Exhibit 10.3


 


PRIVATE PLACEMENT SHARES PURCHASE AGREEMENT


 


THIS PRIVATE PLACEMENT SHARES
PURCHASE AGREEMENT, dated as of November 2, 2021 (as it may from time to time be amended, this “Agreement”), is entered into
by and between Fortune Rise Acquisition Corporation, a Delaware corporation (the “Company”), and Fortune Rise Sponsor LLC,
a Delaware limited liability company (the “Sponsor”).


 


WHEREAS, the Company intends
to consummate a public offering of the Company’s units (the “Public Offering”), each unit consisting of one share of
the Company’s Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), and one-half
of one redeemable warrant, each warrant exercisable for one Share at an exercise price of $11.50 per Share, as set forth in the Company’s
registration statement on Form S-1 related to the Public Offering (the “Registration Statement”); and


 


WHEREAS, the Sponsor has agreed
to purchase from the Company an aggregate of 454,500 shares of Class A Common Stock (the “Firm Private Shares”) (or up
to 505,500 shares of Class A Common Stock if the over-allotment option in connection with the Public Offering is exercised in full)
(the “Additional Private Shares” and, together with the Firm Private Shares, the “Private Shares”).


 


NOW THEREFORE, in consideration
of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:


 


Section 1. Authorization, Purchase and Sale; Terms of the Private
Shares.


 


A. Authorization of the Private
Shares. The Company has duly authorized the issuance and sale of the Private Shares to the Sponsor.


 


B. Purchase and Sale of the Private Shares.


 


(i) As payment in full
for the 454,500 Firm Private Shares being purchased under this Agreement, the Sponsor shall pay $4,545,000 (the “Purchase Price”),
by wire transfer of immediately available funds or by such other method as may be reasonably acceptable to the Company, to the trust account
(the “Trust Account”) at a financial institution to be chosen by the Company, maintained by Wilmington Trust, National Association,
acting as trustee, at least one (1) business day prior to the date of effectiveness of the Registration Statement.


 


(ii) In the event that
the over-allotment option is exercised in full or in part, the Sponsor shall purchase up to an additional 51,000 Additional Private Shares,
in the same proportion as the amount of the over-allotment option that is exercised, and simultaneously with such purchase of Additional
Private Shares, as payment in full for the Additional Private Shares being purchased hereunder, and at least one (1) business day
prior to the closing of all or any portion of the over-allotment option, the Sponsor shall pay $10.00 per share, up to an aggregate amount
of $510,000, by wire transfer of immediately available funds or by such other method as may be reasonably acceptable to the Company, to
the Trust Account.


  


(iii) The closing of
the purchase and sale of the Firm Private Shares shall take place simultaneously with the closing of the Public Offering (the “Initial
Closing Date”). The closing of the purchase and sale of the Additional Private Shares, if applicable, shall take place simultaneously
with the closing of all or any portion of the over-allotment option exercise (such closing date, together with the Initial Closing Date,
the “Closing Dates” and each, a “Closing Date”). The closing of the purchase and sale of each of the Firm Private
Shares and the Additional Private Shares shall take place at the offices of Hunter Taubman Fischer & Li LLC, 800 Avenue Suite 2800,
New York, New York 10022, or such other place as may be agreed upon by the parties hereto.


 






    	 	1	 



     


    

 


C. Terms of the Private Shares.


 


(i) The Private Shares
are identical to the Class A Common Stock that are part of the units to be offered in the Public Offering except that: (a) the
Private Shares will not, except in limited circumstances, be transferable or salable until 30 days after the completion of the Company’s
initial business combination (the “Business Combination”) so long as they are held by the Sponsor or its permitted transferees;
and (b) the Private Shares are being purchased pursuant to an exemption from the registration requirements of the Securities Act
and will become freely tradable only after the expiration of the lockup described above in clause (a) and they are registered pursuant
to the Registration Rights Agreement (as defined below) or an exemption from registration is available, and the restrictions described
above in clause (a) have expired.


 


(ii) At or prior to the
time of the Initial Closing Date, the Company and the Sponsor shall enter into a registration rights agreement (the “Registration
Rights Agreement”) pursuant to which the Company will grant certain registration rights to the Sponsor relating to the Private Securities.


 


Section 2. Representations and Warranties
of the Company. As a material inducement to the Sponsor to enter into this Agreement and purchase the Private Shares, the Company hereby
represents and warrants to the Sponsor (which representations and warranties shall survive the Closing Dates) that:


 


A. Organization and Corporate
Power. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and
is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse
effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power and
authority necessary to carry out the transactions contemplated by this Agreement and the Registration Rights Agreement.


 


B. Authorization; No Breach.


 


(i) The execution, delivery
and performance of this Agreement, the Registration Rights Agreement and the Private Shares have been duly authorized by the Company as
of the Closing Dates. Each of this Agreement and the Registration Rights Agreement constitutes a valid and binding obligation of the Company,
enforceable in accordance with its terms. Upon issuance in accordance with, and payment pursuant to, the terms of this Agreement, this
Agreement will constitute valid and binding obligations of the Company, enforceable in accordance with their terms as of the Closing Dates,
as the case may be.


  


(ii) The execution and
delivery by the Company of this Agreement and the Registration Rights Agreement and the issuance and sale of the Private Shares and the
fulfillment of, and compliance with, the respective terms hereof and thereof by the Company, do not and will not as of the Closing Dates
(a) conflict with or result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result
in the creation of any lien, security interest, charge or encumbrance upon the Company’s capital stock or assets under, (d) result
in a violation of, or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration to,
or filing with, any court or administrative or governmental body or agency pursuant to the certificate of incorporation or the bylaws
of the Company (in effect on the date hereof or as may be amended prior to completion of the contemplated Public Offering), or any material
law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company
is subject, except for any filings required after the date hereof under federal or state securities laws.


 






    	 	2	 



     


    

 


C. Title to Securities. Upon
issuance in accordance with, and payment pursuant to, the terms hereof, each of the Private Shares will be duly and validly issued, fully
paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Sponsor will have good title
to the Private Shares, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder
and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state securities laws, and (iii) liens,
claims or encumbrances imposed due to the actions of the Sponsor.


 


D. Governmental Consents.
No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is required in connection
with the execution, delivery and performance by the Company of this Agreement or the consummation by the Company of any other transactions
contemplated hereby.


 


Section 3. Representations and Warranties
of the Sponsor. As a material inducement to the Company to enter into this Agreement and issue and sell the Private Shares to the Sponsor,
the Sponsor hereby represents and warrants to the Company (which representations and warranties shall survive the Closing Dates) that:


 


A. Organization and Requisite
Authority. The Sponsor possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.


 


B. Authorization; No Breach.


 


(i) This Agreement constitutes
a valid and binding obligation of the Sponsor, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to
general equitable principles (whether considered in a proceeding in equity or law).


 


(ii) The execution and
delivery by the Sponsor of this Agreement and the fulfillment of and compliance with the terms hereof by the Sponsor does not and shall
not as of the Closing Dates conflict with or result in a breach by the Sponsor of the terms, conditions or provisions of any agreement,
instrument, order, judgment or decree to which the Sponsor is subject.


  


C. Investment Representations.


 


(i) The Sponsor is acquiring
the Private Shares, for such Sponsor’s own account, for investment purposes only and not with a view towards, or for resale in connection
with, any public sale or distribution thereof.


 






    	 	3	 



     


    

 


(ii) The Sponsor acknowledges
the sale contemplated hereby is being made in reliance on a private placement exemption pursuant to Section 4(a)(2) of
the Securities Act of 1933, as amended (the “Securities Act”).


 


(iii) The Sponsor understands
that the Private Shares are being offered and will be sold to it in reliance on specific exemptions from the registration requirements
of the United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the Sponsor’s
compliance with, the representations and warranties of the Sponsor set forth herein in order to determine the availability of such exemptions
and the eligibility of the Sponsor to acquire such Private Shares.


 


(iv) The Sponsor did
not enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502(c) under
the Securities Act.


 


(v) The Sponsor has been
furnished with all materials relating to the business, finances and operations of the Company and materials relating to the offer and
sale of the Securities which have been requested by the Sponsor. The Sponsor has been afforded the opportunity to ask questions of the
executive officers and directors of the Company. The Sponsor understands that its investment in the Private Shares involves a high degree
of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision
with respect to the acquisition of the Private Shares.


 


(vi) The Sponsor understands
that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation
or endorsement of the Private Shares or the fairness or suitability of the investment in the Private Shares by the Sponsor nor have such
authorities passed upon or endorsed the merits of the offering of the Private Shares.


 


(vii) The Sponsor understands
that: (a) the Private Shares have not been and are not being registered under the Securities Act or any state securities laws, and
may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold in reliance
on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement, neither the Company nor
any other person is under any obligation to register the Private Shares under the Securities Act or any state securities laws or to comply
with the terms and conditions of any exemption thereunder. In this regard, the Sponsor understands that the Securities and Exchange Commission
has taken the position that promoters or affiliates of a blank check company and their transferees, both before and after an initial business
combination, are deemed to be “underwriters” under the Securities Act when reselling the securities of a blank check company.
Based on that position, Rule 144 adopted pursuant to the Securities Act would not be available for resale transactions of the Private
Shares despite technical compliance with the certain requirements of such Rule, and the Private Shares can be resold only through a registered
offering or in reliance upon another exemption from the registration requirements of the Securities Act.


 


(viii) The Sponsor has
such knowledge and experience in financial and business matters, knowledge of the high degree of risk associated with investments in the
securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in
the Private Shares and is able to bear the economic risk of an investment in the Private Shares in the amount contemplated hereunder for
an indefinite period of time. The Founders has adequate means of providing for its current financial needs and contingencies and will
have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Private Shares. The Sponsor
can afford a complete loss of its investments in the Private Shares.


  






    	 	4	 



     


    

 


(ix) The Sponsor understands
that the Private Shares shall bear the following legend and appropriate “stop transfer restrictions”:


 


“THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE
SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION
OF COUNSEL, IS AVAILABLE THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PROVISIONS AND MAY NOT BE OFFERED,
SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF DURING THE TERM OF THE LOCKUP.”


 


Section 4. Conditions of the Sponsor’s
Obligations. The obligations of the Sponsor to purchase and pay for the Private Shares are subject to the fulfillment, on or before the
Closing Dates, of each of the following conditions:


 


A. Representations and Warranties.
The representations and warranties of the Company contained in Section 2 shall be true and correct at and as of the Closing Dates
as though then made.


 


B. Performance. The Company
shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be
performed or complied with by it on or before the Closing Dates.


 


C. No Injunction. No litigation,
statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by
or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters
contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement.


 


Section 5. Conditions of the Company’s
Obligations. The obligations of the Company to the Sponsor under this Agreement are subject to the fulfillment, on or before the Closing
Dates, of each of the following conditions:


 


A. Representations and Warranties.
The representations and warranties of the Sponsor contained in Section 3 shall be true and correct at and as of the Closing Dates
as though then made.


 


B. Performance. The Sponsor
shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be
performed or complied with by the Sponsor on or before the Closing Dates.


 


C. No Injunction. No litigation,
statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by
or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters
contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement.


 






    	 	5	 



     


    

 


D. Registration Rights Agreement.
The Company shall have entered into the Registration Rights Agreement on terms set forth in the Registration Statement.


 


Section 6. Termination. This Agreement may
be terminated at any time after December 31, 2021 upon the election by either the Company or the Sponsor upon written notice to the other
parties if the closing of the Public Offering does not occur prior to such date.


 


Section 7. Survival of Representations and
Warranties. All of the representations and warranties contained herein shall survive the Closing Dates.


 


Section 8. Definitions. Terms used but not
otherwise defined in this Agreement shall have the meaning assigned to such terms in the Registration Statement.


 


Section 9. Miscellaneous.


 


A. Successors and Assigns.
Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the
parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding
the foregoing or anything to the contrary herein, the parties may not assign this Agreement, other than assignments by the Sponsor to
affiliates thereof.


 


B. Severability. Whenever
possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but
if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only
to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.


 


C. Counterparts. This Agreement
may be executed simultaneously in two or more counterparts, none of which need to contain the signatures of more than one party, but all
such counterparts taken together shall constitute one and the same agreement.


 


D. Descriptive Headings; Interpretation.
The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement.
The use of the word “including” in this Agreement shall be by way of example rather than by limitation.


 


E. Governing Law. This Agreement
shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be construed in accordance with
the internal laws of the State of Delaware.


 


F. Amendments. This letter
agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties
hereto.


 


 


[Signature Page Follows]


 






    	 	6	 



     


    

 



IN
WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of the date first set forth above.


 


	 	COMPANY:
	 	 
	 	FORTUNE RISE ACQUISITION CORPORATION
	 	 
	 	By:	 /s/ Yuanmei Ma
	 	Name:	 Yuanmei Ma
	 	Title:	 Chief Financial Officer


 


	Sponsor:	 
	 	 
	FORTUNE RISE SPONSOR LLC	 
	 	 
	By:	 /s/ Koon Keung Chan	 
	Name:	Koon Keung Chan	 
	Title:	Managing Member	 
	 	 


 


[Signature Page to the Private Share Purchase
Agreement]


 






    	 	7