Exhibit 10.2


 


INVESTMENT MANAGEMENT
TRUST AGREEMENT


 


This Investment Management
Trust Agreement (this “Agreement”) is made effective as of [_________ ___], 2021 by and between Capitalworks
Emerging Markets Acquisition Corp, a Cayman Islands exempted company (the “Company”), and Continental Stock
Transfer & Trust Company, a New York corporation (the “Trustee”).


 


WHEREAS, the Company’s
registration statement on Form S-1, File No. [__________] (the “Registration Statement”), and prospectus (the
“Prospectus”) for the initial public offering of the Company’s units (the “Units”),
each of which consists of one of the Company’s Class A ordinary shares, par value $0.0001 per share (each, an “Ordinary
Share”), and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Ordinary
Share (such initial public offering hereinafter referred to as the “Offering”), has been declared effective
as of the date hereof by the U.S. Securities and Exchange Commission; and


 


WHEREAS, the Company has entered
into an Underwriting Agreement (the “Underwriting Agreement”) with Barclays Capital Inc., as representative
(the “Representative”) to the several underwriters (the “Underwriters”) named therein;
and


 


WHEREAS, the Company has 15
months from the closing of the Offering to consummate an initial Business Combination (as defined below), with an automatic three-month
extension if the Company has signed a definitive agreement with respect to an initial Business Combination within such 15-month period
(the “Automatic Extension”), or if the Company anticipates that it will not be able to consummate an initial
Business Combination within 15 months and is not entitled to the Automatic Extension, the Company may, by resolution of its board of directors,
upon the request of the Company’s sponsor, CEMAC Sponsor LP, a Cayman Islands exempted limited partnership (the “Sponsor”),
extend the period of time to consummate an initial Business Combination by an additional three months (for a total of up to 18 months
to complete such Business Combination) (the “Paid Extension”) and, in order to avail itself of the Paid Extension,
the Sponsor or its affiliates or designees, upon ten days’ advance notice prior to the applicable deadline, must deposit $2,000,000
(or $2,300,000 if the underwriters’ over-allotment option is exercised in full) into the Trust Account (as defined below), in exchange
for which the Sponsor will receive a non-interest bearing loan payable upon the consummation of a Business Combination; and


 


WHEREAS, as described in the
Prospectus, $204,000,000 (or $234,600,000 if the Underwriters’ option to purchase additional Units is exercised in full) of the
gross proceeds of the Offering, the sale of the Private Placement Warrants (as defined in the Underwriting Agreement) and the proceeds
from any loans in connection with a Paid Extension 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 Ordinary Shares included in the Units issued in the Offering and the Underwriters as hereinafter provided (the amount to be delivered
to the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,” the shareholders
for whose benefit the Trustee shall hold the Property will be referred to as the “Public Shareholders,” and
the Public Shareholders and the Company and the Underwriters will be referred to together as the “Beneficiaries”);
and


 


WHEREAS, pursuant to the Underwriting
Agreement, a portion of the Property equal to $7,000,000, or $8,050,000 if the Underwriters’ option to purchase additional Units
is exercised in full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters
upon 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.


 


NOW THEREFORE, 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 located in the United States at J.P. Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated
assets of $100 billion or more) in the United States, maintained by Trustee and at a brokerage institution selected by the Trustee that
is reasonably satisfactory to the Company;


 


(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, 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, having a maturity of 185 days or less, or in
money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment
Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations, as determined
by the Company; the Trustee may not invest in any other securities or assets, it being understood that 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;


 






     


     


    

 


(d)
Collect and receive, when due, all interest or other 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 (or its authorized agents) in connection with
the Company’s preparation of tax returns relating to assets held in the Trust Account or in connection with the preparation or completion
of the audit of the Company’s financial statements by the Company’s auditors;


 


(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 following (x) receipt of, and only in accordance with, the terms
of a letter from the Company in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, as
applicable (“Termination Letter”), signed on behalf of the Company by its Chief Executive Officer, Chief Financial
Officer or other authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the
Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its
taxes, if any (less up to $100,000 of interest to pay dissolution expenses), only as directed in the Termination Letter and the other
documents referred to therein, or (y) upon the date which is the later of (1) 15 months after the closing of the Offering (or 18 months
after the closing of the Offering if the period of time to consummate a business combination is extended, as described in detail in the
Prospectus) and (2) such later date as may be approved by the Company’s shareholders in accordance with the Company’s amended
and restated memorandum and articles of association, if a Termination Letter has not been received by the Trustee prior to such date,
in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as
Exhibit B and the Property in the Trust Account, including interest earned on the funds held in the Trust Account and not previously
released to the Company to pay its taxes, if any (less up to $100,000 of interest to pay dissolution expenses), shall be distributed to
the Public Shareholders of record as of such date. It is acknowledged and agreed that there should be no reduction in the principal amount
per share initially deposited in the Trust Account;


 


(j)
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 C (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute
to the Company the amount of interest earned on the Property requested by the Company to cover any tax obligation owed by the Company
as a result of assets of the Company or interest or other income earned on the Property, which amount shall be delivered directly to the
Company by electronic funds transfer or other method of prompt payment, and the Company shall forward such payment to the relevant taxing
authority, so long as there is no reduction in the principal amount initially deposited in the Trust Account; provided, however, that
to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held
in the Trust Account as shall be designated by the Company in writing to make such distribution, so long as there is no reduction in the
principal amount initially deposited in the Trust Account (it being acknowledged and agreed that any such amount in excess of interest
income earned on the Property shall not be payable from the Trust Account). The written request of the Company referenced above shall
constitute presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond
said request;


 


(k)
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 D (a “Shareholder Redemption Withdrawal Instruction”), the Trustee shall distribute to the
remitting brokers on behalf of Public Shareholders redeeming Ordinary Shares the amount required to pay redeemed Ordinary Shares from
Public Shareholders pursuant to the Company’s amended and restated memorandum and articles of association;


 


(l)
Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j) or (k) above; and


 


(m)
Upon receipt of an extension letter in a form substantially similar to that attached hereto as Exhibit E (“Extension
Letter”) at least ten days prior to the applicable deadline, signed on behalf of the Company by an executive officer, and
receipt of the dollar amount specified in the Extension Letter on or prior to the applicable deadline, follow the instructions set forth
in the Extension Letter.


 


2.           
Agreements and Covenants of the Company. The Company hereby agrees and covenants to:


 


(a)
Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chief Executive Officer, Chief Financial
Officer or other authorized officer of the Company. In addition, except with respect to its duties under Sections 1(i), (j)
or (k) hereof, 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 and with reasonable care, 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;


 






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(b)
Subject to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all reasonable
and documented expenses, including reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any
action taken by it hereunder and in connection with any action, suit or other proceeding brought against the Trustee involving any claim,
or in connection with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder,
or the Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence,
fraud 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 Section 2(b), 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,
compromise, or consent to the entry of a judgement with respect to, any Indemnified Claim without the prior written consent of the Company,
which such consent shall not be unreasonably withheld. The Company may participate in such action with its own counsel;


 


(c)
Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee, and transaction
processing fee 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 unless and until it is distributed to the Company pursuant to Sections 1(i) through 1(k)
hereof. The Company shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the
Offering. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c)
and as may be provided in Section 2(b) hereof;


 


(d)
In connection with any vote of the Company’s shareholders regarding a merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination involving the Company and one or more businesses (the “Business Combination”),
provide to the Trustee an affidavit or certificate of the inspector of elections for the shareholder meeting verifying the vote of such
shareholders regarding such Business Combination;


 


(e)
Provide the Representative with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee
with respect to any proposed withdrawal from the Trust Account promptly after it issues the same;


 


(f)
Unless otherwise agreed between the Company and the Representative, ensure that any Instruction Letter (as defined in Exhibit
A) delivered in connection with a Termination Letter in the form of Exhibit A expressly provides 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;


 


(g)
Instruct the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the
Trustee to make any distributions that are not permitted under this Agreement;


 


(h)
If the Company seeks to amend any provisions of its amended and restated memorandum and articles of association (A) to modify the
substance or timing of the Company’s obligation to provide holders of the Ordinary Shares the right to have their shares redeemed
in connection with the Company’s initial Business Combination or to redeem 100% of the Ordinary Shares if the Company does not complete
its initial Business Combination within the time period set forth therein or (B) with respect to any other provision relating to the rights
of holders of the Ordinary Shares or pre-initial business combination activity (in each case, an “Amendment”),
the Company will provide the Trustee with a letter (an “Amendment Notification Letter”) in the form of Exhibit
D providing instructions for the distribution of funds to Public Shareholders who exercise their redemption option and properly tender
their shares in connection with such Amendment; and


 


(i)
Within five (5) business days after the Underwriters exercise their option to purchase additional Units (or any unexercised portion
thereof) or such option to purchase additional Units expires, provide the Trustee with a notice in writing of the total amount of the
Deferred Discount.


 


3.           
Limitations of Liability. The Trustee shall have no responsibility or liability to:


 


(a)
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;


 


(b)
Take any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no
liability to any third party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;


 






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(c)
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 written 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;


 


(d)
Change the investment of any Property, other than in compliance with Section 1 hereof;


 


(e)
Refund any depreciation in principal of any Property;


 


(f)
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;


 


(g)
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 Trustee’s best judgment, except for the Trustee’s gross negligence, fraud 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 with written notification to the Company, which counsel may be the Company’s counsel),
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 the Trustee believes, in good faith and with reasonable
care, 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;


 


(h)
Verify the accuracy of the information contained in the Registration Statement;


 


(i)
Provide any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as
contemplated by the Registration Statement;


 


(j)
File information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic
written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the
Property;


 


(k)
Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and
activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but
not limited to, income tax obligations, except pursuant to Section 1(j) hereof; or


 


(l)
Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections
1(i), 1(j) or 1(k) hereof.


 


4.           
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 2(b) or Section 2(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.


 


5.           
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 commercially
reasonable efforts to locate a successor trustee, pending which the Trustee shall continue to 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 2(b).


 






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6.           
Miscellaneous.


 


(a)
The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth herein with respect
to funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating
to such security procedures 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 confidential 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
gross negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any error
in the information or transmission of the funds.


 


(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. 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.


 


(c)
This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof.
Except for Section 1(i), 1(j) and 1(k) hereof (which sections may not be modified, amended or deleted without the
affirmative vote of sixty-five percent (65%) or more of the then outstanding Ordinary Shares, par value $0.0001 per share, of the Company);
provided that no such amendment will affect any Public Shareholder who has properly elected to redeem his, her or its Ordinary Shares
in connection with a shareholder vote for an Amendment, 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.


 


(d)
The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of
New York, 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.


 


(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,
electronic mail or 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 & Celeste Gonzalez


Email: fwolf@continentalstock.com; cgonzalez@continentalstock.com


 


if to the Company, to:


 


Capitalworks Emerging Markets Acquisition
Corp


25 West 39th Street, Suite
700


New York, New York 10018


 


in each case, with copies to:


 


DLA Piper LLP (US)


1251 Avenue of the Americas


New York, New York 10020


Attention: Marjorie Sybul Adams; Stephen
P. Alicanti


Email: marjorie.adams@us.dlapiper.com;
stephen.alicanti@us.dlapiper.com


 


and


 


Barclays Capital Inc.


745 Seventh Avenue


New York, New York 10019


Attention: [__]


Email: [__]


 


and


 






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Akin Gump Strauss Hauer & Feld LLP


Robert S. Strauss Tower


2001 K Street N.W.


Washington, DC 20006


Attention: Anthony J. Renzi, Jr.


Email: trenzi@akingump.com


 


(f)
Each of the Company and the Trustee 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.


 


(g)
This Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject to the mutual consultation,
negotiation and agreement of such parties and shall not be construed for or against any party hereto.


 


(h)
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission
shall constitute valid and sufficient delivery thereof.


 


(i)
Each of the Company and the Trustee hereby acknowledges and agrees that the Representative on behalf of the Underwriters is a third-party
beneficiary of this Agreement.


 


(j)
Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other
person or entity.


 


[Signature Page Follows]


 






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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: Francis Wolf	 
	 	Title: Vice President	 




 


CAPITALWORKS EMERGING MARKETS ACQUISITION CORP


 


	By:	 	 
	 	Name: Roberta Brzezinski	 
	 	Title: Chief Executive Officer	 




 


[Signature Page to Investment
Management Trust Agreement]


 






     


     


    

 


SCHEDULE A


 


	Fee Item	 	Time and Method of Payment	 	Amount
	Initial acceptance fee	 	Initial closing of the offering by wire transfer	 	$	[3,500.00]
	Annual fee	 	First year, initial closing of the Offering by wire transfer; thereafter $10,000.00 on the anniversary of the effective date of the Offering by wire transfer or check	 	$	[10,000.00]
	Transaction processing fee for disbursements to Company under Sections 1(i), (j) and (k)	 	Billed by Trustee to Company under Section 1	 	$	[250.00]
	Paying Agent services as required pursuant to Sections 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to Sections 1(i) and 1(k)	 	 	Prevailing rates



 






     


     


    

 


EXHIBIT A 


 


[Letterhead
of Company] 


 


[•], 2021



 


Continental Stock Transfer & Trust Company


1 State Street, 30th Floor


New York, New York 10004


Attn: Francis Wolf & Celeste Gonzalez


 


	Re:	Trust Account - Termination Letter




 


Ladies and Gentlemen:


 


Pursuant to Section 1(i)
of the Investment Management Trust Agreement between Capitalworks Emerging Markets Acquisition Corp (the “Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of [__________ ___], 2021 (the “Trust Agreement”), this
is to advise you that the Company has entered into an agreement with [•] (the “Target Business”) to consummate a business
combination with Target Business (the “Business Combination”) on or about [insert date]. The Company shall notify you at least
seventy-two (72) hours in advance of the actual date (or such shorter time period as you may agree) of the consummation of the Business
Combination (the “Consummation Date”). Capitalized terms used but not defined herein shall have the meanings set forth in
the Trust Agreement.


 


In accordance with the terms
of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account, and to transfer the proceeds
into 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 Representative (with respect to the Deferred
Discount) and the Company shall direct on the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in
said trust operating account at [_________] awaiting distribution, neither the Company nor the Representative 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
substantially concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”), and
(ii) the Company shall deliver to you (a) a certificate of the Chief Executive Officer, Chief Financial Officer or other authorized officer
of the Company, which verifies that the Business Combination has been approved by a vote of the Company’s shareholders, if a vote
is held and (b) joint written instruction signed by 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 (the “Instruction Letter”). You are
hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification 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 in writing of the same and the Company shall
direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company.
Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the
Trust Account, 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 Trustee of written instructions from the Company, the
funds held in the Trust Account shall be reinvested as provided in Section 1(c) of the Trust Agreement on the business day immediately
following the Consummation Date as set forth in such notice as soon thereafter as possible.


 


	 	Very truly yours,
	 	 
	 	Capitalworks Emerging Markets Acquisition Corp
	 	 
	 	By:	 
	 	 	Name: Roberta Brzezinski
	 	 	Title: Chief Executive Officer
	cc: Barclays Capital Inc.	 




 






     


     


    

 


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 & Celeste Gonzalez


 


	Re:	Trust Account - Termination Letter




 


Ladies and Gentlemen:


 


Pursuant to Section 1(i)
of the Investment Management Trust Agreement between Capitalworks Emerging Markets Acquisition Corp (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [_________ ___], 2021 (the “Trust
Agreement”), this is to advise you that the Company has been unable to effect a business combination with a Target Business (the
 “Business Combination”) within the time frame specified in the Company’s amended and restated memorandum
and articles of association, as described in the Company’s Prospectus relating to the Offering. Capitalized terms used but not defined
herein 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 all of the assets in the Trust Account on [_________ ___], 20[__] and to
transfer the total proceeds into the trust operating account at [_________] to await distribution to the Public Shareholders. The Company
has selected [_________ ___], 20[__] as the effective date for the purpose of determining when the Public Shareholders will be entitled
to receive their share of the liquidation proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation
proceeds while on deposit in the trust operating account. You agree to be the Paying Agent of record and, in your separate capacity as
Paying Agent, agree to distribute said funds directly to the Public Shareholders in accordance with the terms of the Trust Agreement and
the Company’s amended and restated memorandum and articles of association. Upon the distribution of all the funds, net of any payments
necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall
be terminated, except to the extent otherwise provided in Section 1(j) of the Trust Agreement.


 


	 	Very truly yours,
	 	 
	 	Capitalworks Emerging Markets Acquisition Corp
	 	 
	 	By:	 
	 	 	Name: Roberta Brzezinski
	 	 	Title: Chief Executive Officer
	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 & Celeste Gonzalez


 


	Re:	Trust Account - Tax Payment Withdrawal Instruction




 


Ladies and Gentlemen:


 


Pursuant to Section 1(j)
of the Investment Management Trust Agreement Capitalworks Emerging Markets Acquisition Corp (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of [_________ ___], 2021 (the “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. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.


 


The Company needs such funds
to pay for the tax obligations as set forth on the attached tax return or tax statement. 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: [__].


 


	 	Very truly yours,
	 	 
	 	Capitalworks Emerging Markets Acquisition Corp
	 	 
	 	By:	 
	 	 	Name: Roberta Brzezinski
	 	 	Title: Chief Executive Officer
	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 & Celeste Gonzalez


 


	Re:	Trust Account - Shareholder Redemption Withdrawal Instruction




 


Ladies and Gentlemen:


 


Pursuant to Section 1(k) of
the Investment Management Trust Agreement between Capitalworks Emerging Markets Acquisition Corp (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of [_________ ___], 2021 (the “Trust Agreement”),
the Company hereby requests that you deliver to the redeeming Public Shareholders on behalf of the Company $[_________] of the principal
and interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings
set forth in the Trust Agreement.


 


Pursuant to Section 1(k) of
the Trust Agreement, this is to advise you that the Company has sought 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 proceeds
of the Trust Account to the trust operating account at J.P. Morgan Chase Bank, N.A. for distribution to the shareholders that have requested
redemption of their shares in connection with such Amendment.


 


	 	Very truly yours,
	 	 
	 	Capitalworks Emerging Markets Acquisition Corp
	 	 
	 	By:	 
	 	 	Name: Roberta Brzezinski
	 	 	Title: Chief Executive Officer
	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 & Celeste Gonzalez


 


	Re:	Trust Account - Extension Letter




 


Ladies and Gentlemen:


 


Pursuant to Section 1(m) of
the Investment Management Trust Agreement between Capitalworks Emerging Markets Acquisition Corp (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of [_________ ___], 2021 (the “Trust Agreement”),
the Company hereby advises that it is extending the time available to consummate a Business Combination for an additional three (3) months,
from _______ to _________ (the “Extension”). Capitalized words used herein and not otherwise defined shall have the meanings
ascribed to them in the Trust Agreement.


 


This Extension Letter shall
serve as the notice required with respect to the Extension at least ten days prior to the applicable deadline.


 


In accordance with the terms
of the Trust Agreement, we hereby authorize you to deposit $_________, which will be wired to you, into the Trust Account investments
upon receipt.


 


	 	Very truly yours,
	 	 
	 	Capitalworks Emerging Markets Acquisition Corp
	 	 
	 	By:	 
	 	 	Name: Roberta Brzezinski
	 	 	Title: Chief Executive Officer
	cc: Barclays Capital Inc.