EX-10.1




 Exhibit 10.1 
  


			
	 Embrace Change Acquisition Corp.
 5186
Carroll Canyon Rd
 San Diego, CA 92121
	  	August 9, 2022

 EF Hutton, division of Benchmark Investments, LLC 

590 Madison Avenue, 39th Floor 
 New York, NY 10022 

Attn: Joseph T. Rallo 

E-mail: jrallo@efhuttongroup.com 

Re: Initial Public Offering 
 Ladies and
Gentlemen: 
 This letter (“Letter Agreement”) is being delivered to you in accordance with the Underwriting
Agreement (the “Underwriting Agreement”) entered into by and between Embrace Change Acquisition Corp., a Cayman Islands exempted company (the “Company”), and EF Hutton, division of Benchmark
Investments, LLC as representative (the “Representative”) of the several underwriters named in Schedule I thereto (the “Underwriters”), relating to an underwritten initial public offering (the
“IPO”) of the Company’s units (the “Units”), each Unit comprised of one ordinary share of the Company, par value $0.0001 (the “Ordinary Shares”), one warrant, each whole
warrant exercisable for one Ordinary Share (each, a “Warrant”), and one right to receive one-eighth (1/8) of one Ordinary Share (each, a “Right”). Certain capitalized terms
used herein are defined in paragraph 12 hereof. 
 In order to induce the Company and the Underwriters to enter into the Underwriting
Agreement and to proceed with the IPO, and in recognition of the benefit that such IPO will confer upon the undersigned, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned
hereby agrees, severally but not jointly, with the Company as follows: 
 1. If the Company solicits approval of its shareholders of a
Business Combination, the undersigned will (i) vote all Ordinary Shares beneficially owned by him, her, or it, whether acquired before, in, or after the IPO, in favor of such Business Combination and (ii) not redeem any Ordinary Shares
beneficially owned by him, her, or it in connection with such shareholder approval. 
 2. (a) In the event that the Company fails to
consummate a Business Combination within the time period set forth in the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time (the “Articles of
Association”), the undersigned will, as promptly as possible, take all necessary actions to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) not more than five (5) business days
thereafter, redeem the IPO shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned funds held in the Trust Account
(less up to $50,000 to pay liquidation expenses and net of interest released to the Company to pay taxes as permitted pursuant to the Trust Agreement), divided by the number of then outstanding IPO Shares, which redemption will extinguish public
shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii) following such redemption, subject to the approval of the Company’s remaining shareholders and the
Company’s board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for claims of creditors and other requirements of applicable
law. 
 (b) The undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust
Account (“Claim”) with respect to the shares of Founders’ Ordinary Shares owned by the undersigned and hereby waives any Claim the undersigned may have in the future as a result of, or arising out of, any contracts or
agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever. The undersigned acknowledges and agrees that there will be no distribution from the Trust Account with respect to any Warrants, all rights of
which will terminate on the Company’s liquidation. 











 [(c) In the event of the liquidation of the Trust Account, Wuren Fubao Inc. agrees to
indemnify and hold harmless the Company for any debts and obligations to target businesses or vendors or other entities that are owed money by the Company for services rendered or contracted for or products sold to the Company, but only to the
extent necessary to ensure that such debt or obligation does not reduce the amount of funds in the Trust Account below $10.25 per share; provided that such indemnity shall not apply (i) if such vendor or prospective target business executed an
agreement waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account, or (ii) as to any claims under the Company’s obligation to indemnify the Underwriters against certain
liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”).] 1 

3. The undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated with
any Insiders of the Company or their affiliates, such transaction must be approved by a majority of the Company’s disinterested independent directors and the Company must obtain an opinion from an independent investment banking firm, or another
independent entity that commonly renders valuation opinions, that such Business Combination is fair to the Company’s unaffiliated shareholders from a financial point of view. 

4. Neither the undersigned nor any affiliate of the undersigned will be entitled to receive and will not accept any compensation, finder fee
or other cash payment prior to, or for services rendered in order to effectuate, the consummation of the Business Combination; provided that the Company shall be allowed to make the payments set forth in the Registration Statement under the caption
“Prospectus Summary – The Offering – Limited payments to insiders.” 
 5. (a) The undersigned agree that they shall not
Transfer any Founders’ Ordinary Shares (the “Founder Shares Lock-up”) until the earlier of (A) six (6) months after the completion of an initial Business Combination and
(B) the date following the completion of an initial Business Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Company’s shareholders having the right
to exchange their Ordinary Shares for cash, securities or other property (the “Founder Shares Lock-up Period”). 

(b) The undersigned agree that they shall not effectuate any Transfer of Private Securities or Ordinary Shares underlying the Private Warrants
until thirty (30) days after the completion of an initial Business Combination. 
 (c) Notwithstanding the provisions set forth in
paragraphs 5(a) and (b), Transfers of the Founders’ Ordinary Shares, Private Securities and Ordinary Shares underlying the Private Securities are permitted (a) to the Company’s officers or directors, any affiliates or family members
of any of the Company’s officers or directors, any members or partners of our sponsor, Wuren Fubao Inc. (the “Sponsor”), and the Representatives, or any of their affiliates or any employees of such affiliates; (b) in the case of
an individual, by gift to a member of one of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate family, an affiliate of such person or to a charitable organization;
(c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) 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 Founders’ Ordinary Shares, Private Securities or Ordinary Shares, as applicable, were originally purchased; (f) by virtue of the
Sponsor’s or the Representatives’ organizational documents upon liquidation or dissolution of the Sponsor or the Representatives, as applicable; (g) in the event of the Company’s liquidation prior to the completion of a Business
Combination; or (h) in the event of completion of a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities
or other property subsequent to the completion of an initial Business Combination; provided, however, that in the case of clauses (a) through (f) these permitted transferees must enter into a written agreement agreeing to be bound by these
Transfer restrictions and the other restrictions contained in this Letter Agreement. 
  

	1 	 For Indemnifying Entity affiliate letter only. 



  
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 (d) During the period commencing on the effective date of the Underwriting Agreement and
ending one hundred and eighty (180) days after such date, the undersigned shall not, without the prior written consent of the Representatives, Transfer any Units, Ordinary Shares, Warrants or any other securities convertible into, or
exercisable or exchangeable for, Ordinary Shares held by it, her or him, as applicable, except as permitted hereunder. 
 6. (a) In order to
minimize potential conflicts of interest that may arise from multiple corporate affiliations, the undersigned hereby agrees that until the earlier of the Company’s initial Business Combination or liquidation, the undersigned shall present to
the Company for its consideration, prior to presentation to any other entity, any suitable target business, subject to any fiduciary or contractual obligations the undersigned might have. 

(b) The undersigned hereby agrees and acknowledges that (i) each of the Underwriters and the Company may be irreparably injured in the
event of a breach of any of the obligations contained in this Letter Agreement, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall
be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach. 

7. The undersigned’s biographical information previously furnished to the Company and the Representatives is true and accurate in all
respects, does not omit any material information with respect to the undersigned’s background and contains all of the information required to be disclosed pursuant to Item 401 of
Regulation S-K, promulgated under the Securities Act. The undersigned’s FINRA Questionnaire previously furnished to the Company and the Representatives is true and accurate in all respects. The
undersigned represents and warrants that: 2 
  

	 	(a)	 he/she has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or
against (i) him/her or any partnership in which he/she was a general partner at or within two years before the time of filing; or (ii) any corporation or business association of which he/she was an executive officer at or within two years
before the time of such filing; 


  

	 	(b)	 he/she has never had a receiver, fiscal agent or similar officer been appointed by a court for his/her business
or property, or any such partnership; 


  

	 	(c)	 he/she has never been convicted of fraud in a civil or criminal proceeding; 



 

	 	(d)	 he/she has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding
(excluding traffic violations and minor offenses); 


  

	 	(e)	 he/she has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or
vacated, of any court of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting him/her from (i) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor
broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or
dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing any conduct or practice in connection with any such
activity; or (ii) engaging in any type of business practice; or (iii) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities or
federal commodities laws; 


  

	2 	 For officer, director, and promoter letter only. 



 

	 	(f)	 he/she has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or
vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days his/her right to engage in any activity described in 9(e)(i) above, or to be associated with persons engaged in any such activity;




  
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	 	(g)	 he/she has never been found by a court of competent jurisdiction in a civil action or by the SEC to have
violated any federal or state securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or vacated; 



 

	 	(h)	 he/she has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have
violated any federal commodities law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated; 



 

	 	(i)	 he/she has never been the subject of, or a party to, any Federal or State judicial or administrative order,
judgment, decree or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal or State securities or commodities law or regulation, (ii) any law or regulation respecting financial
institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or
permanent cease-and desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity;



  

	 	(j)	 he/she has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended
or vacated, or any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member; 



 

	 	(k)	 he/she has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale
of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor or paid solicitor of
purchasers of securities; 


  

	 	(l)	 he/she was never subject to a final order of a state securities commission (or an agency of officer of a state
performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking
agency; the Commodity Futures Trading Commission; or the National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct; 



 

	 	(m)	 he/she has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at
the time of such sale, restrained or enjoined him/her from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the
SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities; 



 

	 	(n)	 he/she has never been subject to any order of the SEC that orders him/her to cease and desist from committing
or causing a future violation of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section 206(1) of the Advisers Act or any other rule or regulation thereunder; or (ii) Section 5 of the Securities Act; 



 

	 	(o)	 he/she has never been named as an underwriter in any registration statement or Regulation A offering statement
filed with the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be
issued; 



	 	(p)	 he/she has never been subject to a United States Postal Service false representation order, or is currently
subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false
representations; 


  

	 	(q)	 he/she is not subject to a final order of a state securities commission (or an agency of officer of a state
performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking
agency; the Commodity Futures Trading Commission; or the National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission, authority, agency or officer; (ii) engaging in the
business of securities, insurance or banking; or (iii) engaging in savings association or credit union activities; 



  
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	 	(r)	 he/she is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), or section 203(e) or 203(f) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), that: (i) suspends or revokes the
undersigned’s registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) places limitations on the activities, functions or operations of, or imposes civil money penalties on, such person; or (iii) bars
the undersigned from being associated with any entity or from participating in the offering of any penny stock; and 


  

	 	(s)	 he/she has never been suspended or expelled from membership in, or suspended or barred from association with a
member of, a securities self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated securities association) for any act or omission to act constituting conduct inconsistent with just and
equitable principles of trade. 


 8. The undersigned has full right and power, without violating any agreement by which
he, she or it is bound, to enter into this Letter Agreement [and to serve as a director and/or officer of the Company]. 
 9. The
undersigned hereby waives any right to exercise redemption rights with respect to any Ordinary Shares owned or to be owned by the undersigned, directly or indirectly (or to sell such shares to the Company in a tender offer), whether such shares be
part of the Founders’ Ordinary Shares or shares purchased by the undersigned in the IPO or in the aftermarket, and agrees not to seek redemption with respect to such shares in connection with any vote to approve a Business Combination (or sell
such shares to the Company in a tender offer in connection with such a Business Combination). 
 10. The undersigned hereby agrees to not
propose, or vote in favor of, an amendment to the Company’s Amended and Restated Memorandum and Articles of Association with respect to the Company’s pre-Business Combination activities prior to the
consummation of a Business Combination unless the Company provides public shareholders with the opportunity to redeem their Ordinary Shares for cash upon such approval in accordance with such Articles. 

11. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. Each of the Company and the undersigned hereby (i) agrees that any action, proceeding or claim against him arising out
of or relating in any way to this Letter Agreement (a “Proceeding”) shall be brought and enforced in the courts of the State of New York of the United States of America for the Southern District of New York, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive and (ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. 

12. As used herein, (i) a “Business Combination” means a merger, share exchange, asset acquisition, share
purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders” means all officers, directors and sponsors of the Company immediately prior to the IPO;
(iii) “Founders’ Ordinary Shares” means all of the ordinary shares of the Company, par value $0.0001 per share, outstanding prior to the consummation of the IPO; (iv) “IPO
Shares” means the Ordinary Shares underlying the Units issued in the Company’s IPO; (v) “Private Securities” means the Private Units, the Private Shares and the Private Warrants; (vi) “Private
Units” means the Units that are being sold privately by the Company simultaneously with the consummation of the IPO; (vii) “Private Shares” means the Ordinary Shares underlying the Private Units; (viii)
“Private Warrants” means the Warrants underlying the Private Units; (ix) “Trust Agreement” means the Investment Management Trust Agreement between the Company and Continental Stock Transfer &
Trust Company being entered into in connection with the IPO and governing the use of funds held in the Trust Account; (x) “Trust Account” means the trust account into which a portion of the net proceeds of the IPO and sale of
Private Securities will be deposited; (xi) “Registration Statement” means the Company’s registration statements on Form S-1 (SEC File
Nos. 333-258221 and 333-265184) filed with the Securities and Exchange Commission; and (xii) “Transfer” shall mean the
(a) sale of, offer to sell, contract or agreement to sell, hypothecate, 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, and the rules and regulations of the Securities and Exchange Commission
promulgated thereunder with respect to, any security, (b) 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 security, whether any such transaction is to
be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b). 

  
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 13. The Company will maintain an insurance policy or policies providing directors’ and
officers’ liability insurance, and each director of the Company shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company’s directors or
officers. 
 14. This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject
matter hereof 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. This
Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error), except by a written instrument executed by all parties hereto. 

15. Each of the undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations
and warranties set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render the Underwriters a representative of, or a fiduciary with respect to, the Company, its stockholders or any creditor or vendor of the
Company with respect to the subject matter hereof. 
 16. No party hereto may assign either this Letter Agreement or any of its rights,
interests, or obligations hereunder without the prior written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to Transfer or assign any interest or title to
the purported assignee. This Letter Agreement shall be binding on the Sponsor, each of the Insiders and each of their respective successors, heirs, personal representatives and assigns and permitted transferees. 

15. This Letter 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. 
 17. This
Letter 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 Letter 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 Letter 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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	[                ]
	 Print Name of Insider

	
	 
	 Signature

	
	 Acknowledged and Agreed:

	
	 EMBRACE CHANGE ACQUISITION CORP.

		
	 By:
	 	
		 	 Name: Yoann Delwarde

		 	 Title: Chief Executive Officer




  
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