, and the directors, officers, stockholders, customers
or suppliers of the Company, on the other hand, that is required to be described in the most recent Preliminary Prospectus which
is not so described.
(tt) No labor disturbance
by or dispute with the employees of the Company exists or, to the knowledge of the Company, is imminent that could reasonably be
expected to have a Material Adverse Effect.
(uu) The Company
(i) is not in violation of its Amended and Restated Certificate of Incorporation or Bylaws (or similar organizational documents),
(ii) is not in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default,
in the due performance or observance of any term, covenant, condition or other obligation contained in any indenture, mortgage,
deed of trust, loan agreement, license or other agreement or instrument to which it is a party or by which it is bound or to which
any of its properties or assets is subject, (iii) is not in violation of any law, statute or any order, rule or regulation of any
court or governmental agency or body having jurisdiction over it or its property or assets or its own privacy policies and (iv)
has not failed to obtain any license, permit, certificate, franchise or other governmental authorization or permit necessary to
the ownership of its property or to the conduct of its business, except in the case of clauses (ii), (iii) and (iv), to the extent
any such conflict, breach, violation or default could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.
(vv) Except as described
in the most recent Preliminary Prospectus, (i) there are no proceedings that are pending, or known to be contemplated, against
the Company under any applicable laws, regulations, ordinances, rules, orders, judgments, decrees, permits or other legal requirements
of any governmental authority, including without limitation any national, state, regional or local authority, relating to pollution,
the protection of human health or safety (to the extent such health and safety relates to exposure to hazardous or toxic substances
or wastes, pollutants or contaminants), the environment (including natural resources), or the use, handling, storage, manufacturing,
transportation, treatment, discharge, disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants
(“Environmental Laws”) in which a governmental authority is also a party, other than such proceedings
regarding which it is reasonably believed no monetary sanctions of $100,000 or more will be imposed, (ii) the Company is in compliance
with Environmental Laws, including with respect to liabilities or other obligations under Environmental Laws or concerning hazardous
or toxic substances or wastes, pollutants or contaminants, except for any such matter as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect and (iii) the Company does not anticipate capital expenditures relating
to Environmental Laws that would, individually or in the aggregate, have a Material Adverse Effect.
(ww) Except as would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Company has (i) filed all
U.S. federal, state and local and non-U.S. tax returns required to be filed by it through the date hereof, subject to permitted
extensions, and (ii) has paid all taxes due and payable by it except for any such tax that is currently being contested in good
faith.
(xx) The
statistical and market-related data included in the most recent Preliminary Prospectus and the financial statements of the Company
included in the most recent Preliminary Prospectus are based on or derived from sources that the Company believes to be reliable
in all material respects.
(yy) The Company
is not, and as of the applicable Delivery Date and, after giving effect to the offer and sale of the Units and the application
of the proceeds therefrom as described under “Use of Proceeds” in the most recent Preliminary Prospectus and the Prospectus,
will not be, an “investment company” or a company “controlled” by an “investment company” within
the meaning of the Investment Company Act of 1940, as amended (the “Investment Company Act”), and the
rules and regulations of the Commission thereunder. Furthermore, once the Company consummates a Business Combination,
it will be engaged in a business other than that of investing, reinvesting, owning, holding or trading securities.
(zz) The statements
set forth in each of the most recent Preliminary Prospectus and the Prospectus under the captions “Description of Securities,”
“United States Federal Income Tax Considerations,” “Certain Relationships and Related Party Transactions”
and “Principal Stockholders,” insofar as they purport to summarize the provisions of the laws and documents referred
to therein, are accurate summaries in all material respects.
(aaa) Except as
described in the most recent Preliminary Prospectus, there are no contracts, agreements or understandings between the Company and
any person granting such person the right to require the Company to file a registration statement under the Securities Act with
respect to any securities of the Company owned or to be owned by such person or to require the Company to include such securities
in the securities registered pursuant to the Registration Statement or in any securities being registered pursuant to any other
registration statement filed by the Company under the Securities Act.
(bbb) The Company
has not sold or issued any securities that would be integrated with the Offering pursuant to the Securities Act, the rules and
regulations thereunder or the interpretations thereof by the Commission.
(ccc) Neither the
Company nor the Sponsor nor any of their respective directors or officers, affiliates or controlling persons has taken, directly
or indirectly, any action designed to constitute, or that has constituted or that could reasonably be expected to cause or result
in the stabilization or manipulation of the price of any security of the Company in connection with the Offering.
(ddd) The Units
have been approved for listing, subject to official notice of issuance and evidence of satisfactory distribution, on the Nasdaq
Capital Market (the “Nasdaq”).
(eee) The Company
has not distributed and, prior to the later to occur of any Delivery Date and completion of the distribution of the Units, will
not distribute any offering material in connection with the Offering other than any Preliminary Prospectus and the Prospectus.
(fff) The Company
is not in violation of and has not received notice of any violation with respect to any federal or state law relating to discrimination
in the hiring, promotion or pay of employees, nor any applicable federal or state wage and hour laws, nor any state law precluding
the denial of credit due to the neighborhood in which a property is situated, the violation of any of which could reasonably be
expected to have a Material Adverse Effect.
(ggg) None of the
Company, the Sponsor, any director, director nominee, officer, or, to the knowledge of the Company after reasonable inquiry, any
agent, employee, affiliate or other person associated with or acting on behalf of the Company has in the course of its actions
for, or on behalf of, the Company: (i) made any unlawful contribution, gift or other unlawful expense relating to political activity;
(ii) made any direct or indirect bribe, kickback, rebate, payoff, influence payment, or otherwise unlawfully provided anything
of value, to any “foreign official” (as defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (collectively,
the “FCPA”)) or domestic government official; or (iii) violated or is in violation of any provision of
the FCPA, the Bribery Act 2010 of the United Kingdom, as amended (the “Bribery Act 2010”), or any other
applicable anti-bribery and anti-corruption statute or regulation. The Company, the Sponsor, the Company’s directors and
officers, and, to the knowledge of the Company, the Company’s agents, employees and affiliates, have conducted their respective
businesses in compliance with the FCPA, the Bribery Act 2010 and all other applicable anti-bribery and anti-corruption statutes
and regulations, and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected
to ensure, continued compliance therewith.
(hhh) The operations
of the Company and the Sponsor and its affiliates are and have been conducted at all times in compliance with applicable financial
recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money
laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or
guidelines, that have been issued, administered or enforced by any governmental agency (collectively, the “Money Laundering
Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any
arbitrator or non-governmental authority involving the Company with respect to the Money Laundering Laws is pending or, to the
knowledge of the Company, threatened.
(iii) None
of the Company, the Sponsor, any director, director nominee or officer, or to the knowledge of the Company, any agent, employee
or affiliate of the Company is: (i) currently subject to or the target of any sanctions administered or enforced by the Office
of Foreign Assets Control of the U.S. Treasury Department (“OFAC”), the U.S. Department of State, the
United Nations Security Council (“UNSC”), the European Union (“EU”), Her Majesty’s
Treasury (“HMT”) or other relevant sanctions authority (collectively, “Sanctions”);
or (ii) located, organized or resident in a country or territory that is the subject or target of Sanctions (including, without
limitation, Cuba, Iran, North Korea, Syria and Crimea); and the Company will not directly or indirectly use the proceeds of the
Offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person
or entity, for the purpose of financing or facilitating the activities of any person, or in any country or territory, that currently
is the subject or target of Sanctions or in any other manner that will result in a violation by any person (including any person
participating in the transaction whether as an underwriter, advisor, investor or otherwise) of Sanctions. The Company has not knowingly
engaged in for the past five years, is not now knowingly engaged in, and will not engage in, any dealings or transactions with
any individual or entity, or in any country or territory, that at the time of the dealing or transaction, is or was the subject
or target of Sanctions.
(jjj) The Company
acknowledges that, in accordance with the requirements of the USA Patriot Act, the Underwriters are required to obtain, verify
and record information that identifies their respective clients, including the Company, which information may include the name
and address of their respective clients, as well as other information that will allow the Underwriters to properly identify their
respective clients.
(kkk) All information
contained in the questionnaires (the “Questionnaires”) completed by the Sponsor and, to the knowledge
of the Company, the Company’s officers, directors and director nominees and provided to the Underwriters is true and correct
and the Company has not become aware of any information that would cause the information disclosed in the Questionnaires completed
by the Sponsor or the Company’s officers, directors and director nominees to become inaccurate and incorrect.
(lll) Prior to the
date hereof, the Company has not selected any specific Business Combination target and has not, nor, to its knowledge, has anyone
on its behalf, initiated any substantive discussions, directly or indirectly, with any Business Combination target with respect
to a Business Combination with the Company.
(mmm) There is
and has been no failure on the part of the Company to, or to the knowledge of the Company after reasonable inquiry, any of the
Company’s officers or directors, in their capacities as such, to comply with (as and when applicable) and immediately following
the Effective Date the Company and, to the knowledge of the Company after reasonable inquiry, the officers or directors of the
Company, in their capacities as such, will be in compliance with, the phase-in provisions of the rules and regulations of the Nasdaq
and all other provisions of the Nasdaq corporate governance requirements set forth in the Nasdaq Marketplace Rules.
(nnn) The issuance
and sale of the Units as contemplated hereby will not cause any holder of any shares of capital stock, securities convertible into
or exchangeable or exercisable for capital stock or options, warrants or other rights to purchase capital stock or any other securities
of the Company to have any right to acquire any shares of preferred stock of the Company.
(ooo) Except
pursuant to this Agreement, the Company has not incurred any liability for any finder’s or broker’s fee or agent’s
commission in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated
hereby or by the Registration Statement.
(ppp) To the Company’s
knowledge after reasonable inquiry, there are no affiliations or associations between (i) any member of FINRA and (ii) the Company
or any of the Company’s officers, directors or 10% or greater security holders or any beneficial owner of the Company’s
unregistered equity securities that were acquired at any time on or after the 180th day immediately preceding the date the Registration
Statement was initially filed with the Commission, except as disclosed in the Registration Statement (excluding the exhibits thereto),
the Pricing Disclosure Package and the Prospectus.
(qqq) To the Company’s
knowledge, (i) there has been no security breach or other compromise of or relating to any of the Company’s information technology
and computer systems, networks, hardware, software, data (including the data of its customers, employees, suppliers, vendors and
any third-party data maintained by or on behalf of the Company), equipment or technology (collectively, “IT Systems
and Data”), (ii) the Company has not been notified of, and there has been no event or condition that would reasonably
be expected to result in, any security breach or other compromise to its IT Systems and Data, (iii) the Company is presently in
compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or
governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT
Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification,
and (iv) the Company has implemented security, backup and disaster recovery technology consistent with industry standards and practices.
(rrr) The Company
has no debt securities or preferred stock that is rated by any “nationally recognized statistical rating organization”
(as that term is defined by the Commission in Section 3(a)(62) of the Exchange Act).
Any certificate signed
by any officer of the Company and delivered to the Representative or counsel for the Underwriters in connection with the Offering
shall be deemed to be a representation and warranty by the Company, as to matters covered thereby, to each Underwriter.
2. Purchase
of the Units by the Underwriters. On the basis of the representations, warranties and covenants contained in, and subject to
the terms and conditions of, this Agreement, the Company agrees to sell 13,000,000 Firm Units to the several Underwriters, and
each of the Underwriters, severally and not jointly, agrees to purchase the number of Firm Units set forth opposite that Underwriter’s
name in Schedule I hereto. The respective purchase obligations of the Underwriters with respect to the Firm Units shall
be rounded among the Underwriters to avoid fractional units, as the Representative may determine.
In addition, the Company
grants to the Underwriters the option (the “Over-Allotment Option”) to purchase up to 1,950,000 Additional
Units. Such Over-Allotment Option is exercisable in the event that the Underwriters sell more units than the number of Firm Units
in the Offering and as set forth in Section 4 hereof. Each Underwriter agrees, severally and not jointly, to purchase the
number of Additional Units (subject to such adjustments to eliminate fractional shares as the Representative may determine) that
bears the same proportion to the total number of Additional Units to be sold on such Delivery Date as the number of Firm Units
set forth in Schedule I hereto opposite the name of such Underwriter bears to the total number of Firm Units.
The purchase price payable
by the Underwriters for both Firm Units and Additional Units is $9.80 per Unit (the “Purchase Price”).
The Company is not obligated
to deliver any of the Firm Units or Additional Units to be delivered on the applicable Delivery Date, except upon payment for all
such Units to be purchased on such Delivery Date as provided herein.
In addition to the discount
from the public offering price represented by the Purchase Price set forth above, the Company hereby agrees to pay to the Underwriters
a deferred discount of $0.35 per Unit (including both Firm Units and Additional Units) (the “Deferred Discount”),
subject to Section 5(nn) herein. The Underwriters hereby agree that if no Business Combination is consummated within the
time period provided in the Trust Agreement and the funds held under the Trust Agreement are distributed to the holders of the
Common Stock included in the Units sold pursuant to this Agreement (the “Public Stockholders”), (a) the
Underwriters will forfeit any rights or claims to the Deferred Discount and (b) the trustee under the Trust Agreement is authorized
to distribute the Deferred Discount to the Public Stockholders on a pro rata basis
3. Offering
of Units by the Underwriters. Upon authorization by the Representative of the release of the Firm Units, the several Underwriters
propose to offer the Firm Units for sale upon the terms and conditions to be set forth in the Prospectus.
4. Delivery
of and Payment for the Units. Delivery of and payment for the Firm Units (including the Deferred Discount) shall be made at
10:00 A.M., New York City time, on the second full business day following the date of this Agreement or at such other date or place
as shall be determined by agreement between the Representative and the Company. This date and time are sometimes referred to as
the “Initial Delivery Date.” Delivery of the Firm Units shall be made to the Representative for the account
of each Underwriter against payment by the several Underwriters through the Representative and of the aggregate purchase price
of the Firm Units being sold by the Company to or upon the order of the Company of the purchase price by wire transfer in immediately
available funds to the accounts specified by the Company. Time shall be of the essence, and delivery at the time and place specified
pursuant to this Agreement is a further condition of the obligation of each Underwriter hereunder. The Company shall deliver the
Firm Units through the facilities of DTC unless the Representative shall otherwise instruct.
The Over-Allotment Option
will expire 45 days after the date of this Agreement and may be exercised in whole or from time to time in part by written notice
being given to the Company by the Representative; provided that if such date falls on a day that is not a business day,
the Over-Allotment Option will expire on the next succeeding business day. Such notice shall set forth the aggregate number of
Additional Units as to which the Over-Allotment Option is being exercised, the names in which the Additional Units are to be registered,
the denominations in which the Additional Units are to be issued and the date and time, as determined by the Representative, when
the Additional Units are to be delivered; provided, however, that this date and time shall not be earlier than the Initial
Delivery Date nor earlier than the second business day after the date on which the Over-Allotment Option shall have been exercised
nor later than the fifth business day after the date on which the Over-Allotment Option shall have been exercised. Each date and
time the Additional Units are delivered is sometimes referred to as an “Additional Unit Delivery Date,”
and the Initial Delivery Date and any Additional Unit Delivery Date are sometimes each referred to as a “Delivery Date.”
Delivery of the Additional
Units by the Company and payment for the Additional Units (including the Deferred Discount) by the several Underwriters through
the Representative shall be made at 10:00 A.M., New York City time, on the date specified in the corresponding notice described
in the preceding paragraph or at such other date or place as shall be determined by agreement between the Representative and the
Company. On each Additional Unit Delivery Date, the Company shall deliver, or cause to be delivered, the Additional Units, to the
Representative for the account of each Underwriter, against payment by the several Underwriters through the Representative and
of the respective aggregate purchase prices of the Additional Units being sold by the Company to or upon the order of the Company
of the purchase price by wire transfer in immediately available funds to the accounts specified by the Company. Time shall be of
the essence, and delivery at the time and place specified pursuant to this Agreement is a further condition of the obligation of
each Underwriter hereunder. The Company shall deliver the Additional Units through the facilities of DTC unless the Representative
shall otherwise instruct.
5. Further
Agreements of the Company and the Underwriters. The Company agrees:
(a) To
prepare the Prospectus in a form approved by the Representative and to file such Prospectus pursuant to Rule 424(b) under the Securities
Act not later than the Commission’s close of business on the second business day following the execution and delivery of
this Agreement; to make no further amendment or any supplement to the Registration Statement or the Prospectus prior to the last
Delivery Date except as provided herein; to advise the Representative, promptly after it receives notice thereof, of the time when
any amendment or supplement to the Registration Statement, the Exchange Act Registration Statement or the Prospectus has been filed
and to furnish the Representative with copies thereof; to advise the Representative, promptly after it receives notice thereof,
of the issuance by the Commission of any stop order or of any order preventing or suspending the use of the Prospectus, of the
suspension of the qualification of the Units for offering or sale in any jurisdiction, of the initiation or threatening of any
proceeding or examination for any such purpose, or any notice from the Commission objecting to the use of the form of Registration
Statement or any post-effective amendment thereto, or of any request by the Commission for the amending or supplementing of the
Registration Statement, the Exchange Act Registration Statement or the Prospectus or for additional information; and, in the event
of the issuance of any stop order or of any order preventing or suspending the use of the Prospectus or suspending any such qualification,
to use promptly its best efforts to obtain its withdrawal.
(b) To
furnish promptly to the Representative and to counsel for the Underwriters a signed copy of the Registration Statement as originally
filed with the Commission, and each amendment thereto filed with the Commission, including all consents and exhibits filed therewith.
(c) To
deliver promptly to the Representative such number of the following documents as the Representative shall reasonably request: (A)
conformed copies of the Registration Statement as originally filed with the Commission and each amendment thereto (in each case
excluding exhibits other than this Agreement and the computation of per share earnings) and (B) each Preliminary Prospectus, the
Prospectus and any amended or supplemented Prospectus; and, if the delivery of a prospectus is required at any time after the date
hereof in connection with the Offering or any other securities relating thereto and if at such time any events shall have occurred
as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made when such Prospectus is delivered, not misleading, or, if for any other reason it shall be necessary to amend or supplement
the Prospectus in order to comply with the Securities Act, to notify the Representative and, upon its request, to file such document
and to prepare and furnish without charge to each Underwriter and to any dealer in securities as many copies as the Representative
may from time to time reasonably request of an amended or supplemented Prospectus that will correct such statement or omission
or effect such compliance.
(d) To
file promptly with the Commission any amendment or supplement to the Registration Statement or the Prospectus that may, in the
judgment of the Company or the Representative, be required by the Securities Act or requested by the Commission.
(e) Prior
to filing with the Commission any amendment or supplement to the Registration Statement or the Prospectus, to furnish a copy thereof
to the Representative and counsel for the Underwriters and obtain the consent of the Representative to the filing.
(f) Not
to make any offer relating to the Units that constitutes or would constitute a Free Writing Prospectus or a portion thereof required
to be filed by the Company with the Commission or retained by the Company under Rule 433 of the Securities Act.
(g) As
soon as practicable after the Effective Date (it being understood that the Company shall have until at least 410 days or, if the
fourth quarter following the fiscal quarter that includes the Effective Date is the last fiscal quarter of the Company’s
fiscal year, 455 days after the end of the Company’s current fiscal quarter), to make generally available to the Company’s
security holders and to deliver to the Representative an earnings statement of the Company (which need not be audited) complying
with Section 11(a) of the Securities Act and the rules and regulations thereunder (including, at the option of the Company, Rule
158).
(h) Promptly
from time to time to take such action as the Representative may reasonably request to qualify the Units for offering and sale under
the securities or Blue Sky laws of Canada and such other jurisdictions as the Representative may request and to comply with such
laws so as to permit the continuance of sales and dealings therein in such jurisdictions for as long as may be necessary to complete
the distribution of the Units; provided, that in connection therewith the Company shall not be required to (A) qualify as
a foreign corporation in any jurisdiction in which it would not otherwise be required to so qualify, (B) file a general consent
to service of process in any such jurisdiction, or (C) subject itself to taxation in any jurisdiction in which it would not otherwise
be subject.
(i) Beginning
on the date hereof and ending on, and including, the date that is 180 days after the date of the Prospectus (the “Lock-Up
Period”), without the prior written consent of the Representative, not to (x) (i) issue, sell, offer to sell, contract
or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or
indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning
of Section 16 of the Exchange Act and the rules and regulations of the Commission promulgated thereunder, with respect to, any
Unit, share of Common Stock, share of Class B common stock, par value $0.0001 per share, Warrant or any other securities of the
Company that are substantially similar to the foregoing, or any securities convertible into or exchangeable or exercisable for,
or any warrants or other rights to purchase, the foregoing, (ii) file, confidentially submit or cause to become effective a registration
statement under the Securities Act relating to the offer and sale of any Unit or any other securities of the Company that are substantially
similar to the Units, or any securities convertible into or exchangeable or exercisable for, or any warrants or other rights to
purchase, the foregoing, (iii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of
the economic consequences of ownership of Units, shares of Common Stock, share of Class B common stock, par value $0.0001 per share,
Warrants or any other securities of the Company that are substantially similar to the foregoing, or any securities convertible
into or exchangeable or exercisable for, or any warrants or other rights to purchase, the foregoing, whether any such transaction
is to be settled by delivery of such security or such other securities, in cash or otherwise or (iv) publicly announce an intention
to effect any transaction specified in clause (i), (ii) or (iii), except, in each case, that the Company may (A) issue and sell
the Placement Warrants, (B) issue and sell the Additional Units on exercise of the Over-Allotment Option, (C) register with the
Commission pursuant to the Registration Rights Agreement, in accordance with the terms of the Registration Rights Agreement, the
resale of the Founder Shares and the Placement Warrants and warrants that may be issued upon conversion of working capital loans
(and any shares of Common Stock issued or issuable upon the exercise of any such Placement Warrants or Working Capital Warrants
and upon conversion of the Founder Shares) and (D) issue securities in connection with a Business Combination or (y) release the
Sponsor or any officer, director or director nominee from the 180-day lock-up contained in the Letter Agreement or amend such lock-up
provision.
(j) At
least one business day prior to the Delivery Date, the Company shall cause the purchase price for the Placement Warrants to be
deposited into the Trust Account such that the cumulative amount deposited in the Trust Account as of such Delivery Date shall
equal the product of the number of Units issued in the Offering as of such Delivery Date and the public offering price per Unit
as set forth on the cover of the Prospectus.
(k) To
apply the net proceeds from the sale of the Units and the Placement Warrants received by it substantially in accordance with the
description as set forth in the Prospectus under the caption “Use of Proceeds.”
(l) To
file with the Commission such information on Form 10-Q or Form 10-K as may be required by Rule 463 under the Securities Act.
(m) If
the Company elects to rely upon Rule 462(b) under the Securities Act, the Company shall file a Rule 462(b) Registration Statement
with the Commission in compliance with Rule 462(b) under the Securities Act by 10:00 P.M., Washington, D.C. time, on the date of
this Agreement, and the Company shall at the time of filing pay the Commission the filing fee for the Rule 462(b) Registration
Statement.
(n) The
Company will promptly notify the Representative if the Company ceases to be an Emerging Growth Company at any time prior to the
later of (A) the time when a prospectus relating to the offering or sale of the Units or any other securities relating thereto
is not required by the Securities Act to be delivered (whether physically or through compliance with Rule 172 under the Securities
Act or any similar rule) and (B) completion of the Lock-Up Period.
(o) If
at any time following the distribution of any Written Testing-the-Waters Communication there occurred or occurs an event or development
as a result of which such Written Testing-the-Waters Communication included or would include an untrue statement of a material
fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made at that subsequent time, not misleading, the Company will promptly notify the Representative and will
promptly amend or supplement, at its own expense, such Written Testing-the-Waters Communication to eliminate or correct such untrue
statement or omission. The Company will promptly notify the Representative of (i) any distribution by the Company of Written Testing-the-Waters
Communications and (ii) any request by the Commission for information concerning the Written Testing-the-Waters Communications.
(p) The
Company and its affiliates will not take, directly or indirectly, any action designed to or that has constituted or that reasonably
would be expected to cause or result in the stabilization or manipulation of the price of any security of the Company in connection
with the offering of the Units.
(q) The
Company will do and perform all things required or necessary to be done and performed under this Agreement by it prior to each
Delivery Date, and to satisfy all conditions precedent to the Underwriters’ obligations hereunder to purchase the Units.
(r) The
Company will deliver to each Underwriter (or its agent), on or prior to the date of execution of this Agreement, a properly completed
and executed Certification Regarding Beneficial Owners of Legal Entity Customers or applicable exemption certificate (the “FinCEN
Certification”), together with copies of identifying documentation, of the Company and the Company undertakes to
provide such additional supporting documentation as each Underwriter may reasonably request in connection with the verification
of the FinCEN Certification.
(s) For
a period commencing on the Effective Date and ending at least five years from the date of the consummation of the Business Combination
or until such earlier time at which the Liquidation (as defined below) occurs, the Company will use its best efforts to maintain
the registration of the Units, Common Stock and Warrants under the provisions of the Exchange Act, except, in the case of the Units,
after the completion of a Business Combination; the Company will not deregister the Units, Common Stock or Warrants under the Exchange
Act (except, in the case of the Units, after the completion of a Business Combination) without the prior written consent of the
Representative; “Liquidation” means the distributions of the Trust Account to the Public Stockholders
in connection with the redemption of Common Stock held by the Public Stockholders pursuant to the terms of the Amended and Restated
Certificate of Incorporation if the Company fails to consummate a Business Combination.
(t) The
Company shall, on the date hereof, retain its independent registered public accounting firm to audit the balance sheet of the Company
as of the time of purchase (the “Audited Balance Sheet”) reflecting the receipt by the Company of the
proceeds of the Offering at the time of purchase; as soon as the Audited Balance Sheet becomes available, the Company shall promptly,
but not later than four business days after the time of purchase, file a Current Report on Form 8-K with the Commission, which
Report shall contain the Company’s Audited Balance Sheet; additionally, upon the Company’s receipt of the proceeds
from the exercise of all or any portion of the Over-Allotment Option, the Company shall promptly, but not later than four business
days after the receipt of such proceeds, file a Current Report on Form 8-K with the Commission, which report shall disclose the
Company’s sale of the Additional Units and its receipt of the proceeds therefrom.
(u) For
a period commencing on the Effective Date and ending at least five years from the date of the consummation of the Business Combination
or until such earlier time at which the Liquidation occurs or the Common Stock and Warrants cease to be publicly traded, the Company,
at its expense, shall cause its regularly engaged independent registered public accounting firm to review (but not audit) the Company’s
financial statements for each of the first three fiscal quarters of the year prior to the announcement of quarterly financial information,
the filing of the Company’s Quarterly Report on Form 10-Q and the mailing, if any, of quarterly financial information to
shareholders.
(v) For
a period commencing on the Effective Date and ending at least five years from the date of the consummation of the Business Combination
or until such earlier time at which the Liquidation occurs, the Company shall, to the extent such information or documents are
not otherwise publicly available, upon written request from any Representative, furnish to the Representative copies of such financial
statements and other periodic and special reports as the Company from time to time furnishes generally to holders of any class
of securities, and promptly furnish to the Representative: (i) a copy of such registration statements, financial statements and
periodic and special reports as the Company shall be required to file with the Commission and from time to time furnishes generally
to holders of any such class of its securities; and (ii) such additional documents and information with respect to the Company
and the affairs of any future subsidiaries of the Company as any Underwriter may from time to time reasonably request, all subject
to the execution of a satisfactory confidentiality agreement.
(w) For
a period commencing on the Effective Date and ending at least five years from the date of the consummation of the Business Combination
or until such earlier time at which the Liquidation occurs or the Common Stock and Warrants cease to be publicly traded, the Company
shall retain a warrant agent.
(x) The
Company will not consummate a Business Combination with any entity that is affiliated with the Sponsor or any of the Company’s
officers or directors unless it obtains an opinion from an independent investment banking firm or another independent entity that
commonly renders valuation opinions that such Business Combination is fair to the Company’s shareholders from a financial
point of view; other than as set forth in the subsection of the Registration Statement titled “Summary – Limited payments
to insiders,” the Company shall not pay the Sponsor or its affiliates or any of the Company’s executive officers, directors
or any of their respective affiliates any fees or compensation for services rendered to the Company prior to, or in connection
with, the consummation of a Business Combination.
(y) For
a period of 90 days following the Effective Date, in the event any person or entity (regardless of any FINRA affiliation or association)
is engaged to assist the Company in its search for a merger candidate or to provide any other merger and acquisition services,
or has provided or will provide any investment banking, financial, advisory and/or consulting services to the Company, the Company
agrees that it shall promptly provide to FINRA (via a FINRA submission), the Representative and counsel for the Underwriters a
notification prior to entering into the agreement or transaction relating to a potential Business Combination containing: (i) the
identity of the person or entity providing any such services; (ii) complete details of all such services and copies of all agreements
governing such services prior to entering into the agreement or transaction; and (iii) justification as to why the value received
by any person or entity for such services is not underwriting compensation for the Offering; the Company also agrees that proper
disclosure of such arrangement or potential arrangement will be made in the tender offer materials or proxy statement, as applicable,
which the Company may file in connection with the Business Combination for purposes of offering redemption of shares held by its
shareholders or for soliciting shareholder approval, as applicable.
(z) The
Company shall advise FINRA, the Representative and counsel for the Underwriters if the Company is aware that any 10% or greater
shareholder of the Company becomes an affiliate or associated person of a member of FINRA participating in the distribution of
the Company’s securities.
(aa) The Company shall cause the proceeds
of the Offering and the sale of the Placement Warrants required to be held in the Trust Account to be invested only in United States
government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7
under the Investment Company Act as set forth in the Trust Agreement and disclosed in the Preliminary Prospectus and the Prospectus;
the Company will otherwise conduct its business in a manner so that it will not become subject to the Investment Company Act.
(bb) During the period prior to the Company’s
initial Business Combination or the Liquidation, the Company may instruct the trustee under the Trust Agreement to release from
the Trust Account, solely from interest income earned on the funds held in the Trust Account, the amounts necessary to pay taxes;
otherwise, all funds held in the Trust Account (including any interest income earned on the amounts held in the Trust Account (which
interest shall be net of taxes payable)) will remain in the Trust Account until the earlier of the consummation of the Company’s
initial Business Combination or the Liquidation; provided, however, that in the event of the Liquidation, up to $100,000
of interest income may be released to the Company if the proceeds of the Offering held outside of the Trust Account are not sufficient
to cover the costs and expenses associated with implementing the Company’s plan of dissolution.
(cc) The Company agrees not amend, modify
or otherwise change the Warrant Agreement, the Trust Agreement, the Warrant Subscription Agreement, the Registration Rights Agreement
and the Letter Agreement without the prior written consent of the Representative. Furthermore, the Trust Agreement shall provide
that the trustee is required to obtain a joint written instruction signed by both the Company and the Representative with respect
to the transfer of the funds held in the Trust Account from the Trust Account, prior to commencing any liquidation of the assets
of the Trust Account in connection with the consummation of any Business Combination, and such provision of the Trust Agreement
shall not be permitted to be amended without the prior written consent of the Representative.
(dd) The Company will reserve and keep
available the maximum number of its authorized but unissued Common Stock that are issuable upon the exercise of any of the Warrants
outstanding from time to time.
(ee) Prior to the consummation of a Business
Combination or the Liquidation, the Company shall not issue any shares of Common Stock, Warrants or any options or other securities
convertible into or exercisable or exchangeable for Common Stock, or any shares of preferred stock, in each case, that participate
in any manner in the Trust Account or that vote as a class with the Common Stock on a Business Combination as described in the
Registration Statement.
(ff) The Company’s independent
directors will review on a quarterly basis all payments made to the Sponsor, to the Company’s officers or directors, or to
the Company’s or any of such other persons’ respective affiliates.
(gg) The Company agrees that it will
use commercially reasonable efforts to prevent the Company from becoming subject to Rule 419 under the Securities Act prior to
the consummation of any Business Combination, including, but not limited to, using its best efforts to prevent any of the Company’s
outstanding securities from being deemed to be a “penny stock” as defined in Rule 3a-51-1 under the Exchange Act during
such period.
(hh) To the extent required by Rule 13a-15(e)
under the Exchange Act, the Company will maintain “disclosure controls and procedures” (as defined under Rule 13a-15(e)
under the Exchange Act) and a system of internal accounting controls sufficient to provide reasonable assurances that (i) transactions
are executed in accordance with management’s general or specific authorization, (ii) transactions are recorded as necessary
in order to permit preparation of financial statements in accordance with GAAP and to maintain accountability for assets, (iii)
access to assets is permitted only in accordance with management’s general or specific authorization and (iv) the recorded
accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect
to any differences.
(ii) As
soon as legally required to do so, the Company and its directors and officers, in their capacities as such, shall take all actions
necessary to comply with any provision of the Sarbanes-Oxley Act of 2002, as amended, including Section 402 related to loans and
Sections 302 and 906 related to certifications, and to comply with the rules and regulations of the Nasdaq.
(jj) The Company shall not take any action
or omit to take any action that would cause the Company to be in breach or violation of its Amended and Restated Certificate of
Incorporation, as may be amended, or its Bylaws, as may be amended.
(kk) The Company will seek to have all
vendors, service providers (other than its independent auditors), prospective target businesses, lenders or other entities with
which it does business enter into agreements waiving any right, title, interest or claim of any kind in or to any monies held in
the Trust Account for the benefit of the Public Stockholders. If any third party refuses to execute an agreement waiving such claims
to the monies held in the Trust Account, prior to the consummation of the initial Business Combination, the Company’s management
will consider whether competitive alternatives are reasonably available and will only enter into an agreement with a third party
that has not executed such waiver if the Company’s management shall have determined that such third party’s engagement
would be significantly more beneficial to the Company than any alternative.
(ll) The Company may consummate the initial
Business Combination and conduct redemptions of shares of Common Stock for cash upon consummation of such Business Combination
without a stockholder vote pursuant to Rule 13e-4 and Regulation 14E under the Exchange Act, including the filing of tender offer
documents with the Commission; such tender offer documents will contain substantially the same financial and other information
about the initial Business Combination and the redemption rights as is required under the Commission’s proxy rules and will
provide each stockholder of the Company with the opportunity prior to the consummation of the initial Business Combination to redeem
the shares of Common Stock held by such stockholder for an amount of cash per share equal to (i) the aggregate amount then on deposit
in the Trust Account as of two business days prior to the consummation of the initial Business Combination, representing (A) the
net proceeds held in the Trust Account from the Offering and the sale of the Placement Warrants and (B) any interest income earned
on the funds held in the Trust Account not previously released to pay taxes, divided by (ii) the total number of shares of Common
Stock sold as part of the Units in the Offering (the “Public Shares”) then outstanding; if, however,
the Company elects not to file such tender offer documents, a stockholder vote is required by law in connection with the initial
Business Combination, or the Company decides to hold a stockholder vote for business or other legal reasons, the Company will submit
such Business Combination to the Company’s stockholders for their approval (“Business Combination Vote”);
with respect to the initial Business Combination Vote, if any, the Sponsor and each of the Company’s directors and officers
party to the Letter Agreement has agreed to vote all of their respective Founder Shares and any other shares of Common Stock purchased
during or after the Offering in favor of the Company’s initial Business Combination; if the Company seeks stockholder approval
of the initial Business Combination, the Company will offer to each Public Stockholder holding shares of Common Stock the right
to have its shares of Common Stock redeemed in conjunction with a proxy solicitation pursuant to the proxy rules of the Commission
at a per share redemption price (the “Redemption Price”) equal to (i) the aggregate amount then on deposit
in the Trust Account as of two business days prior to the consummation of the initial Business Combination, representing (A) the
net proceeds held in the Trust Account from the Offering and the sale of the Placement Warrants and (B) any interest income earned
on the funds held in the Trust Account not previously released to pay taxes, divided by (ii) the total number of Public Shares
then outstanding; if the Company seeks stockholder approval of the initial Business Combination, the Company may proceed with such
Business Combination only if a majority of the outstanding shares voted by the stockholders at a duly-held stockholders meeting
are voted to approve such Business Combination; if, after seeking and receiving such stockholder approval, the Company elects to
so proceed, it will redeem shares of Common Stock, at the Redemption Price, from those Public Stockholders who affirmatively requested
such redemption; only Public Stockholders holding shares of Common Stock who properly exercise their redemption rights, in accordance
with the applicable tender offer or proxy materials related to such Business Combination, shall be entitled to receive distributions
from the Trust Account in connection with an initial Business Combination, and the Company shall pay no distributions with respect
to any other holders of shares of capital stock of the Company in connection therewith; in the event that the Company does not
effect a Business Combination by 24 months from the closing of the Offering or during any extended time that the Company has to
consummate a business combination beyond 24 months as a result of a stockholder vote to amend its certificate of incorporation
(an “Extension Period”), the Company will (i) cease all operations except for the purpose of winding
up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the Public Shares, at
a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account and not previously released
to pay the Company’s taxes (less up to $100,000 of such interest to pay dissolution expenses), divided by the number of then
outstanding Public Shares, which redemption will completely extinguish the Public Stockholders’ rights as stockholders (including
the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s
board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) to the Company’s obligations under
Delaware law to provide for claims of creditors and the requirements of other applicable law; only Public Stockholders holding
shares of Common Stock included in the Units shall be entitled to receive such redemption amounts and the Company shall pay no
such redemption amounts or any distributions in liquidation with respect to any other shares of capital stock of the Company; the
Company will not propose any amendment to its Amended and Restated Certificate of Incorporation that would affect the substance
or timing of the Company’s obligation to redeem 100% of the outstanding Public Shares if the Company has not consummated
a Business Combination within 24 months from the closing of the Offering or during any Extension Period, as described in Article
Sixth of the Company’s Amended and Restated Certificate of Incorporation, unless the Company offers the right to redeem the
Public Shares in connection with such amendment.
(mm) In the event that the Company desires
or is required by an applicable law or regulation to cause an announcement (“Business Combination Announcement”)
to be placed in The Wall Street Journal, The New York Times or any other news or media publication or outlet or to be made via
a public filing with the Commission announcing the consummation of the Business Combination that indicates that the Underwriters
were the underwriters in the Offering, the Company shall supply the Representative with a draft of the Business Combination Announcement
and provide the Representative with a reasonable advance opportunity to comment thereon, subject to the agreement of the Underwriters
to keep confidential such draft announcement in accordance with each such Underwriter’s standard policies regarding confidential
information.
(nn) Upon the consummation of the initial
Business Combination, the Company will pay to the Underwriters the Deferred Discount pro rata based on the number of Firm Units
set forth opposite the name of each Underwriter on Schedule I attached hereto; payment of the Deferred Discount will be
made out of the proceeds of the Offering held in the Trust Account; the Underwriters shall have no claim to payment of any interest
earned on the portion of the proceeds held in the Trust Account representing the Deferred Discount; if the Company fails to consummate
its initial Business Combination within 24 months from the closing of the Offering or during any Extension Period, the Deferred
Discount will not be paid to the Underwriters and will, instead, be included in the Liquidation distribution of the proceeds held
in the Trust Account made to the Public Stockholders; in connection with any such Liquidation, the Underwriters forfeit any rights
or claims to the Deferred Discount
(oo) For
so long as the Company is subject to the reporting requirements of Section 13(g) or 15(d) of the Exchange Act, to maintain a transfer
agent and, if necessary under the jurisdiction of incorporation of the Company, a registrar for the Common Stock
(pp) To use best efforts to effect and,
for a period commencing on the Effective Date and ending at least five years from the date of the consummation of the initial Business
Combination or until such earlier time at which the Liquidation occurs or the Common Stock and Warrants cease to be publicly traded,
maintain the listing of the Units, Common Stock and Warrants on the Nasdaq.
6. Expenses.
The Company agrees, whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated,
to pay all expenses, costs, fees and taxes incident to and in connection with (a) the authorization, issuance, sale and delivery
of the Units, including any stamp duties or other taxes payable in connection with the original issuance of the Units, and the
preparation and printing of certificates for the Units; (b) the preparation, printing and filing of the Exchange Act Registration
Statement and under the Securities Act of the Registration Statement (including any exhibits thereto), any Preliminary Prospectus,
the Prospectus, any Written Testing-the-Waters Communication and any amendment or supplement thereto; (c) the distribution of the
Registration Statement (including any exhibits thereto), any Preliminary Prospectus, the Prospectus, any “road show”
presentations, any Written Testing-the-Waters Communication and any amendment or supplement thereto, all as provided in this Agreement;
(d) the production and distribution of this Agreement, any supplemental agreement among Underwriters and any other related documents
in connection with the offering, purchase, sale and delivery of the Units; (e) any required review by FINRA of the terms of sale
of the Units (including related fees and expenses of counsel to the Underwriters in an amount that is not greater than $15,000);
(f) the listing of the Units on the Nasdaq; (g) the qualification of the Units under the securities laws of the several jurisdictions
as provided in Section 5(h) and the preparation, printing and distribution of a Blue Sky memorandum (including related fees
and expenses of counsel to the Underwriters, if applicable); (h) the preparation, printing and distribution of one or more versions
of the Preliminary Prospectus and the Prospectus for distribution in Canada, including in the form of a Canadian “wrapper”
(including related fees and expenses of Canadian counsel to the Underwriters); (i) the preparation and printing of the investor
presentations or any “road show” or any Testing-the-Waters Communication, undertaken in connection with the marketing
of the Units, including, without limitation, expenses associated with any electronic road show, travel and lodging expenses of
the representatives and officers of the Company and the cost of any aircraft chartered in connection with the road show, if preapproved
in writing (with email being sufficient) and such approval not to be unreasonably withheld, delayed or conditioned; and (j) all
other costs and expenses incident to the performance of the obligations of the Company under this Agreement; provided that,
except as provided in this Section 6 and in Section 11, the Underwriters shall pay their own costs and expenses,
including the costs and expenses of their counsel, any transfer taxes on the Units which they may sell and the expenses of advertising
any offering of the Units made by the Underwriters.
7. Conditions
of Underwriters’ Obligations. The respective obligations of the Underwriters hereunder are subject to the accuracy, when
made and on each Delivery Date, of the representations and warranties of the Company contained herein, to the performance by the
Company of its obligations hereunder, and to each of the following additional terms and conditions:
(a) The
Prospectus shall have been timely filed with the Commission in accordance with Section 5(a). No stop order suspending the
effectiveness of the Registration Statement or preventing or suspending the use of the Prospectus shall have been issued and no
proceeding or examination for such purpose shall have been initiated or threatened by the Commission; and any request of the Commission
for inclusion of additional information in the Registration Statement or the Prospectus or otherwise shall have been complied with.
If the Company has elected to rely upon Rule 462(b) under the Securities Act, the Rule 462(b) Registration Statement shall have
become effective by 10:00 P.M., Washington, D.C. time, on the date of this Agreement. The Exchange Act Registration Statement shall
have been filed and shall have become effective under the Exchange Act..
(b) No
Underwriter shall have discovered and disclosed to the Company on or prior to such Delivery Date that the Registration Statement,
the Prospectus or the Pricing Disclosure Package, or any amendment or supplement thereto, contains an untrue statement of a fact
which, in the opinion of Greenberg Traurig P.A., counsel for the Underwriters, is material or omits to state a fact which, in the
opinion of such counsel, is material and is required to be stated therein or is necessary to make the statements therein not misleading.
(c) All
corporate proceedings and other legal matters incident to the authorization, form and validity of this Agreement, the Units, the
Registration Statement and the Prospectus, and all other legal matters relating to this Agreement and the transactions contemplated
hereby shall be reasonably satisfactory in all material respects to counsel for the Underwriters, and the Company shall have furnished
to such counsel all documents and information that they may reasonably request to enable them to pass upon such matters.
(d) Graubard
Miller shall have furnished to the Representative its written opinion, as counsel to the Company, addressed to the Underwriters
and dated such Delivery Date, in form and substance satisfactory to the Representative.
(e) The
Representative shall have received from Greenberg Traurig P.A., counsel for the Underwriters, such opinion or opinions, dated such
Delivery Date, with respect to the issuance and sale of the Units, the Registration Statement, the Prospectus and the Pricing Disclosure
Package and other related matters as the Representative may reasonably require, and the Company shall have furnished to such counsel
such documents as they reasonably request for the purpose of enabling them to pass upon such matters.
(f) At
the time of execution of this Agreement, the Representative shall have received from WithumSmith+Brown, PC a letter, in form and
substance satisfactory to the Representative, addressed to the Underwriters and dated the date hereof (i) confirming that they
are independent public accountants within the meaning of the Securities Act and are in compliance with the applicable requirements
relating to the qualification of accountants under Rule 2-01 of Regulation S-X of the Commission and (ii) stating, as of the date
hereof (or, with respect to matters involving changes or developments since the respective dates as of which specified financial
information is given in the most recent Preliminary Prospectus, as of a date not more than three days prior to the date hereof),
the conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered by accountants’
“comfort letters” to underwriters in connection with registered public offerings.
(g) With
respect to the letter of WithumSmith+Brown, PC referred to in the preceding paragraph and delivered to the Representative concurrently
with the execution of this Agreement (the “initial letter”), the Company shall have furnished to the
Representative a letter (the “bring-down letter”) of such accountants, addressed to the Underwriters
and dated such Delivery Date (i) confirming that they are independent public accountants within the meaning of the Securities Act
and are in compliance with the applicable requirements relating to the qualification of accountants under Rule 2-01 of Regulation
S-X of the Commission, (ii) stating, as of the date of the bring-down letter (or, with respect to matters involving changes or
developments since the respective dates as of which specified financial information is given in the Prospectus, as of a date not
more than three days prior to the date of the bring-down letter), the conclusions and findings of such firm with respect to the
financial information and other matters covered by the initial letter and (iii) confirming in all material respects the conclusions
and findings set forth in the initial letter.
(h) The
Company shall have furnished to the Representative a certificate, dated such Delivery Date, of its Chief Executive Officer and
its Chief Financial Officer as to such matters as the Representative may reasonably request, including, without limitation, a statement:
(i) That
the representations, warranties and agreements of the Company in Section 1 are true and correct on and as of such Delivery
Date, and the Company has complied with all its agreements contained herein and satisfied all the conditions on its part to be
performed or satisfied hereunder at or prior to such Delivery Date;
(ii) That
no stop order suspending the effectiveness of the Registration Statement has been issued; and no proceedings or examination for
that purpose have been instituted or, to the knowledge of such officers, threatened;
(iii) That
they have examined the Registration Statement, the Prospectus and the Pricing Disclosure Package, and, in their opinion, (A) (1)
the Registration Statement, as of the Effective Date, (2) the Prospectus, as of its date and on the applicable Delivery Date, and
(3) the Pricing Disclosure Package, as of the Applicable Time, did not and do not contain any untrue statement of a material fact
and did not and do not omit to state a material fact required to be stated therein or necessary to make the statements therein
(except in the case of the Registration Statement, in the light of the circumstances under which they were made) not misleading,
and (B) since the Effective Date, no event has occurred that should have been set forth in a supplement or amendment to the Registration
Statement or the Prospectus that has not been so set forth; and
(iv) To
the effect of Section 7(i) (provided that no representation with respect to the judgment of the Representative need
be made).
(i)
(i) the Company shall not have sustained, since the date of the latest audited financial statements included in the most recent
Preliminary Prospectus, any loss or interference with its business from fire, explosion, flood or other calamity, whether or not
covered by insurance, or from any labor dispute or court or governmental action, order or decree, or (ii) since such date there
shall not have been any change in the capital stock, long-term debt, total assets or total current liabilities of the Company or
any change, or any development involving a prospective change, in or affecting the condition (financial or otherwise), results
of operations, stockholders’ equity, properties, management, business or prospects of the Company, the effect of which, in
any such case described in clause (i) or (ii), is, individually or in the aggregate, in the judgment of the Representative, so
material and adverse as to make it impracticable or inadvisable to proceed with the public offering or the delivery of the Units
being delivered on such Delivery Date on the terms and in the manner contemplated in the Prospectus.
(j) Subsequent
to the execution and delivery of this Agreement there shall not have occurred any of the following: (i) (A) trading in securities
generally on any securities exchange that has registered with the Commission under Section 6 of the Exchange Act (including the
New York Stock Exchange, The Nasdaq Global Select Market, The Nasdaq Global Market or The Nasdaq Capital Market), or (B) trading
in any securities of the Company on any exchange or in the over-the-counter market, shall have been suspended or materially limited
or the settlement of such trading generally shall have been materially disrupted or minimum prices shall have been established
on any such exchange or such market by the Commission, by such exchange or by any other regulatory body or governmental authority
having jurisdiction, (ii) a general moratorium on commercial banking activities shall have been declared by federal or state authorities,
(iii) the United States shall have become engaged in hostilities, there shall have been an escalation in hostilities involving
the United States or there shall have been a declaration of a national emergency or war by the United States, or (iv) there shall
have occurred such a material adverse change in general economic, political or financial conditions, including, without limitation,
as a result of terrorist activities after the date hereof (or the effect of international conditions on the financial markets in
the United States shall be such) or any other calamity or crisis, either within or outside the United States, in each case as to
make it, in the judgment of the Representative, impracticable or inadvisable to proceed with the public offering or delivery of
the Units being delivered on such Delivery Date on the terms and in the manner contemplated in the Prospectus.
(k) The
Nasdaq shall have approved the Units for listing subject only to official notice of issuance and evidence of satisfactory distribution.
(l) The
Company shall have furnished to the Representative at the time of purchase executed copies of the Trust Agreement, the Warrant
Agreement, the Securities Subscription Agreement, the Warrant Subscription Agreement, the Registration Rights Agreement, the Letter
Agreement and the Administrative Services Agreement.
(m) FINRA
shall not have raised any objection with respect to the fairness or reasonableness of the underwriting, or other arrangements of
the transactions, contemplated hereby.
(n) On
or prior to each Delivery Date, the Company shall have furnished to the Underwriters such further certificates and documents as
the Representative may reasonably request
All opinions, letters,
evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions
hereof only if they are in form and substance reasonably satisfactory to counsel for the Underwriters.
8. Indemnification
and Contribution.
(a) The
Company hereby agrees to indemnify and hold harmless each Underwriter, its affiliates, directors, officers and employees and each
person, if any, who controls any Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act, from and against any loss, claim, damage or liability, joint or several, or any action in respect thereof (including, but
not limited to, any loss, claim, damage, liability or action relating to purchases and sales of Units), to which that Underwriter,
affiliate, director, officer, employee or controlling person may become subject, under the Securities Act or otherwise, insofar
as such loss, claim, damage, liability or action arises out of, or is based upon, (i) any untrue statement or alleged untrue statement
of a material fact contained in (A) any Preliminary Prospectus, the Registration Statement, the Prospectus or in any amendment
or supplement thereto, (B) any “Issuer Information” (as defined in Rule 433 under the Securities Act)
of the Company, which Issuer Information is required to be, or is, filed with the Commission, (C) any materials or information
provided to investors by, or with the approval of, the Company in connection with the marketing of the Offering, including any
“road show” and any Testing-the-Waters Communication (“Marketing Materials”), or (D) any
Blue Sky application or other document prepared or executed by the Company (or based upon any written information furnished by
the Company for use therein) specifically for the purpose of qualifying any or all of the Units under the securities laws of any
state or other jurisdiction (any such application, document or information being hereinafter called a “Blue Sky Application”)
or (ii) the omission or alleged omission to state in any Preliminary Prospectus, the Registration Statement, the Prospectus, any
Issuer Information which is required to be, or is, filed with the Commission, any Marketing Materials or any Blue Sky Application,
any material fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse
each Underwriter and each such affiliate, director, officer, employee or controlling person promptly upon demand for any legal
or other expenses reasonably incurred by that Underwriter, affiliate, director, officer, employee or controlling person in connection
with investigating or defending or preparing to defend against any such loss, claim, damage, liability or action as such expenses
are incurred; provided, however, that the Company shall not be liable in any such case to the extent that any such loss,
claim, damage, liability or action arises out of, or is based upon, any untrue statement or alleged untrue statement or omission
or alleged omission made in any Preliminary Prospectus, the Registration Statement, the Prospectus, any Issuer Information which
is required to be, or is, filed with the Commission, any Marketing Materials or any Blue Sky Application, in reliance upon and
in conformity with written information concerning such Underwriter furnished to the Company through the Representative by or on
behalf of any Underwriter specifically for inclusion therein, which information consists solely of the information specified in
Section 8(e). The foregoing indemnity agreement is in addition to any liability which the Company may otherwise have to
any Underwriter or to any affiliate, director, officer, employee or controlling person of that Underwriter.
(b) Each
Underwriter, severally and not jointly, shall indemnify and hold harmless the Company, its directors (including any person who,
with his or her consent, is named in the Registration Statement as about to become a director of the Company), officers and employees,
and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act, from and against any loss, claim, damage or liability, joint or several, or any action in respect thereof, to which the Company
or any such director, officer, employee or controlling person may become subject, under the Securities Act or otherwise, insofar
as such loss, claim, damage, liability or action arises out of, or is based upon, (i) any untrue statement or alleged untrue statement
of a material fact contained in any Preliminary Prospectus, the Registration Statement, the Prospectus or in any Marketing Materials
or Blue Sky Application or (ii) the omission or alleged omission to state in any Preliminary Prospectus, the Registration Statement,
the Prospectus or in any Marketing Materials or Blue Sky Application, any material fact required to be stated therein or necessary
to make the statements therein not misleading, but in each case only to the extent that the untrue statement or alleged untrue
statement or omission or alleged omission was made in reliance upon and in conformity with written information concerning such
Underwriter furnished to the Company through the Representative by or on behalf of that Underwriter specifically for inclusion
therein, which information is limited to the information set forth in Section 8(e). The foregoing indemnity agreement is
in addition to any liability that any Underwriter may otherwise have to the Company or any such director, officer, employee or
controlling person.
(c) Promptly
after receipt by an indemnified party under this Section 8 of notice of any claim or the commencement of any action, the
indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under this Section 8,
notify the indemnifying party in writing of the claim or the commencement of that action; provided, however, that the failure
to notify the indemnifying party shall not relieve it from any liability which it may have under this Section 8 except to
the extent it has been materially prejudiced (through the forfeiture of substantive rights and defenses) by such failure and, provided,
further, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have to an
indemnified party otherwise than under this Section 8. If any such claim or action shall be brought against an indemnified
party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and,
to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense thereof with
counsel reasonably satisfactory to the indemnified party. After notice from the indemnifying party to the indemnified party of
its election to assume the defense of such claim or action, the indemnifying party shall not be liable to the indemnified party
under this Section 8 for any legal or other expenses subsequently incurred by the indemnified party in connection with the
defense thereof other than reasonable costs of investigation; provided, however, that the indemnified party shall have the
right to employ counsel to represent jointly the indemnified party and those other indemnified parties and their respective directors,
officers, employees and controlling persons who may be subject to liability arising out of any claim in respect of which indemnity
may be sought under this Section 8 if (i) the indemnified party and the indemnifying party shall have so mutually agreed;
(ii) the indemnifying party has failed within a reasonable time to retain counsel reasonably satisfactory to the indemnified party;
(iii) the indemnified party and its directors, officers, employees and controlling persons shall have reasonably concluded that
there may be legal defenses available to them that are different from or in addition to those available to the indemnifying party;
or (iv) the named parties in any such proceeding (including any impleaded parties) include both the indemnified parties or their
respective directors, officers, employees or controlling persons, on the one hand, and the indemnifying party, on the other hand,
and representation of both sets of parties by the same counsel would be inappropriate due to actual or potential differing interests
between them, and in any such event the fees and expenses of such separate counsel shall be paid by the indemnifying party. No
indemnifying party shall (x) without the prior written consent of the indemnified parties (which consent shall not be unreasonably
withheld), settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action,
suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified
parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional
release of each indemnified party from all liability arising out of such claim, action, suit or proceeding and does not include
a statement as to, or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party, or (y) be
liable for any settlement of any such action effected without its written consent (which consent shall not be unreasonably withheld),
but if settled with the consent of the indemnifying party or if there be a final judgment for the plaintiff in any such action,
the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by reason
of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested
an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by Section 8(a)
hereof, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written
consent if (i) such settlement is entered into more than 30 days after receipt by such indemnifying party of the aforesaid request
and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request or disputed in
good faith the indemnified party’s entitlement to such reimbursement prior to the date of such settlement.
(d) If
the indemnification provided for in this Section 8 shall for any reason be unavailable to or insufficient to hold harmless
an indemnified party under Section 8(a) or 8(b) in respect of any loss, claim, damage or liability, or any action in respect
thereof, referred to therein, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to
the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect
thereof, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the Company, on the one hand,
and the Underwriters, on the other hand, from the Offering, or (ii) if the allocation provided by clause (i) above is not permitted
by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above
but also the relative fault of the Company, on the one hand, and the Underwriters, on the other hand, with respect to the statements
or omissions that resulted in such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant
equitable considerations. The relative benefits received by the Company, on the one hand, and the Underwriters, on the other hand,
with respect to such offering shall be deemed to be in the same proportion as the total net proceeds from the Offering (before
deducting expenses) received by the Company, as set forth in the table on the cover page of the Prospectus, on the one hand, and
the total underwriting discounts and commissions received by the Underwriters with respect to the Units purchased under this Agreement,
as set forth in the table on the cover page of the Prospectus, on the other hand. The relative fault shall be determined by reference
to whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates
to information supplied by the Company or the Underwriters, the intent of the parties and their relative knowledge, access to information
and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just
and equitable if contributions pursuant to this Section 8(d) were to be determined by pro rata allocation (even if the Underwriters
were treated as one entity for such purpose) or by any other method of allocation that does not take into account the equitable
considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage or
liability, or action in respect thereof, referred to above in this Section 8(d) shall be deemed to include, for purposes
of this Section 8(d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating
or defending any such action or claim. Notwithstanding the provisions of this Section 8(d), in no event shall an Underwriter
be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received
by such Underwriter with respect to the Offering exceeds the amount of any damages that such Underwriter has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation. The Underwriters’ obligations to contribute as provided in this Section 8(d)
are several in proportion to their respective underwriting obligations and not joint.
(e) The
Underwriters severally confirm and the Company acknowledges and agrees that the statements regarding delivery of Units by the Underwriters
set forth on the cover page of, and the concession and reallowance figures and the twelfth paragraph relating to stabilization
by the Underwriters appearing under the caption “Underwriting” in, the most recent Preliminary Prospectus and the Prospectus
are correct and constitute the only information concerning such Underwriters furnished in writing to the Company by or on behalf
of the Underwriters specifically for inclusion in any Preliminary Prospectus, the Registration Statement, the Prospectus or in
any Marketing Materials
9. Defaulting
Underwriters.
(a) If,
on any Delivery Date, any Underwriter defaults in its obligations to purchase the Units that it has agreed to purchase under this
Agreement, the remaining non-defaulting Underwriters may in their discretion arrange for the purchase of such Units by the non-defaulting
Underwriters or other persons satisfactory to the Company on the terms contained in this Agreement. If, within 36 hours after any
such default by any Underwriter, the non-defaulting Underwriters do not arrange for the purchase of such Units, then the Company
shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Underwriters
to purchase such Units on such terms. In the event that within the respective prescribed periods, the non-defaulting Underwriters
notify the Company that they have so arranged for the purchase of such Units, or the Company notifies the non-defaulting Underwriters
that it has so arranged for the purchase of such Units, either the non-defaulting Underwriters or the Company may postpone such
Delivery Date for up to seven full business days in order to effect any changes that in the opinion of counsel for the Company
or counsel for the Underwriters may be necessary in the Registration Statement, the Prospectus or in any other document or arrangement,
and the Company agrees to promptly prepare any amendment or supplement to the Registration Statement, the Prospectus or in any
such other document or arrangement that effects any such changes. As used in this Agreement, the term “Underwriter”
unless the context requires otherwise, includes any party not listed in Schedule I hereto that, pursuant to this Section
9, purchases Units that a defaulting Underwriter agreed but failed to purchase.
(b) If,
after giving effect to any arrangements for the purchase of the Units of a defaulting Underwriter or Underwriters by the non-defaulting
Underwriters and the Company as provided in paragraph (a) above, the total number of Units that remains unpurchased does not exceed
one-eleventh of the total number of Units, then the Company shall have the right to require each non-defaulting Underwriter to
purchase the total number of Units that such Underwriter agreed to purchase hereunder plus such Underwriter’s pro rata share
(based on the total number of Units that such Underwriter agreed to purchase hereunder) of the Units of such defaulting Underwriter
or Underwriters for which such arrangements have not been made; provided that the non-defaulting Underwriters shall not
be obligated to purchase more than 110% of the total number of Units that it agreed to purchase on such Delivery Date pursuant
to the terms of Section 2.
(c) If,
after giving effect to any arrangements for the purchase of the Units of a defaulting Underwriter or Underwriters by the non-defaulting
Underwriters and the Company as provided in paragraph (a) above, the total number of Units that remains unpurchased exceeds one-eleventh
of the total number of Units, or if the Company shall not exercise the right described in paragraph (b) above, then this Agreement
shall terminate without liability on the part of the non-defaulting Underwriters. Any termination of this Agreement pursuant to
this Section 9 shall be without liability on the part of the Company, except that the Company will continue to be liable
for the payment of expenses as set forth in Sections 6 and 11 and except that the provisions of Section 8
shall not terminate and shall remain in effect.
(d) Nothing
contained herein shall relieve a defaulting Underwriter of any liability it may have to the Company or any non-defaulting Underwriter
for damages caused by its default.
10. Termination.
The obligations of the Underwriters hereunder may be terminated by the Representative by notice given to and received by the Company
prior to delivery of and payment for the Firm Units if, prior to that time, any of the events described in Sections 7(i)
and 7(j) shall have occurred or if the Underwriters shall decline to purchase the Units for any reason permitted under this
Agreement.
11. Reimbursement
of Underwriters’ Expenses. If (a) the Company shall fail to tender the Units for delivery to the Underwriters for any
reason, or (b) the Underwriters shall decline to purchase the Units for any reason permitted under this Agreement, the Company
will reimburse the Underwriters for all reasonable out-of-pocket expenses (including fees and disbursements of counsel for the
Underwriters) incurred by the Underwriters in connection with this Agreement and the proposed purchase of the Units, and upon demand
the Company shall pay the full amount thereof to the Representative. If this Agreement is terminated pursuant to Section 9
by reason of the default of one or more Underwriters, the Company shall not be obligated to reimburse any defaulting Underwriter
on account of those expenses.
12. Research
Analyst Independence. The Company acknowledges that the Underwriters’ research analysts and research departments are
required to be independent from their respective investment banking divisions and are subject to certain regulations and internal
policies, and that such Underwriters’ research analysts may hold views and make statements or investment recommendations
and/or publish research reports with respect to the Company and/or the Offering that differ from the views of their respective
investment banking divisions. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the
Company may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views
expressed by their independent research analysts and research departments may be different from or inconsistent with the views
or advice communicated to the Company by such Underwriters’ investment banking divisions. The Company acknowledges that each
of the Underwriters is a full service securities firm and as such from time to time, subject to applicable securities laws, may
effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities
of the companies that may be the subject of the transactions contemplated by this Agreement.
13. No
Fiduciary Duty. The Company acknowledges and agrees that in connection with the Offering, sale of the Units or any other services
the Underwriters may be deemed to be providing hereunder, notwithstanding any preexisting relationship, advisory or otherwise,
between the parties or any oral representations or assurances previously or subsequently made by the Underwriters: (a) no fiduciary
or agency relationship between the Company and any other person, on the one hand, and the Underwriters, on the other hand, exists;
(b) the Underwriters are not acting as advisors, expert or otherwise, to the Company, including, without limitation, with respect
to the determination of the public offering price of the Units, and such relationship between the Company, on the one hand, and
the Underwriters, on the other hand, is entirely and solely commercial, based on arms-length negotiations; (c) any duties and obligations
that the Underwriters may have to the Company shall be limited to those duties and obligations specifically stated herein; (d)
the Underwriters and their respective affiliates may have interests that differ from those of the Company; and (e) does not constitute
a solicitation of any action by the Underwriters. The Company hereby (x) waives any claims that the Company may have against the
Underwriters with respect to any breach of fiduciary duty in connection with this offering and (y) agree that none of the activities
of the Underwriters in connection with the transactions contemplated herein constitutes a recommendation, investment advice or
solicitation of any action by the Underwriters with respect to any entity or natural person. Each of the Company has consulted
their own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate.
14. Notices,
etc. All statements, requests, notices and agreements hereunder shall be in writing, and:
(a) if
to the Underwriters, shall be delivered or sent by mail or facsimile transmission to Barclays Capital Inc., 745 Seventh Avenue,
New York, New York 10019, Attention: Syndicate Registration (Fax: (646) 834-8133), with a copy, in the case of any notice pursuant
to Section 8((c)), to the Director of Litigation, Office of the General Counsel, Barclays Capital Inc., 745 Seventh Avenue, New
York, New York 100191; and
(b) if
to the Company, shall be delivered or sent by mail or facsimile transmission to the address of the Company set forth in the Registration
Statement, Attention: [●] (Fax: [●])2.
Any such statements, requests, notices
or agreements shall take effect at the time of receipt thereof. The Company shall be entitled to act and rely upon any request,
consent, notice or agreement given or made on behalf of the Underwriters by Barclays Capital Inc.
15. Persons
Entitled to Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the Underwriters, the Company
and their respective successors. This Agreement and the terms and provisions hereof are for the sole benefit of only those persons,
except that (a) the representations, warranties, indemnities and agreements of the Company contained in this Agreement shall also
be deemed to be for the benefit of the directors, officers and employees of the Underwriters and each person or persons, if any,
who control any Underwriter within the meaning of Section 15 of the Securities Act, and (b) the indemnity agreement of the Underwriters
contained in Section 8(b) of this Agreement shall be deemed to be for the benefit of the directors of the Company, the officers
of the Company who have signed the Registration Statement and any person controlling the Company within the meaning of Section
15 of the Securities Act. Nothing in this Agreement is intended or shall be construed to give any person, other than the persons
referred to in this Section 15, any legal or equitable right, remedy or claim under or in respect of this Agreement or any
provision contained herein.
16. Survival.
The respective indemnities, rights of contributions, representations, warranties and agreements of the Company and the Underwriters
contained in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall survive the delivery
of and payment for the Units and shall remain in full force and effect, regardless of any investigation made by or on behalf of
any of them or any person controlling any of them.
17. Definition
of the Terms “Business Day” and “Affiliate”. For purposes of this Agreement, (a) “business
day” means each Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions in
New York are generally authorized or obligated by law or executive order to close, and (b) “affiliate”
has the meaning set forth in Rule 405 under the Securities Act.
|
|
1
|
[NTD: Barclays to confirm.]
|
|
|
2
|
[NTD: Company counsel to confirm.]
|
18. Governing
Law. This Agreement and any transaction contemplated by this Agreement shall be governed by and construed in accordance
with the laws of the State of New York without regard to conflict of laws principles that would result in the application of any
other law than the laws of the State of New York (other than Section 5-1401 of the General Obligations Law).
19. Waiver
of Jury Trial. The Company and the Underwriters hereby irrevocably waive, to the fullest extent permitted by applicable law,
any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby.
20. Counterparts.
This Agreement may be executed in one or more counterparts and, if executed in more than one counterpart, the executed counterparts
shall each be deemed to be an original but all such counterparts shall together constitute one and the same instrument.
21. Headings.
The headings herein are inserted for convenience of reference only and are not intended to be part of, or to affect the meaning
or interpretation of, this Agreement.
22. Recognition
of the U.S. Special Resolution Regimes.
(a) In
the event that any of Underwriter is a Covered Entity and becomes subject to a proceeding under a U.S. Special Resolution Regime,
the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective
to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such
interest and obligation, were governed by the laws of the United States or a state of the United States.
(b) In
the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are
permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime
if this Agreement were governed by the laws of the United States or a state of the United States.
For the purposes of this Section 22, a “BHC Act Affiliate”
has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. §
1841(k). “Covered Entity” means any of the following: (i) a “covered entity” as that term is defined in,
and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and
interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and
interpreted in accordance with, 12 C.F.R. § 382.2(b). “ “Default Right” has the meaning assigned to that
term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. “U.S.
Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder
and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder
If the foregoing
correctly sets forth the agreement between the Company and the Underwriters, please indicate your acceptance in the space provided
for that purpose below.
|
|
Very truly yours,
Motion Acquisition Corp.
|
|
|
|
|
|
|
By:
|
|
|
|
|
Name:
|
|
|
|
Title:
|
Accepted:
Barclays Capital Inc.
For itself and as Representative
of the several Underwriters named
in Schedule I hereto
SCHEDULE I
|
Underwriters
|
|
Number of Firm Units
|
|
|
Barclays Capital Inc.
|
|
|
|
|
|
[●]
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
SCHEDULE II
ORALLY CONVEYED PRICING INFORMATION
1. Public offering price: $10.00
2. Number of Firm Units offered:
13,000,000
3. Number of Additional Units offered:
1,950,000
SCHEDULE III
ROAD SHOW MATERIALS
[●]
SCHEDULE IV
WRITTEN TESTING-THE-WATERS COMMUNICATIONS
[●]
Annex A
Exhibit 3.2
AMENDED AND
RESTATED
CERTIFICATE
OF INCORPORATION
OF
MOTION ACQUISITION
CORP.
Pursuant to
Sections 242 and 245 of the
Delaware General
Corporation Law
Motion Acquisition
Corp., a corporation existing under the laws of the State of Delaware (the “Corporation”), by its Chief Executive Officer,
hereby certifies as follows:
1. The
name of the Corporation is “Motion Acquisition Corp.”
2. The
Corporation’s Certificate of Incorporation was filed in the office of the Secretary of State of the State of Delaware on
August 11, 2020.
3. This
Amended Restated Certificate of Incorporation restates, integrates and amends the Certificate of Incorporation of the Corporation.
4. This
Amended and Restated Certificate of Incorporation was duly adopted by joint written consent of the directors and stockholders of
the Corporation in accordance with the applicable provisions of Sections 141(f), 228, 242 and 245 of the General Corporation Law
of the State of Delaware (“GCL”).
5. The
text of the Certificate of Incorporation of the Corporation is hereby amended and restated to read in full as follows:
FIRST: The name
of the corporation is Motion Acquisition Corp. (hereinafter sometimes referred to as the “Corporation”).
SECOND: The registered
office of the Corporation is to be located at c/o Vcorp Services, LLC, 1013 Centre Road, Suite 403-B, Wilmington, Delaware
19805. The name of its registered agent at that address is Vcorp Services, LLC.
THIRD: The purpose
of the Corporation shall be to engage in any lawful act or activity for which corporations may be organized under the GCL. In addition
to the powers and privileges conferred upon the Corporation by law and those incidental thereto, the Corporation shall possess
and may exercise all the powers and privileges that are necessary or convenient to the conduct, promotion or attainment of the
business or purposes of the Corporation including, but not limited to, effecting a Business Combination (as defined below).
FOURTH: The total
number of shares of all classes of capital stock which the Corporation shall have authority to issue is 63,500,000 of which 62,500,000
shares shall be Common Stock of the par value of $0.0001 per share (“Common Stock”), representing (a) 50,000,000 shares
of Class A Common Stock (“Class A Common Stock”) and (b) 12,500,000 shares of Class B Common Stock
(“Class B Common Stock”), and 1,000,000 shares shall be Preferred Stock of the par value of $0.0001 per share.
A. Preferred
Stock. Subject to provision (I) of Article Sixth, the Board of Directors is expressly granted authority to issue shares
of the Preferred Stock, in one or more series, and to fix for each such series such voting powers, full or limited, and such
designations, preferences and relative, participating, optional or other special rights and such qualifications, limitations
or restrictions thereof as shall be stated and expressed in the resolution or resolutions adopted by the Board of Directors
providing for the issue of such series (a “Preferred Stock Designation”) and as may be permitted by the GCL. The
number of authorized shares of Preferred Stock may be increased or decreased (but not below the number of shares thereof then
outstanding) by the affirmative vote of the holders of a majority of the voting power of all of the then outstanding shares
of the capital stock of the Corporation entitled to vote generally in the election of directors, voting together as a single
class, without a separate vote of the holders of the Preferred Stock, or any series thereof, unless a vote of any such
holders is required pursuant to any Preferred Stock Designation.
B. Common
Stock.
(1) Voting.
(i) Except
as otherwise required by law or this Certificate (including any Preferred Stock Designation), the holders of the Common Stock shall
exclusively possess all voting power with respect to the Corporation.
(ii)
Except as otherwise required by law or this Certificate (including any Preferred Stock Designation), the
holders of shares of Common Stock shall be entitled to one vote for each such share on each matter properly submitted to the stockholders
on which the holders of the Common Stock are entitled to vote.
(iii) Except
as otherwise required by law or this Certificate (including any Preferred Stock Designation), at any annual or special meeting
of the stockholders of the Corporation, holders of the Class A Common Stock and holders of the Class B Common Stock,
voting together as a single class, shall have the exclusive right to vote for the election of directors and on all other matters
properly submitted to a vote of the stockholders. Notwithstanding the foregoing, except as otherwise required by law or this Certificate
(including any Preferred Stock Designation), holders of shares of any series of Common Stock shall not be entitled to vote on any
amendment to this Certificate (including any amendment to any Preferred Stock Designation) that relates solely to the terms of
one or more outstanding series of Preferred Stock or other series of Common Stock if the holders of such affected series of Preferred
Stock or Common Stock, as applicable, are entitled, either separately or together with the holders of one or more other such series,
to vote thereon pursuant to this Certificate (including any Preferred Stock Designation) or the GCL.
(iv)
Any action required or permitted to be taken at any meeting of the holders of Common Stock may be taken without a meeting, without
prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the
holders of the outstanding Common Stock having not less than the minimum number of votes that would be necessary to authorize or
take such action at a meeting at which all shares of Common Stock were present and voted and shall be delivered to the Corporation
by delivery to its registered office in the State of Delaware, its principal place of business, or an officer or agent of the Corporation
having custody of the book in which minutes of proceedings of stockholders are recorded. Delivery made to the Corporation’s
registered office shall be by hand or by certified or registered mail, return receipt requested. Prompt written notice of the taking
of corporate action without a meeting by less than unanimous written consent of the holders of Common Stock shall, to the extent
required by law, be given to those holders of Common Stock who have not consented in writing and who, if the action had been taken
at a meeting, would have been entitled to notice of the meeting if the record date for notice of such meeting had been the date
that written consents signed by a sufficient number of holders of Common Stock to take the action were delivered to the Corporation.
(2) Class B Common Stock.
(i)
Shares of Class B Common Stock shall be convertible into shares of Class A Common Stock on
a one-for-one basis (the “Initial Conversion Ratio”) (A) at any time and from time to time at the
option of the holder thereof and (B) automatically at the time of the closing of the Business Combination (as defined
below).
(ii) Notwithstanding
the Initial Conversion Ratio, in the case that additional shares of Class A Common Stock, or securities convertible into or
exercisable or exchangeable for shares of Common Stock (“equity-linked securities”), are issued or deemed issued in
excess of the amounts issued in the Corporation’s initial public offering of securities and related to the closing of the
initial Business Combination, the ratio at which shares of Class B common stock will convert into shares of Class A common stock
will be adjusted so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common
stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the shares outstanding upon the completion of the
Corporation’s initial public offering plus the number of shares of Class A common stock and equity-linked securities issued
or deemed issued in connection with the initial Business Combination, excluding any shares of Class A common stock or equity-linked
securities issued, or to be issued, to any seller in the initial Business Combination and any securities issued privately concurrently
with the Corporation’s initial public offering or upon conversion of working capital loans made to the Corporation.
Notwithstanding
anything to the contrary contained herein, (i) the foregoing adjustment to the Initial Conversion Ratio may be waived as to
any particular issuance or deemed issuance of additional shares of Class A Common Stock or equity-linked securities by the
written consent or agreement of holders of a majority of the shares of Class B Common Stock then outstanding consenting or
agreeing separately as a single class, and (ii) in no event shall the Class B Common Stock convert into Class A
Common Stock at a ratio that is less than one-for-one.
The
foregoing conversion ratio shall also be adjusted to account for any subdivision (by stock split, subdivision, exchange, stock
dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split, exchange, reclassification,
recapitalization or otherwise) or similar reclassification or recapitalization of the outstanding shares of Class A Common
Stock into a greater or lesser number of shares occurring after the original filing of this Certificate without a proportionate
and corresponding subdivision, combination or similar reclassification or recapitalization of the outstanding shares of Class B
Common Stock.
Each
share of Class B Common Stock shall convert into its pro rata number of shares of Class A Common Stock
pursuant to this section. The pro rata share for each holder of Class B Common Stock will be determined
as follows: Each share of Class B Common Stock shall convert into such number of shares of Class A Common Stock as is
equal to the product of one (1) multiplied by a fraction, the numerator of which shall be the total number of shares of Class A
Common Stock into which all of the issued and outstanding shares of Class B Common Stock shall be converted pursuant to this
section and the denominator of which shall be the total number of issued and outstanding shares of Class B Common Stock
at the time of conversion.
(iii) Voting. Except
as otherwise required by law or this Certificate (including any Preferred Stock Designation), for so long as any shares of Class B
Common Stock shall remain outstanding, the Corporation shall not, without the prior vote or written consent of the holders of a
majority of the shares of Class B Common Stock then outstanding, voting separately as a single class, amend, alter or repeal
any provision of this Certificate, whether by merger, consolidation or otherwise, if such amendment, alteration or repeal would
alter or change the powers, preferences or relative, participating, optional or other or special rights of the Class B Common
Stock.
(3) Dividends. Subject
to applicable law, the rights, if any, of the holders of any outstanding series of the Preferred Stock and Article Sixth, the holders
of shares of Common Stock shall be entitled to receive such dividends and other distributions (payable in cash, property or capital
stock of the Corporation) when, as and if declared thereon by the Board from time to time out of any assets or funds of the Corporation
legally available therefor and shall share equally on a per share basis in such dividends and distributions.
(4) Liquidation,
Dissolution or Winding Up of the Corporation. Subject to applicable law, the rights, if any, of the holders of any outstanding
series of the Preferred Stock and Article Sixth, in the event of any voluntary or involuntary liquidation, dissolution or winding
up of the Corporation, after payment or provision for payment of the debts and other liabilities of the Corporation, the holders
of shares of Common Stock shall be entitled to receive all the remaining assets of the Corporation available for distribution to
its stockholders, ratably in proportion to the number of shares of Class A Common Stock (on an as converted basis with respect
to the Class B Common Stock) held by them.
FIFTH: Intentionally
Omitted.
SIXTH: The introduction
and the following provisions (A) through (J) of this Article Sixth shall apply during the period commencing upon the filing
of this Certificate and terminating upon the consummation of any “Business Combination” (defined below) and no amendment
to this Article Sixth shall be effective during the “Target Business Acquisition Period” (defined below) unless approved
by the affirmative vote of the holders of at least sixty-five percent (65%) of all then outstanding shares of Common Stock. The
“Target Business Acquisition Period” shall mean the period from the effectiveness of the Registration Statement on
Form S-1 (“Registration Statement”) filed with the Securities and Exchange Commission (“Commission”)
in connection with the Corporation’s initial public offering (“IPO”) up to and including the first to occur of
(a) a Business Combination and (b) the Termination Date (defined below).
A “Business
Combination” shall mean any merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar
business combination involving the Corporation and one or more businesses or entities (“Target Business” or “Target
Businesses”). So long as the Corporation’s securities are listed on The Nasdaq Capital Market, the Target Business
or Target Businesses acquired in the Business Combination must together have an aggregate fair market value of at least 80% of
the assets held in the Trust Account (defined below) (excluding the deferred underwriting commissions and taxes payable on the
income earned on the Trust Account) at the time of the signing of the definitive agreement governing the terms of the initial Business
Combination. If the Corporation acquires less than 100% of the equity interests or assets of a Target Business, the portion of
such Target Business that the Corporation acquires is what will be valued for purposes of the 80% fair market value test.
A. Prior
to the consummation of any Business Combination, the Corporation shall either (i) submit such Business Combination to its
stockholders for approval (“Proxy Solicitation”) pursuant to the proxy rules promulgated under the Securities Exchange
Act of 1934, as amended (“Exchange Act”), or (ii) provide all holders of its Common Stock with the opportunity
to sell their shares to the Corporation, effective upon consummation of such Business Combination, for cash through a tender offer
(“Tender Offer”) pursuant to the tender offer rules promulgated under the Exchange Act.
B. If
the Corporation engages in a Proxy Solicitation in connection with any proposed Business Combination, the Corporation will consummate
such Business Combination only if a majority of the then outstanding shares of Common Stock present and entitled to vote at the
meeting to approve the Business Combination are voted for the approval of such Business Combination.
C. In the
event of a Proxy Solicitation in connection with any proposed Business Combination, the Corporation will provide any holder
of shares of Common Stock sold in the IPO (the “IPO Shares”) the right to redeem their IPO Shares for cash,
subject to the consummation of such Business Combination. The Corporation shall, promptly after consummation of the Business
Combination, redeem such shares properly submitted for redemption for cash at a per share price equal to the quotient
determined by dividing (i) the amount then held in the Trust Account net of taxes payable, calculated as of two business
days prior to the consummation of the Business Combination, by (ii) the total number of IPO Shares then outstanding
(such price being referred to as the “Redemption Price”). “Trust Account” shall mean the trust
account established by the Corporation at the consummation of its IPO and into which a certain amount of the net proceeds of
the IPO and simultaneous private placement is deposited, all as described in the Registration Statement. The Corporation may
require any holder of IPO Shares who demands that the Corporation redeem such IPO Shares for cash to either tender such
holder’s certificates to the Corporation’s transfer agent at any time prior to the vote taken at the stockholder
meeting relating to such Business Combination or to deliver their shares to the transfer agent electronically using The
Depository Trust Company’s DWAC (Deposit/Withdrawal At Custodian) System up to two business days prior to the vote
taken at the stockholder meeting relating to such Business Combination, with the exact requirements for delivery of the IPO
Shares, including whether a beneficial holder must identify itself in order to validly redeem its shares, to be set forth in
the proxy materials relating to such Business Combination.
If the Corporation
offers to redeem the IPO Shares in conjunction with a stockholder vote on an initial Business Combination pursuant to a Proxy Solicitation,
a 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(d)(3) of the Exchange Act), shall be restricted from redeeming IPO
Shares with respect to more than an aggregate of 15% of the IPO Shares without the consent of the Corporation.
If the Corporation
seeks to amend this Certificate (A) to modify the substance or timing of the Corporation’s obligation to allow redemption
in connection with its initial Business Combination or an amendment described in this clause (A) or in clause (B) or to redeem
100% of the IPO Shares (defined below) if the Corporation does not complete its initial Business Combination by the Termination
Date (defined below) or (B) with respect to any other provision relating to stockholders’ rights or pre-initial business
combination activity, the Corporation shall provide holders of IPO Shares with the opportunity to redeem their IPO Shares upon
the approval of any such amendment, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the
Trust Account, divided by the number of then outstanding IPO Shares.
D. If
the Corporation engages in a Tender Offer, the Corporation shall file tender offer documents with the Commission which will contain
substantially the same financial and other information about the Business Combination as is required under the proxy rules promulgated
under the Exchange Act and that would have been included in any proxy statement filed with the Commission in connection with a
Proxy Solicitation, even if such information is not required under the tender offer rules promulgated under the Exchange Act. The per-share price
at which the Corporation will repurchase the IPO Shares in any such Tender Offer shall be equal to the Redemption Price. The Corporation
shall not purchase any shares of Common Stock other than IPO Shares in any such Tender Offer.
E. The
Corporation will not consummate any Business Combination (a) unless it has net tangible assets of at least $5,000,001 either
immediately prior to or upon consummation of such Business Combination and (b) solely with another blank check company or
similar company with nominal operations.
F. In
the event that the Corporation does not consummate a Business Combination by 24 months after the consummation of the IPO (the “Termination
Date”), the Corporation shall (i) cease all operations except for the purposes of winding up, (ii) as promptly
as reasonably possible but not more than ten (10) business days thereafter, redeem 100% of the IPO Shares for cash for a redemption
price per share equal to the aggregate amount then held in the Trust Account, including interest earned on the funds held in the
Trust Account and not previously released to the Corporation to pay taxes (less up to $100,000 of interest to pay dissolution expenses),
divided by the total number of IPO Shares then outstanding (which redemption will completely extinguish such holders’ 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 approval of the Corporation’s then stockholders and subject to the requirements
of the GCL, including the adoption of a resolution by the Board pursuant to Section 275(a) of the GCL finding the dissolution
of the Corporation advisable and the provision of such notices as are required by said Section 275(a) of the GCL, dissolve
and liquidate, subject (in the case of clauses (ii) and (iii) above) to the Corporation’s obligations under the GCL
to provide for claims of creditors and other requirements of applicable law.
G. A
holder of IPO Shares shall be entitled to receive distributions from the Trust Fund only in the event (i) he validly demands
conversion of his shares in accordance with paragraph C above in connection with any Proxy Solicitation, (ii) he validly sells
his shares to the Corporation in accordance with paragraph D above in connection with any Tender Offer, (iii) that the Corporation
has not consummated a Business Combination by the Termination Date or (iv) the Corporation seeks to amend the provisions of
this Article Sixth prior to the consummation of a Business Combination. In no other circumstances shall a holder of IPO Shares
have any right or interest of any kind in or to the Trust Fund.
H.
The Corporation shall not consummate a Business Combination with an entity that is affiliated with any of the Corporation’s
pre-IPO stockholders, officers, directors or sponsor or any of their affiliates unless the Corporation, or a committee of the Corporation’s
independent directors, has obtained an opinion from an independent investment banking firm or another independent entity that commonly
renders valuation opinions that such a Business Combination is fair to the Corporation from a financial point of view and a majority
of the Corporation’s disinterested independent directors approve such Business Combination.
I. Prior
to the consummation of a Business Combination, the Board of Directors may not issue any securities which would entitle the holder
thereof to (1) participate in or otherwise be entitled in any manner to any of the proceeds in the Trust Account or (2) vote as
a class with the Common Stock (a) on any initial Business Combination or (b) to approve any amendment to this Certificate.
J. The Board of
Directors shall be divided into three classes: Class A, Class B and Class C. The number of directors in each class
shall be fixed exclusively by the Board of Directors and shall be as nearly equal as possible. The directors in Class A shall
be elected for a term expiring at the first Annual Meeting of Stockholders, the directors in Class B shall be elected for
a term expiring at the second Annual Meeting of Stockholders and the directors in Class C shall be elected for a term expiring
at the third Annual Meeting of Stockholders. Commencing at the first Annual Meeting of Stockholders, and at each annual meeting
thereafter, directors elected to succeed those directors whose terms expire shall be elected for a term of office to expire at
the third succeeding annual meeting of stockholders after their election. Except as the GCL may otherwise require, in the interim
between annual meetings of stockholders or special meetings of stockholders called for the election of directors and/or the removal
of one or more directors and the filling of any vacancy in that connection, newly created directorships and any vacancies in the
Board of Directors, including unfilled vacancies resulting from the removal of directors for cause, may be filled only by the vote
of a majority of the remaining directors then in office, although less than a quorum (as defined in the Corporation’s Bylaws),
or by the sole remaining director. All directors shall hold office until the expiration of their respective terms of office and
until their successors shall have been elected and qualified. A director elected to fill a vacancy resulting from the death, resignation
or removal of a director shall serve for the remainder of the full term of the director whose death, resignation or removal shall
have created such vacancy and until his successor shall have been elected and qualified.
SEVENTH: The following provisions are inserted
for the management of the business and for the conduct of the affairs of the Corporation, and for further definition, limitation
and regulation of the powers of the Corporation and of its directors and stockholders:
A. Election
of directors need not be by ballot unless the by-laws of the Corporation so provide.
B. In
furtherance and not in limitation of the powers conferred by the laws of the State of Delaware, the Board of Directors is expressly
authorized to make, alter and repeal the by-laws of the Corporation, subject to the power of the stockholders of the
Corporation to alter or repeal any by-law whether adopted by them or otherwise.
C. The
directors in their discretion may submit any contract or act for approval or ratification at any annual meeting of the stockholders
or at any special meeting of the stockholders called for the purpose of considering any such act or contract, and any contract
or act that shall be approved or be ratified by the vote of the holders of a majority of the stock of the Corporation which is
represented in person or by proxy at such meeting and entitled to vote thereat (provided that a lawful quorum of stockholders be
there represented in person or by proxy), unless a higher vote is required by applicable law, shall be as valid and binding upon
the Corporation and upon all the stockholders as though it had been approved or ratified by every stockholder of the Corporation,
whether or not the contract or act would otherwise be open to legal attack because of directors’ interests, or for any other
reason.
D. In
addition to the powers and authorities hereinbefore or by statute expressly conferred upon them, the directors are hereby empowered
to exercise all such powers and do all such acts and things as may be exercised or done by the Corporation; subject, nevertheless,
to the provisions of the statutes of the State of Delaware, of this Certificate, and to any by-laws from time to time
made by the stockholders; provided, however, that no by-law so made shall invalidate any prior act of the directors which
would have been valid if such by-law had not been made.
EIGHTH: A. A
director of the Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for breach
of fiduciary duty as a director, except for liability (i) for any breach of the director’s duty of loyalty to the Corporation
or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation
of law, (iii) under Section 174 of the GCL, or (iv) for any transaction from which the director derived an improper
personal benefit. If the GCL is amended to authorize corporate action further eliminating or limiting the personal liability of
directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by
the GCL, as so amended. Any repeal or modification of this paragraph A by the stockholders of the Corporation shall not adversely
affect any right or protection of a director of the Corporation with respect to events occurring prior to the time of such repeal
or modification.
B. The
Corporation, to the full extent permitted by Section 145 of the GCL, as amended from time to time, shall indemnify all persons
whom it may indemnify pursuant thereto. Expenses (including attorneys’ fees) incurred by an officer or director in defending
any civil, criminal, administrative, or investigative action, suit or proceeding for which such officer or director may be entitled
to indemnification hereunder shall be paid by the Corporation in advance of the final disposition of such action, suit or proceeding
upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined
that he or she is not entitled to be indemnified by the Corporation as authorized hereby.
NINTH: Whenever
a compromise or arrangement is proposed between this Corporation and its creditors or any class of them and/or between this Corporation
and its stockholders or any class of them, any court of equitable jurisdiction within the State of Delaware may, on the application
in a summary way of this Corporation or of any creditor or stockholder thereof or on the application of any receiver or receivers
appointed for this Corporation under Section 291 of Title 8 of the Delaware Code or on the application of trustees in dissolution
or of any receiver or receivers appointed for this Corporation under Section 279 of Title 8 of the Delaware Code order a meeting
of the creditors or class of creditors, and/or of the stockholders or class of stockholders of this Corporation, as the case may
be, to be summoned in such manner as the said court directs. If a majority in number representing three fourths in value of the
creditors or class of creditors, and/or of the stockholders or class of stockholders of this Corporation, as the case may be, agree
to any compromise or arrangement and to any reorganization of this Corporation as a consequence of such compromise or arrangement,
the said compromise or arrangement and the said reorganization shall, if sanctioned by the court to which the said application
has been made, be binding on all the creditors or class of creditors, and/or on all the stockholders or class of stockholders,
of this Corporation, as the case may be, and also on this Corporation.
TENTH: A. Unless
the Corporation consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall,
to the fullest extent permitted by law, be the sole and exclusive forum for any stockholder (including a beneficial owner) to bring
(i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of a
fiduciary duty owed by any director, officer or other employee of the Corporation to the Corporation or the Corporation’s
stockholders, (iii) any action asserting a claim against the Corporation, its directors, officers or employees arising pursuant
to any provision of the GCL or this Amended and Restated Certificate or the By-Laws, or (iv) any action asserting a claim against
the Corporation, its directors, officers or employees governed by the internal affairs doctrine and, if brought outside of Delaware,
the stockholder bringing the suit will be deemed to have consented to service of process on such stockholder’s counsel. Notwithstanding
the foregoing, the Court of Chancery of the State of Delaware shall not be the sole and exclusive forum for any of the following
actions: (A) as to which the Court of Chancery in the State of Delaware determines that there is an indispensable party not subject
to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the
Court of Chancery within ten days following such determination), (B) which is vested in the exclusive jurisdiction of a court or
forum other than the Court of Chancery, (C) for which the Court of Chancery does not have subject matter jurisdiction, or (D) any
action arising under the Securities Act of 1933, as amended, as to which the Court of Chancery and the federal district court for
the District of Delaware shall have concurrent jurisdiction. Furthermore, notwithstanding the foregoing, the provisions of this
Section A will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which
the federal courts have exclusive jurisdiction.
B. If any
action the subject matter of which is within the scope of Section A immediately above is filed in a court other than a court
located within the State of Delaware (a “Foreign Action”) in the name of any stockholder, such stockholder shall
be deemed to have consented to (i) the personal jurisdiction of the state and federal courts located within the State of
Delaware in connection with any action brought in any such court to enforce paragraph A immediately above (an
“Enforcement Action”) and (ii) having service of process made upon such stockholder in any such Enforcement
Action by service upon such stockholder’s counsel in the Foreign Action as agent for such stockholder.
C. If
any provision or provisions of this Article TENTH shall be held to be invalid, illegal or unenforceable as applied to any person
or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability
of such provisions in any other circumstance and of the remaining provisions of this Article TENTH (including, without limitation,
each portion of any sentence of this Article TENTH containing any such provision held to be invalid, illegal or unenforceable that
is not itself held to be invalid, illegal or unenforceable) and the application of such provision to other persons or entities
and circumstances shall not in any way be affected or impaired thereby. Any person or entity purchasing or otherwise acquiring
any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of
this Article TENTH.
ELEVENTH: The
doctrine of corporate opportunity, or any other analogous doctrine, shall not apply with respect to the Corporation or any of its
officers or directors in circumstances where the application of any such doctrine would conflict with any fiduciary duties or contractual
obligations they may have as of the date of this Certificate or in the future, and the Corporation renounces any expectancy that
any of the directors or officers of the Corporation will offer any such corporate opportunity of which he or she may become aware
to the Corporation. In addition to the foregoing, the doctrine of corporate opportunity shall not apply to any other corporate
opportunity with respect to any of the directors or officers of the Corporation unless such corporate opportunity is offered to
such person solely in his or her capacity as a director or officer of the Corporation and such opportunity is one the Corporation
is legally and contractually permitted to undertake and would otherwise be reasonable for the Corporation to pursue.
[Signature
Page Follows]
IN WITNESS WHEREOF,
the Corporation has caused this Amended and Restated Certificate of Incorporation to be signed by its Chief Executive Officer,
as of the ____ day of _____, 2020.
|
|
|
|
|
Michael Burdiek
|
|
|
Chief Executive Officer
|
[Signature Page to
Amended and Restated Charter]
9
Exhibit
4.1
|
NUMBER
U-__________
|
|
UNITS
|
|
|
|
|
|
SEE REVERSE FOR CERTAIN DEFINITIONS
|
MOTION ACQUISITION CORP.
|
|
CUSIP 61980M 206
UNITS CONSISTING OF ONE
SHARE OF CLASS A COMMON STOCK AND
ONE-THIRD OF ONE WARRANT
THIS CERTIFIES THAT ___________________________________________________________________
is the owner of___________________________________________________________________________
Units.
Each Unit (“Unit”)
consists of one (1) share of Class A common stock, par value $0.0001 per share (“Common Stock”), of Motion Acquisition
Corp., a Delaware corporation (the “Company”), and one-third of one warrant (“Warrant”).
Each whole Warrant entitles the holder to purchase one share of Common Stock for $11.50 per share (subject to adjustment). Each
whole Warrant will become exercisable on the later of (i) thirty days after the Company’s completion of an initial merger,
capital stock exchange, asset acquisition, or other similar business combination with one or more businesses or entities (a “Business
Combination”) and (ii) 12 months from the closing of the Company’s initial public offering (“IPO”),
and will expire unless exercised before 5:00 p.m., New York City Time, on the fifth anniversary of the completion of an initial
Business Combination, or earlier upon redemption or liquidation. The Common Stock and Warrant(s) comprising the Unit(s) represented
by this certificate are not transferable separately until fifty-two days following the IPO, unless Barclays Capital Inc. informs
the Company of its decision to allow earlier separate trading, except that in no event will the Common Stock and Warrants be separately
tradeable until the Company has filed in a Current Report on Form 8-K with the Securities and Exchange Commission an audited balance
sheet reflecting the Company’s receipt of the gross proceeds of its initial public offering and issued a press release announcing
when such separate trading will begin. The terms of the Warrants are governed by a Warrant Agreement, dated as of __________ __,
2020, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and
provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof.
Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 1 State Street, 30th Floor, New York,
New York 10004, and are available to any Warrant holder on written request and without cost.
This certificate
is not valid unless countersigned by the Transfer Agent and Registrar of the Company.
Witness the
facsimile seal of the Company and the facsimile signatures of its duly authorized officers.
By
Motion Acquisition Corp.
The Company will furnish without charge
to each shareholder who so requests, a statement of the powers, designations, preferences, and relative, participating, optional,
or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions
of such preferences and/or rights.
The following abbreviations, when used
in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable
laws or regulations:
|
TEN COM –
|
as tenants in common
|
|
UNIF GIFT MIN ACT -
|
|
Custodian
|
|
|
|
TEN ENT –
|
as tenants by the entireties
|
|
|
(Cust)
|
|
(Minor)
|
|
|
JT TEN –
|
as joint tenants with right of survivorship
|
|
under Uniform Gifts to Minors
|
|
|
and not as tenants in common
|
|
Act ______________
|
|
|
|
|
(State)
|
Additional abbreviations may also be used
though not in the above list.
For value received, ___________________________
hereby sell, assign, and transfer unto
PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING
ZIP CODE, OF ASSIGNEE)
represented by the within Certificate,
and do hereby irrevocably constitute and appoint
__________________________________________________________________________________
Attorney to transfer the said Units on the books of the within named Company with full power of substitution in the premises.
|
|
|
|
|
|
Notice:
|
The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.
|
|
|
|
|
|
Signature(s) Guaranteed:
|
|
|
|
|
|
|
|
|
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
|
|
(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
|
|
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM,
|
|
PURSUANT TO S.E.C. RULE 17Ad-15).
|
The holder(s) of this certificate shall be entitled to receive
a pro-rata portion of the funds from the trust account with respect to the common stock underlying this certificate only in the
event that (i) the Corporation is forced to liquidate because it does not consummate an initial business combination within the
period of time set forth in the Corporation’s Amended and Restated Certificate of Incorporation, as the same may be amended
from time to time (the “Charter”) or (ii) if the holder seeks to convert his shares upon consummation of, or sell his
shares in a tender offer in connection with, an initial business combination or in connection with certain amendments to the Charter.
In no other circumstances shall the holder(s) have any right or interest of any kind in or to the trust account.
Exhibit 4.2
______C
MOTION
ACQUISITION CORP.
INCORPORATED
UNDER THE LAWS OF DELAWARE
CLASS
A COMMON STOCK
SEE
REVERSE FOR
CERTAIN DEFINITIONS
|
This
Certifies that
|
CUSIP
61980M 107
|
is
the owner of
FULLY
PAID AND NON-ASSESSABLE SHARES OF CLASS A COMMON STOCK OF THE PAR VALUE OF $0.0001 EACH OF
MOTION
ACQUISITION CORP.
transferable
on the books of the Company in person or by duly authorized attorney upon surrender of this certificate properly endorsed.
The
Company will be forced to liquidate if it is unable to complete an initial business combination within the time period set forth
in the Company’s Certificate of Incorporation, as the same may be amended from time to time.
This certificate is not valid unless countersigned by the Transfer Agent and registered by the Registrar.
Witness the facsimile seal of the Company and the facsimile signatures of its duly authorized officers.
Dated:
The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:
TEN
COM – as tenants in common UNIF GIFT MIN ACT - _____ Custodian ______
TEN
ENT – as tenants by the entireties (Cust) (Minor)
JT
TEN – as joint tenants with right of survivorship under Uniform Gifts to Minors
and
not as tenants in common Act ______________
(State)
Additional
abbreviations may also be used though not in the above list.
Motion
Acquisition Corp.
The
Company will furnish without charge to each shareholder who so requests the powers, designations, preferences, and relative, participating,
optional, or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations,
or restrictions of such preferences, and/or rights. This certificate and the shares represented thereby are issued and shall be
held subject to all the provisions of the Certificate of Incorporation and all amendments thereto and resolutions of the Board
of Directors (copies of which may be obtained from the secretary of the Company), to all of which the holder of this certificate
by acceptance hereof assents.
For
value received, ___________________________ hereby sell, assign and transfer unto
PLEASE
INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING
NUMBER OF ASSIGNEE
(PLEASE
PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
__________________________________________________________________________________ shares
of the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint
__________________________________________________________________________________ Attorney
to transfer the said stock on the books of the within named Company with full power of substitution in the
premises.
Dated _____________
|
|
|
|
|
Notice:
|
The
signature to this assignment must correspond with the name as written upon the face of
the certificate in every particular, without alteration or enlargement or any change
whatever.
|
Signature(s)
Guaranteed:
THE
SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS,
STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP
IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM,
PURSUANT
TO S.E.C. RULE 17Ad-15).
The
holder(s) of this certificate shall be entitled to receive a pro-rata portion of the funds from the trust account only in the
event that (i) the Corporation is forced to liquidate because it does not consummate an initial business combination within the
period of time set forth in the Corporation’s Amended and Restated Certificate of Incorporation, as the same may be amended
from time to time (the “Charter”) or (ii) if the holder seeks to convert his shares upon consummation of, or sell
his shares in a tender offer in connection with, an initial business combination or in connection with certain amendments to the
Charter. In no other circumstances shall the holder(s) have any right or interest of any kind in or to the trust account.
Exhibit 4.3
|
NUMBER
________-
|
(SEE REVERSE SIDE FOR LEGEND)
THIS WARRANT WILL BE VOID IF NOT EXERCISED
PRIOR TO
THE EXPIRATION DATE (DEFINED
BELOW)
|
WARRANTS
|
|
|
|
|
MOTION ACQUISITION CORP.
WARRANT
THIS CERTIFIES THAT, for value received
is the registered holder of a warrant or
warrants (the “Warrant(s)”) of Motion Acquisition Corp., a Delaware corporation (the “Company”),
expiring at 5:00 p.m., New York City time, on the five year anniversary of the Company’s completion of an initial merger,
share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with
one or more businesses or entities (a “Business Combination”), or earlier upon redemption or liquidation, to
purchase one fully paid and non-assessable share of Class A common stock, par value $0.0001 per share (“Shares”),
of the Company for each whole Warrant evidenced by this Warrant Certificate. The Warrant entitles the holder thereof to purchase
from the Company, commencing on the later of (a) 12 months from the closing of the Company’s initial public offering and
(b) 30 days after the Company’s completion of an initial Business Combination, such number of Shares of the Company at the
Warrant Price (as defined below), upon surrender of this Warrant Certificate and payment of the Warrant Price at the office or
agency of Continental Stock Transfer & Trust Company (the “Warrant Agent”), but only subject to the conditions
set forth herein and in the Warrant Agreement between the Company and Continental Stock Transfer & Trust Company dated as of
______, 2020 (the “Warrant Agreement”). The Warrant Agreement is hereby incorporated by reference in and made
a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties
and immunities thereunder of the Warrant Agent, the Company and the holders of the Warrants. A copy of the Warrant Agreement may
be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined
herein shall have the meanings given to them in the Warrant Agreement. In no event will the Company be required to net cash settle
any warrant exercise. The term “Warrant Price” as used in this Warrant Certificate refers to the price per Share
at which Shares may be purchased at the time the Warrant is exercised. The initial Warrant Price per Share is equal to $11.50 per
share. The Warrant Agreement provides that upon the occurrence of certain events the Warrant Price, the Redemption Trigger Price
(defined below) and the number of Shares purchasable hereunder, set forth on the face hereof, may, subject to certain conditions,
be adjusted.
No fraction of a Share
will be issued upon any exercise of a Warrant. If the holder of a Warrant would be entitled to receive a fraction of a Share upon
any exercise of a Warrant, the Company shall, upon such exercise, round up to the nearest whole number the number of Shares to
be issued to such holder.
Upon any exercise
of the Warrant for less than the total number of full Shares provided for herein, there shall be issued to the registered holder
hereof or the registered holder’s assignee a new Warrant Certificate covering the number of Shares for which the Warrant
has not been exercised.
Warrant Certificates,
when surrendered at the office or agency of the Warrant Agent by the registered holder in person or by attorney duly authorized
in writing, may be exchanged in the manner and subject to the limitations provided in the Warrant Agreement, but without payment
of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a
like number of Warrants.
Upon due presentment
for registration of transfer of the Warrant Certificate at the office or agency of the Warrant Agent, a new Warrant Certificate
or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee
in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for
any applicable tax or other governmental charge.
The Company and the
Warrant Agent may deem and treat the registered holder as the absolute owner of this Warrant Certificate (notwithstanding any notation
of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the registered
holder, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.
This Warrant does
not entitle the registered holder to any of the rights of a stockholder of the Company.
The Company reserves
the right to call the Warrant at any time prior to its exercise with a notice of call in writing to the holders of record of the
Warrant, giving at least 30 days’ notice of such call (“Redemption Notice”), at any time while the Warrant
is exercisable, if the last sale price of the Shares has been at least $18.00 per share (the “$18.00 Redemption Trigger
Price”) on each of 20 trading days within any 30 trading day period (the “30-day trading period”)
commencing after the Warrants become exercisable and ending on the third business day prior to the date on which notice of such
call is given. The call price of the Warrants is to be $0.01 per Warrant. Any Warrant either not exercised or tendered back to
the Company by the end of the date specified in the notice of call shall be canceled on the books of the Company and have no further
value except for the $0.01 call price. The Company also reserves the right to call the Warrant at any time following 90 days after
the Warrant becomes exercisable, upon delivery of the Redemption Notice, if and only if the last sales price of the Shares is at
least $10.00 per share (the “$10.00 Redemption Trigger Price”) on the trading day prior to the date on which
the Redemption Notice is given, all Private Warrants (as defined in the Warrant Agreement) issued by the Company are also concurrently
called for redemption on the same terms as the Warrant, and there is a current registration statement in effect with respect to
the Shares underlying the Warrants during the 30-day trading period and continuing each day thereafter until the date of redemption.
The call price of the Warrants in this instance is to be $0.10 per Warrant. Any Warrant either not exercised or tendered back to
the Company by the end of the date specified in the notice of call shall be canceled on the books of the Company and have no further
value except for the $0.10 call price.
By
SUBSCRIPTION FORM
To Be Executed by the Registered Holder
in Order to Exercise Warrants
The undersigned Registered Holder irrevocably
elects to exercise ______________ Warrants represented by this Warrant Certificate, and to purchase the Common Stock issuable
upon the exercise of such Warrants, and requests that Certificates for such shares shall be issued in the name of
|
(PLEASE TYPE OR PRINT NAME AND ADDRESS)
|
|
|
|
|
|
|
(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)
and be delivered to __________________________________________________________________________
(PLEASE PRINT OR TYPE NAME AND ADDRESS)
and, if such number of Warrants shall not
be all the Warrants evidenced by this Warrant Certificate, that a new Warrant Certificate for the balance of such Warrants be registered
in the name of, and delivered to, the Registered Holder at the address stated below:
|
Dated:
|
|
|
|
|
|
|
|
(SIGNATURE)
|
|
|
|
|
|
|
|
|
|
(ADDRESS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(TAX IDENTIFICATION NUMBER)
|
ASSIGNMENT
To Be Executed by the Registered Holder
in Order to Assign Warrants
For Value Received, _______________________ hereby sell, assign,
and transfer unto
|
(PLEASE TYPE OR PRINT NAME AND ADDRESS)
|
|
|
|
|
(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)
and be delivered to __________________________________________________________________________
(PLEASE PRINT OR TYPE NAME AND ADDRESS)
______________________ of the Warrants represented by this Warrant
Certificate, and hereby irrevocably constitute and appoint _________________________________ Attorney to transfer this Warrant
Certificate on the books of the Company, with full power of substitution in the premises.
The
signature to the assignment of the Subscription Form must correspond to the name written upon the face of this Warrant Certificate
in every particular, without alteration or enlargement or any change whatsoever, and must be guaranteed by a commercial bank or
trust company or a member firm of the NYSE American, Nasdaq, New York Stock Exchange, Pacific Stock Exchange, or Chicago Stock
Exchange.
Exhibit 4.4
WARRANT
AGREEMENT
This
Warrant Agreement (this “Agreement”) is made as of ______, 2020 between Motion Acquisition Corp., a Delaware
corporation, with offices at c/o Graubard Miller, 405 Lexington Ave, New York, New York 10174 (“Company”), and
Continental Stock Transfer & Trust Company, a New York corporation, with offices at 1 State Street, New York, New York
10004 (“Warrant Agent”).
WHEREAS,
the Company is engaged in a public offering (“Public Offering”) of up to 14,950,000 units, each unit (“Unit”)
comprised of one share of Class A common stock of the Company, par value $0.0001 per share (“Common Stock”),
and one-third of one redeemable warrant, where each whole warrant entitles the holder to purchase one share of Common Stock at
a price of $11.50 per share, subject to adjustment as described herein, and, in connection therewith, will issue and deliver up
to 4,983,333 warrants (the “Public Warrants”) to the investors in the Public Offering; and
WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1,
File No. 333-249061 (“Registration Statement”), and a
prospectus (the “Prospectus”), for the registration, under the Securities Act of 1933, as amended (“Act”)
of, among other securities, the Public Warrants; and
WHEREAS,
the Company has received binding commitments from Motion Acquisition LLC (the, “Subscription Agreement”) to
purchase warrants and, in connection therewith, will issue and deliver up to an aggregate of 2,993,333 warrants (the “Private
Warrants”) upon consummation of the Public Offering; and
WHEREAS,
the Company may issue up to an additional 1,000,000 warrants in satisfaction of certain working capital loans made by the Company’s
officers, directors, initial stockholders and their affiliates (“Working Capital Warrants”); and
WHEREAS,
following consummation of the Public Offering, the Company may issue additional warrants (“Post IPO Warrants”
and collectively with the Public Warrants, Private Warrants and Working Capital Warrants, the “Warrants”) in
connection with, or following the consummation by the Company of, a Business Combination (defined below); and
WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection
with the issuance, registration, transfer, exchange, redemption, and exercise of the Warrants; and
WHEREAS,
the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants;
and
WHEREAS,
all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company
and countersigned by or on behalf of the Warrant Agent (if a physical certificate is issued), as provided herein, the valid, binding,
and legal obligations of the Company, and to authorize the execution and delivery of this Agreement.
NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:
1. Appointment
of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant
Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this
Agreement.
2. Warrants.
2.1. Form
of Warrant. Each Warrant shall be issued in registered form only and, subject to Section 2.2, shall be in substantially the
form of Exhibit A hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature
of, the Chairman of the Board of Directors or Chief Executive Officer and Treasurer, Secretary or Assistant Secretary of the Company
and shall bear a facsimile of the Company’s seal. In the event the person whose facsimile signature has been placed upon
any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it
may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.
2.2. Uncertificated
Warrants. Notwithstanding anything herein to the contrary, any Warrant, or portion thereof, may be issued as part of, and be
represented by, a Unit, and any Warrant may be issued in uncertificated or book-entry form through the Warrant Agent and/or the
facilities of The Depository Trust Company (the “Depositary”) or other book-entry depositary system, in each
case as determined by the Board of Directors of the Company or by an authorized committee thereof. Any Warrant so issued shall
have the same terms, force and effect as a certificated Warrant that has been duly countersigned by the Warrant Agent in accordance
with the terms of this Agreement. All of the Public Warrants shall initially be represented by one or more book-entry certificates
deposited with the Depositary and registered in the name of Cede & Co., a nominee of the Depositary.
2.3. Effect
of Countersignature. Except with respect to uncertificated Warrants as described above, unless and until countersigned by the
Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.
2.4. Registration.
2.4.1. Warrant
Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance
and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and
register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions
delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the Public Warrants shall be shown on, and
the transfer of such ownership shall be effected through, records maintained by institutions that have accounts with the Depositary.
If
the Depositary subsequently ceases to make its book-entry settlement system available for the Public Warrants, the Company may
instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants
are not eligible for, or it is no longer necessary to have the Public Warrants available in, book-entry form, the Warrant Agent
shall provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each book-entry Public Warrant,
and the Company shall instruct the Warrant Agent to deliver to the Depositary definitive certificates in physical form evidencing
such Warrants which shall be in the form annexed hereto as Exhibit A, with appropriate insertions, modifications and omissions.
2.4.2. Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and
treat the person in whose name such Warrant is then registered in the Warrant Register (“registered holder”)
as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other
writing on the Warrant certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise
thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.
2.5. Detachability
of Warrants. The securities comprising the Units will not be separately transferable until the 52nd day following
the date of the Prospectus or, if such 52nd day is not on a day, other than Saturday, Sunday or federal holiday,
on which banks in New York City are generally open for normal business (a “Business Day”), then on the immediately
succeeding Business Day following such date, or earlier with the consent of Barclays Capital Inc., the representative (the “Representative”)
of the several underwriters of the Public Offering, but in no event shall the securities comprising the Units be separately traded
earlier unless (i) the Company has filed a Current Report on Form 8-K with the SEC which includes an audited balance
sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering including the proceeds received by the
Company from the exercise of the underwriters’ option to purchase additional Units in the Public Offering, if such option
is exercised prior to the filing of the Form 8-K, and (ii) the Company has issued a press release announcing when
such separate trading shall begin (the “Detachment Date”).
2.6. Private
Warrant and Working Capital Warrant Attributes. The Private Warrants and Working Capital Warrants shall be identical to the
Public Warrants, except that, so long as they are held by the initial purchasers thereof or any of its Permitted Transferees (as
defined below), (i) such Warrants shall not be redeemable by the Company pursuant to Section 6.1.1 hereof and (ii) such
Warrants may be exercised for cash or on a cashless basis at the holder’s option pursuant to Section 3.3.1(c) hereof
and (iii) such Warrants shall be subject to the transfer restrictions contained in Section 5.6 hereof. Once a Private
Warrant or Working Capital Warrant is transferred to a holder other than to a Permitted Transferee, it shall be treated as a Public
Warrant hereunder for all purposes.
2.7.
Post IPO Warrants. The Post IPO Warrants, when and if issued, shall have the same terms and be in the same form as the Public
Warrants except as may be agreed upon by the Company.
2.7.
Fractional Warrants. The Company shall not issue fractional Warrants other than as part of the Units, each of which is comprised
of one share of Common Stock and one-third of one redeemable Public Warrant. If, upon the detachment of Public Warrants from the
Units or otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall round up to the nearest
whole number the number of Warrants to be issued to such holder.
3. Terms
and Exercise of Warrants
3.1. Warrant
Price. Each whole Warrant shall, when countersigned by the Warrant Agent (if certificated in physical form), entitle the registered
holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of shares
of Common Stock stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof
and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement refers to the
price per share (including in cash or by payment of Warrants pursuant to a “cashless exercise,” to the extent permitted
hereunder) at which the shares of Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion
may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business
Days; provided, that the Company shall provide at least twenty (20) days prior written notice of such reduction to registered
holders of the Warrants and, provided further that any such reduction shall be applied consistently to all of the Warrants.
3.2. Duration
of Warrants. A Warrant may be exercised only during the period commencing on the later of thirty days after the Company consummates
a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with
one or more businesses or entities (“Business Combination”) (as described more fully in the Registration Statement)
and 12 months from the date of the closing of the Public Offering, and terminating on the earlier to occur of (i) at 5:00
p.m., New York City time on the date that is five years from the date the Company consummates its initial Business Combination,
(ii) other than with respect to the Private Warrants and Working Capital Warrants then held by the initial recipients thereof
or their respective Permitted Transferees with respect to a redemption pursuant to Section 6.1.1 hereof (an “Inapplicable
Redemption”), at 5:00 p.m., New York City, time on the Redemption Date, as provided in Section 6.2 of this Agreement
and (iii) the liquidation of the Company in accordance with the Company’s amended and restated certificate of incorporation,
as amended from time to time, if the Company fails to complete a Business Combination (“Expiration Date”); provided,
however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection
3.3.2 below, with respect to an effective registration statement or a valid exemption therefrom being available. The period of
time from the date the Warrants will first become exercisable until the expiration of the Warrants shall hereafter be referred
to as the “Exercise Period.” Except with respect to the right to receive the $18.00 Redemption Price or the $10.00
Redemption Price (as set forth in Section 6 hereunder), as applicable (other than with respect to an Inapplicable Redemption),
each Warrant (other than a Private Warrant or Working Capital Warrant in the event of an Inapplicable Redemption) not exercised
on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement
shall cease at 5:00 p.m., New York City time, on the Expiration Date. The Company in its sole discretion may extend the duration
of the Warrants by delaying the Expiration Date; provided, however, that the Company shall provide at least twenty (20) days
prior written notice of any such extension to registered holders and, provided further that any such extension shall be applied
consistently to all of the Warrants.
3.3. Exercise
of Warrants.
3.3.1. Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent (if certificated
in physical form), may be exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or
at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York (or, in the case of a
Warrant represented by a book-entry, the Warrants to be exercised on the records of the Depositary to an account of the Warrant
Agent at the Depositary designated for such purposes in writing by the Warrant Agent to the Depositary from time to time), with
the subscription form, as set forth in the Warrant, duly executed (or, in the case of a Warrant represented by a book-entry, properly
delivered by the Participant in accordance with the Depositary’s procedures), and by paying in full the Warrant Price for
each share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise
of the Warrant, as follows:
(a)
in lawful money of the United States, by good certified check or good bank draft payable to the order of the Warrant Agent or wire
transfer; or
(b)
in the event of redemption pursuant to Section 6.1.1 hereof in which the Company’s management has elected to require
all holders of Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number
of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock
underlying the Warrants, multiplied by the excess of the “Fair Market Value” (defined below) over the Warrant Price
by (y) the Fair Market Value; provided, however, that no cashless exercise shall be permitted unless the Fair Market Value
is equal to or higher than the Warrant Price. Solely for purposes of this Section 3.3.1(b) and Section 6.1.2, the “Fair
Market Value” shall mean the average last reported sale price of the Common Stock for the ten (10) trading days ending
on the third trading day prior to the date on which the notice of redemption is sent to holders of the Warrants pursuant to Section 6
hereof; or
(c)
with respect to any Private Warrants or Working Capital Warrants, so long as such Private Warrants or Working Capital Warrants
are held by the initial purchasers or their Permitted Transferees, by surrendering such Private Warrants or Working Capital Warrants
for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares
of Common Stock underlying the Warrants, multiplied by the excess of the “Private Warrant Fair Market Value” over the
Warrant Price by (y) the Private Warrant Fair Market Value; provided, however, that no cashless exercise shall be permitted
unless the Private Warrant Fair Market Value is equal to or higher than the Warrant Price. Solely for purposes of this Section 3.3.1(c),
the “Private Warrant Fair Market Value” shall mean the average last reported sale price of the Common Stock for the
ten (10) trading days ending on the third trading day prior to the date on which the notice of exercise is sent to the Warrant
Agent; or
(d)
at any time beginning on the sixty-first (61st) Business Day after the closing of the Company’s initial Business Combination
if the registration statement required by Section 7.4 hereof is not then effective and current, to exercise such Warrants
on a “cashless basis” in accordance with Section 3(a)(9)
of the Act (or any successor rule) or another exemption by surrendering such Warrants
for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares
of Common Stock underlying the Warrants, multiplied by the excess of the Warrant Price over the “Fair Market Value”
by (y) the Fair Market Value; provided, however, that no cashless exercise shall be permitted unless the Fair Market Value
is equal to or higher than the Warrant Price. Solely for purposes of this Section 3.3.1(d), the “Fair Market Value”
shall mean the average reported last sale price of the Common Stock for the ten (10) trading days ending on the trading day
prior to the date of exercise; or
(e)
as provided in Section 7.5; or
(f)
as provided in Section 6.1.2.
3.3.2. Issuance
of Shares of Common Stock. As soon as practicable after the exercise of any Warrant and the clearance of the funds in
payment of the Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a certificate or
certificates, or book entry position, as applicable, for the number of full shares of Common Stock to which he, she or it is
entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been
exercised in full, a new countersigned Warrant, or book entry position, as applicable, for the number of shares as to which
such Warrant shall not have been exercised. If fewer than all the Warrants evidenced by a book entry position are exercised,
a notation shall be made to the records maintained by the Depositary, its nominee for each book entry position, or the
applicable institution with an account at the Depositary, as appropriate, evidencing the balance of the Warrants remaining
after such exercise. Notwithstanding the foregoing, in no event will the Company be required to net cash settle the Warrant
exercise. Notwithstanding the foregoing, the Company shall not be obligated to deliver any shares of Common Stock pursuant to
the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under
the Act covering the issuance of the shares of Common Stock underlying the Warrants is then effective and a prospectus
relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4. No Warrant shall be
exercisable and the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the
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. The Company may require holders of Public Warrants
to settle the Warrant on a “cashless basis” pursuant to Section 7.4. If, by reason of any exercise of Warrants on
a “cashless basis,” the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a
fractional interest in a share of Common Stock, the Company shall round up to the nearest whole number, the number of shares
of Common Stock to be issued to such holder. Warrants may not be exercised by, or securities issued to, any registered holder
in any state in which such exercise or issuance would be unlawful.
3.3.3. Valid
Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be
validly issued, fully paid and nonassessable.
3.3.4. Date
of Issuance. Each person in whose name any book entry position or certificate for shares of Common Stock is issued shall for
all purposes be deemed to have become the holder of record of such shares on the date on which the Warrant, or book entry position
representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such
certificate in the case of a certificate Warrant, except that, if the date of such surrender and payment is a date when the share
transfer books of the Company or book entry system of the Warrant Agent are closed, such person shall be deemed to have become
the holder of such shares at the close of business on the next succeeding date on which the share transfer books or book entry
system are open.
3.3.5 Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the
provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5
unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the
exercise of the holder’s Warrant, and such holder shall 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 or any other person subject
to aggregation with such person), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 4.9% or
9.8% (or such other amount as a holder may specify) (the “Maximum Percentage”) of the shares of Common
Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate
number of shares of Common Stock beneficially owned by such person and its affiliates shall include the number of shares of
Common Stock issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made,
but shall exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion
of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or
unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including,
without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion
or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this
paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”). For purposes of the Warrant, in determining the number of
outstanding shares of Common Stock, the holder may rely on the number of outstanding shares of Common Stock as reflected in
(1) the Company’s most recent Annual Report on Form 10-K, Quarterly Report on
Form 10-Q, Current Report on Form 8-K or other public filing with the SEC as the case may be, (2) a
more recent public announcement by the Company or (3) any other notice by the Company or the Company’s transfer
agent setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written request of
the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder
the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be
determined after giving effect to the conversion or exercise of equity securities of the Company by the holder and its
affiliates since the date as of which such number of outstanding shares of Common Stock was reported. By written notice to
the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such
holder to any other percentage specified in such notice; provided, however, that any such increase shall not be effective
until the sixty-first (61st) day after such notice is delivered to the Company.
4. Adjustments.
4.1. Stock
Dividends; Split Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split up of shares of Common
Stock, or other similar event, then, on the effective date of such stock dividend, split up or similar event, the number of shares
of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares of
Common Stock. A rights offering to holders of the Common Stock entitling holders to purchase shares of Common Stock at a price
less than the “Fair Market Value” (as defined below) shall be deemed a stock dividend of a number of shares of Common
Stock equal to the product of (i) the number of shares of 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 the Common Stock) and
(ii) one (1) minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y) the
Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable
for Common Stock, in determining the price payable for Common Stock, there shall be taken into account any consideration received
for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Fair Market Value”
means the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the
trading day prior to the first date on which the shares of Common Stock trade on the applicable exchange or in the applicable market,
regular way, without the right to receive such rights.
4.2. Aggregation
of Shares. If after the date hereof, the number of outstanding shares of Common Stock is decreased by a consolidation, combination,
reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such consolidation,
combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise
of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock.
4.3 Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a
distribution in cash, securities or other assets to the holders of the shares of Common Stock on account of such shares of
Common Stock (or other shares of the Company’s capital stock into which the Warrants are convertible) (an
“Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the
effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the
Company’s Board of Directors, in good faith) of any securities or other assets paid on each share of Common Stock in
respect of such Extraordinary Dividend; provided, however, that none of the following shall be deemed an Extraordinary
Dividend for purposes of this provision: (a) any adjustment described in subsection 4.1 above, (b) any cash
dividends or cash distributions which, when combined on a per share basis with the per-share amount of all other cash
dividends and cash distributions paid on the Common Stock during the 365-day period ending on the date of
declaration of such dividend or distribution, does not exceed $0.50 per share (taking into account all of the outstanding
shares of the Company at such time (whether or not any shareholders waived their right to receive such dividend) and as
adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding
cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of shares of Common
Stock issuable on exercise of each Warrant, (c) any payment to satisfy the redemption rights of the holders of the Common
Stock in connection with a proposed initial Business Combination, (d) any payment to satisfy the redemption rights of the
holders of the Common Stock in connection with a stockholder vote to amend the Company’s amended and restated
certificate of incorporation (i) to modify the substance or timing of the Company’s obligation to allow redemption in
connection with the Company’s initial Business Combination or in connection with certain amendments to the
Company’s Amended and Restated Certificate of Incorporation prior thereto or to redeem 100% of the shares of Common
Stock included in the Units sold in the Offering if the Company has not completed its initial Business Combination within the
time period set forth in the Company’s Amended and Restated Certificate of Incorporation or (ii) with respect to any
other provision relating to stockholders’ rights or pre-initial Business Combination activity, or (e) any payment in
connection with the redemption of the shares of Common Stock included in the Units sold in the Offering upon the failure of
the Company to complete its initial Business Combination and any subsequent distribution of its assets upon its liquidation.
Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding and unexpired, pays a cash
dividend of $0.35 and previously paid an aggregate of $0.40 of cash dividends and cash distributions on the Common Stock
during the 365-day period ending on the date of declaration of such $0.35 dividend, then the Warrant Price will be
decreased, effectively immediately after the effective date of such $0.35 dividend, by $0.25 (the absolute value of the
difference between $0.75 (the aggregate amount of all cash dividends and cash distributions paid or made in
such 365-day period, including such $0.35 dividend) and $0.50 (the greater of (x) $0.50 and (y) the aggregate
amount of all cash dividends and cash distributions paid or made in such 365-day period prior to such $0.35
dividend)). Furthermore, solely for the purposes of illustration, if following the closing of the Company’s initial
Business Combination, there were total shares outstanding of 100,000,000 and the Company paid a $1.00 dividend to 17,500,000
of such shares (with the remaining 82,500,000 shares waiving their right to receive such dividend), then no adjustment to the
Warrant Price would occur as a $17.5 million dividend payment divided by 100,000,000 shares equals $0.175 per share which is
less than $0.50 per share.
4.4 Adjustments
in Exercise Price.
4.4.1 Whenever
the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in Sections 4.1 and
4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such
adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise
of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common
Stock so purchasable immediately thereafter.
4.4.2 If
(i) the Company issues additional shares of Common Stock or securities convertible into or exercisable or exchangeable for shares
of Common Stock for capital raising purposes in connection with the closing of its initial Business Combination at an issue price
or effective issue price of less than $9.20 per share of Common Stock (as adjusted for stock splits, stock dividends, rights issuances,
subdivisions, reorganizations, recapitalizations and the like), with such issue price or effective issue price to be determined
in good faith by the Board (and in the case of any such issuance to the Sponsor, the Company’s initial stockholders or their
affiliates, without taking into account any founder shares (as defined in the Prospectus) held by such holder or affiliates, as
applicable, prior to such issuance) (the “New Issuance Price”), (ii) the aggregate gross proceeds from such
issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial
Business Combination on the date of the consummation thereof (net of redemptions) and (iii) the volume weighted average trading
price of the Common Stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates
the initial Business Combination (such price, the “Market Value”) is below $9.20 per share (as adjusted for
stock splits, stock dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like), the Warrant Price
shall be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market Value and the New Issuance Price and the
$18.00 Redemption Trigger Price shall be adjusted to equal to 180% of the greater of the Market Value and the New Issuance Price.
4.5. Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of
Common Stock (other than a change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of the
Common Stock), or in the case of any merger or consolidation of the Company with or into another corporation (other than a
consolidation or merger in which the Company is the continuing corporation (and is not a subsidiary of another entity whose
stockholders did not own all or substantially all of the Common Stock of the Company in substantially the same proportions
immediately before such transaction) and that does not result in any reclassification or reorganization of the outstanding
Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of
the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant
holders shall 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 shares of Common Stock of the Company immediately theretofore purchasable and receivable
upon the exercise of the rights represented thereby, the kind and amount of shares of 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 Warrant holder would have received if such Warrant holder had exercised his,
her or its Warrant(s) immediately prior to such event (the “Alternative Issuance”); provided, however,
that (i) if the holders of the Common Stock were entitled to exercise a right of election as to the kind or amount of
securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash
or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be
the weighted average of the kind and amount received per share by the holders of the Common Stock in such consolidation or
merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to
and accepted by the holders of the Common Stock (other than a tender, exchange or redemption offer made by the Company in
connection with redemption rights held by stockholders of the Company as provided for in the Company’s amended and
restated certificate of incorporation or as a result of the repurchase of shares of Common Stock by the Company if a proposed
initial Business Combination is presented to the stockholders of the Company for approval) under circumstances in which, upon
completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of
Rule 13d-5(b)(1) under the Exchange Act (or any successor rule)) of which such maker is a part, and together with
any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act (or any successor
rule)) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the
meaning of Rule 13d-3 under the Exchange Act (or any successor rule)) more than 50% of the outstanding shares of Common
Stock, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of cash,
securities or other property to which such holder would actually have been entitled as a stockholder if such Warrant holder
had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Common
Stock held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and
after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in
this Section 4; provided, further, that if less than 70% of the consideration
receivable by the holders of the Common Stock in the applicable event is payable in the form of 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 properly exercises the Warrant within thirty (30) days following the public disclosure of the
consummation of such applicable event by the Company pursuant to a Current Report on Form 8-K filed with the
Commission, the Warrant Price shall be reduced by an amount (in dollars) (but in no event less than zero) equal to the
difference of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration
(as defined below) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant
Value” means the value of a Warrant immediately prior to the consummation of the applicable event based on the
Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). For
purposes of calculating such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the
price of each share of Common Stock shall be the volume weighted average price of the Common Stock as reported during the ten
(10) trading day period ending on the trading day prior to the effective date of the applicable event, (3) the
assumed volatility shall be the 90 day volatility obtained from the HVT function on Bloomberg determined as of the trading
day immediately prior to the day of the announcement of the applicable event, and (4) the assumed risk-free interest
rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. “Per Share
Consideration” means (i) if the consideration paid to holders of the Common Stock consists exclusively of cash,
the amount of such cash per share of Common Stock, and (ii) in all other cases, the volume weighted average price of the
Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective date of
the applicable event. If any reclassification or reorganization also results in a change in the Common Stock covered by
Section 4.1, 4.2 or 4.3, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3, 4.4 and this
Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less
than the par value per share issuable upon exercise of the Warrant.
4.6. Notices
of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a
Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price
resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon
the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such
calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3, 4.4 or 4.5, then, in any such
event, the Company shall give written notice to each Warrant holder, at the last address set forth for such holder in the
Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein,
shall not affect the legality or validity of such event.
4.7. No
Fractional Warrants or Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall
not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the
holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company
shall, upon such exercise, round up to the nearest whole number of shares of Common Stock to be issued to the Warrant holder.
4.8. Form
of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants
issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially
issued pursuant to this Agreement. However, the Company may at any time in its sole discretion make any change in the form of
Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued
or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.
4.9 Other
Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of
this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid
an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case,
the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national
standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary
to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of
such adjustment. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended
in such opinion.
4.9 No Adjustment. For the avoidance
of doubt, no adjustment shall be made to the terms of the Warrants solely as a result of (i) any issuance of securities in connection
with a Business Combination or (ii) an adjustment to the conversion ratio of the Class B common stock of the Company (the “Class
B Common Stock”) into Common Stock or the conversion of the Class B Common Stock into Common Stock, in each case, pursuant
to the Company’s amended and restated certificate of incorporation, as amended from time to time.
5. Transfer
and Exchange of Warrants.
5.1. Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant
Register, upon surrender of such Warrant for transfer, properly endorsed with signatures, in the case of certificated Warrants,
properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing
an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case
of certificated Warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon
request.
5.2. Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, either in certificated form or in book entry position,
together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one
or more new Warrants, in certificate form or book entry positions, as requested by the registered holder of the Warrants so surrendered,
representing an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer
bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the
Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether
the new Warrants must also bear a restrictive legend.
5.3. Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the
issuance of a warrant certificate or book-entry position for a fraction of a warrant, except as part of the Units.
5.4. Service
Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.
5.5. Warrant
Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the
terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company,
whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company for
such purpose.
5.6. Private
Warrants and Working Capital Warrants. The Warrant Agent shall not register any transfer of Private Warrants or Working Capital
Warrants until 30 days after the consummation by the Company of an initial Business Combination, except (a) to the Company’s
officers or directors, any affiliates or family members of any of the Company’s officers or directors, any members of the
Sponsor or any affiliate of the members of the Sponsor, any affiliates of the Sponsor or any employees of such affiliates, (b)
in the case of an individual, transfers by gift to a member of the individual’s immediate family, to a trust, the beneficiary
of which is a member of the individual’s immediate family or an affiliate of such person, or to a charitable organization;
(c) in the case of an individual, transfers by virtue of laws of descent and distribution upon death of the individual; (d) in
the case of an individual, transfers pursuant to a qualified domestic relations order; (e) transfers by private sales or transfers
made in connection with the consummation of a Business Combination at prices no greater than the price at which the Warrants were
originally purchased; (f) transfers in the event of the Company’s liquidation prior to the completion of its initial Business
Combination; (g) transfers by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement
upon dissolution of the Sponsor; (h) to the Company for no value for cancellation in connection with the consummation of an initial
Business Combination; or (i) in the event of the Company’s liquidation, merger, capital stock exchange, reorganization or
other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of
common stock for cash, securities or other property subsequent to our completion of the Company’s initial Business Combination;
provided, however, that in the case of clauses (a) through (g) these permitted transferees (the “Permitted Transferees”)
must enter into a written agreement agreeing to be bound by these transfer restrictions and the other restrictions contained in
the letter agreement, dated as of the date hereof, by and among the Company, the Sponsor and the Company’s directors and
officers and by the same agreements entered into by the Sponsor with respect to such securities (including provisions relating
to voting, the trust account and liquidation distributions described in the Prospectus).
5.7. Transfers
prior to Detachment. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the
Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of
such Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants
included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.7 shall have no effect on any transfer
of Warrants on or after the Detachment Date.
6. Redemption.
6.1. Redemption.
Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company,
as follows:
6.1.1.
Redemption when the Price Per Share of Common Stock Equals or Exceeds $18.00. The Company may redeem all of the outstanding
Warrants at any time during the Exercise Period, at the office of the Warrant Agent, upon the notice referred to in Section 6.2,
at the price of $0.01 per Warrant (the “$18.00 Redemption Price”), provided that the last reported sales price
of the Common Stock equals or exceeds $18.00 per share (subject to adjustment in accordance with Section 4 hereof) (the “$18.00
Redemption Trigger Price”), on each of twenty (20) trading days within any thirty (30) trading day period commencing
after the Warrants become exercisable and ending on the third trading day prior to the date on which notice of redemption is given,
irrespective of whether (i) there is an effective registration statement covering the issuance of the shares of Common Stock issuable
upon exercise of the Warrants or (ii) the Company qualifies the underlying securities for sale under all applicable securities
laws.
6.1.2.
Redemption when the Price Per Share of Common Stock Equals or Exceeds $10.00. The Company may redeem all of the outstanding
Warrants at any time following 90 days after the commencement of the Exercise Period, at the office of the Warrant Agent, upon
the notice pursuant to Section 6.2, at the price of $0.10 per Warrant (the “$10.00 Redemption Price”), if and
only if (i) the last reported sales price of the Common Stock equals or exceeds $10.00 per share (subject to adjustment in accordance
with Section 4 hereof) (the “$10.00 Redemption Trigger Price ”), on the trading day prior to the date
on which notice of redemption is given, (ii) the Private Warrants and Working Capital Warrants, if any, are also concurrently
called for redemption on the same terms as described in this Section 6, and (iii) there is an effective registration statement
covering the issuance of the shares of Common Stock issuable upon exercise of the Warrants and a current prospectus relating thereto
available throughout the thirty (30) day period after written notice of redemption is given (the “Redemption Period”).
During the Redemption Period in connection with a redemption pursuant to this Section 6.1.2, registered holders of the Warrants
may elect to exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1 and receive a number of shares
of the Company’s Common Stock to be determined by reference to the table below, based on the Redemption Date (calculated
for purposes of the table as the period to expiration of the Warrants) and the “Fair Market Value” of the Company’s
Common Stock (as defined in Section 3.3.1(b)).
|
|
|
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
|
|
|
57 months
|
|
|
0.233
|
|
|
|
0.255
|
|
|
|
0.275
|
|
|
|
0.293
|
|
|
|
0.309
|
|
|
|
0.324
|
|
|
|
0.338
|
|
|
|
0.350
|
|
|
|
0.361
|
|
|
54 months
|
|
|
0.229
|
|
|
|
0.251
|
|
|
|
0.272
|
|
|
|
0.291
|
|
|
|
0.307
|
|
|
|
0.323
|
|
|
|
0.337
|
|
|
|
0.350
|
|
|
|
0.361
|
|
|
51 months
|
|
|
0.225
|
|
|
|
0.248
|
|
|
|
0.269
|
|
|
|
0.288
|
|
|
|
0.305
|
|
|
|
0.321
|
|
|
|
0.336
|
|
|
|
0.349
|
|
|
|
0.361
|
|
|
48 months
|
|
|
0.220
|
|
|
|
0.243
|
|
|
|
0.265
|
|
|
|
0.285
|
|
|
|
0.303
|
|
|
|
0.320
|
|
|
|
0.335
|
|
|
|
0.349
|
|
|
|
0.361
|
|
|
45 months
|
|
|
0.214
|
|
|
|
0.239
|
|
|
|
0.261
|
|
|
|
0.282
|
|
|
|
0.301
|
|
|
|
0.318
|
|
|
|
0.334
|
|
|
|
0.348
|
|
|
|
0.361
|
|
|
42 months
|
|
|
0.208
|
|
|
|
0.234
|
|
|
|
0.257
|
|
|
|
0.278
|
|
|
|
0.298
|
|
|
|
0.316
|
|
|
|
0.333
|
|
|
|
0.348
|
|
|
|
0.361
|
|
|
39 months
|
|
|
0.202
|
|
|
|
0.228
|
|
|
|
0.252
|
|
|
|
0.275
|
|
|
|
0.295
|
|
|
|
0.314
|
|
|
|
0.331
|
|
|
|
0.347
|
|
|
|
0.361
|
|
|
36 months
|
|
|
0.195
|
|
|
|
0.222
|
|
|
|
0.247
|
|
|
|
0.271
|
|
|
|
0.292
|
|
|
|
0.312
|
|
|
|
0.330
|
|
|
|
0.346
|
|
|
|
0.361
|
|
|
33 months
|
|
|
0.187
|
|
|
|
0.215
|
|
|
|
0.241
|
|
|
|
0.266
|
|
|
|
0.288
|
|
|
|
0.309
|
|
|
|
0.328
|
|
|
|
0.345
|
|
|
|
0.361
|
|
|
30 months
|
|
|
0.179
|
|
|
|
0.208
|
|
|
|
0.235
|
|
|
|
0.261
|
|
|
|
0.284
|
|
|
|
0.306
|
|
|
|
0.326
|
|
|
|
0.345
|
|
|
|
0.361
|
|
|
27 months
|
|
|
0.170
|
|
|
|
0.199
|
|
|
|
0.228
|
|
|
|
0.255
|
|
|
|
0.280
|
|
|
|
0.303
|
|
|
|
0.324
|
|
|
|
0.343
|
|
|
|
0.361
|
|
|
24 months
|
|
|
0.159
|
|
|
|
0.190
|
|
|
|
0.220
|
|
|
|
0.248
|
|
|
|
0.274
|
|
|
|
0.299
|
|
|
|
0.322
|
|
|
|
0.342
|
|
|
|
0.361
|
|
|
21 months
|
|
|
0.148
|
|
|
|
0.179
|
|
|
|
0.210
|
|
|
|
0.240
|
|
|
|
0.268
|
|
|
|
0.295
|
|
|
|
0.319
|
|
|
|
0.341
|
|
|
|
0.361
|
|
|
18 months
|
|
|
0.135
|
|
|
|
0.167
|
|
|
|
0.200
|
|
|
|
0.231
|
|
|
|
0.261
|
|
|
|
0.289
|
|
|
|
0.315
|
|
|
|
0.339
|
|
|
|
0.361
|
|
|
15 months
|
|
|
0.120
|
|
|
|
0.153
|
|
|
|
0.187
|
|
|
|
0.220
|
|
|
|
0.253
|
|
|
|
0.283
|
|
|
|
0.311
|
|
|
|
0.337
|
|
|
|
0.361
|
|
|
12 months
|
|
|
0.103
|
|
|
|
0.137
|
|
|
|
0.172
|
|
|
|
0.207
|
|
|
|
0.242
|
|
|
|
0.275
|
|
|
|
0.306
|
|
|
|
0.335
|
|
|
|
0.361
|
|
|
9 months
|
|
|
0.083
|
|
|
|
0.117
|
|
|
|
0.153
|
|
|
|
0.191
|
|
|
|
0.229
|
|
|
|
0.266
|
|
|
|
0.300
|
|
|
|
0.332
|
|
|
|
0.361
|
|
|
6 months
|
|
|
0.059
|
|
|
|
0.092
|
|
|
|
0.130
|
|
|
|
0.171
|
|
|
|
0.213
|
|
|
|
0.254
|
|
|
|
0.292
|
|
|
|
0.328
|
|
|
|
0.361
|
|
|
3 months
|
|
|
0.030
|
|
|
|
0.060
|
|
|
|
0.100
|
|
|
|
0.145
|
|
|
|
0.193
|
|
|
|
0.240
|
|
|
|
0.284
|
|
|
|
0.324
|
|
|
|
0.361
|
|
|
0 months
|
|
|
0.000
|
|
|
|
0.000
|
|
|
|
0.042
|
|
|
|
0.115
|
|
|
|
0.179
|
|
|
|
0.233
|
|
|
|
0.281
|
|
|
|
0.324
|
|
|
|
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 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.
The stock prices set
forth in the column headings of the table above shall be adjusted as of any date on which the number of shares issuable upon
exercise of a Warrant is adjusted pursuant to Section 4. The adjusted stock prices in the column headings shall equal the
stock 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 above shall be adjusted in
the same manner and at the same time as the number of shares issuable upon exercise of a Warrant. In no event will the number
of shares issued in connection with a Make-Whole Exercise exceed 0.365 shares of Common Stock per Warrant (subject to
adjustment).
6.2. Date
Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants that are subject to
redemption pursuant to Section 6.1, the Company shall fix a date for the redemption (the “Redemption Date”).
Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior
to the Redemption Date to the registered holders of the Warrants to be redeemed at their last addresses as they shall appear on
the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given
whether or not the registered holder received such notice.
6.3. Exercise
After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with
Section 6.1.2 of this Agreement or Section 3.3.1(b) of this Agreement) at any time after notice of redemption shall have been
given by the Company pursuant to Section 6.2 hereof and prior to the Redemption Date. In the event the Company determines
to require all holders of Public Warrants to exercise their Warrants on a “cashless basis” pursuant to Section 3.3.1(b),
the notice of redemption will contain the information necessary to calculate the number of shares of Common Stock to be received
upon exercise of the Warrants, including the “Fair Market Value” in such case. On and after the Redemption Date, the
record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.
6.4 Exclusion
of Certain Warrants. The Company agrees that the redemption rights provided in this Section 6 (excluding Section 6.1.2)
shall not apply to (i) the Private Warrants and Working Capital Warrants if at the time of the redemption such Private Warrants
or Working Capital Warrants continue to be held by the initial purchasers or their Permitted Transferees or (ii) Post IPO
Warrants if such warrants provide that they are non-redeemable by the Company. However, with respect to the Private Warrants
or Working Capital Warrants, once such Private Warrants or Working Capital Warrants are transferred (other than to Permitted Transferees
under Section 5.6), the Company may redeem the Private Warrants and Working Capital Warrants in the same manner as the Public
Warrants.
7. Other
Provisions Relating to Rights of Holders of Warrants.
7.1. No
Rights as Stockholder. A Warrant does not entitle the registered holder thereof to any of the rights of a stockholder of the
Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights
to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors
of the Company or any other matter.
7.2. Lost,
Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant
Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated
Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen,
mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not
the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.
7.3. Reservation
of Shares of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued
shares of Common Stock that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this
Agreement.
7.4. Registration
of Shares of Common Stock. The Company agrees that as soon as practicable, but in no event later than fifteen
(15) Business Days, after the closing of its initial Business Combination, it shall use its best efforts to file with
the SEC a registration statement for the registration, under the Act, of the issuance of the shares of Common Stock issuable
upon exercise of the Warrants. The Company shall use its best efforts to cause the same to become effective within sixty (60)
Business Days after the closing of its initial Business Combination, and to maintain the effectiveness of such registration
statement until the expiration of the Warrants in accordance with the provisions of this Agreement. If any such registration
statement has not been declared effective by the 60th Business Day following the closing of the Business
Combination, holders of the Warrants shall have the right, during the period beginning on the 61st Business Day after the
closing of the Business Combination and ending upon such registration statement being declared effective by the SEC, and
during any other period when the Company shall fail to have maintained an effective registration statement covering the
shares of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis” as
determined in accordance with Section 3.3.1(d). The Company shall, upon request by the Warrant Agent, provide the
Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience)
stating that (i) the exercise of the Warrants on a cashless basis in accordance with this Section 7.4 is not
required to be registered under the Act and (ii) the shares of Common Stock issued upon such exercise shall be freely
tradable under U.S. federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the
Act (or any successor rule)) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except as
provided in Section 7.5, for the avoidance of any doubt, unless and until all of the Warrants have been exercised, the
Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this
subsection 7.4.1.
7.5. Cashless
Exercise at Company’s Option. If the Common Stock is at the time of any exercise of a Warrant not listed on a national
securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Act
(or any successor rule), the Company may, at its option, (i) require holders of Public Warrants who exercise Public Warrants to
exercise such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Act (or any successor
rule) as described in subsection 7.4 and (ii) in the event the Company so elects, the Company shall not be required to file or
maintain in effect a registration statement for the registration, under the Act, of the Common Stock issuable upon exercise of
the Warrants, notwithstanding anything in this Agreement to the contrary. If the Company does not so elect, the Company agrees
to use its best efforts to register or qualify for sale the Common Stock issuable upon exercise of the Public Warrants under the
blue sky laws of the state of residence of the exercising Public Warrant holder to the extent an exemption is not available.
8. Concerning
the Warrant Agent and Other Matters.
8.1. Payment
of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the
Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall
not be obligated to pay any transfer taxes in respect of the Warrants or such shares.
8.2. Resignation,
Consolidation, or Merger of Warrant Agent.
8.2.1. Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If
the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing
a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of
thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder
of the Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant
may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent
at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation
organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough
of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision
or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority,
powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as
Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor
Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent
all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent
the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting
in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.
8.2.2. Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof
to the predecessor Warrant Agent and the Company’s transfer agent for the Common Stock not later than the effective date
of any such appointment.
8.2.3. Merger
or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor
Warrant Agent under this Agreement without any further act.
8.3. Fees
and Expenses of Warrant Agent.
8.3.1. Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and shall
reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its
duties hereunder.
8.3.2. Further
Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged,
and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for
the carrying out or performing of the provisions of this Agreement.
8.4. Liability
of Warrant Agent.
8.4.1. Reliance
on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary
or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively
proved and established by a statement signed by the Chief Executive Officer or Chairman of the Board of Directors of the Company
and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith
by it pursuant to the provisions of this Agreement.
8.4.2. Indemnity.
The Warrant Agent shall be liable hereunder only for its own fraud, gross negligence, willful misconduct or bad faith. The Company
agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable
counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement except as a result of the Warrant
Agent’s fraud, gross negligence, willful misconduct, or bad faith.
8.4.3. Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or
execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required
under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining
of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation
or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any
Warrant or as to whether any shares of Common Stock will, when issued, be valid and fully paid and nonassessable.
8.5. Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the
terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised
and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of shares of Common
Stock through the exercise of Warrants.
9. Miscellaneous
Provisions.
9.1. Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure
to the benefit of their respective successors and assigns.
9.2. Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any
Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by
certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed
(until another address is filed in writing by the Company with the Warrant Agent), as follows:
Motion
Acquisition Corp.
c/o
Graubard Miller
405
Lexington Avenue
New
York, New York 10174
Attn:
Michael Burdiek
Any
notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to
or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified
mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address
is filed in writing by the Warrant Agent with the Company), as follows:
Continental
Stock Transfer & Trust Company
1
State Street
New
York, New York 10004
Attn:
Compliance Department
with
a copy in each case to:
Graubard
Miller
The
Chrysler Building
405
Lexington Avenue
New
York, New York 10174
Attn:
David Alan Miller, Esq. and Jeffrey M. Gallant, Esq.
and
Barclays
Capital Inc.
745
7th Avenue
New
York, New York 10019
Attn:
General Counsel
and
Greenberg
Traurig PA
333
S.E. 2nd Avenue
Miami,
FL 33131
Attn:
Alan I. Annex, Esq. and Jason T. Simon, Esq.
9.3. Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects
by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall 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 irrevocably submits to such jurisdiction, which jurisdiction shall
be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof.
Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.
9.4. Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the
provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the
parties hereto and the registered holders of the Warrants and, for the purposes of Sections 7.4, 9.4 and 9.8 hereof, the
Representative, any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation,
promise, or agreement hereof. The Representative shall be deemed to be a third-party beneficiary of this Agreement with
respect to Sections 7.4, 9.4 and 9.8 hereof. All covenants, conditions, stipulations, promises, and agreements contained in
this Agreement shall be for the sole and exclusive benefit of the parties hereto (and the Representative with respect to the
Sections 7.4, 9.4 and 9.8 hereof) and their successors and assigns and of the registered holders of the Warrants.
9.5. Examination
of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant
Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant
Agent may require any such holder to submit his Warrant for inspection by it.
9.6. Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
9.7. Effect
of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the
interpretation thereof.
9.8 Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing
any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other
provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and
that the parties deem shall not adversely affect the interest of the registered holders. All other modifications or amendments,
including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the written consent or vote
of the registered holders of at least 50% of the then outstanding Public Warrants. Notwithstanding the foregoing, the Company may
lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the
consent of the registered holders.
9.9 Trust
Account Waiver. The Warrant Agent acknowledges and agrees that it shall not make any claims or proceed against the trust account
established by the Company in connection with the Public Offering (as more fully described in the Registration Statement) (“Trust
Account”), including by way of set-off, and shall not be entitled to any funds in the Trust Account under any
circumstance. In the event that the Warrant Agent has a claim against the Company under this Agreement, the Warrant Agent will
pursue such claim solely against the Company and not against the property held in the Trust Account.
9.10 Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.
[signature
page follows]
IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.
|
|
By:
|
|
|
|
|
Name: Michael Burdiek
|
|
|
|
Title: Chief Executive Officer
|
|
|
CONTINENTAL STOCK TRANSFER &
TRUST COMPANY
|
[Signature Page to Warrant
Agreement]
16
Exhibit 5.1
GRAUBARD MILLER
THE CHRYSLER BUILDING
405 LEXINGTON AVENUE
NEW YORK, NEW YORK 10174
October 5, 2020
Motion Acquisition Corp.
c/o Graubard Miller
405 Lexington Avenue
New York, New York 10174
Dear Sirs:
Reference
is made to the Registration Statement on Form S-1 (“Registration Statement”) filed by Motion Acquisition Corp.
(“Company”), a Delaware corporation, under the Securities Act of 1933, as amended (“Act”),
covering up to 14,950,000 units of the Company, including the underwriters’ over-allotment option (collectively the “Public
Units”), with each Unit consisting of one share of Class A common stock, par value $0.0001 per share (the “Common Stock”),
of the Company and one-third of one warrant of the Company, each whole warrant to purchase one share of Common Stock (“Public
Warrant”).
We have examined such
documents and considered such legal matters as we have deemed necessary and relevant as the basis for the opinion set forth below.
With respect to such examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted
to us as originals, the conformity to original documents of all documents submitted to us as reproduced or certified copies, and
the authenticity of the originals of those latter documents. As to questions of fact material to this opinion, we have, to the
extent deemed appropriate, relied upon certain representations of certain officers and employees of the Company.
Based upon the foregoing,
we are of the opinion that:
1. Public
Units. When the Registration Statement becomes effective under the Act and when the offering is completed as contemplated
by the Registration Statement, such Public Units will be validly issued, fully paid and non-assessable and will be legally binding
obligations of the Company enforceable in accordance with their terms except: (a) as such enforceability may be limited by bankruptcy,
insolvency, reorganization or similar laws affecting creditors’ rights generally and by general equitable principles (regardless
of whether enforceability is considered in a proceeding in equity or at law); (b) as enforceability of any indemnification or contribution
provision may be limited under the Federal and state securities laws, and (c) that the remedy of specific performance and injunctive
and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any
proceeding therefor may be brought.
2. Common
Stock. When the Registration Statement becomes effective under the Act and when the offering is completed as contemplated
by the Registration Statement, the shares of Common Stock underlying the Public Units will be validly issued, fully paid and non-assessable.
3. Public
Warrants. When the Registration Statement becomes effective under the Act, and when the Public Warrants underlying the
Public Units are issued, delivered and paid for as part of the Public Units, as contemplated by the Registration Statement, such
Public Warrants will be validly issued, fully paid and non-assessable and will be legally binding obligations of the Company enforceable
in accordance with their terms except: (a) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar
laws affecting creditors’ rights generally and by general equitable principles (regardless of whether enforceability is considered
in a proceeding in equity or at law); (b) as enforceability of any indemnification or contribution provision may be limited under
the Federal and state securities laws, and (c) that the remedy of specific performance and injunctive and other forms of equitable
relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be
brought.
We are opining solely
on all applicable statutory provisions of Delaware corporate law, including the rules and regulations underlying those provisions,
all applicable provisions of the Delaware Constitution, all applicable judicial and regulatory determinations in connection therewith
and, as to the Public Units and the Public Warrants constituting legally binding obligations of the Company, solely with respect
to the laws of the State of New York. Our opinion is based on these laws as in effect on the date hereof and as of the effective
date of the Registration Statement, and we assume no obligation to revise or supplement this opinion after the effective date of
the Registration Statement should the law be changed by legislative action, judicial decision, or otherwise. We express no opinion
as to whether the laws of any other jurisdiction are applicable to the subject matter hereof. We are not rendering any opinion
as to compliance with any other Federal or state law, rule or regulation relating to securities, or to the sale or issuance thereof.
We hereby consent to
the use of this opinion as an exhibit to the Registration Statement, to the use of our name as your counsel and to all references
made to us in the Registration Statement and in the Prospectus forming a part thereof. In giving this consent, we do not hereby
admit that we are in the category of persons whose consent is required under Section 7 of the Act, or the rules and regulations
promulgated thereunder.
|
|
Very truly yours,
|
|
|
|
|
|
/s/ Graubard Miller
|
Exhibit 10.1
_____, 2020
Motion Acquisition Corp.
c/o Graubard Miller
405 Lexington Avenue
New York, New York 10175
Barclays Capital Inc.
745 7th Avenue
New York, New York 10019
|
|
Re:
|
Initial Public Offering
|
Gentlemen:
This letter agreement
(this “Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) to be entered into by and between Motion Acquisition Corp., a Delaware corporation (the “Company”),
and Barclays Capital Inc., as representative (the “Representative”) of the several Underwriters named
in Schedule 1 thereto (the “Underwriters”), relating to an underwritten initial public offering (the
“IPO”) of the Company’s units (the “Units”), each comprised of one share
of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), and
one-third of one redeemable warrant, each whole warrant exercisable for one share of Common Stock (each, a “Warrant”).
Certain capitalized terms used herein are defined in paragraph 12 hereof.
In order to induce
the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the
benefit that such IPO will confer upon the undersigned, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the undersigned hereby agrees, severally but not jointly, with the Company as follows:
1. If the Company
solicits approval of its stockholders of a Business Combination, the undersigned shall vote all shares of Common Stock and Founders’
Common Stock (including shares of Common Stock issuable upon conversion of shares of Founders’ Common Stock) beneficially
owned by him or her, whether acquired before, in, or after the IPO, in favor of such Business Combination.
2. In the event
that the Company fails to consummate a Business Combination within the time period set forth in the Company’s Amended and
Restated Certificate of Incorporation, as the same may be amended from time to time, the undersigned will, as promptly as possible,
cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible,
but not more than 10 business days thereafter, redeem the IPO 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 interest released to the Company as permitted pursuant to that certain Investment Management Trust Agreement to be entered into
by the Company, divided by the number of then outstanding IPO 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 the Company’s remaining stockholders and the Company’s
board of directors, dissolve and liquidate, subject in the cases of clauses (ii) and (iii) to the Company’s obligations
under Delaware law to provide for claims of creditors and other requirements of applicable law. The undersigned hereby waives any
and all right, title, interest or claim of any kind in or to any distribution of the Trust Account (“Claim”)
with respect to the shares of Founders’ Common Stock owned by the undersigned and hereby waives any Claim the undersigned
may have in the future as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse
against the Trust Account for any reason whatsoever. The undersigned acknowledges and agrees that there will be no distribution
from the Trust Account with respect to any Warrants, all of which will terminate on the Company’s liquidation. [In the event
of the liquidation of the Trust Account upon the failure of the Company to consummate its initial Business Combination within the
time period set forth in the Company’s Amended and Restated Certificate of Incorporation, as the same may be amended from
time to time, the undersigned agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage
and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating,
preparing or defending against any litigation, whether pending or threatened) to which the Company may become subject as a result
of any claim by (i) any third party for services rendered or products sold to the Company or (ii) any prospective target business
with which the Company has discussed entering into a transaction agreement (a “Target”); provided, however,
that such indemnification of the Company by the undersigned (x) shall apply only to the extent necessary to ensure that such claims
by a third party for services rendered or products sold to the Company or a Target do not reduce the amount of funds in the Trust
Account to below (i) $10.00 per IPO Share or (ii) such lesser amount per IPO Share held in the Trust Account as of the date of
the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case net of the amount of interest
which may be withdrawn to pay taxes, (y) shall not apply to any claims by a third party or Target who executed a waiver of any
and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) and (z) shall not apply to any
claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the Securities
Act of 1933, as amended.] 1
|
|
1
|
Applies only to sponsor.
|
3. The undersigned
acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated with any Insiders
of the Company or any of their affiliates, such transaction must be approved by a majority of the Company’s disinterested
independent directors and the Company must obtain an opinion from an independent investment banking firm, or another independent
entity that commonly renders valuation opinions, that such Business Combination is fair to the Company (and/or its stockholders)
from a financial point of view.
4. None of the
undersigned, any family member of the undersigned, or any affiliate of the undersigned will be entitled to receive and will not
accept any compensation or other cash payment prior to, or for services rendered in order to effectuate, the consummation of the
Business Combination; provided that the Company shall be allowed to make the payments set forth in the Registration Statement under
the caption “Prospectus Summary – The Offering – Limited payments to insiders.”
5. (a) In order
to minimize potential conflicts of interest that may arise from multiple business affiliations, the undersigned hereby agrees that
until the earliest of the Company’s initial Business Combination or liquidation, the undersigned shall present to the Company
for its consideration, prior to presentation to any other entity, any suitable target business, subject to any fiduciary
or contractual obligations the undersigned might have.
(b) The undersigned
has agreed not to participate in the formation of, or become an officer or director of, any other special purpose acquisition company
which has publicly filed a registration statement with the SEC until the Company has entered into a definitive agreement regarding
an initial Business Combination or the Company has failed to complete an initial Business Combination within the time period required
by the Company’s Amended and Restated Certificate of Incorporation, as the same may be amended from time to time.2
(c) The undersigned
hereby agrees and acknowledges that (i) each of the Underwriters and the Company may be irreparably injured in the event of
a breach of any of the obligations contained in this Agreement, (ii) monetary damages may not be an adequate remedy for such
breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that
such party may have in law or in equity, in the event of such breach.
6. (a) The undersigned
agrees that the shares of Founders’ Common Stock may not be transferred, assigned or sold (except to the permitted transferees
expressly described in the Registration Statement under “Principal Shareholders—Restrictions on Transfers of Founder
Shares and Private Placement Warrants”; provided that in the case of clauses (a) through (h) thereof, such permitted transferees
enter into a written agreement with the Company agreeing to be bound by the transfer restrictions and the other restrictions contained
in this Agreement and by the same agreements entered into by the Company’s initial stockholders with respect to such securities
(including provisions relating to voting, the Trust Account and liquidation distributions described in the Registration Statement))
until the earlier to occur of: (1) one year after the consummation of a Business Combination and (2) subsequent to a
Business Combination, (x) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction
that results in all of its shareholders having the right to exchange their shares of Common Stock for cash, securities or other
property, or (y) if the last reported sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock
splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day
period commencing at least 150 days after the Company’s initial Business Combination.
|
|
2
|
Applies only to officers.
|
(b) The undersigned
will not, during the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date,
without the prior written consent of the Representative, (i) offer, sell, contract or agree to sell, hypothecate, pledge, hedge
or otherwise dispose of (or enter into any transaction that is designed to, or might reasonably be expected to, result in the disposition
(whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the undersigned or any
affiliate of the undersigned or any person in privity with the undersigned or any affiliate of the undersigned), directly or indirectly,
including the filing (or participation in the filing) of a registration statement with the Securities and Exchange Commission in
respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning
of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Securities and Exchange
Commission promulgated thereunder with respect to, any Units, shares of Common Stock, Founders’ Common Stock or Warrants
or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by it, him or her, (ii) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership
of any Units, shares of Common Stock, Founders’ Common Stock, Warrants or any securities convertible into, or exercisable,
or exchangeable for, shares of Common Stock owned by it, him or her, whether any such transaction is to be settled by delivery
of such securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction, including the filing
of a registration statement, specified in clause (i) or (ii).
(c) [The undersigned
agrees that until 30 days after the Company consummates a Business Combination, the undersigned’s Private Warrants will not
be transferable (except to the permitted transferees expressly described in the Registration Statement under “Principal Shareholders—Restrictions
on Transfers of Founder Shares and Private Placement Warrants”; provided that in the case of clauses (a) through (h) thereof,
such permitted transferees enter into a written agreement with the Company agreeing to be bound by the transfer restrictions and
the other restrictions contained in this Agreement and by the same agreements entered into by the Company’s initial stockholders
with respect to such securities (including provisions relating to voting, the Trust Account and liquidation distributions described
in the Registration Statement)).] 3
7. The undersigned
agrees to be an Officer and/or Director of the Company until the earlier of the consummation by the Company of a Business Combination
and the liquidation of the Company, or his or her removal, death or incapacity. In the event of the removal or resignation of the
undersigned as a director or officer (as applicable), the undersigned agrees that he or she will not, prior to the completion of
the Business Combination, without the prior express written consent of the Company, (i) use for the benefit of the undersigned
or to the detriment of the Company or (ii) disclose to any third party (unless required by law or governmental authority), any
information regarding a potential target of the Company that is not generally known by persons outside of the Company, the Sponsor,
or their respective affiliates. The undersigned’s biographical information previously furnished to the Company and the Representative
is true and accurate in all respects and does not omit any material information with respect to the undersigned’s background
and contains all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities
Act of 1933, as amended. The undersigned’s FINRA Questionnaire previously furnished to the Company and the Representative
is true and accurate in all respects. The undersigned represents and warrants that:
|
|
(a)
|
he/she has never had a
petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i) him/her or any partnership
in which he/she was a general partner at or within two years before the time of filing; or (ii) any corporation or business
association of which he/she was an executive officer at or within two years before the time of such filing;
|
|
|
(b)
|
he/she has never had a
receiver, fiscal agent or similar officer been appointed by a court for his/her business or property, or any such partnership;
|
|
|
(c)
|
he/she has never been convicted
of fraud in a civil or criminal proceeding;
|
|
|
3
|
Applies only to sponsor.
|
|
|
(d)
|
he/she has never been convicted
in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic violations and minor offenses);
|
|
|
(e)
|
he/she has never been the
subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction,
permanently or temporarily enjoining or otherwise limiting him/her from (i) acting as a futures commission merchant, introducing
broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated
by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any of the foregoing,
or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of
any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing any conduct
or practice in connection with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging
in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal
or state securities or federal commodities laws;
|
|
|
(f)
|
he/she has never been the
subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring,
suspending or otherwise limiting for more than 60 days your right to engage in any activity described in 9(e)(i) above, or to
be associated with persons engaged in any such activity;
|
|
|
(g)
|
he/she has never been found
by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or state securities law, where
the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or vacated;
|
|
|
(h)
|
he/she has never been found
by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities law, where the
judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;
|
|
|
(i)
|
he/she has never been the
subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree or finding, not subsequently
reversed, suspended or vacated, relating to an alleged violation of (i) any Federal or State securities or commodities law
or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including, but not limited
to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and desist
order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection
with any business entity;
|
|
|
(j)
|
he/she has never been the
subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any self-regulatory organization,
any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its
members or persons associated with a member;
|
|
|
(k)
|
he/she has never been convicted
of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving the making
of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer,
municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;
|
|
|
(l)
|
he/she was never subject
to a final order of a state securities commission (or an agency of officer of a state performing like functions); a state authority
that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer
of a state performing like functions); an appropriate federal banking agency; the Commodity Futures Trading Commission; or the
National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative,
or deceptive conduct;
|
|
|
(m)
|
he/she has never been subject
to any order, judgment or decree of any court of competent jurisdiction, that, at the time of such sale, restrained or enjoined
him/her from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase or sale of
any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the
business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of
securities;
|
|
|
(n)
|
he/she has never been subject
to any order of the SEC that orders him/her to cease and desist from committing or causing a future violation of: (i) any
scienter-based anti-fraud provision of the federal securities laws, including, but not limited to, Section 17(a)(1) of the
Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section 206(1) of the Advisers
Act or any other rule or regulation thereunder; or (ii) Section 5 of the Securities Act;
|
|
|
(o)
|
he/she has never been named
as an underwriter in any registration statement or Regulation A offering statement filed with the SEC that was the subject of
a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the subject of an investigation
or proceeding to determine whether a stop order or suspension order should be issued;
|
|
|
(p)
|
he/she has never been subject
to a United States Postal Service false representation order, or is currently subject to a temporary restraining order or preliminary
injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining
money or property through the mail by means of false representations;
|
|
|
(q)
|
he/she is not subject to
a final order of a state securities commission (or an agency of officer of a state performing like functions); a state authority
that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer
of a state performing like functions); an appropriate federal banking agency; the Commodity Futures Trading Commission; or the
National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission,
authority, agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in
savings association or credit union activities;
|
|
|
(r)
|
he/she is not subject to
an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Exchange Act or section 203(e) or 203(f) of the Investment
Advisers Act of 1940 that: (i) suspends or revokes the undersigned’s registration as a broker, dealer, municipal securities
dealer or investment adviser; (ii) places limitations on the activities, functions or operations of, or imposes civil money
penalties on, such person; or (iii) bars the undersigned from being associated with any entity or from participating in the
offering of any penny stock; and
|
|
|
(s)
|
he/she has never been suspended
or expelled from membership in, or suspended or barred from association with a member of, a securities self-regulatory organization
(e.g., a registered national securities exchange or a registered national or affiliated securities association) for any act or
omission to act constituting conduct inconsistent with just and equitable principles of trade.
|
8. The undersigned
has full right and power, without violating any agreement by which he or she is bound, to enter into this Agreement and to serve
as an Officer and/or Director of the Company.
9. The undersigned
hereby waives any right to exercise redemption rights with respect to any shares of the Company’s Common Stock owned or to
be owned by the undersigned, directly or indirectly (or to sell such shares to the Company in a tender offer), whether such shares
are shares of Founders’ Common Stock or shares purchased by the undersigned in the IPO or in the aftermarket, and agrees
that he/she will not seek redemption with respect to such shares in connection with any vote to approve a Business Combination
or an Amendment (as defined below) (or sell such shares to the Company in a tender offer in connection with such a Business Combination
or Amendment).
10. The undersigned
hereby agrees to not propose, or vote in favor of, an amendment (an “Amendment”) to the Company’s Amended and
Restated Certificate of Incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemption
in connection with its initial Business Combination or an Amendment or to redeem 100% of the IPO Shares if the Company does not
complete its initial Business Combination within the time period set forth in the Company’s Amended and Restated Certificate
of Incorporation or (B) with respect to any other provision relating to stockholders’ rights or pre-initial business combination
activity, unless the Company provides public stockholders with the opportunity to redeem their IPO Shares upon such approval in
accordance with its Amended and Restated Certificate of Incorporation.
11. This Agreement
shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to
conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The undersigned
hereby (i) agrees that any action, proceeding or claim against him/her arising out of or relating in any way to this Agreement
(a “Proceeding”) shall be brought and enforced in the courts of the State of New York of the United States
of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive
and (ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. If for
any reason such agent is unable to act as such, the undersigned will promptly notify the Company and the Representative and appoint
a substitute agent acceptable to each of the Company and the Representative within 30 days and nothing in this Agreement will affect
the right of either party to serve process in any other manner permitted by law.
12. As used herein,
(i) a “Business Combination” means a merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders”
means the Sponsor and all officers, directors, stockholders and of the Company immediately prior to the IPO; (iii) “Founders’
Common Stock” means shares of Class B Common Stock, par value $0.0001 per share, of the Company acquired by an Insider
prior to the IPO; (iv) “IPO Shares” means the shares of Common Stock issued as part of the Units in the
Company’s IPO; (v) “Private Warrants” means the warrants that are being sold privately by the Company
simultaneously with the consummation of the IPO; (vi) “Trust Account” means the trust account into which
a portion of the net proceeds of the Company’s IPO and sale of private placement warrants will be deposited; (vii) “Registration
Statement” means the Company’s registration statement on Form S-1 (SEC File No. 333-249061) filed
with the Securities and Exchange Commission, as amended; and (viii) “Sponsor” means Motion Acquisition
LLC, a Delaware limited liability company of which the Company’s executive officers are the managing members.
13. This Agreement
constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes
all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate
in any way to the subject matter hereof or the transactions contemplated hereby. This Agreement may not be changed, amended, modified
or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed
by all parties hereto.
14. The undersigned
acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations and warranties
set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render any of the Underwriters a representative
of, or a fiduciary with respect to, the Company, its stockholders or any creditor or vendor of the Company with respect to the
subject matter hereof.
15. This Agreement
shall be binding on the undersigned and such person’s respective successors, heirs, personal representatives and assigns.
This Agreement shall terminate on the earlier of (i) the liquidation of the Trust Account because the Company has not consummated
a Business Combination within the time allowed pursuant to the Company’s Amended and Restated Certificate of Incorporation,
as the same may be amended from time to time, and (ii) the expiration of the transfer restrictions on the Founders’
Common Stock contained in Section 6 hereof; provided, that such termination shall not relieve the undersigned from
liability for any breach of this Agreement prior to its termination.
16. This Agreement
may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed
to be an original, and all such counterparts shall together constitute but one and the same instrument.
17. This Agreement
shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity
or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms
to such invalid or unenforceable provision as may be possible and be valid and enforceable.
[Signature Page
Follows]
|
|
|
|
|
|
|
Print Name of Insider
|
|
|
|
|
|
|
|
|
|
|
|
Signature
|
|
|
|
|
|
|
|
Acknowledged and Agreed:
|
|
|
|
|
|
|
|
MOTION ACQUISITION CORP.
|
|
|
|
|
|
|
By:
|
|
|
|
|
Name: Michael Burdiek
|
|
|
|
Title: Chief Executive Officer
|
[Insider Letter Signature
Page]
7
Exhibit 10.2
INVESTMENT MANAGEMENT TRUST AGREEMENT
This Investment Management Trust Agreement
(this “Agreement”) is made as of _______, 2020 by and between Motion Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (“Trustee”).
WHEREAS, the Company’s registration
statement on Form S-1, File No. 333-________ (“Registration Statement”) for its initial public offering of securities
(“IPO”) has been declared effective as of the date hereof (“Effective Date”) by the Securities
and Exchange Commission (capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration
Statement); and
WHEREAS, the Company has entered into an
Underwriting Agreement (the “Underwriting Agreement”) with Barclays Capital Inc., as representative (the “Representative”)
of the several underwriters named therein (the “Underwriters”); and
WHEREAS, as described in the Registration
Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, $130,000,000 (or $149,500,000
if the Underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held
in a segregated trust account located at all times in the United States (the “Trust Account”) for the benefit
of the Company and the holders of the Company’s Class A common stock, par value $0.0001 per share (“Common Stock”),
issued in the IPO as hereinafter provided (the proceeds to be delivered to the Trustee (and any income subsequently earned thereon)
is referred to herein as the “Property”; the stockholders for whose benefit the Trustee shall hold the Property
will be referred to as the “Public Stockholders,” and the Public Stockholders and the Company will be referred
to together as the “Beneficiaries”); and
WHEREAS, pursuant to the Underwriting Agreement,
a portion of the Property equal to $4,550,000, or $5,232,500 if the Underwriters’ over-allotment option is exercised in full,
is attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters upon
and concurrently with the consummation of the Business Combination (as defined below) (the “Deferred Discount”);
and
WHEREAS, the Company and the Trustee desire
to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property;
IT IS AGREED:
1. Agreements and Covenants of Trustee. The Trustee
hereby agrees and covenants to:
(a) Hold the Property in trust for the Beneficiaries
in accordance with the terms of this Agreement in the Trust Account established by the Trustee in the United States initially at
J.P. Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100 billion or more), maintained
by Trustee, and at a brokerage institution selected by the Company that is reasonably satisfactory to the Trustee;
(b) Manage, supervise, and administer the
Trust Account subject to the terms and conditions set forth herein;
(c) In a timely manner, upon the written
instruction of the Company in a form substantially similar to that attached hereto as Exhibit A, either (a) invest
and reinvest the Property in United States “government securities” within the meaning of Section 2(a)(16) of the Investment
Company Act of 1940, as amended (the “Investment Company Act”), having a maturity of 185 days or less, and/or
in any open ended investment company registered under the Investment Company Act that holds itself out as a money market fund selected
by the Company meeting the conditions of paragraph (d) of Rule 2a-7 promulgated under the Investment Company Act, which invest
only in direct U.S. government treasury obligations or (b) cause the brokerage institution referred to in 1(a) above to place the
Property in a cash demand deposit account; it being understood that unless the Company instructs the Trustee to do either of the
foregoing, the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions
hereunder and the Trustee may earn bank credits or other consideration during such periods;
(d) Collect and receive, when due, all principal
and income arising from the Property, which shall become part of the “Property,” as such term is used herein;
(e) Promptly notify the Company and the
Representative of all communications received by the Trustee with respect to any Property requiring action by the Company;
(f) Supply any necessary information or
documents as may be requested by the Company in connection with the Company’s preparation of its tax returns;
(g) Participate in any plan or proceeding
for protecting or enforcing any right or interest arising from the Property if, as, and when instructed by the Company to do so;
(h) Render to the Company monthly written
statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements of the Trust Account;
(i) Commence liquidation of the Trust Account
only after and promptly after receipt of, and only in accordance with, the terms of a letter from the Company (“Termination
Letter”), in a form substantially similar to that attached hereto as either Exhibit B or Exhibit
C, as applicable, signed on behalf of the Company by an authorized officer, acknowledged and agreed to by the Representative,
and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination
Letter and the other documents referred to therein; provided, however, that in the event that a Termination Letter has not been
received by the Trustee within the period of time (the “Last Date”) provided in the Company’s Amended
and Restated Certificate of Incorporation, as the same may be amended from time to time (the “Certificate of Incorporation”),
the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit
C hereto and distributed to the Public Stockholders of record as of the Last Date (excluding up to $100,000 of interest
which may be used for dissolution expenses); and
(j) Upon receipt of a letter (an “Amendment
Notification Letter”) in the form of Exhibit D, signed on behalf of the Company by an authorized officer,
distribute to Public Stockholders who properly exercised their redemption rights in connection with an amendment to the Company’s
Amended and Restated Certificate of Incorporation (an “Amendment”) (i) to modify the substance or timing of
the Company’s obligation to allow redemption in connection with its initial Business Combination or an Amendment or to redeem
100% of its public shares if the Company does not complete an initial Business Combination within 24 months from the closing of
the IPO or (ii) with respect to any other provisions relating to stockholders’ rights or pre-initial business combination
activity, an amount equal to the pro rata share of the Property relating to the Common Stock for which such Public Stockholders
have properly exercised redemption rights in connection with such Amendment.
2. Limited Distributions of Income from Trust Account.
(a) Upon written request from the Company,
which may be given from time to time in a form substantially similar to that attached hereto as Exhibit E, the Trustee
shall distribute to the Company the amount of interest income earned on the Trust Account requested by the Company to cover any
income or other tax obligation owed by the Company, and, the Company shall forward such payment to the relevant taxing authority.
(b) The limited distributions referred to
in Section 2(a) above shall be made only from income collected on the Property. Except as provided in Section
2(a) above, no other distributions from the Trust Account shall be permitted except in accordance with Sections
1(i) or 1(j) hereof.
3. Agreements and Covenants of the Company. The
Company agrees and covenants to:
(a) Give all instructions to the Trustee
hereunder in writing, signed by any one of the Company’s authorized officers. In addition, except with respect to its duties
under Sections 1(i), 1(j) and 2(a) above, the Trustee shall be entitled to rely
on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it in good faith believes to be
given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm
such instructions in writing;
(b) Subject to the provisions of Section
5 of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against any and all expenses, including
reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any claim, potential claim, action,
suit, or other proceeding brought against the Trustee which in any way arises out of or relates to this Agreement, the services
of the Trustee hereunder, or the Property or any income earned from investment of the Property, except for expenses and losses
resulting from the Trustee’s fraud, gross negligence or willful misconduct. Promptly after the receipt by the Trustee of
notice of demand or claim or the commencement of any action, suit, or proceeding, pursuant to which the Trustee intends to seek
indemnification under this paragraph, it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified
Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim, provided,
that the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably
withheld. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which consent
shall not be unreasonably withheld. The Company may participate in such action with its own counsel;
(c) Pay the Trustee an initial acceptance
fee, an annual fee, and a transaction processing fee for each disbursement made pursuant to Section 2(a) as set
forth on Schedule A hereto, which fees shall be subject to modification by the parties from time to time. It is
expressly understood that the Property shall not be used to pay such fees and further agreed that any fees remaining owed to the
Trustee at the consummation of a business combination (a “Business Combination”) shall be deducted by the Trustee
pursuant to Section 1(i) solely in connection with the consummation of the Business Combination. The Company shall
pay the Trustee the initial acceptance fee and first year’s fee at the consummation of the IPO and the next annual fee on
the anniversary of the Effective Date;
(d) In connection with any vote of the Company’s
stockholders regarding a Business Combination, provide to the Trustee an affidavit or certificate of a firm regularly engaged in
the business of soliciting proxies and/or tabulating stockholder votes verifying the vote of the Company’s stockholders regarding
such Business Combination;
(e) The Company agrees that it will not
direct the Trustee to make any payments that are not specifically authorized by this Agreement;
(f) If the Company has an Amendment approved
by its stockholders, provide the Trustee with an Amendment Notification Letter in the form of Exhibit D providing
instructions for the distribution of funds to Public Stockholders who properly exercise their redemption rights in connection with
such Amendment;
(g) Provide the Representative with a copy
of any Termination Letter, Amendment Notification Letter, and/or any other correspondence that it issues to the Trustee with respect
to any proposed withdrawal from the Trust Account promptly after such issuance;
(h) Unless otherwise agreed between the
Company and the Representative, ensure that any Instruction Letter (as defined in Exhibit B) delivered in connection
with a Termination Letter in a form substantially similar to that attached hereto as Exhibit B that the Deferred
Discount be paid directly to the account or accounts directed by the Representative on behalf of the Underwriters prior to any
transfer of the funds held in the Trust Account to the Company or any other person;
(i) In the event the Company is entitled
to receive a tax refund on its tax obligation, and promptly after the amount of such refund is determined on a final basis, provide
the Trustee with notice in writing (with a copy to the Representative) of the amount of such tax refund; and
(j) Within five (5) business days after
the Representative, on behalf of the Underwriters, exercise the over-allotment option (or any unexercised portion thereof) or such
over-allotment option expires, provide the Trustee with a notice in writing (with a copy to the Representative) of the total amount
of the Deferred Discount.
4. Limitations of Liability. The Trustee shall have
no responsibility or liability to:
(a) Take any action with respect to the
Property, other than as directed in Sections 1 and 2 hereof, and the Trustee shall have no liability
to any party except for liability arising out of its own fraud, gross negligence or willful misconduct;
(b) Institute any proceeding for the collection
of any principal and income arising from, or institute, appear in, or defend any proceeding of any kind with respect to, any of
the Property unless and until it shall have received instructions from the Company given as provided herein to do so and the Company
shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;
(c) Change the investment of any Property,
other than in compliance with Section 1(c);
(d) Refund any depreciation in principal
of any Property;
(e) Assume that the authority of any person
designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in such designation,
or unless the Company shall have delivered a written revocation of such authority to the Trustee;
(f) The other parties hereto or to anyone
else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the exercise
of its own best judgment, except for its fraud, gross negligence or willful misconduct. The Trustee may rely conclusively and shall
be protected in acting upon any order, notice, demand, certificate, opinion, or advice of counsel (including counsel chosen by
the Trustee), statement, instrument, report, or other paper or document (not only as to its due execution and the validity and
effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed
by the Trustee, in good faith, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not
be bound by any notice or demand, or any waiver, modification, termination, or rescission of this Agreement or any of the terms
hereof, unless evidenced by a written instrument delivered to the Trustee signed by the proper party or parties and, if the duties
or rights of the Trustee are affected, unless it shall give its prior written consent thereto;
(g) Verify the correctness of the information
set forth in the Registration Statement or to confirm or assure that any Business Combination consummated by the Company or any
other action taken by it is as contemplated by the Registration Statement;
(h) File local, state, and/or federal tax
returns or information returns with any taxing authority on behalf of the Trust Account or deliver payee statements to the Company
documenting the taxes, if any, payable by the Company or the Trust Account, relating to the income earned on the Property;
(i) Pay any taxes on behalf of the Trust
Account (it being expressly understood that the Property shall not be used to pay any such taxes and that such taxes, if any, shall
be paid by the Company from funds not held in the Trust Account or released to it under Section 2(a) hereof);
(j) Imply obligations, perform duties, inquire,
or otherwise be subject to the provisions of any agreement or document other than this agreement and that which is expressly set
forth herein; or
(k) Verify calculations, qualify, or otherwise
approve Company requests for distributions pursuant to Sections 1(i), 1(j) or 2(a)
above.
5. Trust Account Waiver. The Trustee has no right
of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account,
and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future. In the
event the Trustee has any Claim against the Company under this Agreement, including, without limitation, under Section
3(b) or Section 3(c) hereof, the Trustee shall pursue such Claim solely against the Company and its assets
outside the Trust Account and not against the Property or any monies in the Trust Account.
6. Termination. This Agreement shall terminate as
follows:
(a) If the Trustee gives written notice
to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor
trustee during which time the Trustee shall act in accordance with this Agreement. At such time that the Company notifies the Trustee
that a successor trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement, the
Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer
of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however,
that, in the event that the Company does not locate a successor trustee within ninety (90) days of receipt of the resignation notice
from the Trustee, the Trustee may submit an application to have the Property deposited with any court in the State of New York
or with the United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune
from any liability whatsoever; or
(b) At such time that the Trustee has completed
the liquidation of the Trust Account and its obligations in accordance with the provisions of Section 1(i) hereof,
and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except
with respect to Section 3(b) and Section 5.
7. Miscellaneous.
(a) The Company and the Trustee will each
restrict access to confidential information relating to funds being transferred to or from the Trust Account to authorized persons.
Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to
such information, or of any change in its authorized personnel. In executing funds transfers, the Trustee shall rely upon all information
supplied to it by the Company, including account names, account numbers, and all other identifying information relating to a beneficiary,
beneficiary’s bank, or intermediary bank. Except for any liability arising out of the Trustee’s fraud, gross negligence
or willful misconduct, the Trustee shall not be liable for any loss, liability, or expense resulting from any error in the information
supplied to it or funds transferred based on such information.
(b) This Agreement shall be governed by
and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles
that would result in the application of the substantive laws of another jurisdiction. The parties hereto consent to the jurisdiction
and venue of any state or federal court located in the City of New York, Borough of Manhattan, for purposes of resolving any disputes
hereunder. As to any claim, cross-claim, or counterclaim in any way relating to this Agreement, each party waives the right to
trial by jury.
(c) This Agreement may be executed in several
original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute but one instrument.
(d) This Agreement contains the entire agreement
and understanding of the parties hereto with respect to the subject matter hereof. Except for Sections 1(i), 1(j) and (2) (which
sections may not be modified, amended or deleted without the affirmative vote of sixty five percent (65%) of the then outstanding
shares of Common Stock and shares of the Company’s Class B common stock, par value $0.0001 per share, voting together as
a single class; provided that no such amendment will affect any Public Stockholder who has otherwise properly indicated his, her
or its election to redeem his, her or its shares of Common Stock in connection with a vote sought to amend this Agreement), this
Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing
signed by each of the parties hereto; provided, however, that no such change, amendment or modification may be made without the
prior written consent of the Representative. The Trustee may require from Company counsel an opinion as to the propriety of any
proposed amendment.
(e) Any notice, consent or request to be
given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent by express mail
or similar private courier service, by certified mail (return receipt requested), by hand delivery, by email or by facsimile transmission:
if to the Trustee, to:
Continental Stock Transfer & Trust Company
1 State Street, 30th floor
New York, New York 10004
Attn: Francis Wolf and Celeste Gonzalez
Email: fwolf@continentalstock.com
Email: cgonzalez@continentalstock.com
if to the Company, to:
Motion Acquisition Corp.
c/o Graubard Miller
405 Lexington Avenue
New York, New York 10174
Attn: Michael Burdiek
E-mail: michaelburdiek@gmail.com
in either case with a copy (which copy shall
not constitute notice) to:
Barclays Capital Inc.
745 7th Avenue
New York, New York 10019
Attn: General Counsel
and
Graubard Miller
The Chrysler Building
405 Lexington Avenue
New York, New York 10174
Attn: David Alan Miller, Esq. / Jeffrey
M. Gallant, Esq.
E-mail: dmiller@graubard.com / jgallant@graubard.com
and
Greenberg
Traurig PA
333
S.E. 2nd Avenue
Miami,
FL 33131
Attn:
Alan I. Annex, Esq. and Jason T. Simon, Esq.
Email: AnnexA@gtlaw.com
and simonj@GTLAW.com
(f) This Agreement may not be assigned by
the Trustee without the prior consent of the Company.
(g) Each of the Trustee and the Company
hereby represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform
its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or
proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account under
any circumstance.
(h) Each of the Company and the Trustee
hereby acknowledge and agrees that the Representative is a third party beneficiary of this Agreement.
[Signature Page Follows]
IN WITNESS WHEREOF, the parties have
duly executed this Investment Management Trust Agreement as of the date first written above.
|
|
CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
|
|
|
By:
|
|
|
|
|
Name: Michael Burdiek
|
|
|
|
Title: Chief Executive Officer
|
[Signature Page to Investment Management Trust Agreement]
SCHEDULE A
|
Fee Item
|
|
Time and method of payment
|
|
Amount
|
|
|
Initial set-up fee
|
|
Initial closing of Offering by wire transfer.
|
|
$
|
3,500.00
|
|
|
Trustee administration fee
|
|
Payable annually. First year fee payable, at initial closing of Offering by wire transfer, thereafter by wire transfer or check.
|
|
$
|
10,000.00
|
|
|
Transaction processing fee for disbursements to Company under Section 2
|
|
Billed to Company following disbursement made to Company under Section 2
|
|
$
|
250.00
|
|
|
Paying Agent services as required pursuant to Section 1(i) and 1(j)
|
|
Billed to Company upon delivery of service pursuant to Section 1(i) and 1(j)
|
|
|
Prevailing rates
|
|
EXHIBIT A
[Letterhead of Company]
[Insert date]
Continental Stock Transfer & Trust Company
1 State Street, 30th Floor
New York, New York 10004
Attn: Francis Wolf and Celeste Gonzalez
|
|
Re:
|
Motion Acquisition Corp.
|
Mr. Wolf & Ms. Gonzalez:
Pursuant to Section 1(c) of the Investment Management Trust
Agreement between Motion Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”),
you are hereby authorized and instructed to invest the trust funds raised from the IPO (and follow-on overallotment funds), if
applicable, in the following permitted investment(s):
Security: _______________________________________________
Security: _______________________________________________
and/or,
Qualified Money Market Fund:
Fund Family: ________________________________________
Exact Fund Name:
Ticker:
Fund CUSIP No: ______________________________________
ISIN No: ____________________________________________
You are instructed to utilize the services
of Barclays Capital Inc. (the “Asset Manager”) to purchase and hold the above investments.
EXHIBIT B
[Letterhead of Company]
[Insert date]
Continental Stock Transfer
& Trust Company
1 State Street, 30th floor
New York, New York 10004
Attn: Francis Wolf and Celeste Gonzalez
Re: Trust Account Termination Letter
Dear Mr. Wolf and Ms. Gonzalez:
Pursuant to Section 1(i) of the Investment
Management Trust Agreement between Motion Acquisition Corp. (“Company”) and Continental Stock Transfer &
Trust Company, dated as of _______, 2020 (“Trust Agreement”), this is to advise you that the Company has entered
into an agreement with [__________________] to consummate a business combination (“Business Combination”) on
or about [insert date]. The Company shall notify you at least 72 hours in advance of the actual date of the consummation
of the Business Combination (or such shorter time as you may agree) (“Consummation Date”). Capitalized terms
used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.
In accordance with the terms of the Trust
Agreement, we hereby authorize you to liquidate the Trust Account investments and to transfer the proceeds to the Trust Operating
Account at J.P. Morgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of the funds held in the Trust Account
will be immediately available for transfer to the account or accounts that the Company shall direct on the Consummation Date (including
as directed to it by the Representatives on behalf of the Underwriters (with respect to the Deferred Discount)). It is acknowledged
and agreed that while the funds are on deposit in the trust account awaiting distribution, neither the Company nor the Underwriters
will earn any interest or dividends.
On the Consummation Date (i) counsel for
the Company shall deliver to you written notification that the Business Combination has been consummated or will be consummated
concurrently with your transfer of funds to the accounts as directed by the Company and (ii) the Company shall deliver to you a
certificate by the Chief Executive Officer, which verifies the that the Business Combination has been approved by a vote of the
Company’s stockholders if a vote is held and (b) joint written instructions from the Company and the Representative with
respect to the transfer of the funds held in the Trust Account, including payment of the Deferred Discount from the Trust Account
to account or accounts directed by the Representative from the Trust Account (“Instruction Letter”). You are
hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the counsel’s
letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held
in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the Company of the same and
the Company shall direct you as to whether such funds should remain in the Trust Account and distributed after the Consummation
Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, your obligations
under the Trust Agreement shall be terminated.
In the event that the Business Combination
is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original
Consummation Date of a new Consummation Date, then upon receipt by the you of written instructions from the Company, the funds
held in the Trust Account shall be reinvested as provided in the Trust Agreement on the business day immediately following the
Consummation Date as set forth in the notice.
cc: Barclays Capital Inc.
EXHIBIT C
[Letterhead of Company]
[Insert date]
Continental Stock Transfer & Trust Company
1 State Street, 30th floor
New York, New York 10004
Attn: Francis Wolf and Celeste Gonzalez
|
|
Re:
|
Trust Account Termination Letter
|
Dear Mr. Wolf and Ms. Gonzalez:
Pursuant to Section 1(i) of the Investment
Management Trust Agreement between Motion Acquisition Corp. (“Company”) and Continental Stock Transfer &
Trust Company, dated as of _______, 2020 (“Trust Agreement”), this is to advise you that the Company has been
unable to effect a Business Combination within the time frame specified in the Company’s Amended and Restated Certificate
of Incorporation, as described in the Company’s prospectus relating to its IPO. Capitalized terms used herein and not otherwise
defined shall have the meanings set forth in the Trust Agreement.
In accordance with the terms of the Trust
Agreement, we hereby authorize you to liquidate the Trust Account and to transfer the total proceeds of the Trust to the Trust
Operating Account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Stockholders. The Company has selected [____________,
20__] as the effective date for the purpose of determining when the Public Stockholders will be entitled to receive their share
of the liquidation proceeds. It is acknowledged that while the funds are on deposit in the Trust Operating Account awaiting distribution,
the Company will not earn any interest or dividends. You agree to be the Paying Agent of record and in your separate capacity as
Paying Agent, to distribute said funds directly to the Public Stockholders in accordance with the terms of the Trust Agreement
and the Amended and Restated Certificate of Incorporation of the Company. Upon the distribution of all the funds in the Trust Account,
your obligations under the Trust Agreement shall be terminated.
|
|
Very truly yours,
|
|
|
|
|
|
BOWX ACQUISITION CORP.
|
cc: Barclays Capital Inc.
EXHIBIT D
[Letterhead of Company]
[Insert date]
Continental Stock Transfer & Trust Company
1 State Street, 30th floor
New York, New York 10004
Attn: Francis Wolf and Celeste Gonzalez
|
|
Re:
|
Trust Account Amendment Notification Letter
|
Dear Mr. Wolf and Ms. Gonzalez:
Reference is made to the Investment Management
Trust Agreement between Motion Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company,
dated as of ________, 2020 (“Trust Agreement”). Capitalized words used herein and not otherwise defined shall
have the meanings ascribed to them in the Trust Agreement.
Pursuant to Section 1(j) of the Trust Agreement,
this is to advise you that the Company has sought and will adopt an Amendment. Accordingly, in accordance with the terms of the
Trust Agreement, we hereby authorize you to liquidate a sufficient portion of the Trust Account and to transfer $____ of the total
proceeds of the Trust to the Trust Account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Stockholders that
have properly requested redemption of their shares of Common Stock in connection with such Amendment. The remaining funds shall
be reinvested by you as previously instructed.
|
|
Very truly yours,
|
|
|
|
|
|
BOWX ACQUISITION CORP.
|
cc: Barclays Capital Inc.
EXHIBIT E
[Letterhead of Company]
[Insert date]
Continental Stock Transfer & Trust Company
1 State Street, 30th floor
New York, New York 10004
Attn: Francis Wolf and Celeste Gonzalez
|
|
Re:
|
Trust Account Withdrawal Instruction Letter
|
Dear Mr. Wolf and Ms. Gonzalez:
Pursuant to Section 2(a) of the Investment
Management Trust Agreement between Motion Acquisition Corp. (“Company”) and Continental Stock Transfer &
Trust Company, dated as of _________, 2020 (“Trust Agreement”), the Company hereby requests that you deliver
to the Company $_______ of the interest income earned on the Property as of the date hereof. The Company needs such funds to pay
for its income or other tax obligations.
In accordance with the terms of the Trust
Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this
letter to the Company’s operating account at:
[WIRE INSTRUCTION INFORMATION]
cc: Barclays Capital Inc.
13
Exhibit 10.4
REGISTRATION
RIGHTS AGREEMENT
THIS REGISTRATION
RIGHTS AGREEMENT (this “Agreement”) is entered into as of the ___ day of _______, by and among Motion
Acquisition Corp., a Delaware corporation (the “Company”) and the undersigned parties listed under Investors
on the signature page hereto (each, an “Investor” and collectively, the “Investors”).
WHEREAS, the Investors
and the Company desire to enter into this Agreement to provide the Investors with certain rights relating to the registration of
the securities held by them as of the date hereof or that may be held by them upon consummation of a Business Combination (defined
below);
NOW, THEREFORE,
in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1. DEFINITIONS.
The following capitalized terms used herein have the following meanings:
“Agreement”
means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.
“Business
Combination” means the acquisition of direct or indirect ownership through a merger, share exchange, asset acquisition,
share purchase, recapitalization, reorganization or other similar type of transaction, of one or more businesses or entities.
“Commission”
means the Securities and Exchange Commission, or any other Federal agency then administering the Securities Act or the Exchange
Act.
“Common
Stock” means the Class A common stock, par value $0.0001 per share, of the Company.
“Company”
is defined in the preamble to this Agreement.
“Demand
Registration” is defined in Section 2.1.1.
“Demanding
Holder” is defined in Section 2.1.1.
“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.
“Form S-3”
is defined in Section 2.3.
“Founder
Shares” means all of the outstanding shares of Class B Common Stock of the Company issued prior to the consummation
of its initial public offering.
“Founder
Shares Lock-Up Period” shall mean, with respect to the Founder Shares, the period ending on the earlier of (a) one
year after the completion of the Company’s initial Business Combination and (b) subsequent to the completion of the Company’s
initial Business Combination, (x) if the last reported sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted
for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
day period commencing at least 150 days after the Company’s initial Business Combination or (y) the date on which the Company
completes a liquidation, merger, capital stock exchange or other similar transaction after the Company’s initial Business
Combination that results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for
cash, securities or other property.
“Indemnified
Party” is defined in Section 4.3.
“Indemnifying
Party” is defined in Section 4.3.
“Insider
Letter” shall mean that certain letter agreement, dated as of the date hereof, by and among the Company, the Sponsor,
each of the Company’s officers and directors and any other signatories thereto.
“Investor”
is defined in the preamble to this Agreement.
“Investor
Indemnified Party” is defined in Section 4.1.
“Maximum
Number of Shares” is defined in Section 2.1.4.
“Notices”
is defined in Section 6.3.
“Permitted
Transferees” shall mean any person or entity to whom a holder of Registrable Securities is permitted to transfer
such Registrable Securities prior to the expiration of the Founder Shares Lock-Up Period or Private Placement Lock-Up Period,
as the case may be, under the Insider Letter and any other applicable agreement between such Holder and the Company, and to any
transferee thereafter.
“Piggy-Back
Registration” is defined in Section 2.2.1.
“Private
Placement Lock-Up Period” shall mean, with respect to Private Warrants that are held by the Sponsor or its Permitted
Transferees, and any of the shares of Common Stock issued or issuable upon the exercise or conversion of the Private Warrants and
that are held by the Sponsor or its Permitted Transferees, the period ending 30 days after the completion of the Company’s
initial Business Combination
“Private
Warrants” means the Warrants the Investors are privately purchasing simultaneously with the consummation of the Company’s
initial public offering.
“Pro
Rata” is defined in Section 2.1.4.
“Register,”
“Registered” and “Registration” mean a registration effected by preparing and
filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable
rules and regulations promulgated thereunder, and such registration statement becoming effective.
“Registrable
Securities” means (i) the Founder Shares, (ii) the Private Warrants and (iii) the Working Capital Warrants,
if any. Registrable Securities include any warrants, shares of capital stock or other securities of the Company underlying or issued
as a dividend or other distribution with respect to or in exchange for or in replacement of or upon conversion of such Founder
Shares. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when: (a) a
Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such
securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (b) such
securities shall have been otherwise transferred, new certificates for them not bearing a legend restricting further transfer shall
have been delivered by the Company and subsequent public distribution of them shall not require registration under the Securities
Act; (c) such securities shall have ceased to be outstanding, or (d) the Registrable Securities are freely saleable under
Rule 144 under the Securities Act without volume limitations.
“Registration
Statement” means a registration statement filed by the Company with the Commission in compliance with the Securities
Act and the rules and regulations promulgated thereunder for a public offering and sale of equity securities, or securities or
other obligations exercisable or exchangeable for, or convertible into, equity securities (other than a registration statement
on Form S-4 or Form S-8, or their successors, or any registration statement covering only securities proposed
to be issued in exchange for securities or assets of another entity).
“Representative”
means Barclays Capital Inc.
“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.
“Sponsor”
means Motion Acquisition LLC, a Delaware limited liability company of which the Company’s executive officers are the managing
members.
“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of
such dealer’s market-making activities.
“Units”
means the units of the Company, each comprised of one share of Common Stock and one-third of one warrant, each whole warrant to
purchase one share of Common Stock.
“Working
Capital Warrants” means any Warrants held by Investors, officers or directors of the Company or their affiliates
which may be issued in payment of working capital loans made to the Company.
2. REGISTRATION
RIGHTS.
2.1 Demand
Registration.
2.1.1. Request
for Registration. At any time and from time to time on or after the date that the Company consummates a Business Combination,
the Investors may make a written demand for registration under the Securities Act of all or part of their Registrable Securities
(a “Demand Registration”). Any demand for a Demand Registration shall specify the number of shares of
Registrable Securities proposed to be sold and the intended method(s) of distribution thereof. The Company will within 10 days
of the Company’s receipt of the Demand Registration notify all holders of Registrable Securities of the demand, and each
holder of Registrable Securities who wishes to include all or a portion of such holder’s Registrable Securities in the Demand
Registration (each such holder including shares of Registrable Securities in such registration, a “Demanding Holder”)
shall so notify the Company within ten (10) days after the receipt by the holder of the notice from the Company. Upon any
such request, the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration,
subject to Section 2.1.4 and the provisos set forth in Section 3.1.1. The Company shall not be obligated to effect more
than an aggregate of three (3) Demand Registrations under this Section 2.1.1 in respect of all Registrable Securities.
2.1.2 Effective
Registration. A registration will not count as a Demand Registration until the Registration Statement filed with the Commission
with respect to such Demand Registration has been declared effective and the Company has complied with all of its obligations under
this Agreement with respect thereto; provided, however, that if, after such Registration Statement has been declared effective,
the offering of Registrable Securities in a Registration pursuant to a Demand Registration is subsequently interfered with by any
stop order or injunction of the Commission or any other governmental agency or court, the Registration Statement with respect to
such Demand Registration will be deemed not to have been declared effective, unless and until, (i) such stop order or injunction
is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter
elect to continue with such Registration; provided, further, that the Company shall not be obligated to file a second Registration
Statement until the Registration Statement that has been previously filed is counted as a Demand Registration or is terminated.
2.1.3 Underwritten
Offering. If a majority-in-interest of the Demanding Holders so elect and such holders so advise the Company as part
of their written demand for a Demand Registration, the offering of the Registrable Securities pursuant to such Demand Registration
shall be in the form of an underwritten offering. In such event, the right of any holder to include its Registrable Securities
in such registration shall be conditioned upon such holder’s participation in such underwriting and the inclusion of such
holder’s Registrable Securities in the underwriting to the extent provided herein. All Demanding Holders proposing to distribute
their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the Underwriter
or Underwriters selected for such underwriting by a majority-in-interest of the holders initiating the Demand Registration.
2.1.4 Reduction
of Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten offering,
in good faith, advises the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable
Securities which the Demanding Holders desire to sell, taken together with all other shares of Common Stock or other securities
which the Company desires to sell and the shares of Common Stock, if any, as to which registration has been requested pursuant
to written contractual piggy-back registration rights held by other stockholders of the Company who desire to sell, exceeds the
maximum dollar amount or maximum number of shares that can be sold in such offering without adversely affecting the proposed offering
price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum
number of shares, as applicable, the “Maximum Number of Shares”), then the Company shall include in such
registration: (i) first, the Registrable Securities as to which Demand Registration has been requested by the Demanding Holders
(pro rata in accordance with the number of shares that each such Person has requested be included in such registration, regardless
of the number of shares held by each such Person (such proportion is referred to herein as “Pro Rata”))
that can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clause (i), the shares of Common Stock or other securities that the Company desires to
sell that can be sold without exceeding the Maximum Number of Shares; (iii) third, to the extent that the Maximum Number of
Shares has not been reached under the foregoing clauses (i) and (ii), the Registrable Securities of holders exercising their
rights to register their Registrable Securities pursuant to Section 2.2; and (iv) fourth, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clauses (i), (ii) and (iii), the shares of Common Stock or other securities
for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements with such
persons and that can be sold without exceeding the Maximum Number of Shares.
2.1.5 Withdrawal.
If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to
include all of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect
to withdraw from such offering by giving written notice to the Company and the Underwriter or Underwriters of their request to
withdraw prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration.
If the majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration,
then such registration shall not count as a Demand Registration provided for in Section 2.1.
2.2 Piggy-Back
Registration.
2.2.1 Piggy-Back
Rights. If at any time on or after the date the Company consummates the initial Business Combination the Company proposes to
file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other
obligations exercisable or exchangeable for, or convertible into, equity securities, by the Company for its own account or for
shareholders of the Company for their account (or by the Company and by shareholders of the Company including, without limitation,
pursuant to Section 2.1), other than a Registration Statement (i) filed in connection with any employee stock option
or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing shareholders,
(iii) for an offering of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment
plan, then the Company shall (x) give written notice of such proposed filing to the holders of Registrable Securities as soon
as practicable but in no event less than ten (10) days before the anticipated filing date, which notice shall describe the
amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed
managing Underwriter or Underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities in such
notice the opportunity to register the sale of such number of shares of Registrable Securities as such holders may request in writing
within five (5) days following receipt of such notice (a “Piggy-Back Registration”). The Company
shall, in good faith, cause such Registrable Securities to be included in such registration and shall use its best efforts to cause
the managing Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to
be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of the Company and to permit
the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof.
All holders of Registrable Securities proposing to distribute their securities through a Piggy-Back Registration that involves
an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters
selected for such Piggy-Back Registration.
2.2.2 Reduction
of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering
advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of shares of Common Stock
which the Company desires to sell, taken together with shares of Common Stock, if any, as to which registration has been demanded
pursuant to separate written contractual arrangements with persons or entities other than the holders of Registrable Securities
hereunder, the Registrable Securities as to which registration has been requested under this Section 2.2, and the shares of
Common Stock, if any, as to which registration has been requested pursuant to the written contractual piggy-back registration rights
of other stockholders of the Company, exceeds the Maximum Number of Shares, then the Company shall include in any such registration:
a) If the registration
is undertaken for the Company’s account: (A) the shares of Common Stock or other securities that the Company desires
to sell that can be sold without exceeding the Maximum Number of Shares; (B) to the extent that the Maximum Number of Shares
has not been reached under the foregoing clause (A), the shares of Common Stock or other securities, if any, comprised of Registrable
Securities, as to which registration has been requested pursuant to the applicable written contractual piggy-back registration
rights of such security holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (C) to the
extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the shares of Common
Stock or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual
piggy-back registration rights with such persons and that can be sold without exceeding the Maximum Number of Shares; and
b) If the registration
is a “demand” registration undertaken at the demand of persons or entities other than either the holders of Registrable
Securities, (A) first, the shares of Common Stock or other securities for the account of the demanding persons that can be
sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clause (A), the Common Stock or other securities that the Company desires to sell that can be sold
without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clauses (A) and (B), collectively the Common Stock or other securities comprised of Registrable Securities,
Pro Rata, as to which registration has been requested pursuant to the terms hereof, as applicable, that can be sold without exceeding
the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the
foregoing clauses (A), (B) and (C), the shares of Common Stock or other securities for the account of other persons that the Company
is obligated to register pursuant to written contractual arrangements with such persons, that can be sold without exceeding the
Maximum Number of Shares.
2.2.3 Withdrawal.
Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities
in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of
the Registration Statement filed with the Commission with respect to such Piggyback Registration. The Company (whether on its own
determination or as the result of a withdrawal by persons making a demand pursuant to written contractual obligations) may withdraw
a Registration Statement filed with the Commission with respect to such Piggyback Registration at any time prior to the effectiveness
of such Registration Statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders
of Registrable Securities in connection with such Piggy-Back Registration as provided in Section 3.3.
2.2.4 Unlimited
Piggy-Back Registration Rights. For purposes of clarity, any registration effected pursuant to Section 2.2 hereof shall
not be counted as a registration pursuant to a Demand Registration effected under Section 2.1 hereof.
2.2.5 Registrations
on Form S-3. The holders of Registrable Securities may at any time and from time to time request in writing that the Company
register the resale of any or all of such Registrable Securities on Form S-3 or any similar short-form registration which
may be available at such time (“Form S-3”); provided, however, that the Company shall not be obligated
to effect such request through an underwritten offering. Upon receipt of such written request, the Company will promptly give written
notice of the proposed registration to all other holders of Registrable Securities, and each holder of Registrable Securities who
thereafter wishes to include all or a portion of such holder’s Registrable Securities in such registration shall so notify
the Company, in writing, within ten (10) days after the receipt by the holder of the notice from the Company, and, as soon
as practicable thereafter but not more than twelve (12) days after the Company’s initial receipt of such written request
for a registration, effect the registration of all or such portion of such holder’s or holders’ Registrable Securities
as are specified in such request, together with all or such portion of the Registrable Securities or other securities of the Company,
if any, of any other holder or holders joining in such request; provided, however, that the Company shall not be obligated to effect
any such registration pursuant to this Section 2.3: (i) if Form S-3 is not available for such offering; or (ii) if
the holders of the Registrable Securities, together with the holders of any other securities of the Company entitled to inclusion
in such registration, propose to sell Registrable Securities and such other securities (if any) at any aggregate price to the public
of less than $2,500,000. Registrations effected pursuant to this Section 2.3 shall not be counted as Demand Registrations
effected pursuant to Section 2.1.
3. REGISTRATION
PROCEDURES.
3.1 Filings;
Information. Whenever the Company is required to effect the registration of any Registrable Securities pursuant to Section 2,
the Company shall use its best efforts to effect the registration and sale of such Registrable Securities in accordance with the
intended method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request:
3.1.1 Filing
Registration Statement. The Company shall, as expeditiously as possible and in any event within sixty (60) days after
receipt of a request for a Demand Registration pursuant to Section 2.1, prepare and file with the Commission a Registration
Statement on any form for which the Company then qualifies or which counsel for the Company shall deem appropriate and which form
shall be available for the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s)
of distribution thereof, and shall use its best efforts to cause such Registration Statement to become effective and use its best
efforts to keep it effective for the period required by Section 3.1.3; provided, however, that the Company shall have the
right to defer any Demand Registration for up to thirty (30) days, and any Piggy-Back Registration for such period as may
be applicable to deferment of any demand registration to which such Piggy-Back Registration relates, in each case if the Company
shall furnish to the holders a certificate signed by the President or Chairman of the Company stating that, in the good faith judgment
of the Board of Directors of the Company, it would be materially detrimental to the Company and its shareholders for such Registration
Statement to be effected at such time; provided further, however, that the Company shall not have the right to exercise the right
set forth in the immediately preceding proviso more than once in any 365-day period in respect of a Demand Registration
hereunder. Notwithstanding anything to the contrary contained in this Agreement, no Registration Statement shall become effective
with respect to any Registrable Securities held by any holder until after the expiration of the Founder Shares Lock-Up Period or
the Private Placement Lock-Up Period, as the case may be.
3.1.2 Copies.
The Company shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without
charge to the holders of Registrable Securities included in such registration, and such holders’ legal counsel, copies of
such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case
including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such Registration Statement
(including each preliminary prospectus), and such other documents as the holders of Registrable Securities included in such registration
or legal counsel for any such holders may request in order to facilitate the disposition of the Registrable Securities owned by
such holders.
3.1.3 Amendments
and Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective amendments,
and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such
Registration Statement effective and in compliance with the provisions of the Securities Act until all Registrable Securities and
other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution
set forth in such Registration Statement or such securities have been withdrawn.
3.1.4 Notification.
After the filing of a Registration Statement, the Company shall promptly, and in no event more than two (2) business days
after such filing, notify the holders of Registrable Securities included in such Registration Statement of such filing, and shall
further notify such holders promptly and confirm such advice in writing in all events within two (2) business days of the
occurrence of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective
amendment to such Registration Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of
any stop order (and the Company shall take all actions required to prevent the entry of such stop order or to remove it if entered);
and (iv) any request by the Commission for any amendment or supplement to such Registration Statement or any prospectus included
therein or for additional information or of the occurrence of an event requiring the preparation of a supplement or amendment to
such prospectus so that, as thereafter delivered to the purchasers of the securities covered by such Registration Statement, such
prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading, and promptly make available to the holders of Registrable Securities
included in such Registration Statement any such supplement or amendment; except that before filing with the Commission a Registration
Statement or prospectus or any amendment or supplement thereto, including documents incorporated by reference, the Company shall
furnish to the holders of Registrable Securities included in such Registration Statement and to the legal counsel for any such
holders, copies of all such documents proposed to be filed sufficiently in advance of filing to provide such holders and legal
counsel with a reasonable opportunity to review such documents and comment thereon, and the Company shall not file any Registration
Statement or prospectus or amendment or supplement thereto, including documents incorporated by reference, to which such holders
or their legal counsel shall object.
3.1.5 State
Securities Laws Compliance. The Company shall use its best efforts to (i) register or qualify the Registrable Securities
covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United
States as the holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement
to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations
of the Company and do any and all other acts and things that may be necessary or advisable to enable the holders of Registrable
Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions;
provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would
not otherwise be required to qualify but for this paragraph or subject itself to taxation in any such jurisdiction.
3.1.6 Agreements
for Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting agreement in
customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such
Registrable Securities. The representations, warranties and covenants of the Company in any underwriting agreement which are made
to or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of the holders of
Registrable Securities included in such Registration Statement. No holder of Registrable Securities included in such Registration
Statement shall be required to make any representations or warranties in the underwriting agreement except, if applicable, with
respect to such holder’s organization, good standing, authority, title to Registrable Securities, lack of conflict of such
sale with such holder’s material agreements and organizational documents, and with respect to written information relating
to such holder that such holder has furnished in writing expressly for inclusion in such Registration Statement.
3.1.7 Cooperation.
The principal executive officer of the Company, the principal financial officer of the Company, the principal accounting officer
of the Company and all other officers and members of the management of the Company shall cooperate fully in any offering of Registrable
Securities hereunder, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect
to such offering and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys,
accountants and potential investors.
3.1.8 Records.
The Company shall make available for inspection by the holders of Registrable Securities included in such Registration Statement,
any Underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other
professional retained by any holder of Registrable Securities included in such Registration Statement or any Underwriter, all financial
and other records, pertinent corporate documents and properties of the Company, as shall be necessary to enable them to exercise
their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information requested
by any of them in connection with such Registration Statement.
3.1.9 Opinions
and Comfort Letters. The Company shall furnish to each holder of Registrable Securities included in any Registration Statement
a signed counterpart, addressed to such holder, of (i) any opinion of counsel to the Company delivered to any Underwriter
and (ii) any comfort letter from the Company’s independent public accountants delivered to any Underwriter. In the event
no legal opinion is delivered to any Underwriter, the Company shall furnish to each holder of Registrable Securities included in
such Registration Statement, at any time that such holder elects to use a prospectus, an opinion of counsel to the Company to the
effect that the Registration Statement containing such prospectus has been declared effective and that no stop order is in effect.
3.1.10 Earnings
Statement. The Company shall comply with all applicable rules and regulations of the Commission and the Securities Act, and
make available to its shareholders, as soon as practicable, an earnings statement covering a period of twelve (12) months,
which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder.
3.1.11 Listing.
The Company shall use its best efforts to cause all Registrable Securities included in any registration to be listed on such exchanges
or otherwise designated for trading in the same manner as similar securities issued by the Company are then listed or designated
or, if no such similar securities are then listed or designated, in a manner satisfactory to the holders of a majority of the Registrable
Securities included in such registration.
3.1.12. Transfer
Agent. The Company shall provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities
no later than the effective date of the Registration Statement.
3.1.13. Misstatements.
The Company shall notify the holders at any time when a prospectus relating to a Registration Statement is required to be delivered
under the Securities Act, of the happening of any event as a result of which the prospectus included in such Registration Statement,
as then in effect, includes an untrue statement of a material fact or an omission to state a material fact required to be stated
in a Registration Statement or prospectus included therein, or necessary to make the statements therein in the light of the circumstances
under which they were made not misleading (a “Misstatement”), and then to correct such Misstatement.
3.1.14 Road
Show. If the registration involves the registration of Registrable Securities involving gross proceeds in excess of $25,000,000,
the Company shall use its reasonable efforts to make available senior executives of the Company to participate in customary “road
show” presentations that may be reasonably requested by the Underwriter in any underwritten offering.
3.2 Obligation
to Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of the kind described in
Section 3.1.4(iv), or, in the case of a resale registration on Form S-3 pursuant to Section 2.3 hereof, upon
any suspension by the Company, pursuant to a written insider trading compliance program adopted by the Company’s Board of
Directors, of the ability of all “insiders” covered by such program to transact in the Company’s securities because
of the existence of material non-public information, each of Registrable Securities included in any registration shall
immediately discontinue disposition of such Registrable Securities pursuant to the Registration Statement covering such Registrable
Securities until such holder receives the supplemented or amended prospectus contemplated by Section 3.1.4(iv) or the restriction
on the ability of “insiders” to transact in the Company’s securities is removed, as applicable, and, if so directed
by the Company, each such holder will deliver to the Company all written copies, other than permanent file copies then in such
holder’s possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice.
3.3 Registration
Expenses. The Company shall bear all costs and expenses incurred in connection with any Demand Registration pursuant to Section 2.1,
any Piggy-Back Registration pursuant to Section 2.2, and any registration on Form S-3 effected pursuant to Section 2.2.5,
and all expenses incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration
Statement becomes effective, including, without limitation: (i) all registration and filing fees and fees of any securities
exchange on which the Common Stock is then listed; (ii) fees and expenses of compliance with securities or “blue sky”
laws (including fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications of the Registrable
Securities); (iii) printing, messenger, telephone and delivery expenses; (iv) the Company’s internal expenses (including,
without limitation, all salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection
with the listing of the Registrable Securities as required by Section 3.1.11; (vi) Financial Industry Regulatory Authority
fees; (vii) fees and disbursements of counsel for the Company and fees and expenses for independent certified public accountants
retained by the Company (including the expenses or costs associated with the delivery of any opinions or comfort letters requested
pursuant to Section 3.1.9); (viii) the fees and expenses of any special experts retained by the Company in connection with
such registration and (ix) the fees and expenses of one legal counsel selected by the holders of a majority-in-interest of
the Registrable Securities included in such registration. The Company shall have no obligation to pay any underwriting discounts
or selling commissions attributable to the Registrable Securities being sold by the holders thereof, which underwriting discounts
or selling commissions shall be borne by such holders. Additionally, in an underwritten offering, all selling shareholders and
the Company shall bear the expenses of the Underwriter pro rata in proportion to the respective amount of shares each is selling
in such offering.
3.4 Information.
The holders of Registrable Securities shall provide such information as may reasonably be requested by the Company, or the managing
Underwriter, if any, in connection with the preparation of any Registration Statement, including amendments and supplements thereto,
in order to effect the registration of any Registrable Securities under the Securities Act pursuant to Section 2 and in connection
with the Company’s obligation to comply with federal and applicable state securities laws.
3.5 Suspension
of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or prospectus included
therein contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it
has received copies of a supplemented or amended prospectus correcting the Misstatement (it being understood that the Company hereby
covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until it is
advised in writing by the Company that the use of the prospectus may be resumed. If the filing, initial effectiveness or continued
use of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure
(as defined below) or would require the inclusion in such Registration Statement of financial statements that are unavailable to
the Company for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to
the holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period
of time, but in no event more than thirty (30) days, determined in good faith by the Company to be necessary for such purpose.
In the event the Company exercises its rights under the preceding sentence, the holders agree to suspend, immediately upon their
receipt of the notice referred to above, their use of the prospectus relating to any registration in connection with any sale or
offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which
it exercised its rights under this Section 3.5. “Adverse Disclosure” shall mean any public disclosure
of material non-public information, which disclosure, in the good faith judgment of the Chief Executive Officer or principal
financial officer of the Company, after consultation with counsel to the Company, (i) would be required to be made in any
Registration Statement or prospectus included therein in order for the applicable Registration Statement or prospectus not to contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in
the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading,
(ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the
Company has a bona fide business purpose for not making such information public.
3.6 Reporting
Obligations. As long as any holder shall own Registrable Securities, the Company, at all times while it shall be reporting
under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace
period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange
Act and to promptly furnish the holders with true and complete copies of all such filings. The Company further covenants that it
shall take such further action as any holder may reasonably request, all to the extent required from time to time to enable such
holder to sell Common Stock held by such holder without registration under the Securities Act within the limitation of the exemptions
provided by Rule 144 promulgated under the Securities Act, including providing any legal opinions, to the extent such exemption
is available to Holders at such time. Upon the request of any holder, the Company shall deliver to such holder a written certification
of a duly authorized officer as to whether it has complied with such requirements.
3.7 Limitations
on Registration Rights. Notwithstanding anything herein to the contrary, (i) the Representative may not exercise its rights
under Section 2.1 and 2.2 hereunder after five (5) and seven (7) years after the effective date of the Registration Statement relating
to the Company’s initial public offering, respectively, and (ii) the Representative may not exercise its rights under Section
2.1 more than one time.
4. INDEMNIFICATION
AND CONTRIBUTION.
4.1 Indemnification
by the Company. The Company agrees to indemnify and hold harmless each Investor and each other holder of Registrable Securities,
and each of their respective officers, employees, affiliates, directors, partners, members, attorneys and agents, and each person,
if any, who controls an Investor and each other holder of Registrable Securities (within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act) (each, an “Investor Indemnified Party”), from
and against any expenses, losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or based
upon any untrue statement (or allegedly untrue statement) of a material fact contained in any Registration Statement under which
the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or
summary prospectus contained in the Registration Statement, or any amendment or supplement to such Registration Statement, or arising
out of or based upon any omission (or alleged omission) to state a material fact required to be stated therein or necessary to
make the statements therein not misleading, or any violation by the Company of the Securities Act or any rule or regulation promulgated
thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such registration;
and the Company shall promptly reimburse the Investor Indemnified Party for any legal and any other expenses reasonably incurred
by such Investor Indemnified Party in connection with investigating and defending any such expense, loss, judgment, claim, damage,
liability or action; provided, however, that the Company will not be liable in any such case to the extent that any such expense,
loss, claim, damage or liability arises out of or is based upon any untrue statement or allegedly untrue statement or omission
or alleged omission made in such Registration Statement, preliminary prospectus, final prospectus, or summary prospectus, or any
such amendment or supplement, in reliance upon and in conformity with information furnished to the Company, in writing, by such
selling holder expressly for use therein. The Company also shall indemnify any Underwriter of the Registrable Securities, their
officers, affiliates, directors, partners, members and agents and each person who controls such Underwriter on substantially the
same basis as that of the indemnification provided above in this Section 4.1.
4.2 Indemnification
by Holders of Registrable Securities. Each selling holder of Registrable Securities will, in the event that any registration
is being effected under the Securities Act pursuant to this Agreement of any Registrable Securities held by such selling holder,
indemnify and hold harmless the Company, each of its directors and officers and each Underwriter (if any), and each other selling
holder and each other person, if any, who controls another selling holder or such Underwriter within the meaning of the Securities
Act, against any losses, claims, judgments, damages or liabilities, whether joint or several, insofar as such losses, claims, judgments,
damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or allegedly untrue
statement of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was registered
under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement,
or any amendment or supplement to the Registration Statement, or arise out of or are based upon any omission or the alleged omission
to state a material fact required to be stated therein or necessary to make the statement therein not misleading, if the statement
or omission was made in reliance upon and in conformity with information furnished in writing to the Company by such selling holder
expressly for use therein, and shall reimburse the Company, its directors and officers, and each other selling holder or controlling
person for any legal or other expenses reasonably incurred by any of them in connection with investigation or defending any such
loss, claim, damage, liability or action. Each selling holder’s indemnification obligations hereunder shall be several and
not joint and shall be limited to the amount of any net proceeds actually received by such selling holder.
4.3 Conduct
of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or liability
or any action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such person (the “Indemnified
Party”) shall, if a claim in respect thereof is to be made against any other person for indemnification hereunder,
notify such other person (the “Indemnifying Party”) in writing of the loss, claim, judgment, damage,
liability or action; provided, however, that the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve
the Indemnifying Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and
solely to the extent the Indemnifying Party is actually prejudiced by such failure. If the Indemnified Party is seeking indemnification
with respect to any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate
in such claim or action, and, to the extent that it wishes, jointly with all other Indemnifying Parties, to assume control of the
defense thereof with counsel satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified
Party of its election to assume control of the defense of such claim or action, the Indemnifying Party shall not be liable to the
Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense
thereof other than reasonable costs of investigation; provided, however, that in any action in which both the Indemnified Party
and the Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ separate counsel (but
no more than one such separate counsel) to represent the Indemnified Party and its controlling persons who may be subject to liability
arising out of any claim in respect of which indemnity may be sought by the Indemnified Party against the Indemnifying Party, with
the fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the written advice of counsel of such
Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual or potential differing
interests between them. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, consent to entry
of judgment or effect any settlement of any claim or pending or threatened proceeding in respect of which the Indemnified Party
is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment or
settlement includes an unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding.
4.4 Contribution.
4.4.1 If the
indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect of any
loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified
Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage, liability
or action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the Indemnifying Parties
in connection with the actions or omissions which resulted in such loss, claim, damage, liability or action, as well as any other
relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by such Indemnified Party or such Indemnifying Party and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
4.4.2 The parties
hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined by pro rata
allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the
immediately preceding Section 4.4.1.
4.4.3 The amount
paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred
by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions
of this Section 4.4, no holder of Registrable Securities shall be required to contribute any amount in excess of the dollar
amount of the net proceeds (after payment of any underwriting fees, discounts, commissions or taxes) actually received by such
holder from the sale of Registrable Securities which gave rise to such contribution obligation. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) with respect to any action shall be entitled
to contribution in such action from any person who was not guilty of such fraudulent misrepresentation.
4.5 Survival.
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made
by or on behalf of the Indemnified Party or any officer, director or controlling person of such Indemnified Party and shall survive
the transfer of securities.
5. UNDERWRITING
AND DISTRIBUTION.
5.1 Rule
144. The Company covenants that it shall file any reports required to be filed by it under the Securities Act and the Exchange
Act and shall take such further action as the holders of Registrable Securities may reasonably request, to the extent such exemption
is available to holders at such time, all to the extent required from time to time to enable such holders to sell Registrable Securities
without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities
Act, as such Rules may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission.
6. MISCELLANEOUS.
6.1 Other
Registration Rights. The Company represents and warrants that no person, other than the holders of the Registrable Securities,
has any right to require the Company to register any shares of the Company’s capital stock for sale or to include shares
of the Company’s capital stock in any registration filed by the Company for the sale of shares of capital stock for its own
account or for the account of any other person. Further, the Company represents and warrants that this Agreement supersedes any
other registration rights agreement or agreement with similar terms and conditions and in the event of a conflict between any such
agreement or agreements and this Agreement, the terms of this Agreement shall prevail.
6.2 Assignment;
No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned
or delegated by the Company in whole or in part. Prior to the expiration of Founder Shares Lock-Up Period or the Private Placement
Lock-Up Period, as the case may be, no Investor may assign or delegate such Investor’s rights, duties or obligations under
this Agreement, in whole or in part, except in connection with transfer of Registrable Securities by such Investor where such Permitted
Transferee agrees to become bound by the transfer restrictions set forth in this Agreement. This Agreement and the provisions hereof
shall be binding upon and shall inure to the benefit of each of the parties, to the permitted assigns of the Investors or holder
of Registrable Securities or of any assignee of the Investors or holder of Registrable Securities. This Agreement is not intended
to confer any rights or benefits on any persons that are not party hereto other than as expressly set forth in Article 4 and this
Section 6.2.
6.3 Notices.
All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”)
required or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be
personally served, delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery, telegram,
telex or facsimile, addressed as set forth below, or to such other address as such party shall have specified most recently by
written notice. Notice shall be deemed given on the date of service or transmission if personally served or transmitted by telegram,
telex or facsimile; provided, that if such service or transmission is not on a business day or is after normal business hours,
then such notice shall be deemed given on the next business day. Notice otherwise sent as provided herein shall be deemed given
on the next business day following timely delivery of such notice to a reputable air courier service with an order for next-day delivery.
To the Company:
Motion Acquisition Corp.
c/o Graubard
Miller
405 Lexington
Avenue
New York, New York 10174
Attn: Chief Executive Officer
with a copy to:
Graubard Miller
The Chrysler Building
405 Lexington Avenue
New York NY 10174
Attn: David Alan Miller,
Esq.
To an Investor, to the
address set forth below such Investor’s name on Exhibit A hereto.
6.4 Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible that is valid and enforceable.
6.5 Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which taken together
shall constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or email/pdf transmission
shall constitute valid and sufficient delivery thereof.
6.6 Entire
Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered
pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede
all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether
oral or written.
6.7 Modifications
and Amendments. No amendment, modification or termination of this Agreement shall be binding upon any party unless executed
in writing by such party.
6.8 Titles
and Headings. Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction
of any provision of this Agreement.
6.9 Waivers
and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive,
provided that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and
specifically refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default
waived has occurred. Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall
be deemed a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver
or extension of time for performance of any obligations or acts shall be deemed a waiver or extension of the time for performance
of any other obligations or acts.
6.10 Remedies
Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed
under this Agreement, the Investor or any other holder of Registrable Securities may proceed to protect and enforce its rights
by suit in equity or action at law, whether for specific performance of any term contained in this Agreement or for an injunction
against the breach of any such term or in aid of the exercise of any power granted in this Agreement or to enforce any other legal
or equitable right, or to take any one or more of such actions, without being required to post a bond. None of the rights, powers
or remedies conferred under this Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative
and in addition to any other right, power or remedy, whether conferred by this Agreement or now or hereafter available at law,
in equity, by statute or otherwise.
6.11 Governing
Law. This Agreement shall be governed by, interpreted under, and construed in accordance with the internal laws of the State
of New York applicable to agreements made and to be performed within the State of New York, without giving effect to any choice-of-law provisions
thereof that would compel the application of the substantive laws of any other jurisdiction. The Company irrevocably submits to
the nonexclusive jurisdiction of any New York State or United States Federal court sitting in The City of New York, Borough of
Manhattan, over any suit, action or proceeding arising out of or relating to this Agreement. The Company irrevocably waives, to
the fullest extent permitted by law, any objection that they may now or hereafter have to the laying of venue of any such suit,
action or proceeding brought in such a court and any claim that any such suit, action or proceeding brought in such a court has
been brought in an inconvenient forum.
6.12 Waiver
of Trial by Jury. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT,
COUNTERCLAIM OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH OR RELATING TO THIS
AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY, OR THE ACTIONS OF THE INVESTOR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE
OR ENFORCEMENT HEREOF.
[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK]
IN WITNESS WHEREOF,
the parties have caused this Registration Rights Agreement to be executed and delivered by their duly authorized representatives
as of the date first written above.
|
|
COMPANY:
|
|
|
|
|
|
MOTION ACQUISITION CORP.
|
|
|
|
|
|
|
By:
|
|
|
|
|
Name:
|
Michael Burdiek
|
|
|
|
Title:
|
Chief Executive Officer
|
|
|
|
|
|
|
INVESTORS:
|
|
|
|
|
|
MOTION ACQUISITION LLC
|
|
|
|
|
|
|
By:
|
|
|
|
|
Name:
|
James Travers
|
|
|
|
Title:
|
Managing Member
|
[Signature Page to Registration Rights Agreement]
EXHIBIT A
|
Investor Name
|
|
Address
|
|
Motion Acquisition LLC
|
|
c/o Motion Acquisition Corp.
c/o Graubard Miller
405 Lexington Avenue
New York, New York 10174
|
15
Exhibit 10.5
________, 2020
Gentlemen:
Motion Acquisition Corp.
(“Corporation”), a blank check company formed for the purpose of acquiring one or more businesses or entities (a “Business
Combination”), intends to register its securities under the Securities Act of 1933, as amended (“Securities Act”),
in connection with its initial public offering (“IPO”). The Corporation currently anticipates selling units in the
IPO, each comprised of one share of Class A common stock, par value $0.0001 per share, of the Corporation (“Common Stock”)
and one-third of one warrant (“Warrant”), each whole Warrant to purchase one share of Common Stock.
The undersigned hereby
commits to purchase an aggregate of 2,733,333 warrants of the Corporation (“Private Warrants”) at $1.50 per Private
Warrant for an aggregate purchase price of $4,100,000 (the “Initial Purchase Price”). Additionally, if the underwriters’
over-allotment option is exercised in full, the undersigned will purchase an additional 200,000 Private Warrants at $1.50 per Private
Warrant for an additional purchase price of $300,000 (the “Additional Purchase Price” and together with the Initial
Purchase Price, the “Purchase Price”). The Private Warrants will be identical to the warrants to be sold in the IPO
except as described in the Corporation’s Registration Statement on Form S-1 (File No. 333-_______) filed in connection with
the IPO (“Registration Statement”). At least 24 hours prior to the effective date (“Effective Date”) of
the Registration Statement, the undersigned will cause the Purchase Price to be delivered to Graubard Miller, counsel for the Corporation
(“Counsel”), by wire transfer as set forth in the instructions attached as Exhibit A hereto to hold in a non-interest
bearing account until the Corporation consummates the IPO. The undersigned agrees that if the size of the IPO is increased or decreased
for any reason, the amount of the undersigned’s investment will be either increased or decreased, as applicable, so that
the undersigned’s percentage of the aggregate investment in Private Warrants made by the undersigned and other investors
of the Corporation remains the same. If the size of the offering is increased, the undersigned agrees that it will deliver the
purchase price for such additional Private Warrants to Counsel as set forth above or as promptly as is reasonably practicable following
the increase if it is on the Effective Date. If the size of the offering is decreased, the unused portion of the Purchase Price
shall be returned to the undersigned.
The consummation of the
purchase and issuance of the Private Warrants shall occur simultaneously with the consummation of the IPO. Simultaneously with
the consummation of the IPO, Counsel shall deposit the Purchase Price, without interest or deduction, into the trust fund (“Trust
Fund”) established by the Corporation for the benefit of the Corporation’s public stockholders as described in the
Registration Statement. If the Corporation does not complete the IPO within thirty (30) days from the Effective Date, the Purchase
Price (without interest or deduction) will be returned to the undersigned.
Each of the Corporation
and the undersigned acknowledges and agrees that Counsel is serving hereunder solely as a convenience to the parties to facilitate
the purchase of the Private Warrants and Counsel’s sole obligation under this letter agreement is to act with respect to
holding and disbursing the Purchase Price for the Private Warrants as described above. Counsel shall not be liable to the Corporation
or the undersigned or any other person or entity in respect of any act or failure to act hereunder or otherwise in connection with
performing its services hereunder unless Counsel has acted in a manner constituting gross negligence or willful misconduct. The
Corporation shall indemnify Counsel against any claim made against it (including reasonable attorney’s fees) by reason of
it acting or failing to act in connection with this letter agreement except as a result of its gross negligence or willful misconduct.
Counsel may rely and shall be protected in acting or refraining from acting upon any written notice, instruction or request furnished
to it hereunder and believed by it to be genuine and to have been signed or presented by the proper party or parties.
The Private Warrants
will be identical to the warrants to be sold by the Corporation in the IPO, except that:
|
|
●
|
the Private Warrants (i) will not be redeemable
by the Corporation except as described in the Corporation’s Registration Statement, and (ii) may be exercised for cash or
on a cashless basis, as described in the Registration Statement, in each case so long as they are held by the undersigned or any
of its permitted transferees;
|
|
|
●
|
the Private Warrants and the Common Stock
issuable upon the exercise of the Private Warrants will not be transferable by the undersigned until 30 days after the consummation
of a Business Combination (subject to certain exceptions as described in the Registration Statement and set forth in the warrant
agreement governing the Private Warrants);
|
|
|
●
|
the Private Warrants will be subject to
customary registration rights, pursuant to a registration rights agreement on terms agreed upon by the Corporation and the underwriters
to be filed as an exhibit to the Registration Statement; and
|
|
|
●
|
the Private Warrants will include any
additional terms or restrictions as is customary in other similarly structured blank check company offerings or as may be reasonably
required by the underwriters in order to consummate the IPO, which terms or restrictions will be described in the Registration
Statement.
|
The undersigned acknowledges
and agrees that it will execute agreements in form and substance typical for transactions of this nature necessary to effectuate
the foregoing agreements and obligations prior to the consummation of the IPO as are reasonably acceptable to the undersigned,
including but not limited to (i) an insider letter and (ii) a registration rights agreement.
The undersigned hereby
represents and warrants that, as applicable:
|
|
(a)
|
it has been advised that the Private Warrants have not been registered under the Securities Act;
|
|
|
(b)
|
it is acquiring the Private Warrants for its account for investment purposes only;
|
|
|
(c)
|
it has no present intention of selling or otherwise disposing of the Private Warrants in violation
of the securities;
|
|
|
(d)
|
it is an “accredited investor” as defined by Rule 501 of Regulation D promulgated under
the Securities Act of 1933, as amended;
|
|
|
(e)
|
it has had both the opportunity to ask questions and receive answers from the officers and directors
of the Corporation and all persons acting on its behalf concerning the terms and conditions of the offer made hereunder;
|
|
|
(f)
|
it is familiar with the proposed business, management, financial condition and affairs of the Corporation;
|
|
|
(g)
|
it has full power, authority and legal capacity to execute and deliver this letter and any documents
contemplated herein or needed to consummate the transactions contemplated in this letter; and
|
|
|
(h)
|
this letter constitutes a legal, valid and binding obligation, and is enforceable against it.
|
[Signature Page Follows]
|
|
Very truly yours,
|
|
|
|
|
|
|
MOTION ACQUISITION LLC
|
|
|
|
|
|
By:
|
|
|
|
|
Name: James Travers
|
|
|
|
Title: Managing Member
|
|
Accepted and Agreed:
|
|
|
|
|
|
|
MOTION ACQUISITION CORP.
|
|
|
|
|
|
|
By:
|
|
|
|
|
Name: Michael Burdiek
|
|
|
|
Title: Chief Financial Officer
|
|
|
|
|
|
|
GRAUBARD MILLER
|
|
|
(solely with respect to its obligations to hold
|
|
and disburse monies for the Private Warrants)
|
|
|
|
|
|
|
By:
|
|
|
|
|
Name: Jeffrey Gallant
|
|
|
|
Title: Partner
|
|
[Signature Page to Subscription Agreement]
Exhibit A
Citibank N.A.
153 East 53rd Street
New York, New York 10022
ABA No. 021000089
For further credit to
Graubard Miller
Attorney Trust Account - IOLA Funds
Account No. 6795235029
Exhibit 10.6
INDEMNIFICATION AGREEMENT
This Agreement, made
and entered into effective as of [●], 2020 (“Agreement”), by and between Motion Acquisition Corp., a Delaware
corporation (“Company”), and the undersigned indemnitee (“Indemnitee”).
WHEREAS, the adoption
of the Sarbanes-Oxley Act of 2002 and other laws, rules and regulations being promulgated have increased the potential for liability
of officers and directors; and
WHEREAS, the Board
of Directors of the Company (“Board”) has determined that the ability to attract and retain such persons is in the
best interests of the Company’s stockholders; and
WHEREAS, it is reasonable,
prudent and necessary for the Company to obligate itself contractually to indemnify such persons to the fullest extent permitted
by applicable law so that such persons will serve or continue to serve the Company free from undue concern that they will not be
adequately indemnified; and
WHEREAS, this Agreement
is a supplement to and in furtherance of Article VII of the Bylaws of the Company, and Article Eighth of the Amended and Restated
Certificate of Incorporation of the Company and any resolutions adopted pursuant thereto and shall neither be deemed to be a substitute
therefor nor to diminish or abrogate any rights of Indemnitee thereunder; and
WHEREAS, Indemnitee
is willing to serve on behalf of the Company on the condition that he be indemnified according to the terms of this Agreement;
NOW, THEREFORE, in
consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:
1. Definitions.
For purposes of this Agreement:
1.1 “Change
in Control” means a change in control of the Company occurring after the date hereof of a nature that would be required to
be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule
or form) promulgated under the Securities Exchange Act of 1934, as amended (“Exchange Act”), whether or not the Company
is then subject to such reporting requirement provided, however, that, without limitation, such a Change in Control shall be deemed
to have occurred if after the date hereof (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the
Exchange Act), other than a person who is an officer or director of the Company on the date hereof (and any of such person’s
affiliates), is or becomes “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
of securities of the Company representing 50% or more of the combined voting power of the then outstanding securities of the Company
without the prior approval of at least two-thirds of the members of the Board in office immediately prior to such person attaining
such percentage interest; (ii) the Company is a party to a merger, consolidation, sale of assets or other reorganization, or a
proxy contest, as a consequence of which (A) members of the Board in office immediately prior to such transaction or event constitute
less than a majority of the Board thereafter or (B) the voting securities of the Company outstanding immediately prior to such
transaction do not continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving
entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after
such transaction with the power to elect at least a majority of the board of directors or other governing body of such surviving
entity; or (iii) during any period of two consecutive years, individuals who at the beginning of such period constituted the Board
(including for this purpose any new director whose election or nomination for election by the Company’s stockholders was
approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of such period
or whose election or nomination for election was previously so approved) cease for any reason to constitute at least a majority
of the Board.
1.2 “Corporate
Status” means the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company or of
any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person is or was
serving at the request of the Company. In addition, service at the actual request of the Company, for purposes of this Agreement,
Indemnitee shall be deemed to be serving or to have served at the request of the Company as a director, officer, employee, agent
or fiduciary of any other enterprise if Indemnitee is or was serving as a director, officer, employee, agent or fiduciary of such
enterprise and (A) such enterprise is or at the time of such service was an affiliate of the Company, (B) such enterprise is or
at the time of such service was an employee benefit plan (or related trust) sponsored or maintained by the Company or an affiliate
of the Company or (C) the Company or an affiliate of the Company directly or indirectly caused Indemnitee to be nominated, elected,
appointed, designated, employed, engaged or selected to serve in such capacity
1.3 “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.
1.4 “Expenses”
means all reasonable attorneys’ fees, retainers, court costs (including trial and appeals), transcript costs, fees of experts,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees,
federal, state, local, or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement,
and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing
to prosecute or defend, appealing, preparing to appeal, investigating, or being or preparing to be a witness in a Proceeding.
1.5 “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any other matter material to either
such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the
foregoing, the term “Independent Counsel” does not include any person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. Except as provided in the first sentence of Section 9.3 hereof, Independent Counsel
shall be selected by (a) the Disinterested Directors or (b) a committee of the Board consisting of two or more Disinterested Directors
or if (a) and (b) above are not possible, then by a majority of the full Board.
1.6 “Proceeding”
means any action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other
proceeding, , whether conducted by or on behalf of the Company or any other party, whether civil, criminal, administrative or investigative,
except one initiated by an Indemnitee pursuant to Section 11 of this Agreement to enforce his rights under this Agreement.
2. Services
by Indemnitee.
Indemnitee agrees to
serve as a director, officer or employee of the Company. Indemnitee may at any time and for any reason resign from such position
(subject to any other contractual obligation or any obligation imposed by operation of law).
3. Indemnification
- General.
Except with respect
to actions finally adjudicated to be a result of actual fraud or intentional misconduct of the Indemnitee, the Company shall indemnify,
and, subject to Section 26 hereof, advance Expenses to, Indemnitee as provided in this Agreement to the fullest extent permitted
by applicable law in effect on the date hereof and to such greater extent as any amendment to or interpretation of applicable law
may thereafter from time to time permit. The rights of Indemnitee provided under the preceding sentence shall include, but shall
not be limited to, the rights set forth in the other Sections of this Agreement.
4. Proceedings
Other Than Proceedings by or in the Right of the Company.
Indemnitee shall be
entitled to the rights of indemnification provided in this Agreement if, by reason of his Corporate Status, he is, was or is threatened
to be made, a party to any threatened, pending or completed Proceeding, other than a Proceeding by or in the right of the Company.
Pursuant to this Agreement, subject to Section 26 hereof, Indemnitee shall be indemnified against Expenses, judgments, penalties,
fines and amounts paid in settlement actually and reasonably incurred by him or on his behalf in connection with any such Proceeding
or any claim, issue or matter therein, if he acted in good faith and in a manner he reasonably believed to be in or not opposed
to the best interests of the Company, and, with respect to any criminal Proceeding, had no reasonable cause to believe his conduct
was unlawful.
5. Proceedings
by or in the Right of the Company.
Indemnitee shall be
entitled to the rights of indemnification provided in this Agreement if, by reason of his Corporate Status, he was or is threatened
to be made, a party to any threatened, pending or completed Proceeding brought by or in the right of the Company to procure a judgment
in its favor. Pursuant to this Agreement, subject to Section 26 hereof, Indemnitee shall be indemnified against amounts paid in
settlement and Expenses actually and reasonably incurred by him or on his behalf in connection with the defense or settlement of
any such Proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests
of the Company. Notwithstanding the foregoing, no indemnification under this paragraph shall be made in respect of (1) a threatened
or pending Proceeding which is settled or otherwise disposed of, or (2) any claim, issue or matter as to which such person shall
have been adjudged to be liable to the Company, unless and only to the extent that the court in which such Proceeding shall have
been brought, was brought or is pending, shall determine, upon application, that Indemnitee is fairly and reasonably entitled to
indemnity for such portion of the settlement amount and Expenses as the court deems proper.
6. Indemnification
for Expenses of Party Who is Wholly or Partly Successful.
Notwithstanding any
other provision of this Agreement except for Section 26 hereof, to the extent that Indemnitee is, by reason of his Corporate Status,
a party to and is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified against all Expenses (and,
when eligible hereunder, amounts paid in settlement) actually and reasonably incurred by him or on his behalf in connection therewith.
If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but
less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses (and, when
eligible hereunder, amount paid in settlement) actually and reasonably incurred by him or on his behalf in connection with each
successfully resolved claim, issue or matter. For purposes of this Agreement, the term “successful, on the merits or otherwise,”
includes, but is not limited to, (i) any termination, withdrawal, or dismissal (with or without prejudice) of any Proceeding against
the Indemnitee without any express finding of liability or guilt against him, and (ii) the expiration of 90 days after the making
of any claim or threat of a Proceeding without the institution of the same and without any promise or payment made to induce a
settlement.
7. Indemnification
for Expenses as a Witness.
Notwithstanding any
other provision of this Agreement except for Section 26 hereof, to the extent that Indemnitee is, by reason of his Corporate Status,
a witness in any Proceeding, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf
in connection therewith.
8. Advancement
of Expenses and Other Amounts.
Subject to Section
26 hereof, the Company shall advance all Expenses, judgments, penalties, fines and, when eligible hereunder, amounts paid in settlement,
incurred by or on behalf of Indemnitee in connection with any Proceeding within thirty (30) days after the receipt by the Company
of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final
disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses, judgments, penalties, fines
and amounts paid in settlement, incurred by Indemnitee and shall include or be preceded or accompanied by an agreement by or on
behalf of Indemnitee to repay any Expenses, judgments, penalties, fines and amounts paid in settlement advanced if it shall ultimately
be determined that Indemnitee is not entitled to be indemnified against such Expenses, judgments, penalties, fines and, when eligible
hereunder, amounts paid in settlement. In connection with any request for advancement of Expenses, judgments, penalties, fines
and amounts paid in settlement, Indemnitee shall not be required to provide any documentation or information to the extent that
the provision thereof would undermine or otherwise jeopardize attorney-client privilege. The Company’s obligation in respect
of the advancement of Expenses, judgments, penalties, fines and amounts paid in settlement in connection with a criminal Proceeding
in which Indemnitee is a defendant shall terminate at such time as Indemnitee pleads guilty or is convicted after trial and such
conviction becomes final and no longer subject to appeal. Advances shall be unsecured and interest free. Advances shall be made
without regard to Indemnitee’s ability to repay such amounts and without regard to Indemnitee’s ultimate entitlement
to indemnification under the other provisions of this Agreement.
9. Procedure
for Determination of Entitlement to Indemnification.
9.1 To
obtain indemnification under this Agreement in connection with any Proceeding, and for the duration thereof, Indemnitee shall submit
to the Company a written request, including therein or therewith such documentation and information as is reasonably available
to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The
Secretary of the Company shall, promptly upon receipt of any such request for indemnification, advise the Board in writing that
Indemnitee has requested indemnification.
9.2 Upon
written request by Indemnitee for indemnification pursuant to Section 9.1 hereof, a determination, if required by applicable law,
with respect to Indemnitee’s entitlement thereto shall be made in such case: (i) if a Change in Control shall have occurred,
by Independent Counsel (unless Indemnitee shall request that such determination be made by the Board or the stockholders, in which
case in the manner provided for in clauses (ii) or (iii) of this Section 9.2) in a written opinion to the Board, a copy of which
shall be delivered to Indemnitee; (ii) if a Change of Control shall not have occurred, at the election of the Company, (A) by the
Board by a majority vote of a quorum consisting of Disinterested Directors, or (B) if a quorum of the Board consisting of Disinterested
Directors is not obtainable, by a majority of a committee of the Board consisting of two or more Disinterested Directors, or (C)
by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (D) by the stockholders
of the Company, by a majority vote of a quorum consisting of stockholders who are not parties to the proceeding, or if no such
quorum is obtainable, by a majority vote of stockholders who are not parties to such proceeding; or (iii) as provided in Section
10.2 of this Agreement. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made
within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination
with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable
advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably
available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees
and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall
be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company
hereby indemnifies and agrees to hold Indemnitee harmless therefrom.
9.3 If
a Change of Control shall have occurred, Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that
such selection be made by the Board), and Indemnitee (or the Board, as the case may be) shall give written notice to the other
party advising it of the identity of Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may
be, may, within seven days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee,
as the case may be, a written objection to such selection. Such objection may be asserted only on the ground that Independent Counsel
so selected does not meet the requirements of “Independent Counsel” as defined in Section 1 of this Agreement, and
the objection shall set forth with particularity the factual basis of such assertion. If such written objection is made, Independent
Counsel so selected may not serve as Independent Counsel unless and until a court has determined that such objection is without
merit. If, within 20 days after submission by Indemnitee of a written request for indemnification pursuant to Section 9.1 hereof,
no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent
jurisdiction, for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection
of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by such court or by such other person
as such court shall designate, and the person with respect to whom an objection is so resolved or the person so appointed shall
act as Independent Counsel under Section 9.2 hereof. The Company shall pay any and all reasonable fees and expenses of Independent
Counsel incurred by such Independent Counsel in connection with its actions pursuant to this Agreement, and the Company shall pay
all reasonable fees and expenses incident to the procedures of this Section 9.3, regardless of the manner in which such Independent
Counsel was selected or appointed. Upon the due commencement date of any judicial proceeding pursuant to Section 11.1(iii) of this
Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the
applicable standards of professional conduct then prevailing).
10. Presumptions
and Effects of Certain Proceedings.
10.1 In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification
in accordance with Section 9.1 of this Agreement, and the Company shall have the burden of proof to overcome that presumption by
clear and convincing evidence in connection with the making by any person, persons or entity of any determination contrary to that
presumption.
10.2 If
the person, persons or entity empowered or selected under Section 9 of this Agreement to determine whether Indemnitee is entitled
to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor,
the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled
to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary
to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) prohibition
of such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time,
not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement
to indemnification in good faith require(s) such additional time for the obtaining or evaluating of documentation and/or information
relating thereto; and provided, further, however, that the foregoing provisions of this Section 10.2 shall not apply (i) if the
determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 9.2 of this Agreement and
if (A) within 15 days after receipt by the Company of the request for such determination the Board has resolved to submit such
determination to the stockholders for their consideration at an annual meeting thereof to be held within 75 days after such receipt
and such determination is made thereat, or (B) a special meeting of stockholders is called within 15 days after such receipt for
the purpose of making such determination, such meeting is held for such purpose within 60 days after having been so called and
such determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by Independent
Counsel pursuant to Section 9.2 of this Agreement. In connection with each meeting at which a stockholder determination will be
made, the Company shall solicit proxies that expressly include a proposal to indemnify or reimburse the Indemnitee. The Company
shall afford the Indemnitee ample opportunity to present evidence of the facts upon which the Indemnitee relies for indemnification
in any Company proxy statement relating to such stockholder determination. Subject to the fiduciary duties of its members under
applicable law, the Board will not recommend against indemnification or reimbursement in any proxy statement relating to the proposal
to indemnify or reimburse the Indemnitee.
10.3 The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a
plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his conduct was unlawful.
10.4 Reliance
as Safe Harbor.
For purposes of this
Agreement, the Indemnitee shall be deemed to have acted in good faith and in a manner he reasonably believed to be in or not opposed
to the best interests of the Company, or, with respect to any criminal Proceeding, to have had no reasonable cause to believe his
conduct was unlawful, if his action is based on (i) the records or books of account of the Company, or another enterprise, including
financial statements, (ii) information supplied to him by the officers of the Company or another enterprise in the course of their
duties, (iii) the advice of legal counsel for the Company or another enterprise, or of an independent certified public accountant
or an appraiser or other expert selected with reasonable care by the Company or another enterprise. The term “another enterprise”
as used in this Section shall mean any other corporation or any partnership, joint venture, trust, employee benefit plan or other
enterprise of which the Indemnitee is or was serving at the request of the Company as a director, officer, partner, trustee, employee
or agent. The provisions of this Section shall not be deemed to be exclusive or to limit in any way the other circumstances in
which the Indemnitee may be deemed to have met the applicable standard of conduct set forth herein. Whether or not the foregoing
provisions of this Section 10.4 are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good
faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company, or, with respect to
any criminal Proceeding, to have had no reasonable cause to believe Indemnitee’s conduct was unlawful. Anyone seeking to
overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.
11. Remedies
of Indemnitee.
11.1 In
the event that (i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) the determination
of indemnification is to be made by Independent Counsel pursuant to Section 9.2 of this Agreement and such determination shall
not have been made and delivered in a written opinion within sixty (60) days after receipt by the Company of the request for indemnification,
(iv) payment of indemnification is not made pursuant to Section 7 of this Agreement within thirty (30) days after receipt by the
Company of a written request therefor, or (v) payment of indemnification is not made within thirty (30) days after a determination
has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section
9 or 10 of this Agreement, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of New York, or
in any other court of competent jurisdiction, of his entitlement to such indemnification or advancement of Expenses, judgments,
penalties, fines or, when eligible hereunder, amounts paid in settlement. The Company shall not oppose Indemnitee’s right
to seek any such adjudication.
11.2 In
the event that a determination shall have been made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to
indemnification, any judicial proceeding commenced pursuant to this Section shall be conducted in all respects as a de novo trial
on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.
11.3 If
a determination shall have been made or deemed to have been made pursuant to Section 9 or 10 of this Agreement that Indemnitee
is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant
to this Section, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) prohibition
of such indemnification under applicable law.
11.4 The
Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section that the procedures and
presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is
bound by all the provisions of this Agreement.
11.5 In
the event that Indemnitee, pursuant to this Section, seeks a judicial adjudication of his rights under, or to recover damages for
breach of, this Agreement or any other agreement, including any other indemnification, contribution or advancement agreement, or
any provision of the certificate of incorporation or by-laws of the Company now or hereafter in effect, or for recovery under directors’
and officers’ liability insurance policies maintained by the Company, Indemnitee shall be entitled to recover from the Company,
and shall be indemnified by the Company against, any and all expenses (of the kinds described in the definition of Expenses) actually
and reasonably incurred by him in such judicial adjudication, but only if he prevails therein. If it shall be determined in such
judicial adjudication that Indemnitee is entitled to receive less than all of the indemnification or advancement of expenses sought,
the expenses incurred by Indemnitee in connection with such judicial adjudication shall be appropriately prorated. In addition,
the Company shall, if so requested by Indemnitee, advance the foregoing expenses to Indemnitee, subject to and in accordance with
Section 8.
12. Procedure
Regarding Indemnification.
With respect to any
Proceedings, the Indemnitee, prior to taking any action with respect to such Proceeding, shall consult with the Company as to the
procedure to be followed in defending, settling, or compromising the Proceeding and may not consent to any settlement or compromise
of the Proceeding without the written consent of the Company (which consent may not be unreasonably withheld or delayed). The Company
shall be entitled to participate in defending, settling or compromising any Proceeding and to assume the defense of such Proceeding
with counsel of its choice and shall assume such defense if requested by the Indemnitee. Notwithstanding the election by, or obligation
of, the Company to assume the defense of a Proceeding, the Indemnitee shall have the right to participate in the defense of such
Proceeding and to employ counsel of Indemnitee's choice, but the fees and expenses of such counsel shall be at the expense of the
Indemnitee unless (i) the employment of such counsel has been authorized in writing by the Company, or (ii) the Indemnitee has
reasonably concluded that there may be defenses available to him which are different from or additional to those available to the
Company (in which latter case the Company shall not have the right to direct the defense of such Proceeding on behalf of the Indemnitee),
in either of which events the fees and expenses of not more than one additional firm of attorneys selected by the Indemnitee shall
be borne by the Company. If the Company assumes the defense of a Proceeding, then counsel for the Company and Indemnitee shall
keep Indemnitee reasonably informed of the status of the Proceeding and promptly send to Indemnitee copies of all documents filed
or produced in the Proceeding, and the Company shall not compromise or settle any such Proceeding without the written consent of
the Indemnitee (which consent may not be unreasonably withheld or delayed) if the relief provided shall be other than monetary
damages and shall promptly notify the Indemnitee of any settlement and the amount thereof.
13.
Non-Exclusivity; Survival of Rights; Insurance; Subrogation; Contribution.
13.1 The
rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of
any other rights to which Indemnitee may at any time be entitled under applicable law, the certificate of incorporation or by-laws
of the Company, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal
of this Agreement or any provision hereof shall be effective as to any Indemnitee with respect to any action taken or omitted by
such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal.
13.2 To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance
with its or their terms to the maximum extent of the coverage available for any such director, officer, employee, agent or fiduciary
under such policy or policies.
13.3 In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are reasonably necessary to enable the Company to bring suit to enforce such rights.
13.4 The
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the
extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.
13.5 If
a determination is made that Indemnitee is not entitled to indemnification, after Indemnitee submits a written request therefor,
under this Agreement, then in respect of any threatened, pending or completed Proceeding in which the Company is jointly liability
with the Indemnitee (or would be if joined in such Proceeding), the Company shall contribute to the amount of Expenses, judgments,
fines and amounts paid in settlement by the Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits
received by the Company on the one hand and the Indemnitee on the other hand from the transaction from which Proceeding arose,
and (ii) the relative fault of the Company on the one hand and of the Indemnitee on the other hand in connection with the events
that resulted in such Expenses, judgments, fines or amounts paid in settlement, as well as any other relevant equitable considerations.
The relative fault of the Company on the one hand and of the Indemnitee on the other hand shall be determined by reference to,
among other things, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
the circumstances resulting in such Expenses, judgments, fines or amounts paid in settlement. The Company agrees that it would
not be just and equitable if contribution pursuant to this Section were determined by pro rata allocation or any other method of
allocation that does not take into account the foregoing equitable considerations. The determination as to the amount of the contribution,
if any, shall be made by: (i) a court of competent jurisdiction upon the application of both the Indemnitee and the Company (if
the Proceeding had been brought in, and final determination had been rendered by such court); (ii) the Board by a majority vote
of a quorum consisting of Disinterested Directors; or (iii) Independent Counsel, if a quorum is not obtainable for purpose of (ii)
above, or, even if obtainable, a quorum of Disinterested Directors so directs.
14. Duration
of Agreement.
This Agreement shall
continue until and terminate upon the later of: (a) ten (10) years after the date that Indemnitee shall have ceased to serve as
a director and/or officer of the Company, or (b) the final termination of all pending Proceedings in respect of which Indemnitee
is granted rights of indemnification or advancement of Expenses, judgments, penalties, fines or amounts paid in settlement hereunder
and or any proceeding commenced by Indemnitee pursuant to Section 11 of this Agreement. This Agreement shall be binding upon the
Company and its successors and assigns and shall inure to the benefit of Indemnitee and his spouse, heirs, executors, personal
representatives and administrators. The Company shall require and cause any successor (whether direct or indirect by purchase,
merger, consolidation, or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Company,
by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.
15. Severability.
If any provision or
provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity,
legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section
of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions
of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held
to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give
effect to the intent manifested by the provision held invalid, illegal or unenforceable.
16. Entire
Agreement.
This Agreement constitutes
the entire agreement between the Company and the Indemnitee with respect to the subject matter hereof and supersedes all prior
agreements, understanding, negotiations and discussion, both written and oral, between the parties hereto with respect to such
subject matter (the “Prior Agreements”); provided, however, that if this Agreement shall ever be held void or unenforceable
for any reasons whatsoever, and is not reformed pursuant to Section 15 hereof, then (i) this Agreement shall not be deemed to have
superseded any Prior Agreements; (ii) all of such Prior Agreements shall be deemed to be in full force and effect notwithstanding
the execution of this Agreement; and (iii) the Indemnitee shall be entitled to maximum indemnification benefits provided under
any Prior Agreements, as well as those provided under applicable law, the certificate of incorporation or by-laws of the Company,
a vote of stockholders or resolution of directors.
17. Exception
to Right of Indemnification or Advancement of Expenses.
17.1 Except
as provided in Section 11.5, Indemnitee shall not be entitled to indemnification or advancement of Expenses, judgments, penalties,
fines and amounts paid in settlement under this Agreement with respect to any Proceeding, or any claim therein, brought or made
by him against the Company.
17.2 Indemnitee
shall not be entitled to indemnification or advancement of Expenses under this Agreement with respect to any Proceeding, or any
claim therein, arising from the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the Exchange Act
or Company similar successor statute.
18. Covenant
Not to Sue; Limitation of Actions; Release of Claims.
No legal action shall
be brought and no cause of action shall be asserted by or on behalf of the Company (or any of its subsidiaries) against the Indemnitee,
his spouse, heirs, executors, personal representatives or administrators after the expiration of two (2) years from the date of
accrual of such cause of action and any claim or cause of action of the Company (or any of its subsidiaries) shall be extinguished
and deemed released unless asserted by the filing of a legal action within such two (2) year period; provided, however, that if
any shorter period of limitation is otherwise applicable to any such cause of action, such shorter period shall govern.
19. Identical
Counterparts.
This Agreement may
be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together
shall constitute one and the same Agreement.
20. Headings.
The headings of the
paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or
to affect the construction thereof.
21. Modification
and Waiver.
No supplement, modification
or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the
provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar)
nor shall such waiver constitute a continuing waiver.
22. Notice
by Indemnitee.
Indemnitee agrees promptly
to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or
other document relating any Proceeding or matter which may be subject to indemnification or advancement of Expenses, judgments,
penalties, fines or amounts paid in settlement covered hereunder. The failure to notify the Company on a timely basis shall not
constitute a waiver of Indemnitee’s rights under this Agreement, except to the extent that such failure or delay (i) causes
the amounts paid or to be paid by the Company to be greater than they otherwise would have been, (ii) adversely affects the Company’s
ability to obtain for itself or Indemnitee coverage or proceeds under any insurance policy available to the Company or Indemnitee,
or (iii) otherwise results in prejudice to the Company.
23. Notices.
All notices, requests,
demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by
hand and receipted for by the party to whom such notice or other communication shall have been directed, or (ii) mailed by certified
or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:
If to Indemnitee, to:
If to the Company,
to:
Motion Acquisition
Corp.
c/o Graubard Miller
405 Lexington Avenue
New York, New York
10174
or to such other address or such other
person as Indemnitee or the Company shall designate in writing in accordance with this Section, except that notices regarding changes
in notices shall be effective only upon receipt.
24. Governing
Law.
The parties agree that
this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York applicable
to contracts made and performed in that state without giving effect to the principles of conflicts of laws. The Company and Indemnitee
each hereby irrevocably consents to the jurisdiction of the courts of the State of New York and the federal courts within the State
for all purposes in connection with any action or proceeding that arises out of or relates to this Agreement and agrees that any
action instituted under this Agreement shall be brought only in the United States District Court for the Southern District of New
York and any New York State court within that District.
25. Mutual
Acknowledgment.
Both the Company and
Indemnitee acknowledge that, in certain instances, Federal law or applicable public policy may prohibit the Company from indemnifying
its directors and officers under this Agreement or otherwise. Indemnitee understands and acknowledges that the Company has undertaken
or may be required in the future in certain circumstances to undertake with the Securities and Exchange Commission to submit the
question of indemnification to a court for a determination of the Company’s right under public policy to indemnify Indemnitee.
26. Waiver
of Claims to Trust Account.
Notwithstanding anything
herein to the contrary, Indemnitee hereby agrees that it does not have any right, title, interest or claim of any kind (each, a
“Claim”) in or to any monies in the trust account established in connection with the Company’s initial public
offering for the benefit of the Company and holders of shares issued in such offering, and hereby waives any Claim it may have
in the future as a result of, or arising out of, any services provided to the Company and will not seek recourse against such trust
account for any reason whatsoever. Accordingly, Indemnitee acknowledges and agrees that any indemnification provided hereto will
only be able to be satisfied by the Company if (i) the Company has sufficient funds outside of the trust account to satisfy
its obligations hereunder or (ii) the Company consummates a Business Combination.
27. Miscellaneous.
Use of the masculine pronoun shall be deemed
to include usage of the feminine pronoun where appropriate.
[Signature Page Follows]
IN WITNESS WHEREOF, the parties hereto have
executed this Agreement on the day and year first above written.
|
|
MOTION ACQUISITION CORP.
|
|
|
|
|
|
By:
|
|
|
|
|
Name: Michael Burdiek
|
|
|
|
Title: Chief Executive Officer
|
|
|
|
|
|
|
|
INDEMNITEE
|
|
|
|
|
[Signature Page to Indemnification Agreement]
15
Exhibit 10.7
Motion Acquisition Corp.
c/o Graubard Miller
405 Lexington Ave, 11th Floor
New York, New York 10174
[●], 2020
Graubard Miller
405 Lexington Ave, 11th Floor
New York, New York 10174
Ladies and Gentlemen:
This letter will confirm
our agreement that, commencing on the effective date (the “Effective Date”) of the registration statement
(the “Registration Statement”) for the initial public offering (the “IPO”)
of securities of Motion Acquisition Corp. (the “Company”) and continuing until the earlier of (i) the
consummation by the Company of an initial business combination or (ii) the Company’s liquidation (in each case as described
in the Registration Statement) (such earlier date hereinafter referred to as the “Termination Date”),
Graubard Miller shall make available to the Company certain office space and administrative and support services as may be required
by the Company from time to time, situated at 405 Lexington Avenue, 11th Floor, New York, New York 10174 (or any successor
location) free of charge.
[Signature Page Follows]
|
|
Very truly yours,
|
|
|
|
|
|
|
|
MOTION ACQUISITION CORP.
|
|
|
|
|
|
|
|
By:
|
|
|
|
|
Name:
|
Michael Burdiek
|
|
|
|
Title:
|
Chief Executive Officer
|
|
AGREED TO AND ACCEPTED BY:
|
|
|
|
|
|
|
|
GRAUBARD MILLER
|
|
|
|
|
|
|
|
By:
|
|
|
|
|
Name:
|
Jeffrey M. Gallant
|
|
|
|
Title:
|
Partner
|
|
[Signature Page to Administrative Services
Agreement]
Exhibit 14
MOTION ACQUISITION CORP.
CODE OF ETHICS
The Board of Directors of Motion Acquisition Corp. (the “Company”)
has adopted this code of ethics (the “Code”), which is applicable to all directors, officers, and employees of the
Company, with the intent to:
|
|
●
|
promote honest and ethical conduct, including the ethical
handling of actual or apparent conflicts of interest between personal and professional relationships;
|
|
|
●
|
promote the full, fair, accurate, timely, and understandable
disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission (the “SEC”),
as well as in other public communications made by or on behalf of the Company;
|
|
|
●
|
promote compliance with applicable governmental laws,
rules, and regulations;
|
|
|
●
|
require prompt internal reporting of breaches of, and
accountability for adherence to, this Code.
|
This Code may be amended only by resolution of the Company’s
Board of Directors. In this Code, references to the “Company” include, in appropriate context, the Company’s
subsidiaries, if any.
2. Honest, Ethical and Fair Conduct
Each person owes a duty to the Company to act with integrity.
Integrity requires, among other things, being honest, fair and candid. Deceit, dishonesty, and subordination of the Company’s
interests to personal interests are inconsistent with integrity. Service to the Company should never be subordinated to personal
gain or advantage.
Each person must:
|
|
●
|
Act with integrity, including being honest and candid
while still maintaining the confidentiality of the Company’s information where required or in the Company’s interests.
|
|
|
●
|
Observe all applicable governmental laws, rules, and
regulations.
|
|
|
●
|
Comply with the requirements of applicable accounting
and auditing standards, as well as Company policies, in order to maintain a high standard of accuracy and completeness in the
Company’s financial records and other business-related information and data.
|
|
|
●
|
Adhere to a high standard of business ethics and not
seek competitive advantage through unlawful or unethical business practices.
|
|
|
●
|
Deal fairly with the Company’s customers, suppliers,
competitors, and employees.
|
|
|
●
|
Refrain from taking advantage of anyone through manipulation,
concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice.
|
|
|
●
|
Protect the assets of the Company and ensure their proper
use.
|
|
|
●
|
Refrain from taking for themselves personally opportunities
that are discovered through the use of corporate assets and refrain from using corporate assets, information, or position for
general personal gain outside the scope of service to or employment with the Company.
|
|
|
●
|
Avoid conflicts of interest, wherever possible, except
under guidelines or resolutions approved by the Board of Directors (or the appropriate committee of the Board). Anything that
would be a conflict for a person subject to this Code also will be a conflict if it is related to a member of his or her family
or a close relative. Examples of conflict of interest situations include, but are not limited to, the following:
|
|
|
●
|
any significant ownership interest in any supplier or
customer;
|
|
|
●
|
any consulting or employment relationship with any customer,
supplier, or competitor;
|
|
|
●
|
any outside business activity that detracts from an individual’s
ability to devote appropriate time and attention to his or her responsibilities with the Company;
|
|
|
●
|
the receipt of any money, non-nominal gifts, or excessive
entertainment from any company with which the Company has current or prospective business dealings;
|
|
|
●
|
being in the position of supervising, reviewing, or having
any influence on the job evaluation, pay, or benefit of any close relative;
|
|
|
●
|
selling anything to the Company or buying anything from
the Company, except on the same terms and conditions as comparable officers or directors are permitted to so purchase or sell;
and
|
|
|
●
|
any other circumstance, event, relationship, or situation
in which the personal interest of a person subject to this Code interferes – or even appears to interfere – with the
interests of the Company as a whole.
|
3. Disclosure
The Company strives to ensure that the
contents of and the disclosures in public communications and in the reports and documents that the Company files with the SEC
shall be full, fair, accurate, timely, and understandable in accordance with applicable disclosure standards, including standards
of materiality, where appropriate. Each person must:
|
|
●
|
not knowingly misrepresent, or cause others to misrepresent,
facts about the Company to others, whether within or outside the Company, including to the Company’s independent auditors,
governmental regulators, self-regulating organizations, and other governmental officials, as appropriate; and
|
|
|
●
|
in relation to his or her area of responsibility, properly
review and critically analyze proposed disclosure for accuracy and completeness.
|
In addition to the foregoing, the Chief Executive Officer and
Chief Financial Officer of the Company and each subsidiary of the Company (or persons performing similar functions), and each other
person that typically is involved in the financial reporting of the Company must familiarize himself or herself with the disclosure
requirements applicable to the Company as well as the business and financial operations of the Company.
Each person must promptly bring to the attention of the Chairman
of the Audit Committee of the Company’s Board of Directors (or the Chairman of the Company’s Board of Directors if
no Audit Committee exists) any information he or she may have concerning (a) significant deficiencies in the design or operation
of internal and/or disclosure controls which could adversely affect the Company’s ability to record, process, summarize,
and report financial data or (b) any fraud, whether or not material, that involves management or other employees who have a significant
role in the Company’s financial reporting, disclosures, or internal controls.
4. Compliance
It is the Company’s obligation and policy to comply with
all applicable governmental laws, rules, and regulations. It is the personal responsibility of each person to, and each person
must, adhere to the standards and restrictions imposed by those laws, rules, and regulations, including those relating to accounting
and auditing matters.
5. Reporting and Accountability
The Board of Directors of the Company is responsible for applying
this Code to specific situations in which questions are presented to it and has the authority to interpret this Code in any particular
situation. Any person who becomes aware of any existing or potential breach of this Code is required to notify the Chairman of
the Board of Directors or Audit Committee promptly. Failure to do so is itself a breach of this Code.
Specifically, each person must:
|
|
●
|
Notify the Chairman promptly of any existing or potential
violation of this Code.
|
|
|
●
|
Not retaliate against any other person for reports of
potential violations that are made in good faith.
|
The Company will observe the following procedures in investigating
and enforcing this Code and in reporting on the Code:
|
|
●
|
The Board of Directors will take all appropriate action
to investigate any breaches reported to it.
|
|
|
●
|
If it determines that a breach has occurred, the Board
by majority decision will take or authorize such disciplinary or preventive action as it deems appropriate, after consultation
with the Company’s legal counsel, up to and including dismissal or, in the event of criminal or other serious violations
of law, notification of the SEC or other appropriate law enforcement authorities.
|
No person following the above procedure shall, as a result of
following such procedure, be subject by the Company or any officer or employee thereof to discharge, demotion, suspension, threat,
harassment, or, in any manner, discrimination against such person in terms and conditions of employment.
6. Waivers and Amendments
Any waiver (defined below) or an implicit waiver (defined below)
from a provision of this Code for the principal executive officer, principal financial officer, principal accounting officer or
controller, and persons performing similar functions or any amendment (as defined below) to this Code is required to be disclosed
in the Company’s Annual Report on Form 10-K or in a Current Report on Form 8-K filed with the SEC.
A “waiver” means the approval by the Company’s
Board of Directors of a material departure from a provision of the Code. An “implicit waiver” means the Company’s
failure to take action within a reasonable period of time regarding a material departure from a provision of the Code that has
been made known to an executive officer of the Company. An “amendment” means any amendment to this Code other than
minor technical, administrative, or other non-substantive amendments hereto.
All persons should note that it is not the Company’s intention
to grant or to permit waivers from the requirements of this Code. The Company expects full compliance with this Code.
7. Other Policies and Procedures
Any other policy or procedure set out by the Company in writing
or made generally known to employees, officers, or directors of the Company prior to the date hereof or hereafter are separate
requirements and remain in full force and effect.
8. Inquiries
All inquiries and questions in
relation to this Code or its applicability to particular people or situations should be addressed to the Company’s
Secretary.
4
Exhibit 99.1
MOTION ACQUISITION CORP.
AUDIT COMMITTEE CHARTER
1. Members
The Board of Directors
(the “Board”) of Motion Acquisition Corp. (the “Company”) shall appoint an Audit Committee
(the “Committee”) of at least three members, subject to any available exception, consisting entirely of independent
directors of the Board, and shall designate one member as chairperson. Members of the Committee shall be appointed by the Board
upon the recommendation of the Governance and Nominating Committee, and may be removed by the Board in its discretion. Each Committee
member must satisfy the applicable independence requirements of the Nasdaq Stock Market, LLC (“Nasdaq”) for
directors and audit committee members and the applicable independence rules for members of the Audit Committee issued by the Securities
and Exchange Commission (the “SEC”), as determined by the Board. In addition, no Committee member may have participated
in the preparation of the financial statements of the Company, or any current subsidiary of the Company, at any time during the
past three years.
Each member of the
Committee must be able to read and understand fundamental financial statements, including a company’s balance sheet, income
statement and cash flow statement, as determined by the Board. In addition, at least one member of the Committee must be an “audit
committee financial expert,” as determined by the Board in accordance with Securities and Exchange Commission (“SEC”)
rules.
2. Purposes,
Duties, and Responsibilities
The purposes of the
Committee shall be to:
|
|
●
|
Represent and assist the Board in discharging
its oversight responsibility relating to: (i) the accounting and financial reporting processes of the Company and its subsidiaries,
including the audits of the Company's financial statements and the integrity of such statements; (ii) the Company’s compliance
with legal and regulatory requirements; (iii) the Company’s program to monitor compliance with internal controls; (iv) the
outside auditor’s qualifications and independence; and (v) the performance of the Company’s outside auditor; and
|
|
|
●
|
Prepare the Audit Committee report required
by SEC rules to be included in the Company's annual proxy statement.
|
The Committee’s
responsibilities are limited to oversight. The Company’s management is responsible for establishing and maintaining accounting
policies and procedures in accordance with generally accepted accounting principles (“GAAP”) and other applicable
reporting and disclosure standards and for preparing the Company’s financial statements. The Company’s outside auditors
are responsible for auditing and reviewing those financial statements. Each member of the Committee is entitled to rely on the
integrity of those persons within the Company and from the professionals and experts from which the Committee receives information
and, absent actual knowledge to the contrary, the accuracy of the financial and other information provided to the Committee by
such persons, professionals or experts. Among its specific duties and responsibilities, the Committee shall, consistent with and
subject to applicable law and rules and regulations promulgated by the SEC, Nasdaq or other regulatory authority:
a. Be
directly responsible, in its capacity as a committee of the Board, for the appointment, compensation, retention, and oversight
of the work of the outside auditor (including resolution of any disagreements between Company management and the outside auditor
regarding financial reporting) and any other registered public accounting firm engaged for the purpose of preparing or issuing
an audit report or related work or performing other audit, review or attest services for the Company, and the outside auditor and
each such other registered public accounting firm must report directly to the Committee. In this regard, the Committee shall appoint
and retain, approve the compensation of, evaluate and terminate, when appropriate, the outside auditor, which shall report directly
to the Committee.
b. Obtain
and review, at least annually, a report by the outside auditor describing: (1) the outside auditor’s internal quality-control
procedures; and (2) any material issues raised by the most recent internal quality-control review, or peer review, or by any inquiry
or investigation by governmental or professional authorities, within the preceding five years, respecting one or more independent
audits carried out by the outside auditor, and any steps taken to deal with any such issues.
c. Approve
in advance all audit and permissible non-audit services to be provided by the outside auditor, including any written engagement
letters related thereto and establish policies and procedures for the pre-approval of the outside auditor to provide audit and
permissible non-audit services.
d. At
least annually, consider the independence of the outside auditor, including whether the outside auditor’s performance of
permissible non-audit services is compatible with the auditor’s independence, and, consistent with rules of the Public Company
Accounting Oversight Board (“PCAOB”), obtain and review a written report by the outside auditor, prepared and
delivered at least annually, describing any relationships between the outside auditor and the Company or individuals in financial
reporting oversight roles at the Company, that may reasonably be thought to bear on the outside auditor's independence and discuss
with the outside auditor the potential effects of any such relationships on the independence of the auditor, and, if the Committee
determines that further inquiry is advisable, must take appropriate action in response to the outside auditor’s report to
satisfy itself of the auditor’s independence, in each case in accordance with applicable rules.
e. Review
and discuss with the outside auditor the matters required to be discussed by the outside auditor under Auditing Standard No. 16,
as adopted by the PCAOB and amended from time to time, including any problems or difficulties the outside auditor encountered in
the course of its audit work, and management’s response.
f. Meet
to review and discuss with management and the outside auditor the annual audited and quarterly unaudited financial statements of
the Company, including: (i) an analysis of the auditor's judgment as to the quality of the Company’s accounting principles,
setting forth significant financial reporting issues and judgments made in connection with the preparation of the financial statements;
(ii) the Company’s specific disclosures under “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” (iii) major issues regarding the Company’s accounting principles and financial statement presentations,
including any significant changes in the Company’s selection or application of accounting principles and financial statement
presentations; and (iv) reports from the outside auditor required by SEC rules.
g. Recommend
to the Board based on the review and discussion described in paragraphs (c) - (e) above, whether the financial statements should
be included in the Company’s Annual Report on Form 10-K.
h. Receive
reports from the outside auditor and management regarding, and review and discuss the adequacy and effectiveness of, the Company’s
disclosure controls and procedures and internal control over financial reporting, including any significant deficiencies and significant
changes in internal controls reported to the Committee by the outside auditor or management.
i. Review
and discuss with management and/or the internal auditor, as applicable, the scope and results of the testing program to monitor
compliance with internal control over financial reporting.
j. Review
and discuss earnings press releases, and corporate policies with respect to earnings press releases and financial information and
earnings guidance provided to analysts and ratings agencies.
k. Review
the Company’s policy with respect to the Foreign Corrupt Practices Act and compliance therewith.
l. Oversee
the Company’s compliance program with respect to legal and regulatory requirements, including the Company’s Code of
Ethics.
m. Establish
and periodically review policies and procedures for the review, approval and ratification of related person transactions, as defined
in applicable SEC rules, review related person transactions, and oversee other related party transactions governed by applicable
accounting standards.
n. Review
material pending legal proceedings involving the Company and other contingent liabilities, and consult with outside legal counsel
on such matters as deemed necessary.
o. Establish
procedures for receiving and handling complaints regarding accounting, internal accounting controls, auditing and federal securities
law matters, including procedures for confidential, anonymous submission of concerns by employees regarding accounting, internal
accounting controls and auditing and federal securities law matters.
p. Review
and discuss the Company’s practices with respect to risk assessment and risk management, including the Company’s programs,
policies, practices and safeguards for information technology, cybersecurity and data security, and review periodic updates on
such matters from the Company’s chief information security officer (or equivalent).
q. Establish
policies for the hiring of employees and former employees of the outside auditor.
r. Evaluate
annually the performance of the Committee and the adequacy of the Committee charter.
3. Delegation
of Duties
In fulfilling its responsibilities,
the Committee is entitled to delegate any or all of its responsibilities to a subcommittee of the Committee.
4. Outside
Advisors
The Committee shall
have the authority to retain, at the expense of the Company, such outside counsel, accountants, experts and other advisors as it
determines appropriate to assist the Committee in the performance of its functions. The Committee shall have sole authority to
approve related fees and retention terms and shall receive appropriate funding, as determined by the Committee, from the Company
for payment of compensation to any such advisors and for the payment of ordinary administrative expenses that are necessary or
appropriate in carrying out the Committee’s duties.
5. Meetings
The Committee shall
meet at least quarterly, either in person or telephonically, and at such times and places as the Committee shall determine. The
Committee shall meet separately in executive session, periodically, with management and the outside auditor. A majority of the
members of the Committee present in person or by telephone shall constitute a quorum. The Committee shall report regularly to the
full Board with respect to its activities.
4
Exhibit 99.2
MOTION ACQUISITION CORP.
COMPENSATION COMMITTEE CHARTER
The Board of Directors
(the “Board”) of Motion Acquisition Corp. (the “Company”) shall appoint a Compensation Committee
(the “Committee”) of at least two members, consisting entirely of independent directors, and shall designate
one member as chairperson. Members of the Committee shall be appointed by the Board upon the recommendation of the Governance and
Nominating Committee and may be removed by the Board in its discretion. Each Committee member must satisfy the applicable independence
requirements of the Nasdaq Stock Market LLC (“Nasdaq”) and meet all other eligibility requirements of applicable
laws, as determined by the Board. In addition, (a) if any compensation or benefit plan administered by the Compensation Committee
is subject to Rule 16b-3 of the Securities Exchange Act of 1934, at least two members of the Committee shall also qualify as a
“non-employee director” as such term is defined under Rule 16b-3, and (b) if an award or payment under any compensation
or benefit plan administered by the Committee would be subject to the deduction limitation under Section 162(m) of the Internal
Revenue Code of 1986, at least two members of the Committee shall also qualify as “outside directors” as such term
is defined under Section 162(m) and regulations thereunder.
|
|
2.
|
Purposes, Duties, and Responsibilities
|
The purpose of the
Committee shall be to assist the Board in discharging its responsibilities relating to compensation of the Company’s executive
officers and directors and approval of equity-based awards. Among its specific duties and responsibilities, the Committee shall:
a.
Oversee the Company’s compensation structure, policies and programs for executive officers, and assess whether the Company’s
compensation structure establishes appropriate incentives for executive management.
b.
Recommend to the Board an executive compensation policy that:
|
|
i.
|
Supports the Company’s overall business strategy and objectives.
|
|
|
ii.
|
Attracts and retains key executives.
|
|
|
iii.
|
Links total compensation with business objectives and the performance of the Company under a variety
of business conditions.
|
|
|
iv.
|
Provides competitive total compensation opportunities at a reasonable cost while enhancing shareholder
value.
|
c.
Review and approve goals and objectives relevant to CEO compensation, evaluate the CEO’s performance in light of those goals
and objectives, compare the CEO’s compensation against a peer group, and recommend the CEO’s compensation to the Board
for approval by a majority of the independent directors, it being understood that the CEO may not be present during the Committee’s
deliberations or voting on the CEO’s compensation.
d.
Review and approve goals and objectives relevant to executive officer compensation (other than the CEO), evaluate the performance
of executive officers in light of those goals and objectives, compare executive officer compensation against peer group compensation,
and recommend executive officer compensation (base salaries, incentive compensation and perquisites, as applicable) to the Board
for approval by a majority of the independent directors, in each case with the participation of the CEO.
e.
Oversee administration of the Company’s equity-based compensation plans and make recommendations to the Board regarding plan
revisions as deemed necessary, and approve all stock option grants, restricted stock awards, and other equity-based awards under
these plans, including any performance criteria relating to these plans or awards.
f.
Review and recommend employment agreements and severance arrangements for executive officers, including change-in-control provisions,
plans or agreements.
g.
Review and make recommendations to the Board regarding director compensation.
h.
If required by applicable rules and regulations, review and discuss with management the Company’s Compensation Discussion
and Analysis (“CD&A”) and related disclosures that Securities and Exchange Commission (“SEC”)
rules require be included in the Company’s annual report and proxy statement, recommend to the Board based on the review
and discussions whether the CD&A should be included in the annual report and proxy statement, and prepare the Committee report
required by SEC rules for inclusion in the Company’s annual report and proxy statement.
i.
Review the compensation of non-employee directors for service on the Board and its committees and recommend changes in compensation
to the Board.
j.
At least annually, assess whether the work of compensation consultants involved in determining or recommending executive or director
compensation has raised any conflict of interest that is required to be disclosed in the Company’s annual report and proxy
statement.
k.
Annually evaluate the performance of the Committee and the adequacy of its charter.
a.
The Committee shall have the authority, in the Committee’s sole discretion, to retain or obtain such compensation consultants,
outside counsel and other advisors as it determines appropriate to assist it in the full performance of its functions, including
any compensation consultant used to assist the Committee in the evaluation of director, CEO or executive compensation, and to approve
the fees and other retention terms of any advisors retained by the Committee.
b.
The Committee shall be directly responsible for the appointment and oversight of the work carried out by any compensation consultants,
outside counsel or other advisors retained by the Committee and shall receive appropriate funding, as determined by the Committee,
from the Company for payment of compensation to any such advisors.
c.
The Committee shall assess the independence of any consultants, outside counsel or other advisors (whether retained by the Committee
or management) that provide advice to the Committee, before selecting or receiving advice from them, based on factors set forth
in Nasdaq’s listing standards.
The Committee shall meet as often as it
deems necessary or appropriate in its judgment, either in person or telephonically, and at such times and places as the Committee
shall determine. The Committee shall report regularly to the full Board with respect to its meetings. The presence of a majority
of the members of the Committee at a duly called meeting shall constitute a quorum for the purpose of conducting business.
3
Exhibit 99.3
MOTION ACQUISITION CORP.
GOVERNANCE AND NOMINATING COMMITTEE CHARTER
1. Members
The Board of Directors
(the “Board”) of Motion Acquisition Corp. (the “Company”) shall appoint a Governance and
Nominating Committee (the “Committee”) of at least two members, consisting entirely of independent directors,
and shall designate one member as chairperson. Each Committee member must satisfy the applicable independence requirements of the
Nasdaq Stock Market LLC as determined by the Board. Each Committee member shall be subject to reconfirmation annually and may be
removed by the Board in its discretion.
2. Purposes,
Duties, and Responsibilities
The purpose, duties
and responsibilities of the Committee shall be to identify individuals qualified to become Board members (consistent with the criteria
approved by the Board), recommend to the Board director candidates for election at the annual meeting of stockholders, and perform
a leadership role in shaping the Company's corporate governance. The duties and responsibilities of the Committee shall be to:
a. Develop
and recommend to the Board criteria for identifying and evaluating director candidates. These criteria include, among other things,
an individual’s business experience and skills, independence, judgment, integrity, and ability to commit sufficient time
and attention to the activities of the Board, as well as the absence of any potential conflicts with the Company’s interests.
The Committee considers these criteria in the context of an assessment of the anticipated needs of the Board as a whole and seeks
to achieve a diversity of occupational and personal backgrounds on the Board.
b. Identify,
review the qualifications of, and recruit candidates for election to the Board.
c. Annually
review and make an affirmative determination regarding the independence of each director, and report such determinations to the
Board.
d. Establish
a procedure for the consideration of Board candidates recommended for the Committee’s consideration by the Company’s
stockholders.
e. Recommend
to the Board the Company’s candidates for election or reelection to the Board at each annual stockholders meeting.
f. Recommend
to the Board candidates to be elected by the Board as necessary to fill vacancies and newly created directorships.
g. Make
recommendations to the Board concerning the structure, composition and functioning of the Board and its committees.
h. Recommend
to the Board candidates for appointment to Board committees and consider periodically rotating directors among the committees.
i. Review
and recommend to the Board retirement and other tenure policies for directors.
j. Review
directorships in other public companies held by or offered to directors and senior officers of the Company.
k. Review
and assess the channels through which the Board receives information, and the quality and timeliness of the information received.
l. Review
the Company’s succession plans relating to the CEO and other senior officers and make recommendations to the Board as appropriate
regarding the selection of individuals to fill these positions.
m. Establish
a code of ethics for directors, officers and employees which focuses attention throughout the Company on the obligation of ethical
conduct. Such a code of conduct shall include enforcement mechanisms to deal fairly and promptly with questionable behavior and
shall be publicly available.
n. Oversee
the administration and, if applicable, the renewal of the Company’s directors and officers liability insurance coverage.
o. Annually
evaluate the performance of the Committee and the adequacy of the Committee’s charter.
p. Perform
such other duties and responsibilities as are consistent with the purpose of the Committee and as the Board or the Committee deems
appropriate.
3. Outside
Advisors
The Committee shall
have the authority to retain, at the expense of the Company, such outside counsel, experts, and other advisors as it determines
appropriate to assist it in the full performance of its functions, including any search firm used to identify director candidates,
and to approve the fees and other retention terms of any advisors retained by the Committee.
4. Meetings
The Committee shall meet as often as may
be deemed necessary or appropriate, in its judgment, either in person or telephonically, and at such times and places as the Committee
determines. The majority of the members of the Committee constitutes a quorum. The Committee shall report regularly to the full
Board with respect to its meetings and activities.
2