Document:

Exhibit 10.1

 

February 8, 2022

 

byNordic Acquisition Corporation

c/o Pir 29

Einar Hansens Esplanad 29

211 13 Malmö

Sweden

	Re:	Initial Public Offering

 

Ladies and Gentlemen:

 

This letter agreement (this “Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement, dated as of February 8, 2022 (the “Underwriting
Agreement”), entered into by and among byNordic Acquisition Corporation, a Delaware corporation (the “Company”),
and Keefe, Bruyette & Woods, Inc. and Drexel Hamilton, LLC, as representatives (the “Representatives”) of
the several underwriters (each, an “Underwriter” and collectively, the “Underwriters”),
relating to an underwritten initial public offering (the “Public Offering”), of 17,250,000 of the Company’s
units (including up to 2,250,000 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 whole warrant entitles the holder thereof to purchase one share of Common Stock at a price
of $11.50 per share, subject to adjustment. The Units will be sold in the Public Offering pursuant to a registration statement on Form
S-1 (File No. 333-248488) 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 Underwriters
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 Water by Nordic AB (the “Sponsor”), byNordic Holdings
LLC (“byNordic Holdings”), byNordic Holdings II LLC (“byNordic Holdings II”) and the
undersigned individuals, each of whom is a member of the Company’s board of directors and/or management team of the Company (each,
an “Insider” and collectively, the “Insiders”), hereby agrees with the Company as
follows:

 

1. The Sponsor, byNordic Holdings, byNordic Holdings
II 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 any 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, byNordic Holdings, byNordic
Holdings II and each Insider agrees that it, he or she will not seek to sell its, his or her shares of Capital Stock to the Company in
connection with such tender offer.

 

2. The Sponsor, byNordic Holdings, byNordic Holdings
II and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within 15 months (or 18
months if the Company exercises its right to a three-month extension in the manner provided in the Company’s amended and restated
certificate of incorporation (the “Charter”)) from the closing of the Public Offering, or such later period
approved by the Company’s stockholders in accordance with the Charter, the Sponsor, byNordic Holdings, byNordic Holdings II 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 (as defined below), including interest earned
on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less 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 (including the right to receive further liquidation 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, byNordic Holdings,
byNordic Holdings II and each Insider agrees not to propose any amendment to the Charter to modify (i) the substance or timing of the
ability of holders of Offering Shares to seek redemption in connection with a Business Combination or (ii) (A) the Company’s obligation
to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within such time set forth in the Charter
or (B) any other provisions relating to stockholders’ rights or pre-initial Business Combination activity, unless the Company provides
its public stockholders with the opportunity to redeem their shares of Common Stock 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 and not previously released to the Company to pay its taxes, divided by the number of then outstanding Offering Shares.

 

    

     

    

 

The Sponsor, byNordic Holdings, byNordic Holdings
II and each Insider acknowledges that it, he or she 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 Founder Shares held
by it, him or her, provided, that the foregoing waiver shall not apply with respect to liquidating distributions from the Trust Account
made in connection with any Offering Shares purchased by the undersigned or its Affiliates during the Public Offering or on the open market
after the completion of the Public Offering if the Company fails to complete a Business Combination within 15 months (or 18 months if
the Company exercises its right to a three-month extension in the manner provided in the Charter) of the completion of the Public Offering.
The Sponsor, byNordic Holdings, byNordic Holdings II and each Insider hereby further waives, with respect to any shares of Capital Stock
held by it, him or her, if any, whether acquired now or hereafter, 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 a stockholder vote to approve an amendment to the Charter to modify (i) the substance or timing
of the ability of holders of Offering Shares to seek redemption in connection with a Business Combination or (ii) (A) the Company’s
obligation to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within such time set forth in
the Charter or (B) any other provisions relating to stockholders’ rights or pre-initial Business Combination activity, unless the
Company provides its public stockholders with the opportunity to redeem their shares of Common Stock 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 and not previously released to the Company to pay its taxes, divided by the number of then outstanding
Offering Shares, or (iii) in the context of a tender offer made by the Company to purchase shares of Common Stock (although the Sponsor,
byNordic Holdings, byNordic Holdings II, the Insiders and their respective affiliates shall be entitled to liquidation rights with respect
to any Offering Shares held by them purchased during the Public Offering or on the open market after the completion of the Public Offering
if the Company fails to consummate a Business Combination within the time period set forth in the Charter).

 

3. During the period commencing on the date of
the Underwriting Agreement and ending 180 days after such date, the Sponsor, byNordic Holdings, byNordic Holdings II and each Insider
shall not, without the prior written consent of the Representatives, (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, or 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 or any securities convertible into, or exercisable, or exchangeable for, shares of
Capital Stock owned by it, him or her, (ii) 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 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 (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii). Each of the
Insiders and the Sponsor acknowledges and agrees that, prior to the effective date of any release or waiver, of the restrictions set forth
in this paragraph 3 or paragraph 7 below, the Company shall announce the impending release or waiver by press release through a major
news service at least two business days before the effective date of the release or waiver. Any release or waiver granted shall only be
effective two business days after the publication date of such press release. The provisions of this paragraph will not apply if the release
or waiver is effected solely to permit a transfer not for consideration and the transferee has agreed in writing to be bound by the same
terms described in this Letter Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.

 

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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 (the “Indemnitor”) 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) to which the Company may become subject as a result of any
claim by (i) any third party for services rendered or products sold to the Company or (ii) any prospective target business with which
the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement
(a “Target”); provided, however, that such indemnification of the Company by the Indemnitor shall (x) 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) $10.20 per Offering Share (or $10.30 per Offering Share if the Company exercises its right to a three-month
extension in the manner provided in the Charter) 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 $10.20 per Offering Share (or $10.30 per Offering Share if the Company exercises
its right to a three-month extension in the manner provided in the Charter) is then held in the Trust Account due to reductions in the
value of the trust assets, less interest earned on the Trust Account which may be withdrawn to pay taxes, (y) not apply to any claims
by a third party or a Target which 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) not apply to any claims under the Company’s indemnity of the Underwriters against certain liabilities,
including liabilities under the Securities Act of 1933, as amended. The Indemnitor 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 Indemnitor, the Indemnitor notifies the Company in writing that it shall undertake such defense.

 

5. To the extent that the Underwriters do not exercise
their over-allotment option to purchase up to an additional 2,250,000 Units in full within 45 days from the date of the Prospectus (and
as further described in the Prospectus), the Sponsor, byNordic Holdings, byNordic Holdings II and each Insider agrees to forfeit, at no
cost, a number of Founder Shares in the aggregate equal to 750,000 multiplied by a fraction, (i) the numerator of which is 2,250,000 minus
the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which
is 2,250,000. The Sponsor, byNordic Holdings, byNordic Holdings II and each Insider will be required to forfeit only that number of Founder
Shares as is necessary so that the aggregate number of Founder Shares held by the Initial Stockholders will constitute 25% of the Company’s
issued and outstanding shares of Capital Stock (including in such calculation any forward purchase shares issued pursuant to the forward
purchase agreement entered into between the Company and the forward purchaser thereunder but excluding from such calculation the Private
Shares, any shares of Class A Common Stock issued to the Sponsor or its affiliates upon conversion of working capital loans made by the
Sponsor or its affiliates to the Company, any securities issued or issuable to any seller in the initial Business Combination and any
shares of Class A Common Stock issued upon exercise of the warrants included as a part of the Units) after the Public Offering. Any such
forfeiture will be applied pro rata based on the number of Founder Shares held by such Insider as a percentage of the total number
of Founder Shares outstanding; provided that, in the case of the Sponsor, byNordic Holdings and byNordic Holdings II, such forfeiture
shall be applied based on the number of Private Shares held by each of the Sponsor, byNordic Holdings and byNordic Holdings II, respectively,
as percentage of the total Private Shares outstanding held by the Sponsor, byNordic Holdings, and byNordic Holdings II and in accordance
with the terms of any shareholders agreement among the Insiders.

 

6. (a) Each Insider hereby agrees not to become
an officer of any other special purpose acquisition company with a class of securities registered under the Exchange Act until the Company
has entered into a definitive agreement regarding an initial Business Combination or unless the Company has failed to complete a Business
Combination within the time period set forth in the Charter and liquidates the Trust Account, provided, that Thomas Fairfield may
become an officer or director of another special purpose acquisition company which does not have a focus on acquiring a technology growth
company in the northern part of Europe.

 

(b) The Sponsor, byNordic Holdings, byNordic Holdings
II and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured in the event
of a breach by such Sponsor, byNordic Holdings, byNordic Holdings II or an Insider of its, his or her obligations under paragraphs 1,
2, 3, 4, 5, 6(a), 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.

 

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7. (a) The Sponsor, byNordic Holdings, byNordic
Holdings II 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 to occur of: (A) one year after the completion of the Company’s initial Business Combination
or (B) at any time following the completion of the Business Combination, (x) the date on which the last sale 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 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, byNordic Holdings, byNordic Holdings
II and each Insider agrees that it, he or she shall not Transfer any Private Shares until thirty (30) days after the completion of a Business
Combination (the “Private Shares Lock-up Period”, together with the Founder Shares Lock-up Period, the “Lock-up
Periods”).

 

(c) Notwithstanding the provisions set forth in
paragraphs 7(a) and (b), Transfers of the Founder Shares or the Private Shares that are held by the Sponsor, byNordic Holdings, byNordic
Holdings II, any Insider or any of their permitted transferees (that have complied with this paragraph 7(c)), are permitted (a) to the
Company’s officers, directors or employees, any Affiliate or Immediate Family Member of any of the Company’s officers, directors
or employees or any Affiliate of the Insider or to any member(s) or limited partners of the Insider or any of their Affiliates; (b) in
the case of an individual, by gift to such individual’s Immediate Family Member or to a trust, the beneficiary of which is a member
of such individual’s Immediate Family Member, an affiliate of such individual or to a charitable organization; (c) in the case of
an individual, by virtue of laws of descent and distribution upon death of such individual; (d) in the case of an individual, pursuant
to a qualified domestic relations order; (e) a family trust, foundation or partnership established for the exclusive benefit of an Insider,
any of his, her or its Affiliates or any of their respective Immediate Family Members, (f) by private sales or transfers made in connection
with the consummation of an initial Business Combination at prices no greater than the price at which the shares were originally purchased;
(g) in the event of the Company’s liquidation prior to the completion of an initial Business Combination; or (i) by virtue of the
laws of Sweden or the Sponsor’s shareholders’ agreement or articles of association upon dissolution of the Sponsor or the
laws of the State of Delaware or byNordic Holdings’ limited liability company agreement upon dissolution of byNordic Holdings or
byNordic Holdings II’s limited liability company agreement upon dissolution of byNordic Holdings II; provided, however,
that in each case these permitted transferees must enter into a written agreement with the Company agreeing to be bound by the transfer
restrictions herein.

 

8. The Sponsor, byNordic Holdings, byNordic Holdings
II 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 the Insider’s background. Each Insider’s questionnaire
furnished to the Company is true and accurate in all respects. 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, none
of the Sponsor, byNordic Holdings, byNordic Holdings II or any officer, director, advisor or any affiliate of the Sponsor, byNordic Holdings
or byNordic Holdings II, shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any
repayment of a loan or other compensation prior to, or in connection with any services rendered in order to effectuate, the consummation
of the Company’s initial Business Combination (regardless of the type of transaction that it is) .

 

10. The Sponsor, byNordic Holdings, byNordic Holdings
II 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 director on the board of directors of the Company and hereby consents to being named in the Prospectus as
an officer and/or director of the Company.

 

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11. As used herein, (i) “Affiliate”
means, with respect to any specified Person, any Person that directly or indirectly controls, is controlled by, or is under common control
with such specified Person and, with respect to a specified Person that is an individual, such Person’s Immediate Family Members.
For purposes of this definition, “control” means the possession, direct or indirect, of the power to direct or cause the direction
of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise, (ii) “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; (iii) “Capital Stock” shall mean, collectively,
the Common Stock, the Private Shares and the Founder Shares; (iv) “Founder Shares” shall mean (a) the 5,750,000
shares of the Company’s Class B common stock, par value $0.0001 per share (up to 750,000 shares of which are subject to complete
or partial forfeiture by the Sponsor if the over-allotment option is not exercised by the Underwriters) (which gives effect to a stock
dividend of 0.5 of a share for each share of Class B common stock outstanding in February 2021 and a stock dividend of 1/3 of a share
for each share of Class B common stock outstanding on November 17, 2021), which was initially purchased before giving effect to the stock
dividends at an aggregate purchase price of $25,000, or approximately $0.009 per share, prior to the consummation of the Public Offering;
(v) “Immediate Family Member” means with respect to any Person, his or her “Child” (defined as biological,
adopted, or foster child, legal ward or child of a Person standing in loco parentis), grandchild, spouse, domestic partner, parent, grandparent,
or a Child or parent of a Person’s spouse or domestic partner, or sibling (including a half, adopted, or step sibling), or any trust
for the benefit of any of the foregoing Persons; (vi) “Initial Stockholders” shall mean the Sponsor, byNordic
Holdings, byNordic Holdings II and any Insider that holds Founder Shares; (vii) “Person” shall mean any individual,
corporation (including any non-profit corporation), general partnership, limited partnership, limited liability partnership, joint venture,
estate, trust, company (including any limited liability company or joint stock company), firm or other enterprise, association, organization,
entity or governmental entity; (viii) “Private Shares” shall mean the 850,000 (or up to 940,000 if the over-allotment
option is exercised in full) shares of Common Stock of the Company that the Sponsor, byNordic Holdings and byNordic Holdings II have agreed
to purchase for an aggregate purchase price of $8,500,000 (or up to $9,400,000 if the over-allotment option is exercised in full) in the
aggregate, or $10.00 per private share, in a private placement that shall occur simultaneously with the consummation of the Public Offering;
(ix) “Public Stockholders” shall mean the holders of securities issued in the Public Offering; (x) “Trust
Account” shall mean the trust fund into which a portion of the net proceeds of the Public Offering shall be deposited; and
(xi) “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge,
grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase
of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16
of the 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).

 

12. The Company will maintain an insurance policy
or policies providing directors’ and officers’ liability insurance, and each Director shall be covered by such policy or policies,
in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company’s directors or officers.

 

13. 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.

 

14. 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.

 

15. 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, byNordic Holdings, byNordic Holdings II and each Insider
and their respective successors, heirs and assigns and permitted transferees.

 

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16. Nothing in this Letter Agreement shall be construed
to confer upon, or give to, any person or corporation 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.

 

17. This Letter Agreement may be executed simultaneously
in two or more counterparts, none of which needs to 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.

 

18. 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.

 

19. 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.
THE PARTIES HERETO HEREBY WAIVE ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS LETTER AGREEMENT AND THE
TRANSACTIONS CONTEMPLATED HEREBY.

 

20. 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.

 

21. 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 and closed by March 31, 2022 (as such date may be extended
by mutual agreement of the parties hereto in writing); provided further that paragraph 4 of this Letter Agreement shall survive such liquidation.

 

22. The Company, the Sponsor, byNordic Holdings,
byNordic Holdings II and each Insider hereby acknowledges and agrees that the Representatives on behalf of the Underwriters is a third
party beneficiary of this Letter Agreement.

 

[Signature Page Follows]

 

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Sincerely,

 

	WATER BY NORDIC AB	 
	 	 
	By:	/s/ Jonas Olsson	 
	 	Name: 	Jonas Olsson	 
	 	Title:	Chairman of the Board	 

 

	BYNORDIC HOLDINGS LLC	 
	 	 	 	 
	By: byNordic Manager LLC	 
	 	 
	 	By:	/s/ Thomas L. Fairfield	 
	 	 	Name: 	Thomas L. Fairfield	 
	 	 	Title:	President	 

 

	BYNORDIC HOLDINGS II LLC	 
	 	 	 	 
	By: byNordic Manager LLC	 
	 	 
	 	By:	/s/ Thomas L. Fairfield	 
	 	 	Name: 	Thomas L. Fairfield	 
	 	 	Title:	President	 

 

	ADDITIONAL PARTIES:	 
	 	 	 
	By:	/s/ Anna Yukiko Bickenbach	 
	 	Name: Anna Yukiko Bickenbach	 
	 	 	 
	By:	/s/ Fredrik Elmberg	 
	 	Name: Fredrik Elmberg	 
	 	 	 
	By:	/s/ Thomas L. Fairfield	 
	 	Name: Thomas L. Fairfield	 
	 	 	 
	By:	/s/ Michael Hermansson	 
	 	Name: Michael Hermansson	 
	 	 	 
	By:	/s/ Mats Karlsson	 
	 	Name: Mats Karlsson	 
	 	 	 
	By:	/s/ Alexander “Bigge” Lidgren	 
	 	Name: Alexander “Bigge” Lidgren	 
	 	 	 
	By:	/s/ Christian Merheim	 
	 	Name: Christian Merheim	 
	 	 	 
	By:	/s/ Anders Norlin	 
	 	Name: Anders Norlin	 
	 	 	 
	By:	/s/ Jonas Olsson	 
	 	Name: Jonas Olsson	 
	 	 	 
	By:	/s/ Steven Wasserman	 
	 	Name: Steven Wasserman	 

 

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	ACKNOWLEDGED AND AGREED:	 
	 	 
	BYNORDIC ACQUISITION CORPORATION	 
	 	 	 
	By:	/s/ Michael Hermansson	 
	 	Name: 	Michael Hermansson	 
	 	Title: 	Chief Executive Officer	 

 

[Signature Page to Insider Letter Agreement]

 

8Exhibit 10.3

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management
Trust Agreement (this “Agreement”) is made effective as of February 8, 2022, by and between byNordic Acquisition
Corporation, a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New
York limited trust company (the “Trustee”).

 

WHEREAS, the Company’s registration statement
on Form S-1, File No. 333-248488 (the “Registration Statement”) and prospectus (the “Prospectus”)
for the initial public offering of the Company’s units (the “Units”), each of which consists 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 whole warrant entitling the holder thereof to purchase one share of Common Stock (such initial public
offering hereinafter referred to as the “Offering”), has been declared effective on or prior to the date
hereof by the U.S. Securities and Exchange Commission; 

 

WHEREAS, the Company has entered into an Underwriting
Agreement (the “Underwriting Agreement”) with Keefe, Bruyette & Woods, Inc. and Drexel Hamilton, LLC as
representatives (the “Representatives”) of the several underwriters (the “Underwriters”)
named therein in connection with the Offering;

 

WHEREAS, the Company shall privately place 850,000
shares of Common Stock (or to the extent that the Underwriters exercise their over-allotment option, up to 940,000 shares of Common Stock)
(the “Private Shares”) in private placement transactions occurring simultaneously with the closing of the
Offering pursuant to (i) the Securities Purchase Agreement, dated as of February 8, 2022, between the Company and Water by Nordic AB,
a Swedish limited liability company (the “Sponsor”), pursuant to which the Sponsor agreed to purchase an
aggregate of 425,000 Private Shares (or up to 470,000 Private Shares or to the extent that the Underwriters exercise their over-allotment
option), (ii) the Securities Purchase Agreement, dated as of February 8, 2022, between the Company and byNordic Holdings LLC, a Delaware
limited liability company (“byNordic Holdings”), pursuant to which byNordic Holdings agreed to purchase an aggregate
of 252,500 Private Shares (or up to 275,000 Private Shares to the extent that the Underwriters exercise their over-allotment option),
and (iii) the Securities Purchase Agreement, dated as of February 8, 2022, between the Company and byNordic Holdings II LLC, a Delaware
limited liability company (“byNordic Holdings II”), pursuant to which byNordic Holdings II agreed to purchase
an aggregate of 172,500 Private Shares (or up to 195,000 Private Shares to the extent that the Underwriters exercise their over-allotment
option);

 

WHEREAS, as described in the Prospectus, $153,000,000
of the gross proceeds of the Offering and sale of the Private Shares (or up to $175,950,000 to the extent that the underwriters of the
Offering exercise their over-allotment option) equaling $10.20 per Unit will be delivered to the Trustee to be deposited and held in a
segregated trust account located at all times in the United States (the “Trust Account”) for the benefit of
the Company and the holders of the Common Stock included in the Units issued in the Offering as hereinafter provided (the amount to be
delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,”
the stockholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,”
and the Public Stockholders and the Company will be referred to together as the “Beneficiaries”);

 

WHEREAS, pursuant to the Underwriting Agreement,
a portion of the Property equal to $5,250,000 (or up to $6,037,500 to the extent that the Underwriters exercise their over-allotment option),
is attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters upon and concurrently
with the consummation of the Business Combination (as defined below) (the “Deferred Discount”);

 

WHEREAS, if the Business Combination is not consummated
within the initial fifteen (15) month period following the closing of the Offering, upon the request of the Sponsor or any of its affiliates
or designees, the Company may extend such period one time by an additional three (3) months (for a total of up to eighteen (18) months
to complete the Business Combination), subject to the Sponsor or any its affiliates or permitted designees depositing into the Trust Account
on or prior to the expiration of the initial fifteen (15) month period an additional $0.10 per unit offered in the Offering ($1,500,000
or up to $1,725,000 to the extent that the underwriters’ over-allotment option is exercised), no later than the expiration of the
initial fifteen (15) month period, in exchange for which the Sponsor or any of its affiliates or designees will receive a non-interest
bearing, unsecured promissory note from the Company for such extension payable upon consummation of the Business Combination; and

 

    1

     

    

 

WHEREAS, the Company and the Trustee desire to
enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.

 

NOW THEREFORE, IT IS AGREED:

 

1.
Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a)
Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established
by the Trustee in the United States at JPMorgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets
of $100 billion or more) and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the Company;

 

(b)
Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c)
(c) In a timely manner, upon the written instruction of the Company, invest and reinvest the Property solely in United States government
securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or
less, or in money market funds meeting the conditions of Rule 2a-7(d) promulgated under the Investment Company Act of 1940, as amended
(or any successor rule), which invest only in direct U.S. government treasury obligations, as determined by the Company; it being understood
that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder; while the
account funds are invested or uninvested, the Trustee may earn bank credits or other consideration;

 

(d)
Collect and receive, when due, all interest or other income arising from the Property, which shall become part of the “Property,”
as such term is used herein;

 

(e)
Promptly notify the Company and the Representatives of all communications received by the Trustee with respect to any Property
requiring action by the Company;

 

(f)  
Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with
the Company’s preparation of the tax returns relating to assets held in the Trust Account;

 

(g)
Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when
instructed by the Company to do so;

 

(h)
Render to the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all receipts
and disbursements of the Trust Account;

 

(i)  
Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms
of a letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto
as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer,
Chief Financial Officer, President, Executive Vice President, Vice President, Secretary or Chairman of the board of directors of the Company
(the “Board”) or other authorized officer of the Company, and, in the case of a Termination Letter in a form
substantially similar to the attached hereto as Exhibit A, acknowledged and agreed to by the Representatives, and complete the liquidation
of the Trust Account and distribute the Property in the Trust Account, including interest not previously released to the Company to pay
its taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses), only as directed in the Termination
Letter and the other documents referred to therein, or (y) the date which is the later of (1) fifteen (15) months after the closing of
the Offering as such date may be extended for an additional three month period for a total of up to eighteen (18) months after the closing
of the Offering in the manner set forth in the Company’s amended and restated certificate of incorporation and (2) such later date
as may be approved by the Company’s stockholders in accordance with the Company’s amended and restated certificate of incorporation
if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in
accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust
Account, including interest not previously released to the Company to pay its taxes (less up to $100,000 of interest that may be released
to the Company to pay dissolution expenses) shall be distributed to the Public Stockholders of record as of such date. It is acknowledged
and agreed that there should be no reduction in the principal amount per share initially deposited in the Trust Account;

 

    2

     

    

 

(j)  
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C, withdraw from the Trust Account and distribute to the Company the amount of interest earned on the Property requested
by the Company to cover any tax obligation owed by the Company as a result of assets of the Company or interest or other income earned
on the Property, which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment,
and the Company shall forward such payment to the relevant taxing authority; provided, however, that to the extent there
is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust Account
as shall be designated by the Company in writing to make such distribution, so long as there is no reduction in the principal amount per
share initially deposited in the Trust Account; provided, further, that if the tax to be paid is a franchise tax, the written
request by the Company to make such distribution shall be accompanied by a copy of the franchise tax bill from the State of Delaware for
the Company (it being acknowledged and agreed that any such amount in excess of interest income earned on the Property shall not be payable
from the Trust Account). The written request of the Company referenced above shall constitute presumptive evidence that the Company is
entitled to said funds, and the Trustee shall have no responsibility to look beyond said request;

 

(k)
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit D, the Trustee shall distribute on behalf of the Company the amount requested by the Company to be used to redeem shares
of Common Stock from Public Stockholders properly submitted in connection with a stockholder vote to approve an amendment to the Company’s
amended and restated certificate of incorporation to modify the substance or timing of the ability of Public Stockholders to seek redemption
in connection with an initial Business Combination or the Company’s obligation to redeem 100% of its public shares of Common Stock if
the Company has not consummated an initial Business Combination within such time as is described in clause (y) of Section 1(i) of the
Agreement. The written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled to distribute
said funds, and the Trustee shall have no responsibility to look beyond said request;

 

(l)  
If an initial Business Combination is not consummated within the initial fifteen (15) month period following the closing of the
Offering, upon the request of the Sponsor, the Company may, but will not be required to, extend such period one time by an additional
three (3) months (for a total of up to eighteen (18) months to complete an initial Business Combination), subject to the Sponsor or its
affiliates or permitted designees depositing an additional $0.10 per unit offered in the Offering ($1,500,000 or up to $1,725,000 to the
extent that the underwriters’ over-allotment option is exercised) to the Trust Account no later than the 15-month anniversary of
the closing of the Offering (the “Deadline”) for such extensions (the “Extension” and
such three-month period, an “Extension Period”), in exchange for which the Sponsor or its affiliates or
permitted designees will receive a non-interest bearing, unsecured promissory note from the Company for such Extension payable upon consummation
of an initial Business Combination;

 

(m)    
Upon receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit E hereto at
least five (5) business days prior to the Deadline, signed on behalf of the Company by an executive officer, and receipt of the dollar
amount specified in the Extension Letter on or prior to such Deadline, follow the instructions set forth in the Extension Letter, including
the deposit of the applicable dollar amount specified in the Extension Letter to the Trust Account on or prior to such Deadline; and

 

(n)
not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j) or (k) above.

 

2.
Agreements and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)
Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Chief Executive Officer,
Chief Financial Officer, President, Executive Vice President, Vice President or Secretary. In addition, except with respect to its duties
under Sections 1(i), 1(j) and 1(k) hereof, the Trustee shall be entitled to rely on, and shall be protected in relying
on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable care, believes to be given by any one of
the persons authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in writing;

 

    3

     

    

 

(b)
Subject to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all expenses,
including reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder
and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any
claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or
any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence, fraud or willful misconduct.
Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant
to which the Trustee intends to seek indemnification under this Section 2(b), it shall notify the Company in writing of such claim
(hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage the
defense against such Indemnified Claim; provided that the Trustee shall obtain the consent of the Company with respect to the selection
of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim without the prior
written consent of the Company, which such consent shall not be unreasonably withheld. The Company may participate in such action with
its own counsel;

 

(c)
Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee,
and transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood
that the Property shall not be used to pay such fees unless and until the closing of the Business Combination (defined below). The Company
shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the Offering. The Company
shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c), Schedule A
and as may be provided in Section 2(b) hereof;

 

(d)
In connection with any vote of the Company’s stockholders regarding a merger, capital stock exchange, asset acquisition, stock
purchase, reorganization or similar business combination involving the Company and one or more businesses (the “Business Combination”),
provide to the Trustee an affidavit or certificate of the inspector of elections for the stockholder meeting verifying the vote of such
stockholders regarding such Business Combination;

 

(e)
Provide the Representatives with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee
with respect to any proposed withdrawal from the Trust Account promptly after it issues the same;

 

(f)  
Unless otherwise agreed between the Company and the Representatives, ensure that any Instruction Letter (as defined in Exhibit
A) delivered in connection with a Termination Letter in the form of Exhibit A expressly provides that the Deferred Discount is paid directly
to the account or accounts directed by the Representatives on behalf of the Underwriters prior to any transfer of the funds held in the
Trust Account to the Company or any other person;

 

(g)
Instruct the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the
Trustee to make any distributions that are not permitted under this Agreement; and

 

(h)
Within four (4) business days after the Underwriters exercise the over-allotment option (or any unexercised portion thereof) or
such over-allotment expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount, which shall in
no event be less than $5,250,000 and which shall be up to $6,037,500 to the extent that the Underwriters exercise their over-allotment
option.

 

3.
Limitations of Liability. The Trustee shall have no responsibility or liability to:

 

(a)
Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this
Agreement and that which is expressly set forth herein;

 

    4

     

    

 

(b)
Take any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no
liability to any third party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;

 

(c)
Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding
of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided
herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;

 

(d)
Refund any depreciation in principal of any Property;

 

(e)
Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless
provided otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

(f)  
The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted,
in good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct. The Trustee
may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including
counsel chosen by the Trustee, which counsel may be the Company’s counsel), statement, instrument, report or other paper or document (not
only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information
therein contained) which the Trustee believes, in good faith and with reasonable care, to be genuine and to be signed or presented by
the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission
of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee, signed by the proper
party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto;

 

(g)
Verify the accuracy of the information contained in the Registration Statement;

 

(h)
Provide any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as
contemplated by the Registration Statement;

 

(i)  
File information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic
written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the
Property;

 

(j)  
Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and
activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but
not limited to, franchise and income tax obligations, except pursuant to Section 1(j) hereof; or

 

(k)
Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i),
1(j) or 1(k) hereof.

 

4.
Trust Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it
may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation,
under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely against the Company and its assets
outside the Trust Account and not against the Property or any monies in the Trust Account.

 

    5

     

    

 

5.
Termination. This Agreement shall terminate as follows:

 

(a)
If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such time
that the Company notifies the Trustee that a successor trustee has been appointed and has agreed to become subject to the terms of this
Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer
of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however,
that in the event that the Company does not locate a successor trustee within ninety (90) days of receipt of the resignation notice from
the Trustee, the Trustee may submit an application to have the Property deposited with any court in the State of New York or with the
United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability
whatsoever; or

 

(b)
At such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions
of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement
shall terminate except with respect to Section 2(b).

 

 

6.
Miscellaneous.

 

(a)
The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect
to funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating
to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized
persons may have obtained access to such confidential information, or of any change in its authorized personnel. In executing funds transfers,
the Trustee shall rely upon all information supplied to it by the Company, including, account names, account numbers, and all other identifying
information relating to a Beneficiary, Beneficiary’s bank or intermediary bank. Except for any liability arising out of the Trustee’s
gross negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any error
in the information or transmission of the funds.

 

(b)
This 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. This Agreement
may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute
but one instrument.

 

(c)
This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof.
This Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing
signed by each of the parties hereto; provided, however, that no such change, amendment or modification to Section 1(i), 2(f) or Exhibit
A may be made without the prior written consent of the Representatives.

 

(d)
This Agreement or any provision hereof may only be changed, amended or modified pursuant to Section 6(c) hereof with the
Consent of the Stockholders. For purposes of this Section 6(d), the “Consent of the Stockholders” means
receipt by the Trustee of a certificate from the inspector of elections of the stockholder meeting certifying that the Company’s stockholders
of record as of a record date established in accordance with Section 213(a) of the Delaware General Corporation Law, as amended (“DGCL”)
(or any successor rule), who hold sixty-five percent (65%) or more of all then outstanding shares of the Common Stock and Class B common
stock, par value $0.0001 per share, of the Company voting together as a single class, have voted in favor of such change, amendment or
modification. No such amendment will affect any Public Stockholder who has otherwise indicated his election to redeem his shares of Common
Stock in connection with a stockholder vote sought to amend this Agreement to modify the substance or timing of the Company’s obligation
to redeem 100% of the Common Stock if the Company does not complete its initial Business Combination within the time frame specified in
the Company’s amended and restated certificate of incorporation. Except for any liability arising out of the Trustee’s gross negligence,
fraud or willful misconduct, the Trustee may rely conclusively on the certification from the inspector or elections referenced above and
shall be relieved of all liability to any party for executing the proposed amendment in reliance thereon.

 

(e)
The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of
New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT,
EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

    6

     

    

 

(f) Any notice, consent or
request to be given in connection with any of the terms or provisions of this 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 by electronic mail:

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

cgonzalez@continentalstock.com

 

if to the Company, to:

 

byNordic Acquisition Corporation

Michael Hermansson

Chief Executive Officer and Chief Financial Officer

c/o Pir 29

Einar Hansens Esplanad 29

211 13 Malmö

Sweden

 

in each case, with copies to:

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, NY 10105

Attn: Stuart Neuhauser, Esq.

Email: sneuhauser@egsllp.com

 

and

 

Keefe, Bruyette & Woods, Inc.

787 7th Avenue, 4th Floor

New York, New York, 10019

Attn: Capital
Markets

 

and

 

Drexel Hamilton, LLC

77 Water Street, Suite 201

New York, New York, 10005

Attn: Roger Elsas

 

and

 

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

Attn: Paul D. Tropp, Esq. and Christopher J. Capuzzi, Esq.

Tel: (212) 596-9000

Paul.tropp@ropesgray.com and Christopher.capuzzi@ropesgray.com

 

    7

     

    

 

(g)
Each of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized to enter
into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall
not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust
Account under any circumstance.

 

(h)
This Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject to the mutual consultation,
negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

(i)  
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission
shall constitute valid and sufficient delivery thereof.

 

(j)  
Each of the Company and the Trustee hereby acknowledges and agrees that Keefe, Bruyette & Woods, Inc., a Stifel Company, as
representative of the underwriters, is a third-party beneficiary of this Agreement.

 

(k)
Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other
person or entity.

 

[Signature Page Follows]

 

    8

     

    

 

IN WITNESS WHEREOF,
the parties have duly executed this Investment Management Trust Agreement as of the date first written above.

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 	 
	 	By:	/s/ Francis Wolf
	 	 	Name:  	Francis Wolf
	 	 	Title: 	Vice President
	 	 	 
	 	BYNORDIC ACQUISITION CORPORATION
	 	 	 
	 	By:	/s/ Michael Hermansson
	 	 	Name: 	Michael Hermansson
	 	 	Title: 	Chief Executive Officer

 

[Signature Page to Investment Management Trust
Agreement]

 

    9

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial Acceptance	 	Initial closing of Offering by wire transfer.	 	$	3,500	 
	Trustee administration fee	 	Payable annually. First year fee payable, at initial closing of Offering by wire transfer, thereafter by wire transfer or check.	 	$	10,000	 
	Transaction processing fee for disbursements to Company under Sections 1(i), (j) and (k)	 	Billed to Company following disbursement made to Company under Section 1	 	$	250	 
	Paying Agent services as required pursuant to Sections 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to Section 1(i) and 1(k)	 	 	Prevailing rates	 

 

    10

     

    

 

EXHIBIT A

[Letterhead of Company]

[Insert date]

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account  -  Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of
the Investment Management Trust Agreement between byNordic Acquisition Corporation (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of February 8, 2022 (the “Trust Agreement”),
this is to advise you that the Company has entered into an agreement with (the “Target Business”) to consummate
a business combination with Target Business (the “Business Combination”) on or about [insert date]. The Company
shall notify you at least seventy-two (72) hours in advance of the actual date of the consummation of the Business Combination (the “Consummation
Date”). Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account and to transfer the proceeds
to a segregated account held by you on behalf of the Beneficiaries to the effect that, on the Consummation Date, all of the funds held
in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on the Consummation
Date (including as directed to it by the Representatives on behalf of the Underwriters (with respect to the Deferred Discount)). It is
acknowledged and agreed that while the funds are on deposit in the trust operating account at JP Morgan Cahse Bank, N.A. awaiting distribution,
the Company will not earn any interest or dividends.

 

On the Consummation Date (i)
counsel for the Company shall deliver to you written notification that the Business Combination has been consummated, or will be consummated
concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”) and (ii)
the Company shall deliver to you (a) a certificate of the Chief Executive Officer, which verifies that the Business Combination has been
approved by a vote of the Company’s stockholders, if a vote is held and (b) a joint written instruction signed by the Company and the
Representatives with respect to the transfer of the funds held in the Trust Account, including payment of amounts owed to public stockholders
who have properly exercised their redemption rights and payment of the Deferred Discount to the Representatives from the Trust Account
(the “Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account
immediately upon your receipt of the Notification and the Instruction Letter, in accordance with the terms of the Instruction Letter.
In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will
notify the Company in writing of the same and the Company shall direct you as to whether such funds should remain in the Trust Account
and be distributed after the Consummation Date to the Company. Upon the distribution of all the funds, net of any payments necessary for
reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

In the event that the Business
Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the
original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the
funds held in the Trust Account shall be reinvested as provided in Section 1(c) of the Trust Agreement on the business day immediately
following the Consummation Date as set forth in such notice as soon thereafter as possible.

 

    11

     

    

 

	 	Very truly yours,
	 	 
	 	byNordic Acquisition Corporation
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

Acknowledged and Agreed by:

	Keefe, Bruyette & Woods, Inc.
	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    12

     

    

 

EXHIBIT B

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account  - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of
the Investment Management Trust Agreement between byNordic Acquisition Corporation (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of February 8, 2022 (the “Trust Agreement”),
this is to advise you that the Company has been unable to effect a business combination with a Target Business (the “Business
Combination”) within the time frame specified in Section 1(i) of the Trust Agreement. Capitalized terms used but not defined
herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to transfer the total proceeds
into a segregated account held by you on behalf of the Beneficiaries to await distribution to the Public Stockholders. The Company has
selected (1) as the effective date for the purpose of determining when the Public Stockholders will be entitled to receive
their share of the liquidation proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree
to distribute said funds directly to the Company’s Public Stockholders in accordance with the terms of the Trust Agreement and the Amended
and Restated Certificate of Incorporation of the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable
unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated, except
to the extent otherwise provided in Section 1(j) of the Trust Agreement.

 

	(1)	15 months from the closing of the Offering, or at a later date, if extended.

 

	 	Very truly yours,
	 	 
	 	byNordic Acquisition Corporation
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	cc:	Keefe, Bruyette & Woods, Inc.
	 	Drexel Hamilton, LLC

 

    13

     

    

 

EXHIBIT C

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account  - Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(j)
of the Investment Management Trust Agreement between byNordic Acquisition Corporation (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of February 8, 2022 (the “Trust Agreement”),
the Company hereby requests that you deliver to the Company $ of the interest income earned on the Property as of the date hereof. Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds
to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement,
you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to a segregated
account held by you on behalf of the Beneficiaries:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	byNordic Acquisition Corporation
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	cc:	Keefe, Bruyette & Woods, Inc.
	 	Drexel Hamilton, LLC

 

    14

     

    

 

EXHIBIT D

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account  -  Shareholder Redemption Withdrawal Instruction
	 	 	 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(k)
of the Investment Management Trust Agreement between byNordic Acquisition Corporation (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of February 8, 2022 (the “Trust Agreement”),
the Company hereby requests that you deliver to the redeeming Public Stockholders of the Company $[    ] of the principal and interest income
earned on the Property as of the date hereof to a segregated account held by you on behalf of the Beneficiaries for distribution to the
Stockholders who have requested redemption of their Common Stock. Capitalized terms used but not defined herein shall have the meanings
set forth in the Trust Agreement.

 

The Company needs such funds
to pay its Public Stockholders who have properly elected to have their shares of Common Stock redeemed by the Company in connection with
a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation to modify the substance
or timing of the Company’s obligation to redeem 100% of public shares of Common Stock if the Company has not consummated an initial Business
Combination within such time as is described in Section 1(i) of the Trust Agreement. As such, you are hereby directed and authorized to
transfer (via wire transfer) such funds promptly upon your receipt of this letter to a segregated account held by you on behalf of the
Beneficiaries.

 

	 	Very truly yours,
	 	 	 
	 	byNordic Acquisition Corporation
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Cc:	Keefe, Bruyette & Woods, Inc.
	 	Drexel Hamilton, LLC

 

    15

     

    

 

EXHIBIT E

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account Extension Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(m) of the Investment Management
Trust Agreement between byNordic Acquisition Corporation (“Company”) and Continental Stock Transfer & Trust Company, dated
as of February 8, 2022 (“Trust Agreement”), this is to advise you that the Company is extending the time available to consummate
a Business Combination for an additional three (3) months, from _______ to _________ (the “Extension”).

 

This Extension Letter shall serve as the notice
required with respect to the Extension prior to the Deadline.

 

Capitalized words used herein and not otherwise
defined shall have the meanings ascribed to them in the Trust Agreement.

 

In accordance with the terms of the Trust Agreement,
we hereby authorize you to deposit $_________, which will be wired to you, into the Trust Account investments upon receipt.

 

	 	Very truly yours,
	 	 	 
	 	byNordic Acquisition Corporation
	 	 	 
	 	By:	     
	 	 	Name:	       
	 	 	Title:	 

 

	Cc:	Keefe, Bruyette & Woods, Inc.
	 	Drexel Hamilton, LLC

 

 

16

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