Document:

Exhibit
10.4

 

OTM WARRANTS PURCHASE AGREEMENT

 

THIS OTM WARRANTS PURCHASE
AGREEMENT, dated as of [●], 2021 (as it may from time to time be amended and including all exhibits referenced herein, this
 “Agreement”), is entered into by and among Aldel Financial Inc., a Delaware corporation (the “Company”),
and Aldel Investors LLC, a Delaware limited liability company, and FG SPAC Partners LP, a Delaware limited partnership (the “Purchasers”).

 

WHEREAS, the Company
intends to consummate an initial public offering of the Company’s units (the “Public Offering”), each
unit consisting of one share of the Company’s Class A common stock, par value $0.0001 per share (each, a “Share”),
and one-half of one redeemable warrant (each whole warrant, a “Public Warrant”). Each whole Public Warrant entitles
the holder to purchase one Share at an exercise price of $11.50 per Share. The Purchasers agreed to each purchase 650,000 private
placement warrants (the “OTM Warrants”), each OTM Warrant entitling the holder to purchase one Share at an exercise
price of $15.00 per Share.

 

NOW THEREFORE, in consideration
of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

AGREEMENT

 

Section 1. Authorization, Purchase
and Sale; Terms of the OTM Warrants.

 

A.   Authorization
of the OTM Warrants. The Company has duly authorized the issuance and sale of the OTM Warrants to the Purchasers.

 

B.    Purchase
and Sale of the OTM Warrants.

 

On the date of the
consummation of the Public Offering or on such earlier time and date as may be mutually agreed by the Purchasers and the Company
(the “Closing Date”), the Company shall issue and sell to each Purchaser, and each Purchaser shall purchase
from the Company, an aggregate of 650,000 OTM Warrants at a price of $0.10 per warrant for an aggregate purchase price of $65,000
(the “Purchase Price”) per Purchaser, which shall be paid by wire transfer of immediately available funds to
the Company in accordance with the Company’s wiring instructions at least one business day prior to the date of effectiveness
of the registration statement on Form S-1 (File No. 333-[●]) filed in connection with the Public Offering. On the
Closing Date, the Company shall either, at its option, deliver to the Purchasers on such date certificates evidencing the OTM Warrants
purchased by the Purchasers and duly registered in each Purchaser’s name, or effect such delivery in book-entry form.

 

C.    Terms of the
OTM Warrants.

 

(i)   The
OTM Warrants shall have their terms set forth in a Warrant Agreement to be entered into by the Company and a warrant agent, in
connection with the Public Offering (a “Warrant Agreement”).

 

(ii)  At
or prior to the time of the Closing Date, the Company and the Purchasers shall enter into a registration rights agreement (the
 “Registration Rights Agreement”) pursuant to which the Company will grant certain registration rights to the
Purchasers relating to the OTM Warrants and the Shares underlying the OTM Warrants.

 

Section 2.
Representations and Warranties of the Company. As a material inducement to the Purchasers to enter into this Agreement and
purchase the OTM Warrants, the Company hereby represents and warrants to the Purchasers (which representations and warranties shall
survive the Closing Date) that:

 

A.   Organization
and Corporate Power. The Company is a corporation duly organized, validly existing and in good standing under the laws of the
State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be
expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company
possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and
the Warrant Agreement.

 

    1

     

    

  

B.   Authorization;
No Breach.

 

(i)   The
execution, delivery and performance of this Agreement and the OTM Warrants have been duly authorized and approved by the Company
as of the Closing Date. This Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance with
its terms. Upon each issuance of OTM Warrants in accordance with, and payment pursuant to, the terms of the Warrant Agreement and
this Agreement, the OTM Warrants will constitute valid and binding obligations of the Company, enforceable in accordance with their
terms.

 

(ii)  The
execution and delivery by the Company of this Agreement and the OTM Warrants, the issuance and sale of the OTM Warrants, the issuance
of the Shares upon exercise of the OTM Warrants and the fulfillment of, and compliance with, the respective terms hereof and thereof
by the Company, do not and will not as of the Closing Date (a) conflict with or result in a breach of the terms, conditions
or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest, charge or
encumbrance upon the Company’s capital stock or assets under, (d) result in a violation of, or (e) require any
authorization, consent, approval, exemption, action, notice, declaration or filing, in each case, by or to any court or administrative
or governmental body or agency pursuant to the certificate of incorporation or the bylaws of the Company (in effect on the date
hereof or as may be amended prior to completion of the contemplated Public Offering), or any material law, statute, rule or
regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject, except
for any filings required after the date hereof under federal or state securities laws.

 

C.   Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the OTM
Warrants will be duly and validly issued and the Shares issuable upon exercise of the OTM Warrants will be duly and validly issued,
fully paid and nonassessable. On the date of issuance of the OTM Warrants, the Shares issuable upon exercise of the OTM Warrants
shall have been reserved for issuance. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant
Agreement, each Purchasers will have good title to the OTM Warrants and the Shares issuable upon exercise of such OTM Warrants,
free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and under
the other agreements contemplated hereby, (ii) transfer restrictions under federal and state securities laws, and (iii) liens,
claims or encumbrances imposed due to the actions of either Purchasers.

 

D.   Governmental
Consents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is
required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the
Company of any other transactions contemplated hereby.

 

Section 3.
Representations and Warranties of the Purchasers. As a material inducement to the Company to enter into this Agreement and
issue and sell the OTM Warrants to the Purchasers, the Purchasers hereby, severally and not jointly, represent and warrant to the
Company (which representations and warranties shall survive the Closing Date) that:

 

A.   Organization
and Requisite Authority. Each Purchaser possesses all requisite power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

B.   Authorization;
No Breach.

 

(i)  This Agreement
constitutes a valid and binding obligation of each Purchaser, enforceable in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting
creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).

 

(ii)  The execution
and delivery by each Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by such Purchaser
does not and shall not as of the Closing Date conflict with or result in a breach by such Purchaser of the terms, conditions or
provisions of any agreement, instrument, order, judgment or decree to which such Purchaser is subject that would materially impact
its ability to perform its obligations hereunder.

 

    2

     

    

 

C.    Investment
Representations.

 

(i)   Each Purchaser
is acquiring the OTM Warrants and, upon exercise of the OTM Warrants, the Shares issuable upon such exercise (collectively, the
 “Securities”), for the Purchaser’s own account, for investment purposes only and not with a view towards,
or for resale in connection with, any public sale or distribution thereof.

 

(ii)  Each Purchaser
is an “accredited investor” as such term is defined in Rules 501(a)(3) of Regulation D of the Securities
Act of 1933, as amended (the “Securities Act”), and such Purchaser has not experienced a disqualifying event
as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act.

 

(iii) Each Purchaser
understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from the registration
requirements of the United States federal and state securities laws and that the Company is relying upon the truth and accuracy
of, and such Purchaser’s compliance with, the representations and warranties of such Purchaser set forth herein in order
to determine the availability of such exemptions and the eligibility of such Purchaser to acquire such Securities.

 

(iv) Each Purchaser
did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of
Rule 502(c) under the Securities Act.

 

(v)  Each Purchaser
has been furnished with all materials relating to the business, finances and operations of the Company and materials relating to
the offer and sale of the Securities which have been requested by such Purchaser. Each Purchaser been afforded the opportunity
to ask questions of the executive officers and directors of the Company. Each Purchaser understands that its investment in the
Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision with respect to the acquisition of the Securities.

 

(vi) Each Purchaser
understands that no United States federal or state agency or any other government or governmental agency has passed on or made
any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Purchasers
nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(vii)Each Purchaser
understands that: (a) the Securities have not been and are not being registered under the Securities Act or any state securities
laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold
in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement, neither
the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state securities
laws or to comply with the terms and conditions of any exemption thereunder. While each Purchaser understands that Rule 144
under the Securities Act is not available for the resale of securities initially issued by shell companies (other than business
combination related shell companies) or issuers that have been at any time previously a shell company, such Purchaser understands
that Rule 144 includes an exception to this prohibition if the following conditions are met: (i) the issuer of the securities
that was formerly a shell company has ceased to be a shell company; (ii) the issuer of the securities is subject to the reporting
requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”);
(iii) the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during
the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K
reports; and (iv) at least one year has elapsed from the time that the issuer filed current Form 10 type information
with the SEC reflecting its status as an entity that is not a shell company.

 

(viii)Each Purchaser
has knowledge and experience in financial and business matters, understands the high degree of risk associated with investments
in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an
investment in the Securities and is able to bear the economic risk of an investment in the Securities in the amount contemplated
hereunder for an indefinite period of time. Each Purchaser has adequate means of providing for its current financial needs and
contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in
the Securities. Each Purchaser can afford a complete loss of its investment in the Securities.

 

    3

     

    

 

Section 4.
Conditions of the Purchasers’ Obligations. The obligations of the Purchasers to purchase and pay for the OTM Warrants
are subject to the fulfillment, on or before the Closing Date, of each of the following conditions:

 

A.   Representations
and Warranties. The representations and warranties of the Company contained in Section 2 shall be true and correct at
and as of such Closing Date as though then made.

 

B.    Performance.
The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by it on or before such Closing Date.

 

C.    No
Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

D.   Warrant
Agreement and Registration Rights Agreement. The Company shall have entered into the Warrant Agreement and the Registration
Rights Agreement, each on terms satisfactory to the Purchasers.

 

E.    Corporate
Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance
of this Agreement and the Warrant Agreement and the issuance and sale of the OTM Warrants hereunder.

 

Section 5.
Conditions of the Company’s Obligations. The obligations of the Company to the Purchasers under this Agreement are subject
to the fulfillment, on or before the Closing Date, of each of the following conditions:

 

A.   Representations
and Warranties. The representations and warranties of the Purchasers contained in Section 3 shall be true and correct
at and as of such Closing Date as though then made.

 

B.    Performance.
The Purchasers shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by the Purchasers on or before such Closing Date.

 

C.    Corporate
Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance
of this Agreement and the Warrant Agreement and the issuance and sale of the OTM Warrants hereunder.

 

D.    No
Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

E.    Warrant
Agreement. The Company shall have entered into the Warrant Agreement on terms satisfactory to the Company.

 

Section 6.
Termination. This Agreement may be terminated at any time after June 30, 2021 upon the election by either the Company or the
Purchasers upon written notice to the other party if the closing of the Public Offering does not occur prior to such date.

 

Section 7.
Survival of Representations and Warranties. All of the representations and warranties contained herein shall survive the Closing
Date.

 

Section 8.
Definitions. Terms used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the registration
statement on Form S-1 the Company plans to file with the U.S. Securities and Exchange Commission under the Securities Act.

 

    4

     

    

 

Section 9. Miscellaneous.

 

A.   Successors
and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or
on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether
so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement
without the prior written consent of the other party hereto, other than assignments by the Purchasers to their affiliates (including,
without limitation, one or more of their members or partners).

 

B.    Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

C.    Counterparts.
This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than
one party, but all such counterparts taken together shall constitute one and the same agreement. In the event that any signature
is delivered by facsimile transmission or by e-mail delivery of a “pdf” format data file, such signature shall create
a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect
as if such facsimile or “.pdf” signature page were an original thereof.

 

D.   Descriptive
Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute
a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example
rather than by limitation.

 

E.    Governing
Law. This Agreement shall be deemed to be a contract made under the laws of the State of New York and for all purposes shall
be construed in accordance with the internal laws of the State of New York, without giving effect to its conflict of laws rules.

 

F.    Amendments.
This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by
all parties hereto.

 

[Signature Page Follows]

 

    5

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	Aldel Financial Inc., a  Delaware corporation
	 	 	 
	 	By:	 
	 	 	Name:	 Robert I. Kauffman
	 	 	Title:	Chief Executive Officer

 

	 	PURCHASERS:
	 	 
	 	ALDEL INVESTORS LLC, a  Delaware limited liability company
	 	 	 
	 	 	 
	 	By: 	 
	 	 	Name:	Robert I. Kauffman
	 	 	Title:	Manager

 

	 	FG SPAC ParTNERS LP, a  Delaware limited partnership
	 	 	 
	 	By: 	 
	 	 	Name:	Larry G. Swets, Jr.
	 	 	Title:	Manager

 

[Signature Page to OTM Warrants
Purchase Agreement]

 

    6Exhibit 10.5

 

PRIVATE PLACEMENT UNITS PURCHASE
AGREEMENT

 

This PRIVATE PLACEMENT UNITS PURCHASE AGREEMENT
(this “Agreement”) is made as of the [●] day of [●], 2021, by and between Aldel Financial Inc.,
a Delaware corporation (the “Company”), having its principal place of business at 105. S. Maple Street, Itasca,
Illinois 60143, and Aldel Investors LLC, a Delaware limited liability company (the “Subscriber”), having its
principal place of business at 105. S. Maple Street, Itasca, Illinois 60143.

 

WHEREAS, the Company desires to sell to
the Subscriber on a private placement basis (the “Placement”) an aggregate of 400,000 units (the “Units”)
of the Company, each Unit comprised of one share of Class A common stock of the Company, par value $0.0001 per share (“Common
Stock”) and one-half of one warrant, each whole warrant exercisable to purchase one share of Common Stock (“Warrant”),
for a purchase price of $10.00 per Unit. The shares of Common Stock underlying the Warrants are hereinafter referred to as the
 “Warrant Shares.” The shares of Common Stock underlying the Units (excluding the Warrant Shares) are hereinafter
referred to as the “Placement Shares.” The Warrants underlying the Units are hereinafter referred to as the
 “Placement Warrants.” The Units, Placement Shares, Placement Warrants and Warrant Shares, collectively, are
hereinafter referred to as the “Securities.” Each Placement Warrant is exercisable to purchase one share of
Common Stock at an exercise price of $11.50 during the period commencing on the later of (i) twelve (12) months from the date of
the closing of the Company’s initial public offering of units (the “IPO”) and (ii) 30 days following the
consummation of the Company’s initial business combination (the “Business Combination”), as such term
is defined in the registration statement in connection with the IPO, as amended at the time it becomes effective (the “Registration
Statement”), and expiring on the fifth anniversary of the consummation of the Business Combination; and

 

WHEREAS, the Subscriber wishes to purchase
400,000 Units, and the Company wishes to accept such subscription from the Subscriber.

 

NOW, THEREFORE, in consideration of the
premises and the mutual covenants hereinafter set forth and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company and the Subscriber hereby agree as follows:

 

1.      
Agreement to Subscribe

 

1.1.           
Purchase and Issuance of the Units. Upon the terms and subject to the conditions of this Agreement, the Subscriber hereby agrees
to purchase from the Company, and the Company hereby agrees to sell to the Subscriber, on the Closing Date (as defined below) the
Units in consideration of the payment of the Purchase Price (as defined below). On the Closing Date, the Company shall, at its
option, deliver to the Subscriber the certificates representing the Securities purchased or effect such delivery in book-entry
form.

 

1.2.          
Purchase Price. As payment in full for the Units being purchased under this Agreement, the Subscriber shall pay $4,000,000 (the
 “Purchase Price”) by wire transfer of immediately available funds or by such other method as may be reasonably
acceptable to the Company, to the trust account (the “Trust Account”) at a financial institution to be chosen
by the Company, maintained by Continental Stock Transfer & Trust Company, acting as trustee (“Continental”)
one (1) business day prior to the date of effectiveness of the Registration Statement.

 

1.3.        
Closing. The closing of the purchase and sale of the Units shall take place simultaneously with the closing of the IPO (the “Closing
Date”). The closing of the purchase and sale of the Units shall take place at the offices of Loeb & Loeb LLP, 345
Park Avenue, New York, New York 10154, or such other place as may be agreed upon by the parties hereto.

 

1.4.        
Termination. This Agreement and each of the obligations of the undersigned shall be null and void and without effect if a Closing
does not occur prior to June 30, 2021.

 

    1

     

    

  

2.      
Representations and Warranties of the Subscriber

 

The Subscriber represents and
warrants that:

 

2.1.           
No Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon or made any
recommendation or endorsement of the Company or the Placement of the Securities.

 

2.2.          
Accredited Investor. The Subscriber represents that it is an “accredited investor” as such term is defined in Rule
501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges
that the sale contemplated hereby is being made in reliance, among other things, on a private placement exemption to “accredited
investors” under the Securities Act and similar exemptions under state law.

 

2.3.           
Intent. The Subscriber is purchasing the Securities solely for investment purposes, for Subscriber’s own account (and/or
for the account or benefit of its members or affiliates, as permitted, pursuant to the terms of an agreement (the “Insider
Letter”) to be entered into with respect to the Securities between, among others, the Subscriber and the Company, as
described in the Registration Statement), and not with a view to the distribution thereof and the Subscriber has no present arrangement
to sell the Securities to or through any person or entity except as may be permitted under the Insider Letter. the Subscriber shall
not engage in hedging transactions with regard to the Securities unless in compliance with the Securities Act.

 

2.4.           
Restrictions on Transfer. The Subscriber acknowledges and understands the Units are being offered in a transaction not involving
a public offering in the United States within the meaning of the Securities Act. The Securities have not been registered under
the Securities Act and, if in the future the Subscriber decides to offer, resell, pledge or otherwise transfer the Securities,
such Securities may be offered, resold, pledged or otherwise transferred only (A) pursuant to an effective registration statement
filed under the Securities Act, (B) pursuant to an exemption from registration under Rule 144 promulgated under the Securities
Act, if available, or (C) pursuant to any other available exemption from the registration requirements of the Securities Act, and
in each case in accordance with any applicable securities laws of any state or any other jurisdiction. Notwithstanding the foregoing,
the Subscriber acknowledges and understands the Securities are subject to transfer restrictions as described in Section 8 hereof.
The Subscriber agrees that if any transfer of its Securities or any interest therein is proposed to be made, as a condition precedent
to any such transfer, the Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company
with respect to such transfer. Absent registration or another available exemption from registration, the Subscriber agrees it will
not resell the Securities (unless otherwise permitted pursuant to the Insider Letter, as described in the Registration Statement).
The Subscriber further acknowledges that because the Company is a shell company, Rule 144 may not be available to the Subscriber
for the resale of the Securities until the one year anniversary following consummation of the initial Business Combination of the
Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.5.            
Sophisticated Investor.

 

(i)              
The Subscriber is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Securities.

 

(ii)            
The Subscriber is aware that an investment in the Securities is highly speculative and subject to substantial risks because, among
other things, the Securities are subject to transfer restrictions and have not been registered under the Securities Act and therefore
cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. The
Subscriber is able to bear the economic risk of its investment in the Securities for an indefinite period of time.

 

2.6.            Independent Investigation. The Subscriber, in making the decision to purchase the Units, has relied upon an independent
investigation of the Company and has not relied upon any information or representations made by any third parties or upon any
oral or written representations or assurances from the Company, its officers, directors or employees or any other
representatives or agents of the Company, other than as set forth in this Agreement. The Subscriber is familiar with the
business, operations and financial condition of the Company and has had an opportunity to ask questions of, and receive
answers from the Company’s officers and directors concerning the Company and the terms and conditions of the offering
of the Units and has had full access to such other information concerning the Company as the Subscriber has requested. The
Subscriber confirms that all documents that it has requested have been made available and that the Subscriber has been
supplied with all of the additional information concerning this investment which the Subscriber has requested.

 

    2

     

    

 

2.7.          
Organization and Authority. The Subscriber is duly organized, validly existing and in good standing under the laws of the State
of Delaware and it possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.8.          
Authority. This Agreement has been validly authorized, executed and delivered by the Subscriber and is a valid and binding agreement
enforceable in accordance with its terms, subject to the general principles of equity and to bankruptcy or other laws affecting
the enforcement of creditors’ rights generally.

 

2.9.            No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the Subscriber’s charter documents, (ii)
any agreement or instrument to which the Subscriber is a party or (iii) any law, statute, rule or regulation to which the Subscriber
is subject, or any agreement, order, judgment or decree to which the Subscriber is subject.

 

2.10.         
No Legal Advice from Company. The Subscriber acknowledges it has had the opportunity to review this Agreement and the transactions
contemplated by this Agreement and the other agreements entered into between the parties hereto with the Subscriber’s own
legal counsel and investment and tax advisors. Except for any statements or representations of the Company made in this Agreement
and the other agreements entered into between the parties hereto, the Subscriber is relying solely on such counsel and advisors
and not on any statements or representations of the Company or any of its representatives or agents for legal, tax or investment
advice with respect to this investment, the transactions contemplated by this Agreement or the securities laws of any jurisdiction.

 

2.11.         
Reliance on Representations and Warranties. The Subscriber understands the Units are being offered and sold to the Subscriber in
reliance on exemptions from the registration requirements under the Securities Act, and analogous provisions in the laws and regulations
of various states, and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements,
acknowledgments and understandings of the Subscriber set forth in this Agreement in order to determine the applicability of such
provisions.

 

2.12.        
No General Solicitation. The Subscriber is not subscribing for the Units as a result of or subsequent to any general solicitation
or general advertising, including but not limited to any advertisement, article, notice or other communication published in any
newspaper, magazine, or similar media or broadcast over television or radio, or presented at any seminar or meeting or in a registration
statement with respect to the IPO filed with the Securities and Exchange Commission (“SEC”).

 

2.13.         
Legend. The Subscriber acknowledges and agrees the certificates (if any) evidencing each of the Securities shall bear a restrictive
legend (the “Legend”), in form and substance substantially as set forth in Section 4 hereof.

 

    3

     

    

 

3.      
Representations, Warranties and Covenants of the Company

 

The Company represents and warrants
to, and agrees with, the Subscriber that:

 

3.1.           Valid
Issuance of Capital Stock. The total number of shares of all classes of capital stock which the Company has authority to issue
is 380,000,000 shares of Class A Common Stock, 20,000,000 shares of Class B Common Stock, $0.0001 par value per share (the “Class
B Common Stock”), and 1,000,000 shares of preferred stock, $0.0001 par value per share (“Preferred Stock”).
As of the date hereof, the Company has issued and outstanding 5,750,000 shares of Class B Common Stock (of which up to 750,000
shares are subject to forfeiture as described in the Registration Statement), no shares of Class A Common Stock and no shares of
Preferred Stock. All of the issued shares of capital stock of the Company have been duly authorized, validly issued, and are fully
paid and non-assessable.

 

3.2.         
Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and that certain warrant agreement
to be entered into between the Company and Continental, as warrant agent (the “Warrant Agreement”), as the case
may be, each of the Units, Placement Shares, Placement Warrants and Warrant Shares will be duly and validly issued, fully paid
and non-assessable. On the date of issuance of the Units, the Warrant Shares shall have been reserved for issuance. Upon issuance
in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, as the case may be, the Subscriber will
have or receive good title to the Units, Placement Shares and Placement Warrants, free and clear of all liens, claims and encumbrances
of any kind, other than (i) transfer restrictions hereunder and pursuant to the Insider Letter and (ii) transfer restrictions under
federal and state securities laws.

 

3.3.          
Organization and Qualification. The Company is a corporation duly incorporated, validly existing and in good standing under the
laws of the State of Delaware and has the requisite corporate power to own its properties and assets and to carry on its business
as now being conducted.

 

3.4.          
Authorization; Enforcement. (i) The Company has the requisite corporate power and authority to enter into and perform its obligations
under this Agreement and to issue the Securities in accordance with the terms hereof, (ii) the execution, delivery and performance
of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by
all necessary corporate action, and no further consent or authorization of the Company or its Board of Directors or stockholders
is required, and (iii) this Agreement constitutes valid and binding obligations of the Company enforceable against the Company
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance,
moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and
remedies or by equitable principles of general application and except as enforcement of rights to indemnity and contribution may
be limited by federal and state securities laws or principles of public policy.

 

3.5.          
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not (i) result in a violation of the Company’s certificate of incorporation or by-laws, (ii) conflict
with, or constitute a default under any agreement or instrument to which the Company is a party or (iii) any law statute, rule
or regulation to which the Company is subject or any agreement, order, judgment or decree to which the Company is subject. Other
than any SEC or state securities filings which may be required to be made by the Company subsequent to the Closing, and any registration
statement which may be filed pursuant thereto, the Company is not required under federal, state or local law, rule or regulation
to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency or
self-regulatory entity in order for it to perform any of its obligations under this Agreement or issue the Units, Placement Shares,
Placement Warrants or Warrant Shares in accordance with the terms hereof.

 

4.      
Legends

 

4.1.           
Legend. The Company will issue the Units, Placement Shares and Placement Warrants, and when issued, the Warrant Shares, purchased
by the Subscriber in the name of the Subscriber. The certificates (if any) evidencing Securities will bear the following Legend
and appropriate “stop transfer” instructions:

 

“THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED
OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS
AVAILABLE.”

 

    4

     

    

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PURSUANT TO AN INSIDER LETTER BETWEEN, AMONG OTHERS, ALDEL FINANCIAL INC., ALDEL INVESTORS
LLC AND FG SPAC PARTNERS LP, AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP
PURSUANT TO THE TERMS SET FORTH IN THE INSIDER LETTER.”

 

4.2.           
Subscriber’s Compliance. Nothing in this Section 4 shall affect in any way the Subscriber’s obligations and agreements
to comply with all applicable securities laws upon resale of the Securities.

 

4.3.           
Company’s Refusal to Register Transfer of the Securities. The Company shall refuse to register any transfer of the Securities,
if in the sole judgment of the Company such purported transfer would not be made (i) pursuant to an effective registration statement
filed under the Securities Act, or pursuant to an available exemption from the registration requirements of the Securities Act
and (ii) in compliance herewith and with the Insider Letter.

 

4.4.           
Registration Rights. The Subscriber will be entitled to certain registration rights which will be governed by a registration rights
agreement (“Registration Rights Agreement”) to be entered into between, among others, the Subscriber and the
Company, on or prior to the effective date of the Registration Statement.

 

5.      
Waiver of Liquidation Distributions.

 

In connection with the Securities
purchased pursuant to this Agreement, the Subscriber hereby waives any and all right, title, interest or claim of any kind in or
to any distributions of the amounts in the Trust Account with respect to the Securities, whether (i) in connection with the exercise
of redemption rights if the Company consummates the Business Combination, (ii) in connection with any tender offer conducted by
the Company prior to a Business Combination, (iii) upon the Company’s redemption of shares of Common Stock sold in the Company’s
IPO upon the Company’s failure to timely complete the Business Combination or (iv) in connection with a stockholder vote
to approve an amendment to the Company’s amended and restated certificate of incorporation (A) to modify the substance or
timing of the Company’s obligation to redeem 100% of the Company’s public shares if the Company does not timely complete
the Business Combination or (B) with respect to any other provision relating to stockholders’ rights or pre-Business Combination
activity. In the event the Subscriber purchases shares of Common Stock in the IPO or in the aftermarket, any additional shares
so purchased shall be eligible to receive the redemption value of such shares of Common Stock upon the same terms offered to all
other purchasers of Common Stock in the IPO in the event the Company fails to consummate the Business Combination.

 

6.      
Terms of Placement Warrants. Each Placement Warrant shall have the terms set forth in the Warrant Agreement.

 

7.      
[Reserved].

 

8.      
Terms of the Units and Placement Warrants

 

8.1.          
The Units and their component parts are substantially identical to the units to be offered in the IPO except that: (i) the
Units and component parts are subject to the transfer restrictions described in the Insider Letter, (ii) the Placement
Warrants will be non-redeemable if called for redemption pursuant to Section 6.1 of the Warrant Agreement so long as they are
held by the Subscriber (or any of its permitted transferees) and as otherwise provided in Section 5 herein, and may be
exercisable on a “cashless” basis if held by the Subscriber or its permitted transferees, as further described in
the Warrant Agreement and (iii) the Units and component parts are being purchased pursuant to an exemption from the
registration requirements of the Securities Act and will become freely tradable only after the expiration of the lockup
described above in clause (i) and they are registered pursuant to the Registration Rights Agreement to be signed on or before
the date of the Prospectus or an exemption from registration is available.

 

8.2.          
The Subscriber agrees to vote the Placement Shares in accordance with the terms of the Insider Letter and as otherwise described
in the Registration Statement.

 

    5

     

    

 

9.      
Governing Law; Jurisdiction; Waiver of Jury Trial

 

This Agreement shall be governed
by and construed in accordance with the laws of the State of New York for agreements made and to be wholly performed within such
state. THE PARTIES HERETO HEREBY WAIVE ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS AGREEMENT
AND THE TRANSACTIONS CONTEMPLATED THEREBY.

 

10.    Assignment;
Entire Agreement; Amendment

 

10.1.         Assignment. Neither this Agreement nor any rights hereunder may be assigned by any party to any other person other than by the
Subscriber to a person agreeing to be bound by the terms hereof, including the waiver contained in Section 5 hereof.

 

10.2.        
Entire Agreement. This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter
thereof and merges and supersedes all prior discussions, agreements and understandings of any and every nature among them.

 

10.3.        
Amendment. Except as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged
or terminated other than by a written instrument signed by all of the parties hereto.

 

10.4.        
Binding upon Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective
heirs, legal representatives, successors and permitted assigns.

 

11.    Notices

 

11.1.        
Notices. Unless otherwise provided herein, any notice or other communication to a party hereunder shall be sufficiently given if
in writing and personally delivered or sent by facsimile or other electronic transmission with copy sent in another manner herein
provided or sent by courier (which for all purposes of this Agreement shall include Federal Express or other recognized overnight
courier) or mailed to said party by certified mail, return receipt requested, at its address provided for herein or such other
address as either may designate for itself in such notice to the other. Communications shall be deemed to have been received when
delivered personally, on the scheduled arrival date when sent by next day or 2nd-day courier service, or if sent by facsimile upon
receipt of confirmation of transmittal or, if sent by mail, then three days after deposit in the mail. If given by electronic transmission,
such notice shall be deemed to be delivered (a) if by electronic mail, when directed to an electronic mail address at which the
stockholder has consented to receive notice; (b) if by a posting on an electronic network together with separate notice to the
stockholder of such specific posting, upon the later of (1) such posting and (2) the giving of such separate notice; and (c) if
by any other form of electronic transmission, when directed to the stockholder.

 

    6

     

    

 

12.    Counterparts

 

This Agreement may be executed
in one or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not
sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “pdf”
format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

 

13.    Survival;
Severability

 

13.1.         
Survival. The representations, warranties, covenants and agreements of the parties hereto shall survive each Closing Date.

 

13.2.        
Severability. In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to
be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that
no such severability shall be effective if it materially changes the economic benefit of this Agreement to any party.

 

14.    Headings.

 

The titles and subtitles used
in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

[remainder of page intentionally left blank]

 

    7

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	ALDEL FINANCIAL INC.
	 	 
	 	By:	 
	 	 	Name:  Robert I. Kauffman
	 	 	Title:  Chief Executive Officer

 

	 	 

        SUBSCRIBER:

	 	 
	 	ALDEL
INVESTORS LLC 

	 	 	 
	 	By:	 
	 	 	Name: Robert I. Kauffman
	 	 	Title: Manager
	 	 	 

 

 

[Signature Page to Unit Purchase Agreement]

 

    8

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