Document:

Exhibit 10.2

 

INDEMNIFICATION
AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT
(the “Agreement”) is made and entered into as of January 19, 2022 between Powered Brands, a Cayman Islands exempted company (the
 “Company”), and Neela Montgomery (“Indemnitee”).

 

WITNESSETH THAT:

 

WHEREAS, highly competent
persons have become more reluctant to serve companies and corporations as directors or in other capacities unless they are provided with
adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising
out of their service to and activities on behalf of the company;

 

WHEREAS, the Board
of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals,
the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company
and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice
among United States-based corporations, companies and other business enterprises, the Company believes that, given current market conditions
and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors,
officers, and other persons in service to corporations, companies or business enterprises are being increasingly subjected to expensive
and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company
or business enterprise itself. The Amended and Restated Memorandum and Articles of Association of the Company (the "Articles")
requires indemnification of the officers and directors of the Company. The Articles expressly provide that the indemnification provisions
set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the
Board, officers and other persons with respect to indemnification;

 

WHEREAS, the uncertainties
relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

 

WHEREAS, the Board
has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s
shareholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

 

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons
to the fullest extent permitted by and the Articles so that they will serve or continue to serve the Company free from undue concern that
they will not be so indemnified;

 

WHEREAS, this Agreement
is a supplement to and in furtherance of the Articles and any resolutions adopted pursuant thereto, and shall not be deemed a substitute
therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS, Indemnitee
does not regard the protection available under the Articles and insurance as adequate in the present circumstances, and may not be willing
to serve as an officer or director without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee
is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that he be so
indemnified.

 

     

     

    

 

NOW, THEREFORE, in
consideration of Indemnitee’s agreement to serve as a director from and after the date hereof, the parties hereto agree as follows:

 

1.            Indemnity
of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by and the Articles,
as such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality thereof:

 

(a)               
Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights
of indemnification provided in this Section 1(a) if, by reason of his Corporate Status (as hereinafter defined), the Indemnitee
is, or is threatened to be made, a party to or participant in any Proceeding (as hereinafter defined) other than a Proceeding by or in
the right of the Company. Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Expenses (as hereinafter
defined), judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him, or on his behalf, in connection
with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably
believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable
cause to believe the Indemnitee’s conduct was unlawful.

 

(b)               
Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided
in this Section 1(b) if, by reason of his Corporate Status, the Indemnitee is, or is threatened to be made, a party to or
participant in any Proceeding brought by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee shall be
indemnified against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee’s behalf, in connection
with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed
to the best interests of the Company; provided, however, if and the Articles so provides, no indemnification against such Expenses
shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged to be liable
to the Company unless and to the extent that a state or federal court in the Borough of Manhattan in the State of New York (the “NY
Court”) shall determine that such indemnification may be made.

 

(c)               
Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of
this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a party to and is successful, on the merits or otherwise,
in any Proceeding, he shall be indemnified to the maximum extent permitted by and the Articles, as such may be amended from time to time,
against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly successful
in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such
Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection
with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the termination of any claim,
issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim,
issue or matter.

 

2.            Additional
Indemnity. In addition to, and without regard to any limitations on, the indemnification provided for in Section 1 of
this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties,
fines and amounts paid in settlement actually and reasonably incurred by him or on his behalf if, by reason of his Corporate Status,
he is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the Company),
including, without limitation, all liability arising out of the negligence or active or passive wrongdoing of Indemnitee. The only limitation
that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company shall not be obligated to
make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set forth in Sections 6
and 7 hereof) to be unlawful.

 

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3.            Contribution.

 

(a)               
Whether or not the indemnification provided in Sections 1 and 2 hereof is available, in respect of any
threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined
in such action, suit or proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of
such action, suit or proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes
any right of contribution it may have against Indemnitee. The Company shall not enter into any settlement of any action, suit or proceeding
in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding) unless such settlement
provides for a full and final release of all claims asserted against Indemnitee.

 

(b)               
Without diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason,
Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed
action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
the Company shall contribute to the amount of Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred
and paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors or employees
of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
on the one hand, and Indemnitee, on the other hand, from the transaction or events from which such action, suit or proceeding arose; provided,
however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further
adjusted by reference to the relative fault of the Company and all officers, directors or employees of the Company other than Indemnitee
who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on
the other hand, in connection with the transaction or events that resulted in such expenses, judgments, fines or settlement amounts, as
well as any other equitable considerations which and the Articles may require to be considered. The relative fault of the Company and
all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined
in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other
things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability
is primary or secondary and the degree to which their conduct is active or passive.

 

(c)               
The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought
by officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.

 

(d)               
To the fullest extent permitted by and the Articles, if the indemnification provided for in this Agreement is unavailable
to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee,
whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with
any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all
of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a
result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and
its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

 

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4.            Indemnification
for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of
his Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which Indemnitee is not
a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.

 

5.            Advancement
of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by or on behalf
of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within thirty (30) days after the receipt
by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or
after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee
and shall include or be preceded or accompanied by a written undertaking by or on behalf of Indemnitee to repay any Expenses advanced
if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses. Any advances and undertakings
to repay pursuant to this Section 5 shall be unsecured and interest free.

 

6.            Procedures
and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for Indemnitee
rights of indemnity that are as favorable as may be permitted under the Articles. Accordingly, the parties agree that the following procedures
and presumptions shall apply in the event of any question as to whether Indemnitee is entitled to indemnification under this Agreement:

 

(a)               
To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein
or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether
and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request
for indemnification, advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding the foregoing, any failure
of Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall not relieve the Company
of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests
of the Company.

 

(b)               
Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof,
a determination with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four
methods, which shall be at the election of the Board: (i) by a majority vote of the disinterested directors, even though less than
a quorum, (ii) by a committee of disinterested directors designated by a majority vote of the disinterested directors, even though
less than a quorum, (iii) if there are no disinterested directors or if the disinterested directors so direct, by independent legal
counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee, or (iv) if so directed by the Board,
by the shareholders of the Company. For purposes hereof, disinterested directors are those members of the Board who are not parties to
the action, suit or proceeding in respect of which indemnification is sought by Indemnitee.

 

(c)                If
the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b) hereof,
the Independent Counsel shall be selected as provided in this Section 6(c). The Independent Counsel shall be selected by
the Board. Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company
a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the
Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 13 of
this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely
objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the
Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has
determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for
indemnification pursuant to Section 6(a) hereof,
no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition an NY Court or
other court of competent jurisdiction for resolution of any objection which shall have been made by the Indemnitee to the
Company’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court
or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the
person so appointed shall act as Independent Counsel under Section 6(b) hereof. The Company shall pay any and all
reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 6(b)
hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section 6(c),
regardless of the manner in which such Independent Counsel was selected or appointed.

 

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(d)               
In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making
such determination shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this
presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company
(including by its directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant
to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor
an actual determination by the Company (including by its directors or independent legal counsel) that Indemnitee has not met such applicable
standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

(e)               
Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of
account of the Enterprise (as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the officers
of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given
or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable
care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the
Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or
not the foregoing provisions of this Section 6(e) are satisfied, it shall in any event be presumed that Indemnitee has at
all times acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company. Anyone
seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

(f)                 If
the person, persons or entity empowered or selected under Section 6 to determine whether Indemnitee is entitled to
indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the
requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such
indemnification absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a
prohibition of such indemnification under and the Articles; provided, however, that such sixty (60) day period may be
extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making such
determination with respect to entitlement to indemnification in good faith requires such additional time to obtain or evaluate
documentation and/or information relating thereto and; provided, further, that the foregoing provisions of this Section 6(f)
shall not apply if the determination of entitlement to indemnification is to be made by the shareholders pursuant to Section 6(b) of
this Agreement and if (i) within fifteen (15) days after receipt by the Company of the request for such determination, the
Board or the Disinterested Directors, if appropriate, resolve to submit such determination to the shareholders for their
consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt and such determination is
made thereat, or (ii) a special meeting of shareholders is called within fifteen (15) days after such receipt for the purpose
of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such
determination is made thereat.

 

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(g)               
Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s
entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation
or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably
necessary to such determination. Any Independent Counsel, member of the Board or shareholders of the Company shall act reasonably and
in good faith in making a determination regarding the Indemnitee’s entitlement to indemnification under this Agreement. Any costs
or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity
making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification)
and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(h)               
The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits
a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee
is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such
action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful
on the merits or otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption shall have the burden of proof
and the burden of persuasion by clear and convincing evidence.

 

(i)                
The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction,
or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself
adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a
manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

7.            Remedies
of Indemnitee.

 

(a)                In
the event that (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not entitled
to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of
this Agreement, (iii) no determination of entitlement to indemnification is made pursuant to Section 6(b) of this
Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of
indemnification is not made pursuant to this Agreement within ten (10) days after receipt by the Company of a written request
therefor, or (v) payment of indemnification is not made within ten (10) days after a determination has been made that
Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section 6 of
this Agreement, Indemnitee shall be entitled to an adjudication in an appropriate NY Court, or in any other court of competent
jurisdiction, of Indemnitee’s entitlement to such indemnification. Indemnitee shall commence such proceeding seeking an
adjudication within one hundred eighty (180) days following the date on which Indemnitee first has the right to commence such
proceeding pursuant to this Section 7(a).
The Company shall not oppose Indemnitee’s right to seek any such adjudication.

 

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(b)               
In the event that a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee
is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all
respects as a de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under
Section 6(b).

 

(c)               
If a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is entitled
to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
misstatement not materially misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification
under and the Articles.

 

(d)               
In the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of his rights under,
or to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance
policies maintained by the Company, the Company shall pay on his behalf, in advance, any and all expenses (of the types described in the
definition of Expenses in Section 13 of this Agreement) actually and reasonably incurred by him in such judicial adjudication,
regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance
recovery.

 

(e)               
The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7
that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that
the Company is bound by all the provisions of this Agreement. The Company shall indemnify Indemnitee against any and all Expenses and,
if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefor) advance, to the extent
not prohibited by and the Articles, such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought
by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors’ and officers’
liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such
indemnification, advancement of Expenses or insurance recovery, as the case may be.

 

(f)                
Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under
this Agreement shall be required to be made prior to the final disposition of the Proceeding.

 

8.            Non-Exclusivity;
Survival of Rights; Insurance; Primacy of Indemnification; Subrogation.

 

(a)                The
rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at
any time be entitled under and the Articles, any agreement, a vote of shareholders, a resolution of directors of the Company, or
otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of
Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such
amendment, alteration or repeal. To the extent that a change in the laws of the Cayman Islands, whether by statute or judicial
decision, permits greater indemnification than would be afforded currently under the Articles and this Agreement, it is the intent
of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or
remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other right or remedy.

 

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(b)               
To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers,
employees, or agents or fiduciaries of the Company or of any other company or corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise that such person serves at the request of the Company, Indemnitee 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 director, officer, employee, agent
or fiduciary under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company
has directors’ and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement of such
proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all
necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding
in accordance with the terms of such policies.

 

(c)               
In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of
the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(d)               
The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if
and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

 

(e)               
The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request
of the Company as a director, officer, employee or agent of any other company or corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of
expenses from such other company or corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.

 

9.            Exception
to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement
to make any indemnity in connection with any claim made against Indemnitee:

 

(a)               
for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision,
except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; provided, that
the foregoing shall not affect the rights of Indemnitee set forth in Section 8(c) above; or

 

(b)               
for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory
law or common law; or

 

(c)                in
connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any
Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless
(i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company
provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under and the Articles.

 

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10.          Duration
of Agreement. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer
or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another company
or corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject
to any Proceeding (or any proceeding commenced under Section 7 hereof) by reason of his Corporate Status, whether or not
he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided
under this Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their
respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially
all of the business or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives.

 

11.          Security.
To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to
Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral.
Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee.

 

12.          Enforcement.

 

(a)               
The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on
it hereby in order to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee
is relying upon this Agreement in serving as an officer or director of the Company.

 

(b)               
This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject
matter hereof.

 

(c)               
The Company shall not seek from a court, or agree to, a “bar order” which would have the effect of prohibiting
or limiting the Indemnitee’s rights to receive advancement of expenses under this Agreement.

 

13.          Definitions.
For purposes of this Agreement:

 

(a)               
“Corporate Status” describes the status of a person who is or was a director, officer, employee, agent
or fiduciary of the Company or of any other company or corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise that such person is or was serving at the express written request of the Company.

 

(b)               
“Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding
in respect of which indemnification is sought by Indemnitee.

 

(c)               
“Enterprise” shall mean the Company and any other company or corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a
director, officer, employee, agent or fiduciary.

 

    9

     

    

 

(d)               
“Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs,
fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service
fees and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to
prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting
to, a request to provide discovery in any Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting
from any Proceeding and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt
of any payments under this Agreement, including without limitation the premium, security for, and other costs relating to any cost bond,
supersede as bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee
or the amount of judgments or fines against Indemnitee.

 

(e)               
“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of
company or corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company
or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement,
or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim
for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person
who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either
the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable
fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities
and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

(f)                
“Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether
brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee
was, is or will be involved as a party or otherwise, by reason of his or her Corporate Status, by reason of any action taken by him or
of any inaction on his part while acting in his or her Corporate Status; in each case whether or not he is acting or serving in any such
capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement; including one
pending on or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant to Section 7 of this
Agreement to enforce his rights under this Agreement.

 

14.          Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.
Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the
fullest extent permitted by and the Articles. In the event any provision hereof conflicts with any and the Articles, such provision shall
be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

 

15.          Modification
and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing by
both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any
other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

16.          Notice
By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any summons,
citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to
indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation which it may
have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the
Company.

 

    10

     

    

 

17.          Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given:
(a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during
normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after having been
sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent:

 

(a)          To
Indemnitee at the address set forth below Indemnitee signature hereto.

 

(b)          To
the Company at:

 

Powered Brands

292 Madison Avenue, Fl. 8

New York, NY 10017

 

With a copy (which shall not constitute notice) to:

 

Daniel Espinoza

Goodwin Procter LLP

601 Marshall Street

Redwood City, CA 94063

 

or to such other address as may have been furnished
to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

 

18.           Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same Agreement. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic
signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any
counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

19.           Headings.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this
Agreement or to affect the construction thereof.

 

20.           Governing
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed
and enforced in accordance with, the laws of the State of New York, without regard to its conflict of laws rules. The Company and
Indemnitee hereby irrevocably and unconditionally (a) agree that any action or proceeding arising out of or in connection with
this Agreement shall be brought only in the appropriate NY Court, and not in any other state or federal court in the United States
of America or any court in any other country, (b) consent to submit to the exclusive jurisdiction of the NY Court for purposes
of any action or proceeding arising out of or in connection with this Agreement, (c) waive any objection to the laying of venue
of any such action or proceeding in the NY Court, and (d) waive, and agree not to plead or to make, any claim that any such
action or proceeding brought in the NY Court has been brought in an improper or inconvenient forum.

  

Signature Page To Follow

 

    11

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Indemnification Agreement on and as of the day and year first above written.

 

	 	company:

 

	 	Powered Brands

 

	 	By:	/s/ Katherine Power

	 	 	Name: 	Katherine Power

	 	 	Title: 	Chief Executive Officer

 

	 	INDEMNITEE:

 

	 	/s/ Neela Montgomery
	

	Neela Montgomery

 

	 	Address:	 

	 		 

	 		 

 

[Signature Page to Indemnification
Agreement]Exhibit 10.3

 

POWERED BRANDS

DIRECTOR RESTRICTED STOCK UNIT AWARD AGREEMENT

 

This Director Restricted Stock
Unit Award Agreement (this “RSU Award Agreement”), dated as of January 19, 2022 (the “Grant Date”),
is made by and between Powered Brands, an exempted company incorporated under the laws of the Cayman Islands (the “Company”),
and Neela Montgomery (the “Participant”). The terms of this RSU Award Agreement shall be governed by the terms of the
omnibus equity incentive plan to be adopted by the Company and submitted for approval by the Company’s shareholders in connection
with the Company’s initial Business Combination (as defined below) (the “Plan”). Certain capitalized terms used
herein and not otherwise defined are defined in Section 6 hereof.

 

		1.	Grant of Restricted Stock Units. The Company hereby agrees to grant to the Participant
                                                                45,000 restricted stock units (the “RSUs”), subject to all of the terms and conditions of this RSU Award
                                                                Agreement and the Plan.

 

		2.	Vesting.

 

		a.	Subject to Sections 2(b) and 7, the RSUs shall become vested in full upon the consummation of the Company’s
initial Business Combination; provided that the Participant remains in continuous service as a member of the Board of Directors of the
Company (the “Board”) through the time that is immediately prior to the consummation of the Company’s initial
Business Combination. In the event that the Company does not consummate a Business Combination prior to the date required under its Governing
Documents, all RSUs will be automatically forfeited without consideration, and this RSU Award Agreement will be null and void.

 

		b.	If the Participant’s service as a member of the Board is terminated for any reason prior to the
date on which the Company’s initial Business Combination is consummated, then on the date of such termination from service (i) this
RSU Award Agreement shall terminate and all rights of the Participant with respect to the RSUs shall immediately terminate, (ii) the
RSUs shall be forfeited without payment of any consideration, and (iii) neither the Participant nor any of the Participant’s
successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in the RSUs.

 

		3.	Settlement. Each RSU granted hereunder shall represent the notional right to receive a single Ordinary
Share and, upon a Domestication, if any, each RSU will be converted into the notional right to receive a single share of Common Stock.
Vested RSUs will be settled in Ordinary Shares or shares of Common Stock, as applicable, as soon as practicable following vesting but
in any event no later than March 15 of the year following the year in which the RSU vests.

 

		4.	Equitable Adjustment. In the event of any Change in Capitalization (other than in connection with
a Business Combination), an equitable substitution or proportionate adjustment shall be made in (i) the kind and number of Shares or other
securities or the amount of cash or amount or type of other property subject to outstanding RSUs granted under this Agreement; and/or
(ii) the terms and conditions of this RSU Award Agreement; provided, however, that any fractional shares resulting
from the adjustment shall be eliminated. The Company is further authorized to make adjustments in the terms and conditions of, and the
criteria included in, this RSU Award Agreement in recognition of unusual or infrequent events (including, without limitation, the events
described in this Section 4, but excluding an initial Business Combination) affecting the Company or the financial statements of the Company,
including but not limited to changes in the number or conversion rights associated with the Class B Shares or Warrants other than
as contemplated hereby, or of changes in applicable laws, regulations, or accounting principles, whenever the Company determines that
such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made
available under this RSU Award Agreement.

 

     

     

    

 

		5.	Voting and Other Rights. The Participant shall have no rights of a stockholder with respect to
the RSUs (including the right to vote and the right to receive distributions or dividends) unless and until Shares are issued in respect
thereof following the date on which they vest in accordance with Section 2(a) hereof; provided, that with
respect to the period commencing on the Grant Date and ending on the date the Shares subject to such RSUs are issued pursuant to this
RSU Award Agreement, the Participant shall be eligible to receive an amount equal to the product of (i) the number of Shares to be
delivered as a result of such vesting, and (ii) the amount of cash distributed by the Company with respect to an outstanding Share
during such period (other than any redemption of Shares by the Company in connection with the Business Combination or otherwise), which
amount shall be paid to the Participant on the date such Shares are issued (provided that such amount shall not be paid to the extent
that any RSUs do not become vested and Shares are not delivered). No interest or other earnings will be credited with respect to such
payment.

 

		6.	Definitions. As used herein, the following defined terms have the definitions set forth below:

 

		i.	“Business Combination” shall mean a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination, involving the Company and one or more businesses.

 

		ii.	“Change in Capitalization” means any (a) merger, consolidation, reclassification, recapitalization,
spin-off, spin-out, repurchase or other reorganization or corporate transaction or event, (b) special or extraordinary dividend or other
extraordinary distribution (whether in the form of cash, Shares or other property), stock split, reverse stock split, share subdivision
or consolidation, (c) combination or exchange of Shares or (d) other change in corporate structure, which, in any such case, the Company
determines, in its sole discretion, affects the Shares such that an adjustment pursuant to Section 4 is appropriate.

 

		iii.	“Class B Shares” shall mean the Class B ordinary shares of the Company, par value $0.0001
per share.

 

		iv.	“Common Stock” shall mean the common stock, par value $0.0001 per share, of the Company
following a Domestication.

 

		v.	“Domestication” shall mean a domestication by the Company as a Delaware corporation.

 

		vi.	“Governing Document” shall mean (a) prior to a Domestication, the Company’s
amended and restated memorandum and articles of association, as the same may be amended from time to time, and (b) upon and following
a Domestication, its certificate of incorporation and bylaws, as the same may be amended from time to time.

 

		vii.	“Ordinary Shares” shall mean the Class A ordinary shares of the Company, par value
$0.0001 per share.

 

		viii.	“Shares” shall mean, collectively, Ordinary Shares, shares of Common Stock and Class
B Shares, as applicable.

 

		ix.	“Trust Account” shall mean the trust fund into which a portion of the net proceeds
of the Company’s initial public offering were deposited for the benefit of the Company, certain of its public shareholders and the
underwriters of the Company’s initial public offering.

 

		x.	“Warrants” shall mean warrants to purchase Shares.

 

		7.	RSU Award Agreement Subject to Plan and Shareholder Approval. This RSU Award Agreement is made
pursuant to all of the provisions of the Plan, which is incorporated herein by this reference, and is intended, and shall be interpreted
in a manner, to comply therewith. In the event of any conflict between the provisions of this RSU Award Agreement and the provisions of
the Plan, the provisions of this RSU Award Agreement shall govern. The Participant hereby acknowledges that all decisions, determinations
and interpretations of the Administrator in respect of the Plan, this RSU Award Agreement and the RSUs shall be final and conclusive.
This RSU Award Agreement and the grant of RSUs hereunder is expressly contingent upon approval of the Plan and the overall share limit
set forth thereunder by the Company’s Board (or a designated committee thereof) and the Company’s shareholders. If the Plan
is not so approved on or prior to the consummation of the Company’s initial Business Combination, this RSU Award Agreement shall
be null and void ab initio. Any issuance of
Shares in respect of RSUs shall be issued under and pursuant to the terms of the Plan.

 

     

     

    

 

		8.	Regulations and Other Approvals.

 

		i.	Any resale of the Shares received in respect of RSUs shall be made in compliance with the registration
requirement of the Securities Act of 1933, as amended (the “Securities Act”), or an applicable exemption therefrom,
including, without limitation, the exemption provided by Rule 144 promulgated thereunder (or any successor rule, “Rule 144”).

 

		ii.	The obligation of the Company to sell or deliver Shares with respect to any RSU granted hereunder shall
be subject to all applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining
of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Company.

 

		iii.	Each RSU is subject to the requirement that, if at any time the Company determines, in its absolute discretion,
that the listing, registration or qualification of Shares issuable hereunder is required by any securities exchange or under any state
or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection
with, the grant of an RSU or the issuance of Shares, no such RSU shall be granted or payment made or Shares issued, in whole or in part,
unless such listing, registration, qualification, consent or approval has been effected or obtained free of any conditions not acceptable
to the Company.

 

		9.	Participant Representations and Warranties. This RSU Award Agreement and the grant of RSUs hereunder
is expressly conditioned on the Participant’s acceptance and agreement to the representations and warranties set forth in Annex
A hereto. All representations and warranties contained in Annex A shall survive the execution of this RSU Award Agreement and the grant
of the RSUs contemplated hereby. The Participant agrees to indemnify and hold harmless the Company from any liability, loss or expense
(including, without limitation, reasonable attorneys' fees) if the Participant has breached any representation or warranty hereunder.

 

		10.	No Rights to Continuation of Service. Nothing in the Plan or this RSU Award Agreement shall confer
upon the Participant any right to continue in the service of the Company or any Affiliate thereof or shall interfere with or restrict
the right of the Company or its Affiliates to terminate the Participant’s service at any time for any reason whatsoever.

 

		11.	Taxes. The Participant understands that the Participant (and not the Company) shall be responsible
for any tax liability that may arise as a result of the transactions contemplated by this RSU Award Agreement.

 

		12.	Section 409A and Section 457A. The intent of the parties is that the payments and benefits under
this RSU Award Agreement comply with Section 409A of the Code and be exempt from Section 457A of the Code, to the extent subject thereto,
and accordingly, to the maximum extent permitted, this RSU Award Agreement shall be interpreted and administered to be in compliance therewith
or exempt therefrom, as applicable. Notwithstanding anything contained herein to the contrary, the Participant shall not be considered
to have terminated service with the Company for purposes of any payments under this RSU Award Agreement which are subject to Section 409A
of the Code until the Participant would be considered to have incurred a “separation from service” from the Company within
the meaning of Section 409A of the Code. Each amount to be paid or benefit to be provided under this RSU Award Agreement shall be construed
as a separate identified payment for purposes of Section 409A of the Code. Without limiting the foregoing and notwithstanding anything
contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A
of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this RSU Award Agreement
or any other arrangement between the Participant and the Company during the six-month period immediately following the Participant’s
separation from service shall instead be paid on the first business day after the date that is six months following the Participant’s
separation from service (or, if earlier, the Participant’s date of death). The Company makes no representation that any or all of
the payments described in this RSU Award Agreement will be exempt from or comply with Section
409A or Section 457A of the Code and makes no undertaking to preclude Section 409A or Section 457A of the Code from applying to any such
payment. The Participant shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A or Section
457A of the Code.

 

     

     

    

 

		13.	Governing Law. This RSU Award Agreement shall be governed by and construed in accordance with the
laws of the State of Delaware.

 

		14.	RSU Award Agreement Binding on Successors. The terms of this RSU Award Agreement shall be binding
upon the Participant and upon the Participant’s heirs, executors, administrators, personal representatives, transferees, assignees
and successors in interest, and upon the Company and its successors and assignees, subject to the terms of the Plan.

 

		15.	No Assignment. Notwithstanding anything to the contrary in this RSU Award Agreement, neither this
RSU Award Agreement nor any rights granted herein shall be assignable by the Participant.

 

		16.	Necessary Acts. The Participant hereby agrees to perform all acts, and to execute and deliver any
other documents that may be reasonably necessary to carry out the provisions of this RSU Award Agreement, including but not limited to
all acts and documents related to compliance with federal and/or state securities and/or tax laws.

 

		17.	Severability. Should any provision of this RSU Award Agreement be held by a court of competent
jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect the validity of the remainder of this
RSU Award Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to
become a part hereof and treated as though contained in this original RSU Award Agreement. Moreover, if one or more of the provisions
contained in this RSU Award Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise
so as to be unenforceable, in lieu of severing such unenforceable provision, such provision or provisions shall be construed by the appropriate
judicial body by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as
it shall then appear, and such determination by such judicial body shall not affect the enforceability of such provisions or provisions
in any other jurisdiction.

 

		18.	Entire Agreement. This RSU Award Agreement, the Plan and the letter agreement, dated the date hereof,
between the Company and the Participant, contain the entire agreement and understanding among the parties as to the subject matter hereof,
and supersedes any other agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof.

 

		19.	Headings. Headings are used solely for the convenience of the parties and shall not be deemed to
be a limitation upon or descriptive of the contents of any such Section.

 

		20.	Counterparts; Electronic Signature. This RSU Award Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. The Participant’s
electronic signature of this RSU Award Agreement shall have the same validity and effect as a signature affixed by the Participant’s
hand.

 

		21.	Amendment. No amendment or modification hereof shall be valid unless it shall be in writing and
signed by all parties hereto.

 

		22.	Waiver against Trust Account. The Participant acknowledges that the Participant 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 with respect to the RSUs. The Participant hereby further acknowledges that the Participant shall have no 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
and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason
whatsoever.

 

The Participant hereby waives any and
all Claims against the Trust Account and any and all rights to seek access to the Trust Account.

 

[Signature Page Follows]

 

     

     

    

 

POWERED BRANDS

 

	By:	/s/ Katherine Power	 
	 	Name:	Katherine Power	 
	 	Title:	Chief Executive Officer	 

 

[Signature Page to Director RSU Award Agreement]

 

     

     

    

 

The undersigned hereby accepts and agrees to all
the terms and provisions of the foregoing RSU Award Agreement, including Annex A.

 

PARTICIPANT 

 

	Signature:	/s/ Neela Montgomery	 
	 	 	 
	Print Name:	Neela Montgomery	 

 

[Signature Page to Director RSU Award Agreement]

 

     

     

    

 

ANNEX A

 

REPRESENTATIONS AND WARRANTIES OF THE PARTICIPANT

  

The Participant hereby represents and warrants
to the Company as of the date of this RSU Award Agreement as follows:

 

		1.	The Participant's domicile is the State of Massachusetts all discussions related to this Agreement, the
RSUs, and the offer and acceptance of this RSU Award Agreement, and the RSUs granted hereunder, occurred in the State of Massachusetts.

 

		2.	The Participant has such knowledge and experience in financial and business matters that the Participant
is capable of evaluating the merits and risks of the investment to be made by the Participant hereunder. The Participant understands and
has taken cognizance of all the risk factors related to the investment in the RSUs.

 

		3.	The Participant is acquiring the RSUs for his or her own account for investment and not with any view
to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act.

 

		4.	The Participant understands that (i) the RSUs have not been, and any Shares received in respect of RSUs
will not be, registered under the Securities Act or applicable state securities laws, in reliance on exemptions from registration under
the Securities Act and applicable state securities laws, (ii) the RSUs and any Shares received in respect of RSUs may not be sold,
transferred, offered for sale, pledged, hypothecated or otherwise disposed of without registration under the Securities Act, except: (a) to
the Company or a subsidiary thereof, (b) to non-U.S. persons pursuant to offers and sales that occur outside the United States within
the meaning of Regulation S under the Securities Act or (c) pursuant to another applicable exemption from the registration requirements
of the Securities Act, and in each of cases (a) and (c) in accordance with any applicable securities laws of the states and other jurisdictions
of the United States, and that any certificates representing the Shares shall contain a legend to such effect, (iii) the availability
of an exemption from registration may depend on factors over which the Participant has no control, that unless so registered or exempt
from registration the RSUs and any Shares received in respect of RSUs may be required to be held for an indefinite period and (iv) no
federal or state agency has made any finding or determination as to the fairness for investment, nor any recommendation or endorsement,
of the RSUs or any Shares received in respect of RSUs.

 

		5.	The Participant understands that an exemption from registration is not presently available pursuant to
Rule 144, that there is no assurance that such exemption will ever become available to the Participant and that even if it were to become
available, sales pursuant to Rule 144 would be limited in amount and could only be made in full compliance with the provisions of Rule
144.

 

		6.	The Participant acknowledges and agrees that (i) except as expressly provided for in this RSU Award Agreement,
no representations or warranties have been made to the Participant by the Company, any manager, officer, agent, employee or affiliate
of the Company, or any other persons with respect to the Participant's investment in the RSUs, (ii) except for this RSU Award Agreement
and the Plan, there are no agreements, contracts, understandings or commitments between the Participant on the one hand and the Company,
any director, manager, officer, agent, employee or affiliate of the Company on the other hand, with respect to the Participant’s
investment in the RSUs, (iii) in entering into this transaction the Participant is not relying upon any information, other than that contained
in the Plan, this RSU Award Agreement and the results of the Participant's own independent investigation, (iv) the Participant’s
financial situation is such that the Participant can afford to hold the RSUs and any Shares received in respect of RSUs for an indefinite
period of time, has adequate means for providing for his or her current needs and personal contingencies, and can afford the eventuality
that the RSUs and any Shares received in respect of RSUs may ultimately have no value, (v) the future value of the RSUs and any Shares
received in respect of RSUs is speculative, and (vi) the Participant's investment in the RSUs and any Shares received in respect of RSUs
is subject to dilution by the issuance of additional equity securities by the Company and the Participant is not entitled to any preemptive,
tag-along, information or other minority investor rights with respect to the RSUs and any Shares received in respect of RSUs, other than
as expressly set forth in this RSU Award Agreement, the Plan or as otherwise provided under applicable law.

 

     

     

    

 

		7.	The Participant understands that the Participant must bear the economic risk of his or her investment
in the RSUs for an indefinite period of time.

 

		8.	The Participant understands that the grant of RSUs to the Participant is predicated, in part, on the representations,
warranties and covenants of the Participant contained herein.

 

		9.	The Participant hereby acknowledges that neither the Company nor any representative of the Company has
provided, or will provide, the Participant with tax advice regarding the RSUs, the Company or the execution of this Agreement, and the
Company has advised the Participant to consult the Participant’s own tax advisor with respect to the tax consequences of each of
the foregoing, including but not limited to any applicable elections, withholdings or other matters relating to the RSUs, the Company
or the execution of this Agreement.

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