Document:

Exhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR
ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY
IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount: Up to $350,000	 Dated as of November 19, 2020

 

Oyster Enterprises Acquisition
Corp., a Delaware corporation and blank check company (the “Maker”), promises to pay to the order of Oyster
Enterprises LLC or its registered assigns or successors in interest (the “Payee”), or order, the principal sum
of up to Three Hundred Fifty Thousand Dollars ($350,000) in lawful money of the United States of America, on the terms and conditions
described below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise
determined by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions
of this Note.

 

1.            Principal.
The principal balance of this Note shall be payable by the Maker on the earlier of: (i) November 30, 2021 or (ii) the date
on which Maker consummates an initial public offering of its securities. The principal balance may be prepaid at any time. Under
no circumstances shall any individual, including but not limited to any officer, director, employee or shareholder of the Maker,
be obligated personally for any obligations or liabilities of the Maker hereunder.

 

2.            Interest.
No interest shall accrue on the unpaid principal balance of this Note.

 

3.            Drawdown
Requests. Maker and Payee agree that Maker may request up to Three Hundred Fifty Thousand Dollars ($350,000) for costs reasonably
related to Maker’s initial public offering of its securities. The principal of this Note may be drawn down from time to time
prior to the earlier of: (i) October 31, 2021 or (ii) the date on which Maker consummates an initial public offering of its securities,
upon written request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount
to be drawn down, and must not be an amount less than Ten Thousand Dollars ($10,000) unless agreed upon by Maker and Payee. Payee
shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided, however,
that the maximum amount of drawdowns collectively under this Note is Three Hundred Fifty Thousand Dollars ($350,000). Once an amount
is drawn down under this Note, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments or other
amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.

 

3.            Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum
due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late
charges and finally to the reduction of the unpaid principal balance of this Note.

 

     

     

    

 

5.            Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)       Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the date specified above..

 

(b)       Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

(c)       Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker
in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.

 

6.            Remedies.

 

(a)       Upon
the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)       Upon
the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action
on the part of Payee.

 

(c)       Late
payments shall accrue interest at a rate of 8% per annum, or such lesser rate as is permissible by law.

 

7.            Waivers. Maker
and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted
by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws
exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from
attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension
of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by
virtue hereof or any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired
by Payee.

 

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8.            Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

9.            Notices.
All notices, statements or other documents which are required or contemplated by this Note shall be made in writing and delivered:
(i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other
communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business
day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery
to an overnight courier service or five (5) days after mailing if sent by mail.

 

10.          Construction.
THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF DELAWARE, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS
THEREOF.

 

11.          Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

 

12.          Trust
Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim
of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which the
proceeds of the initial public offering (the “IPO”) to be conducted by the Maker (including the deferred underwriters
discounts and commissions) and the proceeds of the sale of the warrants to be issued in a private placement to occur prior to the
closing of the IPO are to be deposited, as described in greater detail in the registration statement and prospectus to be filed
with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement,
payment or satisfaction for any Claim against the trust account for any reason whatsoever.

 

13.          Amendment;
Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the
Maker and the Payee.

 

14.          Assignment.
No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation
of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required
consent shall be void.

 

[Signature page follows]

 

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IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year
first above written.

 

	 	OYSTER ENTERPRISES ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Michael J. Monticciolo
	 	 	Name: Michael J. Monticciolo
	 	 	Title: Chief Legal Officer, Chief Operating

Officer and Secretary

 

Accepted and agreed this 19th day of November, 2020

 

	OYSTER ENTERPRISES LLC	 
	 	 
	By: Oyster AG Manager LLC,
    its Manager	 
	 	 
	By:	/s/ Heath B. Freeman	 
	 	Name: Heath B. Freeman	 
	 	Member	 

 

[Signature Page
to Promissory Note]Exhibit 10.2

 

[●], 2021

 

Oyster Enterprises Acquisition Corp.

300 Main Street

Stamford, Connecticut 06901

(212) 888-5500

 

Re: Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) to be
entered into by and between Oyster Enterprises Acquisition Corp., a Delaware corporation (the “Company”), and
Imperial Capital, LLC (the “Underwriter”), relating to an underwritten initial public offering (the “Public
Offering”) of up to 23,000,000 of the Company’s units (including up to 3,000,000 units that may be purchased to
cover over-allotments, if any) (the “Units”), each comprised of one share of the Company’s Class A
common stock, par value $0.0001 per share (the “Common Stock”) and one-half of one redeemable warrant (each,
a “Public Warrant”). Each whole Public Warrant entitles the holder thereof to purchase one share of Common Stock
at a price of $11.50 per share, subject to adjustment as described in the Prospectus (as defined below). The Units will be sold
in the Public Offering pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”)
filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”) and the Company
has applied to have the Units listed on The Nasdaq Capital Market. Certain capitalized terms used herein are defined in paragraph
11 hereof.

 

In order to induce the Company and the Underwriter
to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, each of Oyster Enterprises LLC (the “Sponsor”)
and the undersigned individuals, each of whom is a member of the Company’s board of directors or a member of the Company’s
management team (each, an “Insider” and collectively, the “Insiders”), hereby severally (and
not jointly and severally) agrees with the Company as follows:

 

1.                 
The Sponsor and each Insider agrees that if the Company seeks stockholder approval of a proposed Business Combination, then
in connection with such proposed Business Combination, it, he or she shall (i) vote any shares of Capital Stock owned by it,
him or her in favor of such proposed Business Combination and (ii) not redeem any shares of Capital Stock owned by it, him
or her in connection with such stockholder approval. If the Company engages in a tender offer in connection with any proposed Business
Combination, the Sponsor and each Insider agrees that it, he or she will not sell or tender any shares of Capital Stock owned by
it, him or her in connection with such tender offer.

 

     

     

    

 

2.                 
 The Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination
within 24 months from the closing of the Public Offering, or such later period approved by the Company’s stockholders
in accordance with the Company’s amended and restated certificate of incorporation, as may be amended (the “Charter”)(any
such later period that is approved, the “Extension Period”), the Sponsor and each Insider shall take all reasonable
steps to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but not more than 10 Business Days thereafter, subject to lawfully available funds therefor, redeem 100% of the Common
Stock sold as part of the Units in the Public Offering (the “Offering Shares”), at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the
Trust Account (net of amounts withdrawn to pay the Company’s taxes (“Permitted Withdrawals”) and up to
$100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Offering Shares, which redemption
will completely extinguish all Public Stockholders’ rights as stockholders of the Company (including the right to receive
further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors,
dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors
and other requirements of applicable law. The Sponsor and each Insider agrees not to propose any amendment to the Charter (i) to
modify the substance or timing of the Company’s obligation to provide holders of Common Stock the right to have their shares
redeemed or to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within 24 months
from the closing of the Public Offering or (ii) with respect to any other material provision relating to stockholders’ rights
or pre-initial Business Combination activity, unless, in each case, the Company provides its Public Stockholders with the opportunity
to redeem their Offering Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (net of Permitted
Withdrawals), divided by the number of then outstanding Offering Shares.

 

The Sponsor and each Insider acknowledges
that, with respect to the Founder Shares held by it, him or her, it, he or she has no right, title, interest or claim of any kind
in or to any monies held in the Trust Account as a result of any liquidation of the Company. The Sponsor and each Insider hereby
further waives, with respect to any shares of Capital Stock held by it, him or her, if any, any redemption rights it, he or she
may have in connection with the consummation of a Business Combination, including, without limitation, any such rights available
in the context of a stockholder vote to approve such Business Combination or in the context of a tender offer made by the Company
to purchase shares of Common Stock (although the Sponsor, the Insiders and their respective affiliates shall be entitled to redemption
and liquidation rights with respect to any Offering Shares it or they hold if the Company fails to consummate a Business Combination
within the 24 months from the closing of the Public Offering) or in connection with a stockholder vote to approve an amendment
to the Charter to modify the substance or timing of the Company’s obligation to provide holders of Common Stock the right
to have their shares redeemed or to redeem 100% of the Offering Shares if the Company does not complete a Business Combination
within the 24 months from the closing of the Public Offering or with respect to any other material provision relating to stockholders’
rights or pre-initial Business Combination activity.

 

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3.                 
 During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date,
the Sponsor and each Insider shall not, without the prior written consent of the Underwriter, (i) sell, offer to sell, contract
or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or
indirectly, any Units, shares of Capital Stock, Warrants or any securities convertible into, or exercisable, or exchangeable for,
shares of Capital Stock owned by it, him or her, (ii) establish or increase a put equivalent position or liquidate or decrease
a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and the rules and regulations of the Commission promulgated thereunder, with respect to any Units, shares of Capital
Stock, Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Capital Stock owned by it, him
or her, (iii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of any Units, shares of Capital Stock, Warrants or any securities convertible into, or exercisable, or
exchangeable for, shares of Capital Stock owned by it, him or her, whether any such transaction is to be settled by delivery of
such securities, in cash or otherwise, or (iv) publicly announce any intention to effect any transaction specified in clause (i),
(ii) or (iii); provided, however, that the foregoing shall not apply to the forfeiture of any Founder Shares pursuant
to their terms or any transfer of Founder Shares to current or future independent directors of the Company (as long as such current
or future independent director is or becomes subject to the terms of this Letter Agreement with respect to such Founder Shares
at the time of such transfer).

 

4.                  In
the event of the liquidation of the Trust Account upon the failure of the Company to consummate its initial Business
Combination within the time period set forth in the Charter, the Sponsor (which, for purposes of clarification, shall not
extend to any stockholders, members, managers of the Sponsor or any Insider), solely in its corporate capacity, agrees to
indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including,
but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against
any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become subject as a result
of any claim by (i) any third party (other than the Company’s independent registered public accounting firm) for
services rendered or products sold to the Company or (ii) any prospective target business with which the Company has
discussed entering into a Business Combination agreement (a “Target”); provided, however,
that such indemnification of the Company by the Sponsor (x) shall apply only to the extent necessary to ensure that such
claims by a third party or a Target do not reduce the amount of funds in the Trust Account to below the lesser of
(i) $10.00 per Offering Share and (ii) the actual amount per Offering Share held in the Trust Account as of the
date of the liquidation of the Trust Account, if less than $10.00 per Offering Share is then held in the Trust Account due to
reductions in the value of the trust assets, in each case, less Permitted Withdrawals, (y) shall not apply to any claims
by a third party or a Target that executed a waiver of any and all rights to the monies held in the Trust Account (whether or
not such waiver is enforceable) and (z) shall not apply to any claims under the Company’s indemnity of the
Underwriter against certain liabilities, including liabilities under the Securities Act of 1933, as amended. The Sponsor
shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if,
within 15 days following written receipt of notice of the claim to the Sponsor, the Sponsor notifies the Company in
writing that it shall undertake such defense. For the avoidance of doubt, none of the Company’s officers or directors
will indemnify the Company for claims by third parties, including, without limitation, claims by vendors and prospective
target businesses.

 

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5.                 
To the extent that the Underwriter does not exercise its over-allotment option to purchase up to an additional 3,000,000
Units within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit,
at no cost, a number of Founder Shares equal to the product of 750,000 multiplied by a fraction, (i) the numerator of which
is 3,000,000 minus the number of Units purchased by the Underwriter upon the exercise of its over-allotment option, if any, and
(ii) the denominator of which is 3,000,000.

 

6.                 
The Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriter and the Company would be irreparably
injured in the event of a breach by the Sponsor or such Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5,
7(a), 7(b), and 9, as applicable, of 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.                 
(a) The Sponsor and each Insider agrees that it, he or she shall not Transfer any Founder Shares (or shares of Common Stock
issuable upon conversion thereof) until the earlier of (A) one year after the completion of the Company’s initial Business
Combination and (B) subsequent to the Company’s initial Business Combination, (x) if the closing price of the Common
Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the completion of the
Company’s initial Business Combination or (y) the date on which the Company completes a liquidation, merger, capital
stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the
right to exchange their shares of common stock for cash, securities or other property (the “Founder Shares Lock-up Period”).

 

(b)              
The Sponsor and each Insider agrees that it, he or she shall not Transfer any Private Placement Warrants (or shares of Common
Stock issued or issuable upon the exercise of the Private Placement Warrants) until 30 days after the completion of the Company’s
initial Business Combination (the “Private Placement Warrants Lock-up Period,” together with the Founder Shares
Lock-up Period, the “Lock-up Periods”).

 

(c)               Notwithstanding
the provisions set forth in paragraphs 3 and 7(a) and (b), Transfers of the Founder Shares, Private Placement Warrants and
shares of Common Stock issued or issuable upon the exercise or conversion of the Private Placement Warrants or the Founder
Shares and that are held by the Sponsor, any Insider or any of their permitted transferees (that have complied with this
paragraph 7(c)), are permitted (i) to the Company’s officers or directors, any affiliates or family members of any
of the Company’s officers or directors, any members of the Sponsor, or any affiliates of the Sponsor, including to
funds affiliated with Alden Global Capital LLC, and to limited partners of funds affiliated with Alden Global Capital LLC, provided that
any such transfers to limited partners are made on a pro rata basis pursuant to the organizational documents of such
funds and internal allocation policy; (ii) in the case of an individual, by gift to a member of the individual’s
immediate family, to a trust, the beneficiary of which is a member of the individual’s immediate family or an affiliate
of such individual, or to a charitable organization; (iii) in the case of an individual, by virtue of the laws of
descent and distribution upon death of the individual; (iv) in the case of an individual, pursuant to a qualified
domestic relations order; (v) by private sales or transfers made in connection with the consummation of the
Company’s initial Business Combination at prices no greater than the price at which the Founder Shares, Private
Placement Warrants or the shares of Common Stock, as the case may be, were originally purchased; (vi) in the event of
the Company’s liquidation prior to the completion of its initial Business Combination; (vii) by virtue of the laws
of the State of Delaware or the Sponsor’s limited liability company agreement upon dissolution of the Sponsor;
(viii) in the event of the Company’s completion of a liquidation, merger, capital stock exchange, reorganization
or other similar transaction which results in all of the Company’s stockholders having the right to exchange their
shares of Capital Stock for cash, securities or other property subsequent to the Company’s completion of its initial
Business Combination; or (ix) to a nominee or custodian of a person or entity to whom a disposition or transfer would be
permissible under clauses (i) through (viii) above; provided, however, that in the case of
clauses (i) through (v) and (ix), these permitted transferees must enter into a written agreement with the Company
agreeing to be bound by the transfer restrictions herein and the other restrictions contained in this Agreement.

 

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8.                 
The Sponsor and each Insider represents and warrants that it, he or she has never been suspended or expelled from membership
in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended
or revoked. Each Insider’s biographical information furnished to the Company (including any such information included in
the Prospectus) is true and accurate in all respects and does not omit any material information with respect to such Insider’s
background. The Sponsor and each Insider’s questionnaire furnished to the Company and the Underwriter is true and accurate
in all respects. The Sponsor and each Insider represents and warrants that: it, he or she is not subject to or a respondent in
any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice
relating to the offering of securities in any jurisdiction; it, he or she has never been convicted of, or pleaded guilty to, any
crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person or (iii) pertaining
to any dealings in any securities and it, he or she is not currently a defendant in any such criminal proceeding.

 

9.                  Except
as disclosed in the Prospectus, neither the Sponsor nor any Insider nor any affiliate of the Sponsor or any Insider shall
receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any repayment of a loan
or other compensation for services rendered to the Company prior to or in connection with the consummation of the
Company’s initial Business Combination (regardless of the type of transaction that it is), other than the following,
none of which will be made from the proceeds held in the Trust Account prior to the completion of the initial Business
Combination: repayment of a loan and advances of up to $350,000 made to the Company by the Sponsor to cover expenses related
to the organization of the Company and the Public Offering; payment of a one-time cash bonus of $150,000 to each of Mr. Maz
Akram and Mr. Martin Wade, two of the Company’s independent directors, upon the successful completion of the
Company’s initial Business Combination; reimbursement for any out-of-pocket expenses related to identifying,
investigating and consummating the Company’s initial Business Combination; and repayment of loans, if any, and on such
terms as to be determined by the Company from time to time, made by the Sponsor, Alden Global Capital LLC or certain of the
Company’s officers and directors to finance transaction costs in connection with an intended initial Business
Combination, provided, that, if the Company does not consummate an initial Business Combination, a portion of the
working capital held outside the Trust Account may be used by the Company to repay such loaned amounts so long as no proceeds
from the Trust Account are used for such repayment. Up to $1,500,000 of such loans may be convertible into warrants of the
post Business Combination entity at a price of $1.00 per warrant at the option of the lender. Such warrants would be
identical to the Private Placement Warrants, including as to exercise price, exercisability and exercise period.

 

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10.              
The Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including,
without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this
Letter Agreement and, as applicable, to serve as an officer and/or a director of the Company and hereby consents to being named
in the Prospectus as an officer and/or a director of the Company.

 

11.             
As used herein, (i) “Business Combination” shall mean a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Business
Day” shall mean each day that is not a Saturday, Sunday or other day on which banking institutions in The City of New York,
New York, are authorized or required by law to close; (iii) “Capital Stock” shall mean, collectively, the
Common Stock and the Founder Shares; (iv) “Founder Shares” shall mean the 5,750,000 shares of the
Company’s Class B common stock, par value $0.0001 per share (up to 750,000 of which are subject to forfeiture depending
on the extent to which the Underwriter’s over-allotment option is exercised) outstanding immediately prior to the consummation
of the Public Offering; (v) “Initial Stockholders” shall mean the Sponsor and any other person that is
a holder of Founder Shares immediately prior to the Public Offering; (vi) “Private Placement Warrants”
shall mean the warrants to purchase up to 5,500,000 shares of Common Stock of the Company (or 6,100,000 shares of Common Stock
if the Underwriter’s over-allotment option is exercised in full) that the Sponsor and the Underwriter have agreed to purchase
for an aggregate purchase price of $5,500,000 in the aggregate (or $6,100,000 if the Underwriter’s over-allotment option
is exercised in full), or $1.00 per warrant, in a private placement that shall occur simultaneously with the consummation of the
Public Offering; (vii) “Public Stockholders” shall mean the holders of the Offering Shares; (viii) “Trust
Account” shall mean the trust fund into which a portion of the net proceeds of the Public Offering and the sale of the
Private Placement Warrants shall be deposited; (ix) “Transfer” shall mean the (a) sale, assignment,
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 Exchange Act and the rules and regulations
of the 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); and (x) “Warrants” shall mean the Public Warrants and the
Private Placement Warrants.

 

    6

     

    

 

12.              
 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) as to any particular provision, except
by a written instrument executed by all parties hereto.

 

13.              
Except as otherwise provided herein, 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 and each Insider and their respective successors, heirs and assigns and permitted
transferees.

 

14.              
Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or entity other than the parties
hereto any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise
or agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall
be for the sole and exclusive benefit of the parties hereto and their 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.
The words “executed,” “signed,” “signature,” and words of like import in this Letter Agreement
or in any other certificate, agreement or document related to this Letter Agreement shall include images of manually executed signatures
transmitted by facsimile or other electronic format (including, without limitation, “pdf,” “tif” or “jpg”)
and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic
records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored
by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of
a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including,
without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

 

16.              
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.

 

17.               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. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating
in any way to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York,
and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive
any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.

 

    7

     

    

 

18.             
Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall
be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested),
by hand delivery or facsimile transmission.

 

19.             
This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the
liquidation of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that
the Public Offering is not consummated by [●], 2021; provided further that paragraph 4 of this Letter Agreement shall
survive such liquidation.

 

[Signature Page Follows]

 

    8

     

    

 

	 	Sincerely,
	 	 
	 	OYSTER ENTERPRISES LLC
	 	By:	Oyster AG Manager LLC,
    its Manager
	 	 
	 	By:	 
	 	 	Heath B. Freeman, Member
	 	 	 
	 	 	Randall D. Smith
	 	 	 
	 	 	Heath B. Freeman
	 	 	 
	 	 	Joshua P. Kleban
	 	 	 
	 	 	Michael J. Monticciolo
	 	 	 
	 	 	Maz Akram
	 	 	 
	 	 	Martin R. Wade, III

 

	Acknowledged and Agreed:	 
	OYSTER ENTERPRISES ACQUISITION
    CORP.	 
	 	 
	By:	 	 
	 	Name: Michael J. Monticciolo	 
	 	Title: Chief Legal Officer, Chief Operating
    Officer and Secretary	 

 

[Signature Page
to Letter Agreement]

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