Exhibit
10.11


 


THE
SECURITIES DESCRIBED HEREIN HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE OR ANY
OTHER JURISDICTION. THERE ARE FURTHER RESTRICTIONS ON THE TRANSFERABILITY OF THE SECURITIES DESCRIBED HEREIN.


 


THE
PURCHASE OF THE SECURITIES INVOLVES A HIGH DEGREE OF RISK AND SHOULD BE CONSIDERED ONLY BY PERSONS WHO CAN BEAR THE RISK OF THE
LOSS OF THEIR ENTIRE INVESTMENT.


 


SUBSCRIPTION
AGREEMENT


 


This
Subscription Agreement (this “Agreement”) is entered into as of January __, 2021 between Hennessy Capital Partners
V LLC, a Delaware limited liability company (the “Sponsor”) and _________ (the “Purchaser”).


 


RECITALS


 


WHEREAS,
the Sponsor was formed for the purpose of serving as the sponsor of Hennessy Capital Investment Corp. V, a Delaware corporation
(the “Company”);


 


WHEREAS,
the Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization,
reorganization or similar business combination with one or more businesses (a “Business Combination”);


 


WHEREAS,
the Company has filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement
on Form S-1 (the “Registration Statement”) for its initial public offering (“IPO”)
of units (the “Public Units”), at a price of $10.00 per Public Unit, each Public Unit comprised of one share
of the Company’s Class A common stock, par value $0.0001 per share (“Class A Common Stock”, and the shares
of Class A Common Stock included in the Public Units, the “Public Shares”), and one-third of one redeemable
warrant, where each whole warrant is initially exercisable to purchase one share of Class A Common Stock at an exercise price
of $11.50 per share, subject to adjustment (the “Warrants”, and the Warrants included in the Public Units,
the “Public Warrants”);


 


WHEREAS,
proceeds from the IPO and the sale of the Private Placement Warrants (as defined below) in an aggregate amount equal to the aggregate
gross proceeds from the IPO will be deposited into a trust account for the benefit of the holders of the Public Shares (the “Trust
Account”), as described in the Registration Statement;


 


WHEREAS,
following the closing of the IPO (the “IPO Closing”), the Company will seek to identify and consummate a Business
Combination;


 


WHEREAS,
in connection with the IPO, the Sponsor and other investors will purchase, in a private placement that will close simultaneously
with the IPO Closing, warrants which are identical to the Public Warrants except that they will be non-redeemable (in certain
circumstances) and exercisable on a cashless basis so long as they are held by the Sponsor, such other investors or their respective
permitted transferees (the “Private Placement Warrants”), for a purchase price of $1.50 per Private Placement
Warrant;


  


WHEREAS,
the parties wish to enter into this Agreement, pursuant to which the Purchaser shall subscribe for and purchase membership interests
in the Sponsor (the “Membership Interests”) which shall allocate to Purchaser (i) a portion of the total
number of shares of Class B common stock, par value $0.0001 per share, of the Company (“Class B Common Stock”
and collectively with the shares of Class A Common Stock, the “Common Stock”) currently held by the Sponsor
(“Founder Shares”) and (ii) Private Placement Warrants to be purchased by the Sponsor at the IPO Closing
from the Company; and


 




     


     

    

 


WHEREAS,
the Sponsor and the Purchaser intend for the purchase of the Membership Interests as set forth herein to be made pursuant to Section
4(a)(1) and Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), respectively.


  


NOW,
THEREFORE, in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement,
and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties
hereto agree as follows:


 


1. Sale
and Purchase.


 


(a) Membership
Interests.


 


(i)  Subject
to the terms and conditions hereof, the Purchaser hereby irrevocably subscribes for and agrees to purchase from the Sponsor, and
the Sponsor agrees to issue and sell to the Purchaser, Membership Interests that shall allocate to the Purchaser such number of
Private Placement Warrants (which Membership Interests shall also allocate to the Purchase such number of Founder Shares and/or
additional Private Placement Warrants as are contemplated by the remainder of this Section 1(a)) equal to seven and one half percent
(7.5%) of the Private Placement Warrants to be sold by the Company in connection with the IPO, at a purchase price equal to $1.50
per warrant allocated to the Purchaser (the “Initial Purchase Price”).


 


(ii) In
addition, subject to Section 2(a), the Membership Interests shall also allocate to Purchaser a number of Founder Shares equal
to the greater of: (A) 25% of the Initial Subscriber Founder Shares (the “Minimum Share Amount”) and (B) the
Initial Subscriber Founder Shares, less such number of shares subject to any Ownership Reduction (as defined below) and any Change
in Investment Reduction (as defined below). For purposes of this Agreement, the number of “Initial Subscriber Founder
Shares” shall be equal to five- and one-half percent (5.5%) of all of the Founder Shares issued and outstanding upon
consummation of the IPO, subject to adjustment as described herein. The purchase price for the portion of the Membership Interests
allocating to the Purchaser the Initial Subscriber Founder Shares shall be equal to $0.00348 per share, and shall be paid by wire
transfer of immediately available funds or other means approved by the Sponsor.


 


(iii)  The
Purchaser acknowledges that the Membership Interests, and any Founder Shares, Private Placement Warrants or other securities of
the Company that may be distributed to the Purchaser with respect to such Membership Interests (collectively, the “Securities”),
will be subject to restrictions on transfer as set forth in this Agreement.


 


(iv)  The
Sponsor shall notify the Purchaser in writing of the anticipated date of the effectiveness of the Registration Statement (the
“Effective Date”) at least three (3) Business Days (as defined below) prior to the Effective Date, and
the Purchaser shall remit the balance of the Initial Purchase Price for the Private Placement Warrants to the Company’s
transfer agent (to be held in escrow pending the IPO Closing), by wire transfer of immediately available funds or other means
approved by the Sponsor, on the date that is one (1) Business Day prior to the Effective Date, or such other date as the Sponsor
and the Purchaser may agree upon in writing; provided, however, that if the actual number of Public Units offered and sold
in the IPO is less than 20,000,000 or greater than 60,000,000, then the Purchaser shall not be obligated to remit the Initial
Purchase Price as set forth in Section 1(a)(i) and the Purchaser or the Sponsor may in its sole discretion terminate this Agreement
which shall be of no further force or effect. As used herein, “Business Day” means any day, other than a Saturday
or a Sunday, that is neither a legal holiday nor a day on which banking institutions are generally authorized or required by law
or regulation to close in the City of New York, New York. If the IPO Closing has not occurred by the date that is seven (7) Business
Days after the date on which the Purchaser remitted the balance of its Initial Purchase Price to the Company’s transfer
agent, then, unless the Purchaser otherwise agrees in writing, the Sponsor shall cause the Company to promptly cause its transfer
agent to return such amounts to the Purchaser. If the IPO Closing has not occurred by April 30, 2021, this Agreement shall terminate
and be of no further force or effect.


 




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(v)  In
the event that the underwriters’ over-allotment option in connection with the IPO (the “Over-allotment Option”)
is exercised, the Purchaser agrees to purchase additional Membership Interests allocating to the Purchaser an additional number
of Private Placement Warrants equal to seven- and one-half percent (7.5%) of the Private Placement Warrants to be sold by the
Company in connection with the Over-allotment Option at a price equal to $1.50 per warrant. The Sponsor shall notify the Purchaser
in writing of the anticipated date of each closing of the exercise of the Over-allotment Option, if any (each, an “Over-allotment
Closing”) at least three (3) Business Days prior to such Over-allotment Closing, and the Purchaser shall pay the purchase
price for the Private Placement Warrants to be purchased in connection with such Over-allotment Closing by wire transfer of immediately
available funds or other means approved by the Sponsor on that date that is one (1) Business Day prior to such Over-allotment
Closing (to be held in escrow pending such Over-allotment Closing), or such other date as the Sponsor and the Purchaser may agree
upon in writing. If the Over-allotment Closing has not occurred by the date that is seven (7) Business Days after the date
on which the Purchaser remitted the purchase price for the Private Placement Warrants to be purchased in connection with such
Over-allotment Closing, then, unless the Purchaser otherwise agrees in writing, the Sponsor shall cause the Company to promptly
cause its transfer agent to return such amounts to the Purchaser.


 


(vi)  On
the date of the IPO Closing, the Sponsor shall issue to the Purchaser Membership Interests allocating to the Purchaser the number
of Private Placement Warrants contemplated by Section 1(a)(i). On the date of each Over-allotment Closing, if any, the Sponsor
shall issue to Purchaser Membership Interests allocating to the Purchaser the number of Private Placement Warrants contemplated
by Section 1(a)(v).


 


(b)  Closing
Conditions. The Purchaser’s obligation to purchase the Membership Interests and the Sponsor’s obligation to sell
the Membership Interests to the Purchaser is conditioned upon satisfaction of the following conditions precedent (any or all of
which may be waived by the Sponsor and the Purchaser in its sole discretion with respect to the other party’s conditions):


 


		(i)	On
                                         the IPO Closing, no legal, administrative or regulatory action, suit or proceeding shall
                                         be pending which seeks to restrain or prohibit the transactions contemplated by this
                                         Agreement; and



 


		(ii)	The
                                         representations and warranties of the Sponsor and the Purchaser contained in this Agreement
                                         shall have been true and correct on the date of this Agreement and shall be true and
                                         correct on the IPO Closing, as if made on the date of the IPO Closing.



 


(c) Membership
Interests and Certain Terms of Securities.


 


(i)  The
Sponsor shall reflect on its books and record that the Purchaser is the owner of the Membership Interests on the date of the IPO
Closing.


 


(ii) Each
register and book entry for the Securities shall contain a notation, and each certificate (if any) evidencing the Securities shall
be stamped or otherwise imprinted with a legend (in addition to any other required legends, as applicable), in substantially the
following form:


 


“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS.


 


THE
SALE, PLEDGE, HYPOTHECATION, OR TRANSFER OF THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN
SUBSCRIPTION AGREEMENT BY AND AMONG THE SPONSOR AND THE OTHER PARTIES THERETO. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON
WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.”


 




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(d) Legend
Removal. Following the expiration of the transfer restrictions set forth in Section 6(a), if the Securities
are eligible to be sold without restriction under, and without the Company being in compliance with the current public information
requirements of, Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”), or if they
are registered for resale under the Securities Act pursuant to a shelf registration statement, then at the Purchaser’s written
request, the Sponsor will cause the Company to agree to use its best efforts to cause the Company’s transfer agent to remove
the legend set forth in Section 1(c)(ii), subject to compliance by the Purchaser with the reasonable and customary
procedures for such removal required by the Company or its transfer agent. In connection therewith, if required by the Company’s
transfer agent, the Company will promptly cause an opinion of counsel to be delivered to and maintained with its transfer agent,
together with any other authorizations, certificates and directions required by the transfer agent that authorize and direct the
transfer agent to issue such Securities without any such legend.


 


(e) Registration
Rights. On the Effective Date, the Company shall enter into a Registration Rights Agreement (the “Registration Rights
Agreement”) with the Sponsor and certain other parties thereto, in substantially the form provided to the Purchaser
prior to the date hereof. The Purchaser shall be deemed a permitted transferee of such rights pursuant to the Registration Rights
Agreement.


 


2. Potential
Forfeitures.


 


(a) If
the Purchaser does not purchase at least 4.99% of the Public Shares sold by the Company in the IPO, then the Purchaser shall automatically
forfeit its right to purchase any of the Membership Interests allocating to it the Initial Subscriber Founder Shares and shall
forfeit all right, title or interest in, such Membership Interests (but shall purchase the Membership Interests allocating to
it the Private Placement Warrants as contemplated by Section 1(a)).


 


(b)        If
either (A) the Purchaser or its affiliates do not beneficially own or hold, directly or indirectly, at least 4.99% of the Public
Shares (the “Forfeiture Threshold”) as of the date of the vote by the Company’s stockholders to approve
the Business Combination or the Business Day immediately prior to the closing of the Business Combination or (B) the Purchaser
redeems all or a portion of its Public Shares in connection with the Business Combination that results in the Purchaser and/or
its affiliates collectively owning less than the Forfeiture Threshold, then the number of Initial Subscriber Founder Shares that
the Purchaser may be allocated pursuant to Section 1(a)(ii) shall be reduced pro rata by a fraction, the numerator of which shall
equal the Forfeiture Threshold less the number of Public Shares held by the Purchaser after giving effect to any redemptions of
the Public Shares by the Purchaser or its affiliates, and the denominator shall equal the Forfeiture Threshold (the “Ownership
Reduction”). By way of example and without limiting the foregoing, in the event the Purchaser or its affiliates collectively
own two- and one-half percent (2.5%) of the Public Shares (after giving effect to any redemptions of their Public Shares), the
Purchaser shall forfeit 50% of its allocation of Initial Subscriber Founder Shares, in which case the Ownership Reduction shall
equal 50% of the Initial Subscriber Founder Shares.


 


(c)  The
Purchaser agrees that if, prior to a Business Combination, the Sponsor’s manager deems it necessary in order to facilitate
a Business Combination by the Company for the Sponsor to forfeit, transfer, exchange or amend the terms of all or any portion
of the Founder Shares and/or the Private Placement Warrants or to enter into any other arrangements with respect to the Founder
Shares and/or the Private Placement Warrants (including, without limitation, a transfer of the Sponsor’s membership interests
representing an interest in any of the foregoing) to facilitate the consummation of such Business Combination, including voting
in favor of any amendment to the terms of the Founder Shares and/or the Private Placement Warrants (each, a “Change in
Investment”), such Change in Investment shall apply pro rata to Purchaser (the “Change in Investment Reduction”)
based on (i), in the case of a Change in Investment involving the Founder Shares, the relative number of Founder Shares allocated
to the Purchaser pursuant to its Membership Interests and (ii), in the case of a Change in Investment involving the Private Placement
Warrants, the number of Private Placement Warrants allocated to the Purchaser pursuant to its Membership Interests and purchased
directly by other investors in the Company. By way of example and without limiting the foregoing, in the event 50% of the Sponsor’s
Founder Shares and/or 50% of the Private Placement Warrants (in the case of Private Placement Warrants, along with any such Private
Placement Warrants purchased by other investors in the Company) are forfeited or transferred by the Sponsor as part of such Business
Combination, the Purchaser shall forfeit or transfer Membership Interests representing an allocation of 50% of its Initial Subscriber
Founder Shares and/or Private Placement Warrants on substantially the same terms and conditions as the Sponsor (and in the case
of Private Placement Warrants such other investors), in which case the Change in Investment Reduction shall equal 50% of the Initial
Subscriber Founder Shares.


 




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(d) Solely
by way of example to illustrate the provisions of Section 2, in the event the Sponsor (and in the case of Private
Placement Warrants such other investors) forfeited or transferred 50% of the Founder Shares and Private Placement Warrants to
facilitate the consummation of a Business Combination, the Ownership Reduction is 50% and the Change in Investment Reduction is
50%, then the percentage of the Initial Subscriber Founder Shares to be allocated to the Purchaser shall be reduced 100% to zero;
provided, however, that the Purchaser shall still have the right to be allocated the Minimum Share Amount. In addition, the Purchaser
shall forfeit or transfer Membership Interests representing 50% of its Private Placement Warrants.


 


3. Representations
and Warranties of the Purchaser.  The Purchaser represents and warrants to the Sponsor as follows, as of the date hereof:


 


(a) Organization
and Power.  The Purchaser is duly organized, validly existing, and in good standing under the laws of the jurisdiction
of its formation and has all requisite power and authority to carry on its business as presently conducted and as proposed to
be conducted.


 


(b) Authorization. 
The Purchaser has full power and authority to enter into this Agreement. This Agreement, when executed and delivered by the Purchaser,
will constitute the valid and legally binding obligation of the Purchaser, enforceable against the Purchaser in accordance with
its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance
and any other laws of general application affecting enforcement of creditors’ rights generally or (ii) as limited by
laws relating to the availability of specific performance, injunctive relief or other equitable remedies.


 


(c) Governmental
Consents and Filings.  No consent, approval, order or authorization of, or registration, qualification, designation,
declaration or filing with, any federal, state or local governmental authority is required on the part of the Purchaser
in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to
applicable securities laws, rules or regulations.


 


(d) Compliance
with Other Instruments.  The execution, delivery and performance by the Purchaser of this Agreement and the consummation
by the Purchaser of the transactions contemplated by this Agreement will not result in any violation or default (i) under
any provisions of its organizational documents, (ii) under any instrument, judgment, order, writ or decree to which it is
a party or by which it is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound,
(iv) under any lease, agreement, contract or purchase order to which it is a party or by which it is bound or (v) under
any provision of federal or state statute, rule or regulation applicable to the Purchaser, in each case (other than clause
(i)), which would have a material adverse effect on the Purchaser’s ability to consummate the transactions contemplated
by this Agreement.


 


(e) Purchase
Entirely for Own Account.  This Agreement is made with the Purchaser in reliance upon the Purchaser’s
representation to the Sponsor, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms,
that the Membership Interests to be acquired by the Purchaser will be acquired for investment for the Purchaser’s own
account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of any
state or federal securities laws, and that the Purchaser has no present intention of selling, granting any participation in,
or otherwise distributing the same in violation of law. By executing this Agreement, the Purchaser further represents that
the Purchaser does not presently have any contract, undertaking, agreement or arrangement with any Person (other than the
Company) to sell, transfer or grant participations to such Person or to any third Person, with respect to any of the
Membership Interests. For purposes of this Agreement, “Person” means an individual, a limited liability
company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity or any
government or any department or agency thereof.


 


(f) Disclosure of
Information.  The Purchaser has had an opportunity to discuss the Sponsor’s and the Company’s business,
management, financial affairs and the terms and conditions of the offering of the Securities, as well as the terms of the
Company’s proposed IPO, with the Sponsor’s and the Company’s management (as the case may be).


 




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(g) Restricted
Securities.  The Purchaser understands that the offer and sale of the Membership Interests to the Purchaser has not
been and will not be registered under the Securities Act, by reason of a specific exemption from the registration provisions
of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy
of the Purchaser’s representations as expressed herein. The Purchaser understands that the Membership Interests are
“restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws,
the Purchaser must hold the Membership Interests (and (i) the Securities allocated to the Purchaser pursuant to such
Membership Interests and/or (ii) any Company securities for which such Securities may be exchanged) indefinitely unless they
are registered with the SEC and qualified by state authorities, or an exemption from such registration and qualification
requirements is available. The Purchaser acknowledges that the Company has no obligation to register or qualify the
Securities except pursuant to the Registration Rights Agreement.  The Purchaser further acknowledges that if an
exemption from registration or qualification is available, it may be conditioned on various requirements including, but not
limited to, the time and manner of sale, the holding period for the Securities, and on requirements relating to the
Company which are outside of the Purchaser’s control, and which the Company is under no obligation and may not be able
to satisfy. The Purchaser acknowledges that the Company has submitted the Registration Statement for its proposed IPO. The
Purchaser understands that the offering of Membership Interests and the transactions contemplated hereunder are not and are
not intended to be part of the IPO, and that the Purchaser will not be able to rely on the protection of Section 11 of
the Securities Act with respect to its purchase of Membership Interests hereunder.


 


(h) No
Public Market.  The Purchaser understands that no public market now exists for the Membership Interests or the Securities,
and that the Company has not made any assurances that a public market will ever exist for the Securities.


 


(i)  High
Degree of Risk.  The Purchaser understands that the purchase of the Membership Interests involves a high degree of risk
which could cause the Purchaser to lose all or part of its investment.


 


  (j)  Accredited
Investor.  The Purchaser acts on behalf of a group of accredited investors as defined in Rule 501(a) of Regulation
D promulgated under the Securities Act.


 


(k) No
General Solicitation.  Neither the Purchaser, nor any of its officers, directors, employees, agents, stockholders or
partners has either directly or indirectly, including, through a broker or finder (i) to its knowledge, engaged in any general
solicitation, or (ii) published any advertisement in connection with the offer and sale of the Membership Interests.


 


(l)  Place
of Investment Decision.  The Purchaser’s investment decision was made in the office or offices located at the address
of the Purchaser set forth on the signature page hereof.


 


(m)       Adequacy
of Financing. The Purchaser will, when such funds are due hereunder, have sufficient funds to satisfy its obligations
under this Agreement.


 


(o) No
Other Representations and Warranties; Non-Reliance.  Except for the specific representations and warranties contained
in this Section 3 and in any certificate or agreement delivered pursuant hereto, none of the Purchaser nor
any person acting on behalf of the Purchaser nor any of the Purchaser’s affiliates (the “Purchaser Parties”)
has made, makes or shall be deemed to make any other express or implied representation or warranty with respect to the Purchaser
and this offering, and the Purchaser Parties disclaim any such representation or warranty. Except for the specific representations
and warranties expressly made by the Sponsor in Section 4 and Section 5 of this Agreement and in any certificate
or agreement delivered pursuant hereto, the Purchaser Parties specifically disclaim that they are relying upon any other representations
or warranties that may have been made by the Sponsor, any person on behalf of the Sponsor or any of the Sponsor’s affiliates
(including the Company) (collectively, the “Sponsor Parties”) with respect to the transactions contemplated
hereby.


 




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4. Representations,
Warranties and Covenants of the Sponsor. The Sponsor represents, warrants and covenants to the Purchaser on behalf of itself
or the Company, as the case may be, as follows:


 


(a) Organization
and Corporate Power.  The Company is incorporated and validly existing and in good standing as a corporation under the
laws of Delaware and has all requisite corporate power and authority to carry on its business as presently conducted and as proposed
to be conducted.


 


(b) Capitalization
of the Company. The authorized share capital of the Company consists, as of the date hereof:


  (i)
200,000,000 shares of Class A Common Stock, none of which are issued and outstanding;


 


(ii)  20,000,000
shares of Class B Common Stock, 7,187,500 of which are issued and outstanding and held by the Sponsor and the other initial stockholders
of the Company. All of the outstanding shares of Class B Common Stock have been duly authorized, are fully paid and nonassessable
and were issued in compliance with all applicable federal and state securities laws.


 


(iii) 1,000,000
shares of preferred stock, none of which are issued and outstanding.


 


(c) Authorization. 
All company action required to be taken by the Sponsor’s manager in order to authorize the Sponsor to enter into this Agreement,
and to issue the Membership Interests, has been taken on or prior to the date hereof. All corporate action required to be taken
by the Company’s Board of Directors and stockholders in order to authorize the Company to issue the Private Placement Warrants,
has been taken on or prior to the date hereof. All action on the part of the stockholders, directors and officers of the Company
necessary for the issuance and delivery of the Private Placement Warrants has been taken on or prior to the date hereof. This
Agreement, when executed and delivered by the Sponsor, shall constitute the valid and legally binding obligation of the Sponsor,
enforceable against the Sponsor in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement
of creditors’ rights generally or (ii) as limited by laws relating to the availability of specific performance, injunctive
relief, or other equitable remedies.


 


(d) Valid
Issuance of Membership Interests.


 


(i)  The
Membership Interests, when issued, sold and delivered in accordance with the terms and for the consideration set forth in this
Agreement, will be validly issued and fully paid, as applicable, and free of all preemptive or similar rights, taxes, liens, encumbrances
and charges with respect to the issue thereof and restrictions on transfer other than restrictions on transfer specified under
this Agreement, applicable state and federal securities laws and liens or encumbrances created by or imposed by the Purchaser.
Assuming the accuracy of the representations of the Purchaser in this Agreement and subject to the filings described in Section 4(e) below,
the Membership Interests will be issued in compliance with all applicable federal and state securities laws, rules and regulations.


 


(ii) No
“bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification
Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered Person (as defined below),
except for a Disqualification Event as to which Rule 506(d)(2)(ii–iv) or (d)(3), is applicable. “Company Covered
Person” means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated under
the Securities Act, any Person listed in the first paragraph of Rule 506(d)(1).


 


(e)  IPO.


 


(i)  The
Sponsor has caused the Company to provide to the Purchaser, and will at all times prior to the consummation of the IPO promptly
cause the Company to provide to the Purchaser, copies of all correspondence sent by the Company to, or received by the Company
from, the SEC.


 




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(ii)  The
offers and sales of securities in the IPO will be made pursuant to an effective Registration Statement and otherwise in compliance
with the Securities Act and the rules and regulations promulgated thereunder and applicable state securities laws, rules and regulations.


 


(f) Governmental
Consents and Filings.  Assuming the accuracy of the representations made by the Purchaser in this Agreement, no consent,
approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state
or local governmental authority is required on the part of the Sponsor in connection with the consummation of the transactions
contemplated by this Agreement, except for filings pursuant to Regulation D of the Securities Act and applicable state securities
laws, if any.


 


(g)  Compliance
with Other Instruments.  The execution, delivery and performance of this Agreement and the consummation of the transactions
contemplated by this Agreement will not result in any violation or default (i) under any provisions of the certificate of
organization, limited liability company agreement or other governing documents of the Sponsor, (ii) under any instrument,
judgment, order, writ or decree to which the Sponsor is a party or by which it is bound, (iii) under any note, indenture
or mortgage to which the Sponsor is a party or by which it is bound, (iv) under any lease, agreement, contract or purchase
order to which the Sponsor is a Sponsor or by which it is bound or (v) under any provision of federal or state statute, rule or
regulation applicable to the Company, in each case (other than clause (i)) which would have a material adverse effect on the Sponsor
or its ability to consummate the transactions contemplated by this Agreement.


 


(h) Operations.
As of the date hereof, neither the Sponsor nor the Company has conducted, and prior to the IPO Closing neither the Sponsor nor
the Company will conduct, any operations other than organizational activities and activities in connection with offerings of the
Securities.


 


(i) Foreign
Corrupt Practices. Neither the Sponsor or the Company, nor any director, officer, agent, employee or other Person acting on
behalf of the Sponsor or the Company has, in the course of its actions for, or on behalf of, the Sponsor or the Company (i) used
any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity;
(ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate
funds; (iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended;
or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or
domestic government official or employee.


 


(j)  Compliance
with Anti-Money Laundering Laws. The operations of the Sponsor and the Company are and have been conducted at all times in
compliance with applicable financial recordkeeping and reporting requirements and all other applicable U.S. and non-U.S. anti-money
laundering laws and regulations, including, but not limited to, those of the Currency and Foreign Transactions Reporting Act of
1970, as amended, the USA Patriot Act of 2001 and the applicable money laundering statutes of all applicable jurisdictions, the
rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced
by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Anti-Money
Laundering Laws is pending or, to the knowledge of the Sponsor or the Company, threatened.


 


(k)  Absence
of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government
agency, self-regulatory organization or body pending or, to the knowledge of the Sponsor and the Company, threatened against or
affecting the Sponsor or the Company or any of the Sponsor’s or the Company’s managers, officers or directors, whether
of a civil or criminal nature or otherwise, in their capacities as such.


 


(l) No
General Solicitation.  Neither the Sponsor or the Company, nor any of their officers, managers, employees, agents or
members has either directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation
or (ii) published any advertisement in connection with the offer and sale of the Membership Interests.


 



(m)  Non-Public
Information. The Sponsor represents and warrants that none of the information conveyed to the Purchaser in connection with
the transactions contemplated by this Agreement will constitute material non-public information of the Company upon the effectiveness
of the Registration Statement.




 




    8


     

    

 


(n)       No
Other Representations and Warranties; Non-Reliance.  Except for the specific representations and warranties contained
in this Section 4 and Section 5 and in any certificate or agreement delivered pursuant hereto, none
of the Sponsor Parties has made, makes or shall be deemed to make any other express or implied representation or warranty with
respect to the Sponsor or the Company or the offering of Membership Interests hereunder, and the Sponsor Parties disclaim any
such representation or warranty. Except for the specific representations and warranties expressly made by the Purchaser in Section 3 of
this Agreement and in any certificate or agreement delivered pursuant hereto, the Sponsor Parties specifically disclaim that they
are relying upon any other representations or warranties that may have been made by the Purchaser Parties.


 


5.
  Additional Representations, Warranties and Covenants of the Sponsor. The
Sponsor additionally represents, warrants and covenants as follows:


 


(a)  Organization
and Power. The Sponsor is duly organized, validly existing, and in good standing under the laws of its jurisdiction of its
formation and has all requisite power and authority to carry on its business as presently conducted and as proposed to be conducted.


 


(b)  Authorization.
The Sponsor has full power and authority to enter into this Agreement. This Agreement, when executed and delivered by the Sponsor,
will constitute the valid and legally binding obligation of the Sponsor, enforceable against the Sponsor in accordance with its
terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other
laws of general application affecting enforcement of creditors’ rights generally or (ii) as limited by laws relating to
the availability of specific performance, injunctive relief or other equitable remedies.


 


(c)  Encumbrances.
The Initial Subscriber Founder Shares to be allocated to the Purchaser (i) are owned by the Sponsor free and clear of any security
interests, liens, claims or other encumbrances, subject only to restrictions upon transfer under the Securities Act and any applicable
state securities laws and as described in the Registration Statement, (ii) are subject to certain transfer restrictions as set
forth in the Registration Statement.


 


(d)  No
Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained in Section
4 this Section 5 and in any certificate or agreement delivered pursuant hereto, none of the Sponsor Parties has made,
makes or shall be deemed to make any other express or implied representation or warranty with respect to the Sponsor or the offering
of Membership Interests hereunder, and the Sponsor Parties disclaim any such representation or warranty. Except for the specific
representations and warranties expressly made by the Purchaser in Section 3 of this Agreement and in any certificate or agreement
delivered pursuant hereto, the Sponsor Parties specifically disclaim that they are relying upon any other representations or warranties
that may have been made by the Purchaser Parties.


 


6.  Additional
Agreements and Acknowledgements of the Purchaser.


 


(a) Transfer
Restrictions.  The Purchaser agrees that it shall not Transfer (as defined below) (i) any Founder Shares until the earlier
of (A) one year after the closing of the Business Combination (the “Business Combination Closing”) and
(B) the date following the Business Combination Closing on which the Company completes a liquidation, merger, stock exchange
or other similar transaction that results in all of the Company’s stockholders having the right to exchange their Common
Stock for cash, securities or other property (such period, the “Lock-up Period”) or (ii) any Private Placement
Warrants (or any shares of Common Stock issuable upon exercise of the Private Placement Warrants) until 30 days after the Business
Combination Closing. Notwithstanding the foregoing, if subsequent to a Business Combination, the closing price of the Class A
Common Stock equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations
and the like) for any twenty (20) trading days within any thirty (30) trading day period commencing at least one hundred and fifty
(150) days after the Business Combination Closing, the Founder Shares shall be released from the lockup referenced in this Section
6(a). Notwithstanding the first sentence hereinabove, Transfers of the Securities are permitted (i) to any other person
or entity that holds Common Stock prior to the consummation of the IPO; (ii) to the Company’s officers, directors or
employees; (iii) in the case of an entity, as a distribution to its partners, stockholders or members upon liquidation; (iv) in
the case of an individual, 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, for estate planning purposes; (v) in the case of an individual, by
virtue of laws of descent and distribution upon death of the individual; (vi) in the case of an individual, pursuant to a
qualified domestic relations order; (vii) by pledges to secure obligations incurred in connection with purchases of the Company’s
securities; (viii) 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 applicable Securities were originally purchased; (ix) in the event of the Company’s
liquidation, bankruptcy or dissolution prior to the completion of a Business Combination; (x) to the Purchaser’s affiliates,
to any investment fund or other entity controlled or managed by the Purchaser, or to any investment manager or investment advisor
of the Purchaser or an affiliate of any such investment manager or investment advisor or to any investment fund or other entity
controlled or managed by such persons; (xi) to a nominee or custodian of a person or entity to whom a disposition or transfer
would be permissible under clauses (i) through (x) above; and (xii) pursuant to the provisions of Section 2
of this Agreement (each of the foregoing, a “Permitted Transferee”); provided, however, that in the case
of clauses (i) through (xi), these permitted transferees must enter into a written agreement agreeing to be bound by the
terms of this Agreement, including the forfeiture provisions of Section 2 and these transfer restrictions. As used
in this Agreement, “Transfer” shall mean the (x) sale of, offer to sell, contract or agreement to sell,
hypothecation, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly,
or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position
(within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and the rules and regulations of the SEC promulgated thereunder) with respect to, any of the Securities; (y) entry into
any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of
any of the Securities, whether any such transaction is to be settled by delivery of such Securities, in cash or otherwise, or
(z) public announcement of any intention to effect any transaction specified in clause (x) or (y); provided further,
that this Section 6(a) shall not prohibit the Purchaser from effecting a Short Sale (as defined below) with securities that do
not constitute “Securities” under this Agreement.


 






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(b) Trust
Account.


 


(i)  The
Purchaser hereby acknowledges that it is aware that the Company will establish the Trust Account for the benefit of its public
stockholders upon the IPO Closing. The Purchaser hereby agrees that it has no right, title, interest or claim of any kind in or
to any monies held in the Trust Account, or any other asset of the Company as a result of any liquidation of the Company, except
for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it.


 


(ii) The
Purchaser hereby agrees that it shall have 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, except for redemption and liquidation rights, if any, the Purchaser may have in respect
of any Public Shares held by it. In the event the Purchaser has any Claim against the Company under this Agreement, the Purchaser
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, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public
Shares held by it.


 


  (c)
No Short Sales. The Purchaser hereby agrees that neither it, nor any person or entity acting on its behalf, will engage
in any Short Sales with respect to securities of the Company prior to the closing of the Business Combination. For purposes of
this Section 6(c), “Short Sales” shall include, without limitation, all “short sales” as defined in Rule
200 promulgated under Regulation SHO under the Exchange Act, and all types of direct and indirect stock pledges (other than pledges
in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts, options, puts, calls, swaps
and similar arrangements (including on a total return basis).


 


(d)
Use of Purchaser’s Name. Neither the Company nor the Sponsor will, without the written consent of the Purchaser in
each instance, use in advertising, publicity or otherwise the name of the Purchaser or any of its affiliates, or any director,
officer or employee of the Purchaser, nor any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction
or simulation thereof owned by the Purchaser or its affiliates or any information relating to the business or operations of the
Purchaser or its affiliates (including, for the avoidance of doubt, any investment vehicles, funds or accounts managed thereby).
Notwithstanding the foregoing, the Company may disclose Purchaser’s name and information concerning the Purchaser (A) only
to the extent required by law, regulation or regulatory request, including in the Registration Statement or (B) to the Company’s
lawyers, independent accountants and to other advisors and service providers who reasonably require Purchaser’s information
in connection with the provision of services to the Company, are advised of the confidential nature of such information and are
obligated to keep such information confidential. The Company and the Sponsor agree to provide to the Purchaser for Purchaser’s
review any disclosure in any registration statement, proxy statement or other document in advance of the submission, filing or
disclosure of such document in connection with the transactions contemplated by this Agreement with respect to the Purchaser or
any of its affiliates, and will not make any such submission, filing or disclosure without including any revisions reasonably
requested in writing by the Purchaser or to the extent the Purchaser has a good faith objection to such submission, filing or
disclosure.

 






    10


     

    

 


(e) Stock
Exchange Listing. The Company will use commercially reasonable efforts to effect and maintain the listing of the Class A Common
Stock and Warrants on The Nasdaq Capital Market (or another national securities exchange) until the third anniversary of the Business
Combination Closing.


 


7. General
Provisions.


 


(a) Notices. 
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt, or (i) personal delivery to the party to be notified, (ii) when sent, if sent
by electronic mail or facsimile (if any) during normal business hours of the recipient, and if not sent during normal business
hours, then on the recipient’s next Business Day, (iii) five (5) Business Days after having been sent by registered
or certified mail, return receipt requested, postage prepaid, or (iv) one (1) Business Day after deposit with a nationally
recognized overnight courier, freight prepaid, specifying next Business Day delivery, with written verification of receipt. All
communications sent to the Sponsor shall be sent to: Hennessy Capital Partners V LLC, 3415 N. Pines Way, Suite 204, Wilson, Wyoming
83014, Attention: Daniel J. Hennessy, Email: dhennessy@hennessycapllc.com and Nicholas A. Petruska, npetruska@hennessycapllc.com,
with a copy to Ellenoff Grossman & Schole LLP, 1345 Avenue of the Americas, 11th Floor, New York, NY 10105, Attention:
Stuart Neuhauser, Email: sneuhauser@egsllp.com.


 


  All
communications to the Purchaser shall be sent to the Purchaser’s mailing address or email address as set forth on the signature
page hereto, or to such email address, facsimile number (if any) or address as subsequently modified by written notice given
in accordance with this Section 7(a).


 


(b) No
Finder’s Fees.  Each party represents that it neither is nor will be obligated for any finder’s fee or commission
in connection with this transaction. The Purchaser agrees to indemnify and to hold harmless the Sponsor and the Company from any
liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction
(and the costs and expenses of defending against such liability or asserted liability) for which the Purchaser or any of its officers,
employees or representatives are responsible. The Sponsor agrees to indemnify and hold harmless the Purchaser from any liability
for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and
the costs and expenses of defending against such liability or asserted liability) for which the Sponsor or any of its managers,
officers, employees or representatives is responsible.


 


(c) Survival
of Representations and Warranties.  All of the representations and warranties contained herein shall survive the consummation
of the transactions contemplated by this Agreement.


 


(d) Entire
Agreement.  This Agreement, together with any other documents, instruments and writings that are delivered pursuant hereto
or referenced herein, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter
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.


  



(e) Successors. 
All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure
to the benefit of and are enforceable by, the parties hereto and their respective successors. Nothing in this Agreement, express
or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any
rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.




 




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(f)  Assignments. 
Except as otherwise specifically provided herein, no party hereto may assign either this Agreement or any of its rights, interests,
or obligations hereunder without the prior written approval of the other party.


 


(g) Counterparts. 
This Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of which together
will constitute one and the same instrument.


 


(h) Headings. 
The section headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning
or interpretation of this Agreement.


 


(i)  Governing
Law.  This Agreement, the entire relationship of the parties hereto, and any litigation between the parties (whether
grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant
to the laws of the State of New York, without giving effect to its choice of laws principles. 


 


(j)  Jurisdiction. 
The parties hereby irrevocably and unconditionally (i) submit to the jurisdiction of the state courts of New York and the
United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding arising
out of or based upon this Agreement, (ii) agree not to commence any suit, action or other proceeding arising out of or based
upon this Agreement except in state courts of New York or the United States District Court for the Southern District of New York,
and (iii) waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding,
any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune
from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit,
action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.


 


(k) WAIVER
OF JURY TRIAL.  THE PARTIES HERETO HEREBY WAIVE ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT
TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY.


 


(l)  Amendments. 
This Agreement may not be amended, modified or waived as to any particular provision, except with the prior written consent of
the Sponsor and the Purchaser.


 


(m)       Severability. 
The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect
the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to
any party hereto or to any circumstance, is adjudged by a governmental authority, arbitrator, or mediator not to be enforceable
in accordance with its terms, the parties hereto agree that the governmental authority, arbitrator, or mediator making such determination
will have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to
delete specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced.


 


(n) Expenses. 
Each of the Sponsor and the Purchaser will bear its own costs and expenses incurred in connection with the preparation, execution
and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses
of agents, representatives, financial advisors, legal counsel and accountants. The Company shall be responsible for the fees of
its transfer agent, stamp taxes and all of The Depository Trust Company’s fees associated with the issuance of the Securities
and the securities issuable upon conversion or exercise of the Securities.


 




    12


     

    

 


(o) Construction. 
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of
intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement.
Any reference to any federal, state, local, or foreign law will be deemed also to refer to law as amended and all rules and
regulations promulgated thereunder, unless the context requires otherwise. The words “include,” “includes,”
and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine,
and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include
the plural and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,”
“hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a
whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty,
and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty,
or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating
to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not
detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.


 


(p) Waiver. 
No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional
or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder
or affect in any way any rights arising because of any prior or subsequent occurrence.


 


(q) Specific
Performance.  Each party hereto agrees that irreparable damage may occur in the event any provision of this Agreement
was not performed by the other party hereto in accordance with the terms hereof and that the such party shall be entitled to specific
performance of the terms hereof, in addition to any other remedy at law or equity.


 


(r)  Confidentiality. 
Except as may be required by law, regulation or applicable stock exchange listing requirements (but subject in any case to the
provisions of Section 6(d) hereof), unless and until the transactions contemplated hereby and the terms hereof
are publicly announced or otherwise publicly disclosed by the Company, the parties hereto shall keep confidential and shall not
publicly disclose the existence or terms of this Agreement.  Notwithstanding the foregoing, the Purchaser shall be permitted
to disclose any information to its affiliates and its and their respective directors, officers, employees, advisors, director
or indirect owners, agents and representatives, in each case so long as such person or entity has been advised of the confidentiality
obligations hereunder; provided that the Purchaser shall be liable for any breach of such confidentiality obligations by any such
person or entity.


 


[Signature
page follows]


 




    13


     

    

 


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


 


	 	SPONSOR:
	 	 
	 	HENNESSY CAPITAL PARTNERS V LLC
	 	 
	 	By:	      
	 	Name:	 
	 	Title:	 


 




     


     

    

 


	 	 PURCHASER:

	 	 
	 	________________________
	 	 

        

	 	By:	 
	 	Name: 	 
	 	Title: 	                               


 


	 	 Purchaser’s
Address for Notices:

	 	 
	 	[____________]
	 	 
	 	with
copies to:
	 	 
	 	

        

        [____________]