Document:

Exhibit 10.1

 

[____________ __, 2021]

 

Accretion Acquisition Corp.

410 17th Street, #1110

Denver, CO 80202

 

EarlyBirdCapital, Inc.

366 Madison Ave
8th Floor

New York, NY 10017

 

Stephens Inc.

65 E 55th
Street, 22nd Floor

New York, NY 10022

 

Re:     Initial
Public Offering

 

Ladies and Gentlemen:

 

This letter
(“Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the
 “Underwriting Agreement”) entered into by and between Accretion Acquisition Corp., a Delaware corporation
(the “Company”), and EarlyBirdCapital, Inc. and Stephens Inc. as representatives (the
 “Representatives”) of the several underwriters named in Schedule I thereto (the
 “Underwriters”), relating to an underwritten initial public offering (the “IPO”)
of the Company’s units (the “Units”), each Unit comprised of one share of the Company’s common
stock, par value $0.001 per share (the “Common Stock”), one right (“Right”) to receive one-tenth of one
share of Common Stock, and one-half of one warrant (“Warrant”), each whole Warrant exercisable for one
share of Common Stock. Certain capitalized terms used herein are defined in paragraph 12 hereof.

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit that such
IPO will confer upon the undersigned, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the undersigned hereby agrees, severally but not jointly, with the Company as follows:

 

1.            If
the Company solicits approval of its stockholders of a Business Combination, the undersigned will vote all shares of Common Stock beneficially
owned by him, her, or it, whether acquired before, in, or after the IPO, in favor of such Business Combination.

 

2.            (a)       In
the event that the Company fails to consummate a Business Combination within the time period set forth in the Company’s Amended
and Restated Certificate of Incorporation, as the same may be amended from time to time (the “Certificate of Incorporation”),
the undersigned will, as promptly as possible, take all necessary actions to cause the Company to (i) cease all operations except
for the purpose of winding up, (ii) not more than ten (10) business days thereafter, redeem the IPO Shares, at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on funds held in
the Trust Account (less up to $100,000 to pay liquidation expenses and net of interest released to the Company to pay taxes as permitted
pursuant to the Trust Agreement), divided by the number of then outstanding IPO Shares, which redemption will extinguish public stockholders’
rights as stockholders (including the right to receive further liquidation distributions, if any), and (iii) 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 the case of clauses (ii) and (iii) to the Company’s obligations under Delaware law to provide for claims of
creditors and other requirements of applicable law.

 

     

     

    

(b)            The
undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Account (“Claim”)
with respect to the Founders’ Shares owned by the undersigned and hereby waives any Claim the undersigned may have in the future
as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Account
for any reason whatsoever. The undersigned acknowledges and agrees that there will be no distribution from the Trust Account with respect
to any Rights or Warrants, all rights of which will terminate on the Company’s liquidation.

 

(c)            [In
the event of the liquidation of the Trust Account, Accretion Acquisition Sponsor, LLC agrees to indemnify and hold harmless the Company
for any debts and obligations to target businesses or vendors or other entities that are owed money by the Company for services rendered
or contracted for or products sold to the Company, but only to the extent necessary to ensure that such debt or obligation does not reduce
the amount of funds in the Trust Account below $10.00 per share; provided that such indemnity shall not apply (i) if such vendor
or prospective target business executed an agreement waiving any right, title, interest or claim of any kind they may have in or to any
monies held in the Trust Account, or (ii) as to any claims under the Company’s obligation to indemnify the Underwriters against
certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”).]1

 

3.            The
undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated with
any Insiders of the Company or their affiliates, such transaction must be approved by a majority of the Company’s disinterested
independent directors and the Company must obtain an opinion from an independent investment banking firm, or another independent entity
that commonly renders valuation opinions, that such Business Combination is fair to the Company’s unaffiliated stockholders from
a financial point of view.

 

4.            Neither
the undersigned nor any affiliate of the undersigned will be entitled to receive and will not accept any compensation, finder fee or
other cash payment prior to, or for services rendered in order to effectuate, the consummation of the Business Combination; provided
that the Company shall be allowed to make the payments set forth in the Registration Statement under the caption “Prospectus Summary
 – The Offering – Limited payments to insiders.”

 

5.             (a)           The
undersigned will place into escrow all Founders’ Shares owned by the undersigned pursuant to the terms of a Stock Escrow Agreement
which the Company will enter into with the undersigned and an escrow agent.

 

 

1
For Sponsor letter only.

 

    2

     

    

(b)           The
undersigned agrees that until after the Company consummates a Business Combination, all Private Warrants (and underlying securities)
owned by the undersigned will be subject to the transfer restrictions described in the Subscription Agreement relating to the undersigned’s
Private Warrants.

 

6.             (a)            In
order to minimize potential conflicts of interest that may arise from multiple corporate affiliations, the undersigned hereby agrees
that until the earliest of the Company’s initial Business Combination or liquidation, the undersigned shall present to the Company
for its consideration, prior to presentation to any other entity, any suitable target business, subject to any fiduciary or contractual
obligations the undersigned might have.

 

(b)            The
undersigned hereby agrees and acknowledges that (i) each of the Underwriters and the Company may be irreparably injured in the event
of a breach of any of the obligations contained in this Letter Agreement, (ii) monetary damages may not be an adequate remedy for
such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such
party may have in law or in equity, in the event of such breach.

 

7.            The
undersigned’s biographical information previously furnished to the Company and the Representatives is true and accurate in all
respects, does not omit any material information with respect to the undersigned’s background and contains all of the information
required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities Act. The undersigned’s FINRA
Questionnaire previously furnished to the Company and the Representatives is true and accurate in all respects. The undersigned represents
and warrants that:2

 

(a)           he/she
has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i) him/her or any
partnership in which he/she was a general partner at or within two years before the time of filing; or (ii) any corporation or business
association of which he/she was an executive officer at or within two years before the time of such filing;

 

(b)           he/she
has never had a receiver, fiscal agent or similar officer been appointed by a court for his/her business or property, or any such partnership;

 

(c)            he/she
has never been convicted of fraud in a civil or criminal proceeding;

 

(d)           he/she
has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic violations
and minor offenses);

 

(e)            he/she
has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent
jurisdiction, permanently or temporarily enjoining or otherwise limiting him/her from (i) acting as a futures commission merchant,
introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person
regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any of the foregoing, or as an
investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company,
bank, savings and loan association or insurance company, or from engaging in or continuing any conduct or practice in connection with
any such activity; or (ii) engaging in any type of business practice; or (iii) engaging in any activity in connection with
the purchase or sale of any security or commodity or in connection with any violation of federal or state securities or federal commodities
laws;

 

 

2
For officer, director, and promoter letter only.

 

    3

     

    

(f)            he/she
has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state
authority barring, suspending or otherwise limiting for more than 60 days his/her right to engage in any activity described in 7(e)(i) above,
or to be associated with persons engaged in any such activity;

 

(g)           he/she
has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or state securities
law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or vacated;

 

(h)           he/she
has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities law,
where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;

 

(i)            he/she
has never been the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree or finding, not
subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal or State securities or commodities
law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including, but not limited
to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and
desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection
with any business entity;

 

(j)            he/she
has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any self-regulatory
organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority
over its members or persons associated with a member;

 

(k)            he/she
has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving
the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer,
municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

(l)            he/she
was never subject to a final order of a state securities commission (or an agency of officer of a state performing like functions); a
state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency
or officer of a state performing like functions); an appropriate federal banking agency; the Commodity Futures Trading Commission; or
the National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative,
or deceptive conduct;

 

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(m)           he/she
has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of such sale, restrained
or enjoined him/her from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase or sale
of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business
of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities;

 

(n)            he/she
has never been subject to any order of the SEC that orders him/her to cease and desist from committing or causing a future violation
of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to, Section 17(a)(1) of
the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section 206(1) of the Advisers
Act or any other rule or regulation thereunder; or (ii) Section 5 of the Securities Act;

 

(o)            he/she
has never been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC that was the
subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the subject of an investigation
or proceeding to determine whether a stop order or suspension order should be issued;

 

(p)            he/she
has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary restraining
order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device
for obtaining money or property through the mail by means of false representations;

 

(q)            he/she
is not subject to a final order of a state securities commission (or an agency of officer of a state performing like functions); a state
authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer
of a state performing like functions); an appropriate federal banking agency; the Commodity Futures Trading Commission; or the National
Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission, authority,
agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association
or credit union activities;

 

(r)            he/she
is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), or section 203(e) or 203(f) of the Investment Advisers Act of 1940, as amended (the
 “Advisers Act”), that: (i) suspends or revokes the undersigned’s registration as a broker, dealer, municipal securities
dealer or investment adviser; (ii) places limitations on the activities, functions or operations of, or imposes civil money penalties
on, such person; or (iii) bars the undersigned from being associated with any entity or from participating in the offering of any
penny stock; and

 

(s)            he/she
has never been suspended or expelled from membership in, or suspended or barred from association with a member of, a securities self-regulatory
organization (e.g., a registered national securities exchange or a registered national or affiliated securities association) for any
act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

 

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8.            The
undersigned has full right and power, without violating any agreement by which he, she or it is bound, to enter into this Letter Agreement
[and to serve as a director and/or officer of the Company].3

 

9.            The
undersigned hereby waives any right to exercise redemption rights with respect to any shares of Common Stock owned or to be owned by
the undersigned, directly or indirectly (or to sell such shares to the Company in a tender offer), whether such shares are part of the
Founders’ Shares or shares purchased by the undersigned in the IPO or in the aftermarket, and agrees not to seek redemption with
respect to such shares in connection with any vote to approve a Business Combination or any vote to amend Article Sixth of the Certificate
of Incorporation (or sell such shares to the Company in a tender offer in connection with the foregoing).

 

10.          The
undersigned hereby agrees to not propose, or vote in favor of, an amendment to Article Sixth of the Certificate of Incorporation
prior to the consummation of a Business Combination unless the Company provides public stockholders with the opportunity to redeem their
shares of Common Stock for cash upon such approval in accordance with such Article Sixth thereof.

 

11.          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. Each of the
Company and the undersigned hereby (i) agrees that any action, proceeding or claim against him arising out of or relating in any
way to this Letter Agreement shall be brought and enforced in the courts of the State of New York of the United States of America for
the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive and (ii) waives
any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

 

12.          As
used herein, (i) a “Business Combination” means a merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders”
means all officers, directors and sponsors of the Company immediately prior to the IPO; (iii) “Founders’ Shares”
means all of the shares of Common Stock of the Company acquired by an Insider prior to the IPO; (iv) “IPO Shares”
means the shares of Common Stock issued in the Company’s IPO; (v) “Private Warrants” means the warrants
that are being sold privately by the Company simultaneously with the consummation of the IPO; (vi) “Trust Agreement”
means the Investment Management Trust Agreement between the Company and Continental Stock Transfer & Trust Company being entered
into in connection with the IPO and governing the use of funds held in the Trust Account; (vii) “Trust Account”
means the trust account into which a portion of the net proceeds of the IPO and sale of Private Warrants will be deposited; and (viii) “Registration
Statement” means the Company’s registration statement on Form S-1 (SEC File No. 333-[ ]) filed with the
Securities and Exchange Commission.

 

 

3
For officer and director letter only.

 

    6

     

    

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. This Letter Agreement may not be changed, amended,
modified or waived (other than to correct a typographical error), except by a written instrument executed by all parties hereto.

 

14.          Each
of the undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations
and warranties set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render the Underwriters a representative
of, or a fiduciary with respect to, the Company, its stockholders or any creditor or vendor of the Company with respect to the subject
matter hereof.

 

[Signature Page Follows]

 

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	 	[_____]
	 	Print Name of Insider
	 	 
	 	Signature
	 	 
	 	Acknowledged and
    Agreed:
	 	 
	 	ACCRETION ACQUISITION
    CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    8Exhibit 10.2

 

INVESTMENT MANAGEMENT
TRUST AGREEMENT

 

This Investment Management
Trust Agreement (this “Agreement”) is made as of [●], 2021 by and between Accretion Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS, the
Company’s registration statement on Form S-1, File No. 333-[ ] (“Registration Statement”) and prospectus
(“Prospectus”) for the initial public offering of the Company’s units (“Units”), each of
which consists of one share of the Company’s common stock, par value $0.001 per share (“Common Stock”),
one right to receive one-tenth of one share of Common Stock, and one-half of one warrant (“Warrant”), each whole
Warrant entitling the holder to purchase one share of Common Stock (such initial public offering referred to as the
 “IPO”) has been declared effective as of the date hereof (“Effective Date”) by the Securities
and Exchange Commission (capitalized terms used herein and not otherwise defined shall have the meanings set forth in the
Registration Statement);

 

WHEREAS, the Company has entered
into an Underwriting Agreement (“Underwriting Agreement”) with EarlyBirdCapital, Inc. and Stephens Inc. as representatives
(the “Representatives”) of the several underwriters (“Underwriters”) named therein;

 

WHEREAS, as described in the
Prospectus, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, $150,000,000 ($172,500,000 if
the over-allotment option is exercised in full) of the proceeds from the IPO and a simultaneous private placement of Warrants 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 IPO as hereinafter
provided (the proceeds to be delivered to the Trustee and any interest subsequently earned thereon will be 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”); and

 

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.

 

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 initially at J.P.
Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100 billion or more) in the United
States, maintained by Trustee, and at a brokerage institution selected by the Company that is reasonably satisfactory to the Trustee;

 

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

 

(c) In a timely manner, upon
the written instruction of the Company, either (i) invest and reinvest the Property in United States “government securities”
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”),
having a maturity of 185 days or less, and/or in any open ended investment company registered under the Investment Company Act that holds
itself out as a money market fund selected by the Company meeting the conditions of paragraph (d) of Rule 2a-7 promulgated under the Investment
Company Act, which invest only in direct U.S. government treasury obligations or (ii) cause the brokerage institution referred to in 1(a)
above to place the Property in a cash demand deposit account; it being understood that unless the Company instructs the Trustee to do
either of the foregoing, the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions
hereunder and the Trustee may earn bank credits or other consideration during such periods;

 

(d) Collect and receive, when
due, all principal and 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 it with respect to any Property requiring action by the Company;

 

(f) Supply any necessary information
or documents as may be requested by the Company in connection with the Company’s preparation of its tax returns;

 

(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;

 

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(i) Commence liquidation of
the Trust Account only after and promptly after 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 and, in the case of a Termination Letter in a form substantially similar to that attached
hereto as Exhibit A, jointly acknowledged and agreed to by the Representatives, and complete the liquidation of the Trust
Account and distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents referred to
therein; provided, however, that in the event that a Termination Letter has not been received by the Trustee within the period of time
(the “Last Date”) provided in the Company’s Amended and Restated Certificate of Incorporation, as the same may
be amended from time to time (the “Certificate of Incorporation”), the Trust Account shall be liquidated in accordance
with the procedures set forth in the Termination Letter attached as Exhibit B hereto and distributed to the Public Stockholders
as of the Last Date; and

 

(j) Upon receipt of a letter
(an “Amendment Notification Letter”) in the form of Exhibit C, signed on behalf of the Company by an authorized
officer, distribute to Public Stockholders who exercised their redemption rights in connection with an amendment to Article Fifth of the
Company’s Amended and Restated Certificate of Incorporation (an “Amendment”) an amount equal to the pro rata
share of the Property relating to the Common Stock for which such Public Stockholders have exercised redemption rights in connection with
such Amendment.

 

2. Limited Distributions of Income from
Trust Account.

 

(a) 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 to the Company the amount of interest income earned on the Trust Account requested by the Company to cover any
income or other tax obligation owed by the Company or liquidation expenses not to exceed $100,000.

 

(b) The limited distributions
referred to in Section 2(a) above shall be made only from income collected on the Property. Except as provided in Section
2(a) above, no other distributions from the Trust Account shall be permitted except in accordance with Sections 1(i) or 1(j) hereof.

 

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

 

(a) Give all instructions
to the Trustee hereunder in writing, signed by any one of the Company’s authorized officers. The Trustee shall be entitled to rely
on such written instructions from the Company confirmed by telephone instruction from a person which the Trustee in good faith believes
to be given by any one of the persons authorized above to give written instructions;

 

(b) Subject to the provisions
of Section 5 of this Agreement, 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 claim, potential claim,
action, suit, or other proceeding brought against the Trustee which in any way arises out of or relates to this Agreement, the services
of the Trustee hereunder, or the Property or any income earned from investment of 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
paragraph, 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 consent shall not be unreasonably withheld.
The Company may participate in such action with its own counsel;

 

(c) Pay the Trustee an initial
acceptance fee, an annual fee, and a transaction processing fee for each disbursement made pursuant to Section 2(a) as
set forth on Schedule A hereto, 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 and further agreed that any fees owed to the Trustee shall be deducted
by the Trustee pursuant to Section 1(i) solely in connection with the consummation of a business combination (a “Business
Combination”). The Company shall pay the Trustee the initial acceptance fee and first year’s fee at the consummation of
the IPO and thereafter on the anniversary of the Effective Date;

 

(d) In connection with any
vote of the Company’s stockholders regarding a Business Combination, provide to the Trustee an affidavit or certificate of a firm
regularly engaged in the business of soliciting proxies and/or tabulating stockholder votes verifying the vote of the Company’s
stockholders regarding such Business Combination;

 

(e) In the event that the
Company directs the Trustee to commence liquidation of the Trust Account pursuant to Section 1(i), the Company agrees that
it will not direct the Trustee to make any payments that are not specifically authorized by this Agreement;

 

(f) If the Company has an
Amendment approved by its stockholders, provide the Trustee with an Amendment Notification Letter in the form of Exhibit C providing
instructions for the distribution of funds to Public Stockholders who exercise their redemption rights in connection with such Amendment;
and

 

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(g) Provide the Representatives
with a copy of any Termination Letter, Amendment Notification Letter, and/or any other correspondence that it issues to the Trustee with
respect to any proposed withdrawal from the Trust Account promptly after such issuance.

 

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

 

(a) Take any action with respect
to the Property, other than as directed in Sections 1 and 2 hereof, and the Trustee shall have no liability
to any party except for liability arising out of its own gross negligence, fraud or willful misconduct;

 

(b) 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;

 

(c) Change the investment
of any Property, other than in compliance with Section 1(c);

 

(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
exercise of its own best judgment (provided, that with respect to its duties under Sections 1(i), 1(j),
and 2(a) above, the Trustee shall take no action except as set forth in written instructions from the Company, confirmed
by telephone, in accordance with Section 3(a)), except for its 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), 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 is believed
by the Trustee, in good faith, to be genuine and to be signed or presented by the proper person or persons (provided, that with
respect to its duties under Sections 1(i), 1(j), and 2(a) above, the Trustee shall take no action
except as set forth in written instructions from the Company, confirmed by telephone, in accordance with Section 3(a)). 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 correctness
of the information set forth in the Registration Statement or to confirm or assure that any Business Combination consummated by the Company
or any other action taken by it is as contemplated by the Registration Statement;

 

(h) File local, state, and/or
federal tax returns or information returns with any taxing authority on behalf of the Trust Account or deliver payee statements to the
Company documenting the taxes, if any, payable by the Company or the Trust Account, relating to the income earned on the Property;

 

(i) Pay any taxes on behalf
of the Trust Account (it being expressly understood that the Property shall not be used to pay any such taxes and that such taxes, if
any, shall be paid by the Company from funds not held in the Trust Account or released to it under Section 2(a) hereof);

 

(j) 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; or

 

(k) Verify calculations, qualify,
or otherwise approve Company requests for distributions pursuant to Sections 1(i), 1(j), and 2(a) above.

 

5. 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 3(b) or Section
3(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.

 

    3

     

    

 

6. 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 during which time the Trustee shall act in accordance with this Agreement. At such time that the Company notifies the Trustee
that a successor trustee has been appointed by the Company 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 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 3(b) and Section 5.

 

7. Miscellaneous.

 

(a) The Company and the Trustee
will each restrict access to confidential information relating to funds being transferred to or from the Trust Account 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 information,
or of any change in its authorized personnel. In executing funds transfers, the Trustee will 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 supplied to it or funds
transferred based on such information.

 

(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. The parties hereto consent to the jurisdiction
and venue of any state or federal court located in the City of New York, Borough of Manhattan, 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.

 

(c) 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.

 

(d) This Agreement contains
the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for Sections 1(i) and 1(j)
(which sections may not be modified, amended or deleted without the affirmative vote of a majority of the then outstanding shares of Common
Stock of the Company; provided that no such amendment will affect any Public Stockholder who has otherwise indicated his, her or its election
to redeem his, her or its shares of Common Stock in connection with a vote sought to amend this Agreement), this Agreement or any provision
hereof may only be changed, amended or modified by a writing signed by each of the parties hereto; provided, however, that no such change,
amendment or modification may be made without the prior written consent of the Representatives. The Trustee may require from Company counsel
an opinion as to the propriety of any proposed amendment.

 

(e) 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, by email or by facsimile transmission:

 

if to the Trustee, to:

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez 

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

Accretion Acquisition Corp.

410 17th Street, #1110

Denver, CO 80202

Attn: Brad Morse

E-mail: Brad@fulcrumef.com

 

    4

     

    

 

in either case with a copy (which copy
shall not constitute notice) to:

EarlyBirdCapital, Inc.

366 Madison Avenue, 8th Floor

New York, NY 10017

Attn: Steven Levine

E-mail: slevine@ebccap.com

 

Stephens Inc.

65 E 55th Street, 22nd Floor

New York, NY 10022

Attn: Keith Behrens

Email: keith.behrens@stephens.com

 

and 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

E-mail: dmiller@graubard.com

 

and

Davis Graham & Stubbs LLP

1550 17th Street, Suite 500

Denver, Colorado 80202

Attn: John Elofson

Sam Seiberling

Sam Niebrugge

E-mail: John.Elofson@dgslaw.com

Sam.Seiberling@dgslaw.com

Sam.Niebrugge@dgslaw.com

 

(f) This Agreement may not
be assigned by the Trustee without the prior consent of the Company.

 

(g) Each of the Trustee and
the Company 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.

 

(h) Each of the Company and
the Trustee hereby acknowledge that the Representatives are third party beneficiaries of this Agreement.

 

[Signature Page Follows]

 

    5

     

    

 

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:	 
	 	 	Name:	Francis Wolf
	 	 	Title:	Vice President
	 	 	 	 
	 	ACCRETION ACQUISITION CORP.
	 	 	 	 
	 	By:	 
	 	 	Name:	Brad Morse 
	 	 	Title:	Chief Executive Officer 

 

    6

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	 	 
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	 	 
	Transaction processing fee for disbursements to Company under Section 2	 	Billed to Company following disbursement made to Company under Section 2	 	$	 	 
	Paying Agent services as required pursuant to section 1(i) and 1(j)	 	Billed to Company upon delivery of service pursuant to section 1(i) and 1(j)	 	 	Prevailing rates	 

 

    Sch. A-1

     

    

 

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 Accretion Acquisition Corp. (“Company”) and Continental Stock Transfer
 & Trust Company, dated as of _______, 2021 (“Trust Agreement”), this is to advise you that the Company has entered
into an agreement with [__________________] to consummate a business combination (“Business Combination”) on or about [insert
date]. The Company shall notify you at least 48 hours in advance of the actual date of the consummation of the Business Combination
(“Consummation Date”). Capitalized terms used herein and not otherwise defined 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 the Trust Account investments and to transfer the proceeds to the Trust Account
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. It is acknowledged and agreed that while the funds are
on deposit in the trust account 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 and (ii) the Company
shall deliver to you (a) a certificate of the Chief Executive Officer, which verifies the vote of the Company’s stockholders in
connection with the Business Combination if a vote is held and (b) joint written instructions from the Company and the Representative
with respect to the transfer of the funds held in the Trust Account (“Instruction Letter”). You are hereby directed
and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the counsel’s letter 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 of the same and the Company shall direct you as to whether
such funds should remain in the Trust Account and distributed after the Consummation Date to the Company. Upon the distribution of all
the funds in the Trust Account pursuant to the terms hereof, 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 you of written instructions from the Company, the funds held
in the Trust Account shall be reinvested as provided in the Trust Agreement on the business day immediately following the Consummation
Date as set forth in the notice.

 

	 	Very truly yours,
	 	 
	 	ACCRETION ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name:	 Brad Morse 
	 	 	Title:	 Chief Executive Officer

 

AGREED TO AND ACKNOWLEDGED BY

 

	EARLYBIRDCAPITAL, INC.	 
	 	 	 	 
	By:	 	 
	 	Name: 	 	 
	 	Title:	 	 

 

    A-1

     

    

 

	STEPHENS INC.	 
	 	 	 	 
	By:	 	 
	 	Name: 	 	 
	 	Title:	 	 

 

    A-2

     

    

 

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 Accretion Acquisition Corp. (“Company”) and Continental Stock Transfer
 & Trust Company, dated as of _______, 2021 (“Trust Agreement”), this is to advise you that the Company has been
unable to effect a Business Combination with a Target Company within the time frame specified in the Company’s Amended and Restated
Certificate of Incorporation, as described in the Company’s prospectus relating to its IPO. Capitalized terms used herein and not
otherwise defined 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 the trust operating account to await distribution to the Public Stockholders. The Company has selected [____________, 20__] as the
effective date for the purpose of determining when the Public Stockholders will be entitled to receive their share of the liquidation
proceeds. It is acknowledged that while the funds are on deposit in the trust operating account awaiting distribution, the Company will
not earn any interest or dividends. You agree to be the Paying Agent of record and in your separate capacity as Paying Agent, to distribute
said funds directly to the 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 in the Trust Account, your obligations under the Trust Agreement
shall be terminated.

 

	 	Very truly yours,
	 	 
	 	ACCRETION ACQUISITION CORP.
	 	 	 	 
	 	By:	 
	 	 	Name:	 Brad Morse
	 	 	Title:	 Chief Executive Officer

 

	cc:	
    EarlyBirdCapital, Inc.

    Stephens Inc.

 

    B-1

     

    

 

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 Amendment Notification Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Reference is made to the Investment
Management Trust Agreement between Accretion Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust
Company, dated as of _______, 2021 (“Trust Agreement”). Capitalized words used herein and not otherwise defined shall
have the meanings ascribed to them in the Trust Agreement.

 

Pursuant to Section 1(j) of
the Trust Agreement, this is to advise you that the Company has sought an Amendment. Accordingly, in accordance with the terms of the
Trust Agreement, we hereby authorize you to liquidate a sufficient portion of the Trust Account to distribute to the Public Stockholders
that have requested conversion of their shares in connection with such Amendment. The remaining funds shall be reinvested by you as previously
instructed.

 

	 	Very truly yours,
	 	 
	 	ACCRETION ACQUISITION CORP.
	 	 	 	 
	 	By:	 
	 	 	Name:	Brad Morse
	 	 	Title:	Chief Executive Officer

  

	cc:	
    EarlyBirdCapital, Inc.

    Stephens Inc.

 

    C-1

     

    

 

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 Withdrawal Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 2(a) of
the Investment Management Trust Agreement between Accretion Acquisition Corp. (“Company”) and Continental Stock Transfer
 & Trust Company, dated as of _______, 2021 (“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. The Company needs such funds to pay for its
[income or other tax obligations][dissolution and liquidation expenses, which expenses will not exceed $100,000].

 

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 the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	ACCRETION ACQUISITION CORP.
	 	 	 	 
	 	By:	 
	 	 	Name:	Brad Morse  
	 	 	Title:	Chief Executive Officer

 

	cc:	
    EarlyBirdCapital, Inc.

    Stephens Inc.

 

    D-1

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