Exhibit
4.6


 


RIGHTS
AGREEMENT


 


This
Rights Agreement (this “Agreement”) is made as of ______________ __, 2022 between EF Hutton Acquisition Corporation I, a
Delaware corporation, with offices at 24 Shipyard Drive, Suite 102, Hingham, MA 02043 (the “Company”), and Continental Stock
Transfer & Trust Company, a New York limited liability trust company, with offices at 1 State Street, 30th Floor, New York, NY 10004
(the “Right Agent”).


 


WHEREAS,
the Company has received a firm commitment from EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”), as representative
of the several underwriters, to purchase up to an aggregate of 11,500,000 units, each unit (“Public Unit”) comprised of one
share of common stock of the Company, par value $0.0001 per share (the “Common Stock”), one redeemable warrant entitling
the holder thereof to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment (a “Public Warrant”),
and one right to receive one-eighth of one share of Common Stock (a “Public Right”) upon the consummation of the Company’s
initial business combination, and in connection therewith, will issue and deliver up to an aggregate of 11,500,000 Public Rights upon
consummation of such public offering, 1,500,000 of which are attributable to the over-allotment option (“Public Offering”);


 


WHEREAS,
the Company has received binding commitments from EF Hutton Partners, LLC (the “Sponsor”) and certain other parties
to purchase up to an aggregate of 142,500 units (“Private Units”), each Private Unit containing one share of Common
Stock, one warrant, where each warrant entitles the holder to purchase one share of Common Stock at a price of $11.50 per share, subject
to adjustment (the “Private Warrants”) and one right to receive 1/8 of one share of Common Stock (the “Private
Right”) upon the consummation of the Company’s initial business combination and, in connection therewith, the Company will
issue and deliver up to an aggregate of 142,500 Private Rights in a private placement transaction to occur simultaneously with the consummation
of the Public Offering;


 


WHEREAS,
the Company may issue up to an additional 547,500 units (the “Working Capital Units” and together with the Public
Units and the Private Units, the “Units”) which will include up to an additional 547,500 rights (“Working
Capital Rights” together with the Public Rights, the Private Rights, and along with such other rights as the Company issues
from time to time hereunder, the “Rights”) in satisfaction of certain working capital loans the Sponsor or the Company’s
officers, directors, initial stockholders (as defined in the Prospectus) or their affiliates may, but are not obligated to, make to the
Company;


 


WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1,
File No. 333-264314 (“Registration Statement”), and a prospectus (the “Prospectus”) for the registration,
under the Securities Act of 1933, as amended (“Act”), of the Public Units, the Public Warrants, the Public Rights
and the Common Stock included in the Public Units; and


 


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


 


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


 


WHEREAS,
all acts and things have been done and performed which are necessary to make the Rights, when executed on behalf of the Company and countersigned
by or on behalf of the Right Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the
execution and delivery of this Agreement.


 


NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:


 


	1.	Appointment
    of Right Agent. The Company hereby appoints the Right Agent to act as agent for the Company for the Rights, and the Right Agent
    hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.


 




    	 



     


    

 


	2.	Rights.


 


	 	2.1.	Form
    of Right. Each Right shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions
    of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board or Chief Executive
    Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s seal. In
    the event the person whose facsimile signature has been placed upon any Right shall have ceased to serve in the capacity in which
    such person signed the Right before such Right is issued, it may be issued with the same effect as if he or she had not ceased to
    be such at the date of issuance.


 


	 	2.2.	Effect
    of Countersignature. Unless and until countersigned by the Right Agent pursuant to this Agreement, a Right shall be invalid and
    of no effect and may not be exchanged for Common Stock.


 


	 	2.3.	Registration.


 


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


 


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


 


	 	2.4.	Detachability
    of Rights. The securities comprising the Units, including the Rights, will not be separately transferable until the ninetieth
    (90th) day after the date of the Prospectus unless EF Hutton informs the Company of its decision to allow earlier separate
    trading, but in no event will separate trading of the securities comprising the Units begin until (i) the Company files a Current
    Report on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public
    Offering including the proceeds received by the Company from the exercise of the over-allotment option, if the over-allotment option
    is exercised prior to the filing of the Form 8-K, and (ii) the Company issues a press release and files a Current Report on Form
    8-K announcing when such separate trading shall begin.


 


	3.	Terms
    and Exchange of Rights.


 


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


 


	 	3.2.	Exchange
    Event. The Exchange Event shall be the Company’s consummation of an initial Business Combination (as defined in the Company’s
    Amended and Restated Certificate of Incorporation).


 


	 	3.3.	Exchange
    of Rights.


 


	 	3.3.1.	Issuance
                                            of Certificates. As soon as practicable upon the occurrence of the Exchange Event, the
                                            Company shall direct holders of the Rights to return their Rights Certificates to the Right
                                            Agent. If the Company is not the surviving entity in a Business Combination, the holder of
                                            Rights must affirmatively elect to such conversion. Upon receipt of a valid Rights Certificate,
                                            the Company shall issue to the registered holder of such Right(s) a certificate or certificates
                                            for the number of full shares of Common Stock to which he, she or it is entitled, registered
                                            in such name or names as may be directed by him, her or it. Notwithstanding the foregoing,
                                            or any provision contained in this Agreement to the contrary, in no event will the Company
                                            be required to net cash settle the Rights. The Company shall not issue fractional shares
                                            upon exchange of Rights. At the time of the Exchange Event, the Company will instruct the
                                            Right Agent to round up to the nearest whole share of Common Stock or otherwise inform it
                                            how fractional shares will be addressed in accordance with Delaware law.

    



 




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


 


	 	3.3.3.	Date
    of Issuance. Each person in whose name any such certificate for Common Stock is issued shall for all purposes be deemed to have
    become the holder of record of such shares on the date of the Exchange Event, irrespective of the date of delivery of such certificate.


 


	 	3.3.4.	Company
    Not Surviving Following Exchange Event. If the Exchange Event results in the Company not continuing as a publicly held reporting
    entity, the definitive agreement will provide for the holders of Rights to receive the same per share consideration as the holders
    of the Common Stock will receive in with the Exchange Event, for the number of shares such holder is entitled to pursuant to Section
    3.1 above.


 


	 	3.4.	Duration
    of Rights. If the Exchange Event does not occur within 9 months from the closing of the Public Offering (or up to 18 months from
    the closing of the Public Offering if the Company extends the period of time to consummate a Business Combination, as described in
    the Registration Statement), and such Business Combination has not yet been consummated within the applicable time period, the Rights
    shall expire and shall be worthless; provided that, for as long as any of the Rights are held by EF Hutton, or its designees or affiliates,
    such Rights may not be converted after five years, from the effective date of the Registration Statement.


 


	4.	Transfer
    and Exchange of Rights.


 


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


 


	 	4.2.	Procedure
    for Surrender of Rights. Rights may be surrendered to the Right Agent, together with a written request for exchange or transfer,
    and thereupon the Right Agent shall issue in exchange therefor one or more new Rights as requested by the registered holder of the
    Rights so surrendered, representing an equal aggregate number of Rights; provided, however, that in the event that a Right surrendered
    for transfer bears a restrictive legend, the Right Agent shall not cancel such Right and issue new Rights in exchange therefor until
    the Right Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether
    the new Rights must also bear a restrictive legend.


 


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


 


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


 


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


 


	 

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


 




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


 


	 	5.1.	No
    Rights as Stockholder. Until exchange of a Right for Common Stock as provided for herein, a Right does not entitle the registered
    holder thereof to any of the rights of a stockholder of the Company, including, without limitation, the right to receive dividends,
    or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of the
    meetings of stockholders or the election of directors of the Company or any other matter.


 


	 	5.2.	Lost,
    Stolen, Mutilated, or Destroyed Rights. If any Right is lost, stolen, mutilated, or destroyed, the Company and the Right Agent
    may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Right,
    include the surrender thereof), issue a new Right of like denomination, tenor, and date as the Right so lost, stolen, mutilated,
    or destroyed. Any such new Right shall constitute a substitute contractual obligation of the Company, whether or not the allegedly
    lost, stolen, mutilated, or destroyed Right shall be at any time enforceable by anyone.
	 	 	 
	 	5.3.	Reservation
    of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued Common Stock
    that will be sufficient to permit the exchange of all outstanding Rights issued pursuant to this Agreement.



 


	6.	Concerning
    the Right Agent and Other Matters.


 


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


 


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


 


	 	6.2.1.	Appointment
    of Successor Right Agent. The Right Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
    from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office
    of the Right Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
    Right Agent in place of the Right Agent. If the Company shall fail to make such appointment within a period of 30 days after it has
    been notified in writing of such resignation or incapacity by the Right Agent or by the holder of the Right (who shall, with such
    notice, submit his, her or its Right for inspection by the Company), then the holder of any Right may apply to the Supreme Court
    of the State of New York for the County of New York for the appointment of a successor Right Agent at the Company’s cost. Any
    successor Right Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the
    laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New
    York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state
    authority. After appointment, any successor Right Agent shall be vested with all the authority, powers, rights, immunities, duties,
    and obligations of its predecessor Right Agent with like effect as if originally named as Right Agent hereunder, without any further
    act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Right Agent shall execute and deliver, at
    the expense of the Company, an instrument transferring to such successor Right Agent all the authority, powers, and rights of such
    predecessor Right Agent hereunder; and upon request of any successor Right Agent the Company shall make, execute, acknowledge, and
    deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Right Agent
    all such authority, powers, rights, immunities, duties, and obligations.


 


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


 


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


 




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	 	6.3.	Fees
    and Expenses of Right Agent.


 


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


 


	 	6.3.2.	Further
    Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged,
    and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Right Agent for the
    carrying out or performing of the provisions of this Agreement.


 


	 	6.4.	Liability
    of Right Agent.


 


	 	6.4.1.	Reliance
    on Company Statement. Whenever in the performance of its duties under this Agreement, the Right Agent shall deem it necessary
    or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such
    fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved
    and established by a statement signed by the Chief Executive Officer or Chief Financial Officer and delivered to the Right Agent.
    The Right Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this
    Agreement.


 


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


 


	 	6.4.3.	Exclusions.
    The Right Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
    of any Right (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or
    condition contained in this Agreement or in any Right; nor shall it by any act hereunder be deemed to make any representation or
    warranty as to the authorization or reservation of any Common Stock to be issued pursuant to this Agreement or any Right or as to
    whether any Common Stock will, when issued, be valid and fully paid and nonassessable.


 


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


 


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


 


	7.	Miscellaneous
    Provisions.


 


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


 


	 	7.2.	Notices.
                                            Any notice, statement or demand authorized by this Agreement to be given or made by the Right
                                            Agent or by the holder of any Right to or on the Company shall be sufficiently given when
                                            so delivered if by hand or overnight delivery or if sent by certified mail or private courier
                                            service within five days after deposit of such notice, postage prepaid, addressed (until
                                            another address is filed in writing by the Company with the Right Agent), as follows:

    



 


EF
Hutton Acquisition Corporation I


24
Shipyard Drive, Suite 102


Hingham,
MA 02043


Attn:
Benjamin Piggott


 




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Any
notice, statement or demand authorized by this Agreement to be given or made by the holder of any Right or by the Company to or on the
Right Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier
service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Right
Agent with the Company), as follows:


 


Continental
Stock Transfer & Trust Company


1
State Street, 30th Floor


New
York, NY 10004


Attn:
Compliance Department


 


and


 


Loeb
& Loeb LLP


35
Park Avenue


New
York, New York 10154


Attn:
Mitchell Nussbaum, Esq. and James A. Prestiano, Esq.


 


and


 


EF
Hutton, division of Benchmark Investment, LLC


590
Madison Avenue, 39th Floor


New
York, NY 10022


Attn:
Jim Campbell


Email:
JCampbell@efhuttongroup.com


 


and: 


 


Hogan
Lovells US LLP


1601
Wewatta Street, Suite 900


Denver,
CO 80202


Attn:
David Crandall, Esq.


Email:
david.crandall@hoganlovells.com


 


	 	7.3.	Applicable
    Law. The validity, interpretation, and performance of this Agreement and of the Rights shall be governed in all respects by 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. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating
    in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court
    for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company
    hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process
    or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt
    requested, postage prepaid, addressed to it at the address set forth in Section 7.2 hereof. Such mailing shall be deemed personal
    service and shall be legal and binding upon the Company in any action, proceeding or claim.


 


	 	7.4.	Persons
    Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
    hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and
    the registered holders of the Rights and, for the purposes of Sections 3.1, 3.2, 7.4 and 7.8 hereof, EF Hutton, any right, remedy,
    or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. EF Hutton
    shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 3.1, 3.2, 7.4 and 7.8 hereof. All covenants,
    conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the
    parties hereto (and EF Hutton with respect to Sections 3.1, 3.2, 7.4 and 7.8 hereof) and their successors and assigns and of the
    registered holders of the Rights.


 




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


 


	 	7.6.	Counterparts.
    This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
    be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.


 


	 	7.7.	Effect
    of Headings. The Section headings herein are for convenience only and are not part of this Agreement and shall not affect the
    interpretation thereof.


 


	 	7.8.	Amendments.
    This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity,
    or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with
    respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties
    deem shall not adversely affect the interest of the registered holders. All other modifications or amendments shall require the written
    consent or vote of the registered holders of a majority of the then outstanding Rights. The provisions of this Section 7.8 may not
    be modified, amended or deleted without the prior written consent of EF Hutton.


 


	 	7.9.	Severability.
    This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
    the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
    or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as
    similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.


 


[Signature
Page Follows]


 




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IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.


 


	 	EF
    HUTTON ACQUISITION CORPORATION I 
	 	 
	 	By:	 
	 	Name:	Benjamin
    Piggott 
	 	Title:
    	Chief
    Executive Officer
	 	 	 
	 	CONTINENTAL
    STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	Vice
    President


 


Signature
Page to the Rights Agreement


 




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EXHIBIT
A


 


Form
of Right


 




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