Exhibit
4.4


 


RIGHTS
AGREEMENT


 


This
Rights Agreement (this “Agreement”) is made as of [  ], 2021 between Sagaliam Acquisition Corp., a Delaware corporation (the
“Company”), and Continental Stock Transfer & Trust Company, a New York corporation, with offices at 1 State Street, 30th
Floor, New York, New York 10004 (the “Rights Agent”).


 


WHEREAS,
the Company is engaged in a public offering (“Public Offering”) of units, each unit (“Unit”) comprised of one
share of Class A common stock with par value $0.0001 per share of the Company (“Common Stock”) and one right to receive one-tenth
of one share of Common Stock (each a “Right” and collectively, the “Rights”), subject to adjustment, upon the
happening of the triggering event described herein;


 


WHEREAS,
in connection with the Public Offering, the Company will issue and deliver up to 10,000,000 Rights (or up to 11,500,000 Rights if the
underwriters’ over-allotment option is exercised in full) to the public investors;


 


WHEREAS,
the Company’s sponsor (as defined in the Registration Statement) has agreed to purchase up to 390,000 Units (or up to 420,000 Units
if the underwriters’ over-allotment option is exercised in full), and in connection therewith, the Company will issue and deliver
up to an aggregate of 390,000 Rights (or up to 420,000 Rights if the underwriters’ over-allotment option is exercised in full)
as part of such Units upon consummation of such private placement;


 


WHEREAS,
the Company may issue up to 150,000 Units upon conversion of certain working capital loans made by the Company to the sponsor (as defined
in the Registration Statement) or an affiliate of the sponsor or certain of the Company’s officers and directors, and in connection
therewith, the Company will issue and deliver up to an aggregate of 150,000 Rights as part of such Units upon consummation of such conversion;


 


WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, File
No. 333-[             ] (“Registration Statement”), and related Prospectus (“Prospectus”) for the registration, under the
Securities Act of 1933, as amended (“Act”), of, among other securities, the Rights and the Common Stock issuable to the holders
of the Rights underlying the Units to be sold in the Public Offering;


 


WHEREAS,
the Company desires the Rights Agent to act on behalf of the Company, and the Rights Agent is willing to so act, in connection with the
issuance, registration, transfer and exchange of the Rights;


 


WHEREAS,
the Company desires to provide for the form and provisions of the Rights, the terms upon which they shall be issued, and the respective
rights, limitation of rights, and immunities of the Company, the Rights Agent, and the holders of the Rights; and


 


WHEREAS,
all acts and things have been done and performed which are necessary to make the Rights, when executed on behalf of the Company and countersigned
by or on behalf of the Rights Agent, 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 Rights Agent. The Company hereby appoints the Rights Agent to act as agent for the Company for the Rights, and
the Rights Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth
in this Agreement.


 


2.
Rights.


 


2.1.
Form of Right. Each Right shall be issued in book-entry or certificated form. Any Rights issued in certificated form 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, Chief Executive Officer, or Chief Financial Officer of the Company . In the event
the person whose facsimile signature has been placed upon any Right shall have ceased to serve in the capacity in which such person signed
the Right before such Right 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.
Effect of Countersignature. Unless and until countersigned by the Rights Agent pursuant to this Agreement, a certificated Right
shall be invalid and of no effect and may not be exchanged for Common Stock.


 




    	 



     


    

 


2.3.
Registration.


 


2.3.1.
Right Register. The Rights Agent shall maintain books (“Right Register”) for the registration of original issuance
and the registration of transfer of the Rights. Upon the initial issuance of the Rights, the Rights Agent shall issue and register the
Rights in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to
the Rights Agent by the Company.


 


2.3.2.
Registered Holder. Prior to due presentment for registration of transfer of any Right, the Company and the Rights Agent may deem
and treat the person in whose name such Right shall be registered upon the Right Register (“registered holder”) as the absolute
owner of such Right and of each Right represented thereby (notwithstanding any notation of ownership or other writing on a Right Certificate
made by anyone other than the Company or the Rights Agent), for the purpose of the exchange thereof, and for all other purposes, and
neither the Company nor the Rights Agent shall be affected by any notice to the contrary.


 


2.4.
Detachability of Rights. The securities comprising the Units, including the Rights, will not be separately transferable until
the earlier to occur of: (i) the 52nd day following the date of the Prospectus or (ii) the announcement by Maxim Group, LLC (the “Representative”)
of its intention to allow separate earlier trading, except that in no event will the securities comprising the Units be separately tradeable
until the Company files 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 over-allotment
option, if the over-allotment option is exercised by the date thereof and the Company issues a press release and files a Current Report
on Form 8-K with the SEC announcing when such separate trading shall begin.


 


3.
Terms and Exchange of Rights


 


3.1.
Rights. Each Right shall entitle the holder thereof to receive one-tenth of one share of Common Stock upon the happening of an
Exchange Event (defined below). No additional consideration shall be paid by a holder of Rights in order to receive his, her or its Common
Stock upon an Exchange Event as the purchase price for such Common Stock has been included in the purchase price for the Units. In no
event will the Company be required to net cash settle the Rights or issue fractional shares of Common Stock.


 


3.2.
Exchange Event. An “Exchange Event” shall occur upon the Company’s consummation of an initial Business Combination
(as described in the Company’s Amended and Restated Certificate of Incorporation).


 


3.3.
Exchange of Rights.


 


3.3.1.
Issuance of Certificates. As soon as practicable upon the occurrence of an Exchange Event, (i) the Rights Agent shall automatically
exchange all Rights held in book-entry form and issue to the registered holder of such Rights the number of whole shares of Common stock
to which he, she or it is entitled in such holder’s name in book-entry form, and (ii) the Company shall direct holders of Rights
held in certificated form to return their Rights Certificates to the Rights Agent. Upon receipt of a valid Rights Certificate, the Company
shall issue to the registered holder of such Right(s) the number of whole 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 issue to such registered holder(s) a certificate or book-entry
position for such shares. Notwithstanding the foregoing, or any provision contained in this Agreement to the contrary, in no event will
the Company be required to net cash settle the Rights. The Company shall not issue fractional shares upon exchange of Rights. At the
time of the Exchange Event, the Company will instruct the Right Agent to round down to the nearest whole share of Common Stock or otherwise
inform it how fractional shares will be addressed in accordance with Delaware law, including the issuance of time-limited script for
any such fractional shares in accordance with Section 155 of the Delaware General Corporation Law; provided, however, that holders of
Rights shall have not less than 1 year from the date of the Exchange Event in order to exchange their Rights (or any script or warrant
issued in lieu of fractional shares).


 


3.3.2.
Valid Issuance. All shares of Common Stock issued upon an Exchange Event in conformity with this Agreement shall be validly issued,
fully paid and nonassessable.


 


3.3.3.
Date of Issuance. Each person in whose name any such certificate or book-entry position 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 of the Exchange Event, irrespective of the
date of delivery of such certificate or entry of position.


 




    	 



     


    

 


3.3.4
Company Not Surviving Following Exchange Event. Upon an Exchange Event in which the Company does not continue as the publicly
held reporting entity, the definitive agreement will provide for the holders of Rights to receive the same per share consideration the
holders of the Common Stock will receive in such transaction, for the number of shares such holder is entitled to pursuant to Section
3.3.1 above. If the Company does not continue as the publicly held reporting entity upon an Exchange Event, each holder of a Right will
be required to affirmatively convert his/her or its rights in order to receive the 1/10 share underlying each right (without paying any
additional consideration) upon consummation of the Exchange Event. In such a case, each holder of a Right will be required to indicate
his, her or its election to convert the Rights into underlying shares as well as to return the original certificates evidencing the Rights
to the Company.


 


3.5
Duration of Rights. The Rights shall expire and shall be worthless on the 1 year anniversary of the Exchange Event. If an Exchange
Event does not occur 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 Rights shall expire and shall be worthless.


 


4.
Transfer and Exchange of Rights.


 


4.1.
Registration of Transfer. The Rights Agent shall register the transfer, from time to time, of any outstanding Right upon the Right
Register, upon surrender of such Right for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate
instructions for transfer. Upon any such transfer, a new Right representing an equal aggregate number of Rights shall be issued and the
old Right shall be cancelled by the Rights Agent. The Rights so cancelled shall be delivered by the Rights Agent to the Company from
time to time upon request.


 


4.2.
Procedure for Surrender of Rights. Rights may be surrendered to the Rights Agent, together with a written request for exchange
or transfer, and thereupon the Rights Agent shall issue in exchange therefor one or more new Rights as requested by the registered holder
of the Rights so surrendered, representing an equal aggregate number of Rights; provided, however, that in the event that a Right surrendered
for transfer bears a restrictive legend and the new Rights to be issued will not bear a restrictive legend, the Rights Agent shall not
cancel such Right and issue new Rights in exchange therefor until the Rights Agent has received an opinion of counsel for the Company
stating that such transfer may be made and indicating no restrictive legend is required.


 


4.3.
Fractional Rights. The Rights Agent shall not be required to effect any registration of transfer or exchange which will result
in the issuance of a Right Certificate for a fraction of a Right.


 


4.4.
Service Charges. No service charge shall be made for any exchange or registration of transfer of Rights.


 


4.5.
Right Execution and Countersignature. The Rights Agent is hereby authorized to countersign and to deliver, in accordance with
the terms of this Agreement, the Rights to be issued in certificated form required to be issued pursuant to the provisions of this Section
4, and the Company, whenever required by the Rights Agent, will supply the Rights Agent with Rights duly executed on behalf of the Company
for such purpose.


 


4.6.
Adjustments to Conversion Ratios. The number of shares of common stock that the holders of Rights are entitled to receive as a
result of the occurrence of the Exchange Event shall be equitably adjusted to reflect appropriately the effect of any share split, reverse
share split, share dividend, reorganization, recapitalization, reclassification, combination, exchange of shares or other like change
with respect to the shares of common stock occurring on or after the date hereof and prior to the Exchange Event.


 


5.
Other Provisions Relating to Rights of Holders of Rights.


 


5.1.
No Rights as Shareholder. Until exchange of a Right as provided for herein, a Right does not entitle the registered holder thereof
to any of the rights of a shareholder 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 shareholders in respect of the meetings of shareholders
or the election of directors of the Company or any other matter.


 


5.2.
Lost, Stolen, Mutilated, or Destroyed Rights. If any Right certificate is lost, stolen, mutilated, or destroyed, the Company and
the Rights 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 Right certificate, include the surrender thereof), issue a new Right certificate of like denomination, tenor, and date as the
Right certificate so lost, stolen, mutilated, or destroyed. Any such new Right certificate shall constitute a substitute contractual
obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Right certificate shall be at any time
enforceable by anyone.


 




    	 



     


    

 


5.3.
Reservation of Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued shares
of Common Stock that will be sufficient to permit the exchange of all outstanding Rights issued pursuant to this Agreement.


 


6.
Concerning the Rights Agent and Other Matters.


 


6.1.
Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or
the Rights Agent in respect of the issuance or delivery of shares of Common Stock upon the exchange of Rights, but the Company shall
not be obligated to pay any transfer taxes in respect of the Rights or such shares of Common Stock.


 


6.2.
Resignation, Consolidation, or Merger of Rights Agent.


 


6.2.1.
Appointment of Successor Rights Agent. The Rights Agent, or any successor to it hereafter appointed, may resign its duties and
be discharged from all further duties and liabilities hereunder after giving thirty (30) days’ notice in writing to the Company.
If the office of the Rights Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing
a successor Rights Agent in place of the Rights Agent. If the Company shall fail to make such appointment within a period of 30 days
after it has been notified in writing of such resignation or incapacity by the Rights Agent or by the holder of the Right (who shall,
with such notice, submit his, her or its Right for inspection by the Company), then the holder of any Right may apply to the Supreme
Court of the State of New York for the County of New York for the appointment of a successor Rights Agent at the Company’s cost.
Any successor Rights 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 Rights Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations
of its predecessor Rights Agent with like effect as if originally named as Rights Agent hereunder, without any further act or deed; but
if for any reason it becomes necessary or appropriate, the predecessor Rights Agent shall execute and deliver, at the expense of the
Company, an instrument transferring to such successor Rights Agent all the authority, powers, and rights of such predecessor Rights Agent
hereunder; and upon request of any successor Rights 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 Rights Agent all such authority, powers, rights,
immunities, duties, and obligations.


 


6.2.2.
Notice of Successor Rights Agent. In the event a successor Rights Agent shall be appointed, the Company shall give notice thereof
to the predecessor Rights Agent and the transfer agent for the shares of Common Stock not later than the effective date of any such appointment.


 


6.2.3.
Merger or Consolidation of Rights Agent. Any corporation or other form of entity into which the Rights Agent may be merged or
with which it may be consolidated or any corporation resulting from any merger or consolidation to which the Rights Agent shall be a
party shall be the successor Rights Agent under this Agreement without any further act.


 


6.3.
Fees and Expenses of Rights Agent.


 


6.3.1.
Remuneration. The Company agrees to pay the Rights Agent reasonable remuneration for its services as such Rights Agent hereunder
and will reimburse the Rights Agent upon demand for all expenditures that the Rights Agent may reasonably incur in the execution of its
duties hereunder.


 


6.3.2.
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 Rights Agent for the
carrying out or performing of the provisions of this Agreement.


 


6.4.
Liability of Rights Agent.


 


6.4.1.
Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Rights 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 Chief Financial Officer and delivered to the Rights Agent. The
Rights Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.


 




    	 



     


    

 


6.4.2.
Indemnity. The Rights Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. Subject
to Section 6.6 below, the Company agrees to indemnify the Rights Agent and save it harmless against any and all liabilities, including
judgments, costs and reasonable counsel fees, for anything done or omitted by the Rights Agent in the execution of this Agreement except
as a result of the Rights Agent’s gross negligence, willful misconduct, or bad faith.


 


6.4.3.
Exclusions. The Rights Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the
validity or execution of any Right (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 Right; 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 Right
or as to whether any shares of Common Stock will when issued be valid and fully paid and nonassessable.


 


6.5.
Acceptance of Agency. The Rights Agent hereby accepts the agency established by this Agreement and agrees to perform the same
upon the terms and conditions herein set forth.


 


6.6
Waiver. The Rights Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date
hereof, by and between the Company and the Rights Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement,
payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.


 


7.
Miscellaneous Provisions.


 


7.1.
Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall
bind and inure to the benefit of their respective successors and assigns.


 


7.2.
Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the Rights Agent or by the holder
of any Right 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 days after deposit of such notice, postage prepaid, addressed (until another address is filed
in writing by the Company with the Rights Agent), as follows:


 


Sagaliam
Acquisition Corp.


1800
Avenue of the Stars, Suite 1475


Los
Angeles, CA 90067


Attn:
Barry Kostiner, Chairman and Chief Executive Officer


 


Any
notice, statement or demand authorized by this Agreement to be given or made by the holder of any Right or by the Company to or on the
Rights 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 Rights
Agent with the Company), as follows:


 


Continental
Stock Transfer & Trust Company


1
State Street, 30th Floor


New
York, New York 10004


Attn:
Compliance Department


 


with
a copy to:


 


Ellenoff
Grossman & Schole, LLP


1345
Avenue of the Americas,


New
York, NY 10105


Attn:
Richard Baumann, Esq.


and


 


Harter
Secrest & Emery LLP


1600
Bausch & Lomb Place


Rochester,
NY 14604


Attn:
Alexander R. McClean, Esq. and C. Christopher Murillo, Esq.


 




    	 



     


    

 


and


 


Maxim
Group LLC


405
Lexington Avenue


New
York, NY 10174


Attn.:
Ritesh M. Veera


 


7.3.
Applicable Law. If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court
other than a court located within the State of New York or the United States District Court for the Southern District of New York (a
“foreign action”) in the name of any right holder, such right holder shall be deemed to have consented to: (x) the personal
jurisdiction of the state and federal courts located within the State of New York or the United States District Court for the Southern
District of New York in connection with any action brought in any such court to enforce the forum provisions (an “enforcement action”),
and (y) having service of process made upon such right holder in any such enforcement action by service upon such right holder’s
counsel in the foreign action as agent for such right holder.


 


7.4.
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 Rights and, for the purposes of Sections 7.4 and 7.8 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 and 7.8 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 and 7.8 hereof) and their successors and assigns and of the registered holders
of the Rights. The provisions of this Section 7.4 may not be modified, amended or deleted without the prior written consent of the Representative.


 


7.5.
Examination of the Right Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Rights
Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Right. The Rights Agent
may require any such holder to submit his, her or its Right for inspection by it.


 


7.6.
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.


 


7.7.
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.


 


7.8
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 shall require
the written consent or vote of the registered holders of a majority of the then outstanding Rights. The provisions of this Section 7.8
may not be modified, amended or deleted without the prior written consent of the Representative.


 


7.9
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.


 


	 	 	SAGALIAM
    ACQUISITION CORP.
	 	 	 
	 	 	By:	 
	 	 	Name:
    	Barry
    Kostiner
	 	 	Title:	Chairman and Chief Executive

                                                                     Officer



 


	 	 	CONTINENTAL
    STOCK TRANSFER & TRUST COMPANY
	 	 	 	 
	 	 	By:	 
	 	 	Name:
    	 
	 	 	Title:	Vice
    President


 


[Signature
Page to Right Agreement]