Document:

Exhibit 4.1

 

SUBSCRIPTION RIGHTS CERTIFICATE #:

 

THIS OFFER EXPIRES AT 5:00 P.M.,

NEW YORK CITY TIME, ON FEBRUARY 11, 2022, UNLESS EXTENDED BY THE COMPANY

 

LUMENT FINANCE TRUST, INC.

 

SUBSCRIPTION RIGHTS CERTIFICATE

 

Evidencing Transferable Subscription Rights
to Purchase Shares of Common Stock of Lument Finance Trust, Inc.

 

REGISTERED OWNER:

 

Each registered holder of
this Subscription Rights Certificate (a “Rights Holder”) is entitled to the number of transferable subscription rights
(each, a “Right”) to subscribe for and purchase the number of shares of common stock, par value $0.01 per share (“Common
Stock”), of Lument Finance Trust, Inc., a Maryland corporation (the “Company”), as specified herein, on the
terms and subject to the conditions set forth in the Company’s prospectus supplement, dated January 7, 2022, as amended and supplemented
from time to time, and the accompanying prospectus, dated August 6, 2021 (collectively, the “Prospectus”), which are
incorporated herein by reference.

 

Pursuant to the rights offering
described in the Prospectus (the “Offering”), each stockholder owning Common Stock as of 5:00 p.m., New York City time,
on January 18, 2022 (such date, the “Record Date” and, such stockholder, a “Record Date Stockholder”)
is entitled to receive 1.5 Rights for each outstanding share of Common Stock owned on the Record Date. The Company will not issue any
fractional Rights. Each Rights Holder is entitled to subscribe for and purchase one new share of Common Stock for each Right held by such
Rights Holder (the “Primary Subscription”) at the subscription price (the “Subscription Price”),
to be calculated as described in the Prospectus. The Rights may be exercised at any time during the subscription period, which commences
on January 19, 2022 and ends at 5:00 p.m., New York City time, on February 11, 2022, unless extended by the Company in its sole discretion
(the “Expiration Date”). Set forth below is the number of Rights evidenced by this Subscription Rights Certificate
that the Rights Holder is entitled to exercise pursuant to the Primary Subscription.

 

If any shares of Common Stock
available for purchase in the Offering are not subscribed for by Rights Holders pursuant to the Primary Subscription (“Remaining
Shares”), a Record Date Stockholder that has exercised fully its Rights pursuant to the Primary Subscription is entitled to
subscribe for a number of Remaining Shares, on the terms and subject to the conditions set forth in the Prospectus, including as to pro-ration.
In addition, any Rights Holder other than a Record Date Stockholder who exercises Rights is entitled to subscribe for any Remaining Shares
that are not otherwise subscribed for by Record Date Stockholders pursuant to their over-subscription privilege, on the terms and subject
to the conditions set forth in the Prospectus, including as to pro-ration. These over-subscription privileges are referred to herein as
the “Over-Subscription Privilege.”

 

THE RIGHTS ARE TRANSFERABLE

 

The Rights are
transferable until and including February 10, 2022 (or, if the Offering is extended, until the trading day immediately prior to the
extended Expiration Date). The Company has applied to list the Rights on the New York Stock Exchange (“NYSE”)
under the symbol “LFTRT” and the Rights are expected to be listed for trading on the NYSE until and including February
10, 2022 (or, if the Offering is extended, until the trading day immediately prior to the extended Expiration Date). While the
dealer managers will use their commercially reasonable efforts to ensure that an adequate trading market for the Rights will exist,
no assurance can be given that a market for the Rights will develop. If you are a beneficial owner of shares of Common Stock that
are held of record in the name of a broker, bank or other nominee, you should ask that entity to effect the sale of your Rights or
the purchase of other rights that may be available. If you are a stockholder of record, whether you hold certificates evidencing
shares of Common Stock directly or in book-entry form with the Company’s transfer agent, you will need to engage a broker to
effect the transactions for you.

 

     

     

    

 

Control No: [●]

Cusip No.: 55025L 116

Number of Rights Represented by this Subscription Rights Certificate: [●]

Maximum Number of Shares Available for Purchase Pursuant to the Primary Subscription: [●]

 

THE OFFERING IS TERMINABLE BY THE COMPANY

 

The Company has the ability
to terminate the dealer manager agreement and terminate the Offering with the consent of the dealer managers if, in the Company’s
judgement (upon consultation with the dealer managers), it is inadvisable to proceed with the offering.

 

LIMITATION ON THE EXERCISE OF RIGHTS AND THE
OVER-SUBSCRIPTION PRIVILEGE

 

A Rights Holder may not exercise the Primary Subscription
or the Over-Subscription Privilege if such exercise of the Rights would result in such Rights Holder beneficially or constructively
owning, applying certain attribution rules under the Internal Revenue Code of 1986, as amended, more than 9.8% by value or number of shares,
whichever is more restrictive, of the Company’s outstanding shares of Common Stock or 9.8% by value or number of shares, whichever
is more restrictive, of the Company’s outstanding capital stock, unless such ownership limitation is waived by the Company and does
not result in the loss of its status as a real estate investment trust for U.S. Federal income tax purposes.

 

ESTIMATED SUBSCRIPTION PRICE

 

The estimated subscription
price (the “Estimated Subscription Price”) is $3.58 per share of Common Stock. See also “Method of Exercise of
Rights” below. The Estimated Subscription price is based on 92.5% of the volume-weighted average of the sales prices of the Common
Stock on the NYSE for the five consecutive trading days ending on January 6, 2022.

 

THE SUBSCRIPTION PRICE

 

The Subscription Price for
the shares of Common Stock to be issued pursuant to the Offering will be 92.5% of the volume-weighted average of the sales prices of the
Common Stock on the NYSE for the five consecutive trading days ending on the Expiration Date; provided the subscription price per share
will be no less than $3.06, which equals 70% of the book value per share of the Common Stock as of September 30, 2021.

 

 

SAMPLE CALCULATION FOR A RECORD DATE STOCKHOLDER
WHO OWNS 100 SHARES

PRIMARY SUBSCRIPTION RIGHT (1.5-FOR-1)

 

Number of shares held on the Record Date: 100
x 1.5 = 150 Rights

(1.5 Rights for every share of Common Stock held on the Record Date)

 

     

     

    

 

Number of shares of Common Stock issuable (assuming
full exercise of Primary Subscription):

150 Rights × 1 share per Right = 150 new shares of Common Stock

 

Total payment based on the Estimated Subscription
Price: 150 shares × $3.58 = $537.00

 

METHOD OF EXERCISE OF RIGHTS

 

To exercise your Rights, Broadridge
Corporate Issuer Solutions, Inc. (the “Subscription Agent”) must receive, in the manner specified herein, at or prior
to 5:00 p.m., New York City Time, on February 11, 2022, unless extended by the Company in its sole discretion, either (A) a properly completed
and duly executed Subscription Rights Certificate and a wire, check or bank draft drawn on a bank or branch located in the United States
and payable to “Broadridge Corporate Issuer Solutions, Inc.” for an amount equal to the number of shares of Common Stock subscribed
for pursuant to the Primary Subscription and the Over-Subscription Privilege multiplied by the Estimated Subscription Price; or (B) a
Notice of Guaranteed Delivery by facsimile or otherwise guaranteeing delivery of (i) a properly completed and duly executed Subscription
Rights Certificate and (ii) a wire, check or bank draft drawn on a bank or branch located in the United States and payable to “Broadridge
Corporate Issuer Solutions, Inc.” for an amount equal to the number of shares of Common Stock subscribed for pursuant to the Primary
Subscription and the Over-Subscription Privilege multiplied by the Estimated Subscription Price (which certificate and full payment must
then be delivered at or prior to 5:00 p.m., New York City time, on the second business day after the Expiration Date or, if the Offering
is extended, at or prior to 5:00 p.m., New York City time, on the second business day after the extended Expiration Date). Payment must
be made in U.S. dollars.

 

The method of delivery
of this Subscription Rights Certificate and the payment of the Estimated Subscription Price and, if required, any additional payment is
at the election and risk of the Rights Holder, but if sent by mail it is recommended that the Subscription Rights Certificate and payment
be sent by registered mail, properly insured, with return receipt requested, and that a sufficient number of days be allowed to ensure
delivery to the Subscription Agent and clearance of payment prior to 5:00 p.m., New York City time, on the Expiration Date, as it may
be extended, or the date guaranteed payments are due under a Notice of Guaranteed Delivery (as applicable). Because uncertified personal
checks may take at least five business days to clear, you are strongly urged to pay, or arrange for payment, by means of wire or certified
or cashier’s check.

 

If delivering payment by wire,
Rights Holders should direct payment of immediately available funds to the following wire instructions:

 

Routing number: 123000848
 International/Swift code: USBKUS44IMT
 Bank: U.S. Bank
 800 Nicollet Mall Minneapolis, MN 55402
 Beneficiary Account Name: Broadridge
 Account Number: 153910728465
 Reference: Lument Rights Offer
 For Further Credit Name: Lument Finance Trust, Inc.

 

     

     

    

 

If delivering by mail, hand
or overnight courier, Rights Holders should direct their Subscription Rights Certificates and payments to the following address:

 

	By mail:​	By hand or overnight courier:
	 	 
	Broadridge Corporate Issuer Solutions, Inc.

Attention: BCIS Re-Organization Dept.

P.O. Box 1317

Brentwood, New York 11717-0693 	Broadridge Corporate Issuer Solutions, Inc.

Attention: BCIS IWS

51 Mercedes Way

Edgewood, New York 11717

 

Because Rights Holders must
only pay the Estimated Subscription Price per share to exercise their Rights pursuant to the Offering and the Subscription Price may be
higher or lower than the Estimated Subscription Price (and because a Rights Holder may not receive all the shares for which they subscribe
pursuant to the Over-Subscription Privilege), Rights Holders may receive a refund or be required to pay an additional amount equal to
the difference between the Estimated Subscription Price and the Subscription Price, multiplied by the total number of shares for which
they have subscribed and been issued (including pursuant to the Over-Subscription Privilege). Any additional payment required from a Rights
Holder must be received by the Subscription Agent within ten business days after the confirmation date in order to receive all the shares
of Common Stock subscribed for. Any excess payment to be refunded by the Company to a Rights Holder will be mailed by the Subscription
Agent as promptly as practicable. No interest will be paid on any amounts refunded.

 

Stock certificates will not
be issued for shares of Common Stock sold in the Offering. Stockholders who are record owners will have the shares they acquire credited
to their account with the Company’s transfer agent. Participants in the Company’s dividend reinvestment plan will have any
shares that they acquire pursuant to the Offering credited to their stockholder dividend reinvestment accounts in the plan. Stockholders
whose shares are held of record by Cede & Co. (“Cede”) or by any other depository or nominee on their behalf or
their broker-dealers’ behalf will have any shares that they acquire credited to the account of Cede or the other depository or nominee
holder.

 

A Rights Holder exercising
Rights will have no right to rescind their subscription after receipt of their completed Subscription Rights Certificate together with
payment for shares or a Notice of Guaranteed Delivery by the Subscription Agent. Rights may be transferred in the same manner and with
the same effect as with a negotiable instrument payable to specific persons, by duly completing this Subscription Rights Certificate.
Rights Holders should be aware that if they choose to exercise, assign, transfer or sell only part of their Rights, they may not receive
a new Subscription Rights Certificate in sufficient time to exercise, assign, transfer or sell the remaining Rights evidenced thereby.

 

To subscribe for shares of
Common Stock pursuant to the Primary Subscription, please complete lines “A” and “C” and Section 1 below. To subscribe
for shares of Common Stock pursuant to the Over-Subscription Privilege, please complete lines “A,” “B,” and “C”
and Section 1 below. If you want a new Subscription Rights Certificate evidencing any unexercised Rights delivered to you, complete line
 ”D” below. If you want some or all of your unexercised rights transferred to a designated transferee, or to a bank or broker
to sell for you, complete line ”F” and Section 2 below.

 

FOR A MORE COMPLETE DESCRIPTION
OF THE TERMS AND CONDITIONS OF THE OFFERING, PLEASE REFER TO THE PROSPECTUS, WHICH IS INCORPORATED HEREIN BY REFERENCE. COPIES OF THE
PROSPECTUS ARE AVAILABLE UPON REQUEST FROM THE INFORMATION AGENT, Alliance Advisors, by calling
(toll-free) at (833) 786-6491, by e-mail at LFT@allianceadvisors.com or by mail at Alliance Advisors, 200 Broadacres Drive, 3rd Floor,
Bloomfield, New Jersey 07003.

 

     

     

    

 

	A. Exercise of Primary Subscription	 	 
	                              ×
    $3.58 = $                                     	 	 
	(No. of Shares)  (Estimated Subscription Price)	 	 
	 	 	 
	B. Exercise of Over-Subscription Privilege*	 	 
	                              ×
    $3.58 = $                                     	 	 
	(No. of Shares)  (Estimated Subscription Price)	 	 
	 	 	 
	*If a Rights Holder is a Record Date Stockholder, the Over-Subscription Privilege may only be exercised if its Primary Subscription is exercised in full. 
	 	 	 
	C. Aggregate Subscription Price 	 	 
	 	 	 
	The total payment enclosed or submitted by wire transfer is:
	 	 	 
	$                                                (total payment pursuant to Lines A and B above)
	 	 	 
	D.  ̈ Deliver a certificate representing ______________________ unexercised Rights.
	 	 	 
	E.  ̈ Transfer __________________ Rights to the transferee designated in Section 2.
	 	 	 

 

     

     

    

 

	SECTION 1. SIGNATURE:	 	SECTION 2. TO TRANSFER RIGHTS (Per Line E):
	 	 	 
	I acknowledge that I have received the Prospectus for the Offering and agree to its
terms. I hereby irrevocably subscribe for the number of shares of Common Stock indicated as the total of Lines A and B above upon the
terms and conditions of the Offering specified in the Prospectus and incorporated by reference herein. I understand and agree that I
will be obligated to pay an additional amount if the Subscription Price as determined on the Expiration Date, as it may be extended,
is in excess of the Estimated Subscription Price. I hereby agree that if I fail to pay in full for the shares of Common Stock for which
I have subscribed, the Company may exercise any of the remedies provided for in the Prospectus. I do not intend to violate the provisions
of the Company’s charter that prohibit any person from beneficially or constructively owning, applying certain attribution rules
under the Internal Revenue Code more than 9.8% by value or number of shares, whichever is more restrictive, of the Company’s outstanding
shares of Common Stock or 9.8% by value or number of shares, whichever is more restrictive, of the Company’s outstanding capital
stock. In the event any shares of Common Stock may be allocable to me pursuant to my exercise of the Rights and/or the Over-Subscription
Privilege, (a) I agree to promptly provide to the Company such information as the Company may request in order to determine compliance,
and to ensure compliance, with the Ownership Limitation, (b) I understand that I may not be allocated any or all of such shares of Common
Stock to the extent such allocation would cause myself or any other person to violate the Ownership Limitation and (c) I understand that
if I am allocated shares of Common Stock that cause myself or any other person to violate the Ownership Limitation, the Company may pursue
remedies available to it under the Company’s charter.	 	For value received, __________________ of the Rights
    represented by this Subscription Certificate are assigned to:
	 	 
	 	(Print full name of Assignee and Social Security Number)
	 	 
	 	 
	 	(Print full address of Assignee)
	 	 
	 	 
	 	(Signature(s) of Assignor(s))
	 	 
	 	The signature(s) on the Subscription Rights Certificate
    must correspond with the name(s) of the registered holder(s) exactly as it appears on the Subscription Rights Certificate without
    any alteration or change whatsoever. In the case of joint registered holders, each person must sign the Subscription Rights Certificate
    in accordance with the foregoing. If you sign the Subscription Rights Certificate in your capacity as a trustee, executor, administrator,
    guardian, attorney-in-fact, agent, officer of a corporation or other fiduciary or representative, you must indicate the capacity
    in which you are signing when you sign and, if requested by the Subscription Agent in its sole and absolute discretion, you must
    present to the Subscription Agent satisfactory evidence of your authority to sign in that capacity.
	 	 	 
	 	 	Signature:                                                                                  
	Signature(s) of Subscriber(s)	 	(Name of Bank
    or Firm)
	 	 	 
	 	 	By:                                                                                              
	Address for delivery of certificate representing unexercised Rights	 	(Signature of
    Officer)
	 	 	 
	If permanent change of address, check here   ̈

 

Daytime telephone number: ( ) _____-____________

 

Evening telephone number: ( ) ______-___________

 

Email
address: _________________________________

	 	IMPORTANT: The signature must be guaranteed
by an Eligible Guarantor Institution, as that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended, which
may include: (a) a commercial bank or trust company; (b) a member firm of a domestic stock exchange; or (c) a savings bank or credit
union.

 

     

     

    

 

Please complete all applicable information
and return to:

 

	By mail:​	By hand or overnight courier:
	 	 
	Broadridge Corporate Issuer Solutions, Inc.

Attention: BCIS Re-Organization Dept.

P.O. Box 1317

Brentwood, New York 11717-0693	Broadridge Corporate Issuer Solutions, Inc.

Attention: BCIS IWS

51 Mercedes Way

Edgewood, New York 11717

 

Any questions regarding
this Subscription Rights Certificate and the Offering may be directed to the Information Agent, Alliance Advisors, toll free at (833)
786-6491 or via email at LFT@allianceadvisors.com.

 

DELIVERY OF THIS SUBSCRIPTION RIGHTS CERTIFICATE
TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE DOES NOT CONSTITUTE A VALID DELIVERY.Exhibit
10.1

 

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

 

AMENDED AND RESTATED

PROMISSORY NOTE

 

	Principal Amount: Up to $300,000	Dated
as of December 31, 2021

 

This Amended
and Restated Promissory Note (this “Note”) is effective as of this 31st day
of December, 2021, by and between Igniting Consumer Growth Acquisition Company Limited, a Cayman Islands exempted company
(“Maker”), and Igniting Growth Consumer Sponsor LLC, a Delaware limited
liability company, or its registered assigns or successors in interest (“Payee”).

 

RECITALS

 

WHEREAS, on August
30, 2021, Maker and Payee entered into that certain promissory note (the “Original Note”) pursuant to which Maker promised
to pay to the order of Payee, the principal sum of Three Hundred Thousand Dollars ($300,000) or such lesser amount as shall have been
advanced by Payee to Maker and shall remain unpaid under the Original Note on the Maturity Date (as such term was defined in the Original
Note) in lawful money of the United States of America;

 

WHEREAS, Maker
and Payee desire to amend and restate the Original Note in order to extend the Maturity Date and reflect a New Maturity Date (as defined
below), and, accordingly, Maker and Payee have agreed to execute and deliver this Note; and

 

NOW, THEREFORE, in
consideration of the premises, the agreements hereinafter set forth and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby covenant and agree as follows, effective as of the date first above written:

 

1.                 Principal. The entire unpaid principal balance of this Note shall be payable on the earlier of: (i) March 31, 2022
or (ii) the date on which Maker consummates an initial public offering of its securities (such earlier date, the “New Maturity
Date”). The principal balance may be prepaid at any time. Under no circumstances shall any individual, including but not limited
to any officer, director, employee or shareholder of Maker, be obligated personally for any obligations or liabilities of Maker hereunder.

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

5.                 
Remedies.

 

(a)              
Upon the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare
this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)              
Upon the occurrence of an Event of Default specified in Sections 4(b) or 4(c), the unpaid principal balance of this Note,
and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without
any action on the part of Payee.

 

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

 

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

 

     

     

    

 

8.                  Notices. All notices, statements or other documents which are required or contemplated by this Note shall be in writing
and delivered (i) personally or by certified mail (return receipt requested) or overnight courier service or (ii) by electronic mail,
if to Maker, at the address of its principal offices and any electronic mail address as may be designated in writing by Maker and, if
to Payee, at its address in the books and records of Maker and any electronic mail address as may be designated in writing by Payee, or
to such other addresses as may be designated in writing by Maker or Payee. All such notices, statements or other documents shall be deemed
received on the date of receipt by the recipient thereof if received prior to 8:00 p.m. on a business day in the place of receipt. Otherwise,
any such notices, statements or other documents shall be deemed to have been received on the next succeeding business day in the place
of receipt.

 

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

 

10.             
Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction.

 

11.             
Trust Waiver. Notwithstanding anything herein to the contrary, Payee hereby waives any and all right, title, interest
or claim of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which the
proceeds of the IPO conducted by Maker (including the deferred underwriters discounts and commissions) and the proceeds of the sale of
the warrants issued in a private placement to occur prior to the consummation of the IPO are to be deposited, as described in greater
detail in the registration statement and prospectus to be filed with the Securities and Exchange Commission in connection with the IPO,
and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason
whatsoever.

 

12.             
Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written
consent of Maker and Payee.

 

13.             
Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party
hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without
the required consent shall be void.

 

[Signature page follows]

 

     

     

    

 

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

 

	 	IGNITING CONSUMER GROWTH ACQUISITION COMPANY LIMITED
	 	 	 
	 	By:	 /s/ Krishnan Anand
	 	 	Name: Krishnan Anand
	 	 	Title: Chairman and Chief Executive Officer

 

[Signature Page to Promissory
Note]

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