Exhibit 10.5


 


FORM OF SUBSCRIPTION AGREEMENT


 


[●], 2021


 


Modiv Acquisition Corp.


120 Newport Center Drive


Newport Beach, CA 92660


 


Ladies and Gentlemen:


 


Modiv Acquisition Corp.
(the “Company”), a blank check company formed for the purpose of acquiring one or more businesses or entities
(a “Business Combination”), intends to register its securities under the Securities Act of 1933, as amended
(“Securities Act”), in connection with its initial public offering (“IPO”), pursuant to a registration
statement on Form S-1 (“Registration Statement”).


 


The undersigned hereby
commits that it will purchase an aggregate of 8,400,000 warrants (or 9,000,000 if the over-allotment option is exercised in full)
of the Company (“Private Warrants”), at a price of $0.50 per warrant for an aggregate purchase price of $4,200,000
(or $4,500,000 if the over-allotment option is exercised in full) warrants of the Company (the “Private Warrant Purchase
Price”).


 


At least twenty-four
(24) hours prior to the effective date of the Registration Statement, the undersigned will cause the Private Warrant Purchase Price
to be delivered to Loeb & Loeb (“Loeb”), as escrow agent, by wire transfer as set forth in the instructions
attached as Exhibit A to hold in a non-interest bearing account until the Company consummates the IPO.


 


The consummation of
the purchase and issuance of the Private Warrants shall occur simultaneously with the consummation of the IPO. Simultaneously with
the consummation of the IPO, Continental Stock Transfer & Trust Company shall deposit the Private Warrant Purchase Price, without
interest or deduction, into the trust fund (“Trust Fund”) established by the Company for the benefit of the
Company’s public stockholders as described in the Registration Statement.


 


Each of the Company
and the undersigned acknowledges and agrees that Loeb is serving hereunder solely as a convenience to the parties to facilitate
the purchase of the Private Warrants.


 


Additionally, the undersigned agrees:


 


		●	to vote in favor of any proposed Business Combination;



 


		●	not to propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate
of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of the Company’s
shares of Common Stock sold in the IPO if the Company does not complete an initial Business Combination within 24 months from the
closing of the IPO, unless the Company provides the holders of shares of Common Stock sold in the IPO with the opportunity to redeem
their shares of Common Stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
amount of the Trust Fund, including interest earned on Trust Fund and not previously released to the Company to pay the Company’s
taxes, divided by the number of then outstanding shares of Common Stock sold in the IPO;



 




    	 		 



     


    







 


		●	the undersigned will not participate in any liquidation distribution with respect to the Private
Warrants (but will participate in liquidation distributions with respect to any units or Common Stock purchased by the undersigned
in the IPO or sold by the Company in the IPO and purchased by the undersigned in the open market thereafter) if the Company fails
to consummate a Business Combination;



 


		●	that the Private Warrants and underlying securities will not be transferable until 30 days after
the consummation of a Business Combination except (i) to the Company’s pre-IPO stockholders (including, to the extent the
Company’s pre- IPO stockholders are entities, to such entity’s members, partners, stockholders or other equity holders),
or to the Company’s officers, directors, advisors and employees, (ii) transfers to the undersigned’s affiliates, (iii)
by bona fide gift to a member of the undersigned’s (or Permitted Transferee’s (as defined below)) immediate family
or to a trust, the beneficiary of which is the undersigned (or Permitted Transferee) or a member of the undersigned’s (or
Permitted Transferee’s) immediate family, for estate planning purposes, (iv) by virtue of the laws of descent and distribution
upon death, (v) pursuant to a qualified domestic relations order, (vi) by certain pledges to secure obligations incurred in connection
with purchases of the Company’s securities, (vii) by private sales at prices no greater than the price at which the Private
Warrants were originally purchased or (viii) to the Company for cancellation in connection with the consummation of a Business
Combination, in each case (except for clause viii) where the permitted transferee (“Permitted Transferee”) agrees
to the terms of the transfer restrictions; and



 


		●	the Private Warrants will include any additional terms or restrictions as is customary in other
similarly structured blank check company offerings or as may be reasonably required by the underwriters in the IPO in order to
consummate the IPO, each of which will be set forth in the Registration Statement.



 


The undersigned hereby represents and warrants
that:


 


		(a)	it has been advised that the Private Warrants have not been registered under the Securities Act;



 


		(b)	it will be acquiring the Private Warrants for its account for investment purposes only;



 


		(c)	it has no present intention of selling or otherwise disposing of the Private Warrants in violation of the securities laws of
the United States;



 


		(d)	it is an “accredited investor” as defined by Rule 501 of Regulation D promulgated under the Securities Act of 1933,
as amended;



 


		(e)	it has had both the opportunity to ask questions and receive answers from the officers and directors of the Company and all
persons acting on its behalf concerning the terms and conditions of the offer made hereunder;



 


		(f)	it is familiar with the proposed business, management, financial condition and affairs of the Company;



 


		(g)	it has full power, authority and legal capacity to execute and deliver this letter agreement (“Agreement”)
and any documents contemplated herein or needed to consummate the transactions contemplated in this Agreement; and



 




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		(h)	this Agreement constitutes its legal, valid and binding obligation, and is enforceable against it.



 


This Agreement constitutes
the entire agreement between the undersigned and the Company with respect to the purchase of the Private Warrants, and supersedes
all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to
the same.


 


Each party to this
Agreement acknowledges that Loeb has represented both the Company and the undersigned in connection with the transactions contemplated
hereby, the IPO, the issuance of the Company’s shares to Modiv Venture Fund, LLC and all related transactions. The applicable
rules of professional conduct require that Loeb inform the parties hereunder of this representation and obtain their consent. The
Company and the undersigned each hereby (i) acknowledge that they have had an opportunity to ask for and have obtained information
relevant to such representation, including disclosure of the reasonably foreseeable adverse consequences of such representation;
(ii) acknowledge that with respect to the transactions described above, Loeb has represented the Company and the undersigned, and
not any other person or entity or Board member or employee of the Company or the undersigned; and (iii) give their respective informed
consent to Loeb’s representation of the Company and the undersigned in connection with the transactions described above.


 


[Signatures Follow]


 




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	 	 	 	Very truly yours,
	 	 	 	 
	 	 	 	MODIV VENTURE FUND, LLC
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	Aaron S. Halfacre
	 	 	 	Title:	Chief Executive Officer
	 	 	 	 	 
	Accepted and Agreed:	 	 	 
	 	 	 	 
	MODIV ACQUISITION CORP.	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	Name:	Raymond J. Pacini	 	 	 
	Title:	Chief Financial Officer	 	 	 


 


[Signature Page to Subscription Agreement]


 




    	 		 



     


    

  


Exhibit A


Wire Instructions