Document:

Exhibit 10.8 

 

PROJECT ENERGY REIMAGINED ACQUISITION CORP.

3 Lagoon Drive, Suite 170

Redwood City, California 94065

[__], 2021

 

EWI Capital SPAC I LLC

3 Lagoon Drive, Suite 170

Redwood City, California 94065

 

Re: Administrative Services Agreement

 

Ladies and Gentlemen:

 

This letter agreement (this
 “Agreement”) by and between Project Energy Reimagined Acquisition Corp. (the “Company”)
and EWI Capital SPAC I LLC (“EWI Capital”), dated as of the date hereof, will confirm our agreement that, commencing
on the date the securities of the Company are first listed on the Nasdaq Global Market (the “Listing Date”),
pursuant to a Registration Statement on Form S-1 and prospectus filed with the U.S. Securities and Exchange Commission (the “Registration
Statement”) and continuing until the earlier of the consummation by the Company of an initial business combination or the
Company’s liquidation (in each case as described in the Registration Statement) (such earlier date hereinafter referred to as the
 “Termination Date”):

 

1.                  
EWI Capital shall make available, or cause to be
made available, to the Company, at 3 Lagoon Drive, Suite 170, Redwood City, California 94065 (or any successor location), office space
and secretarial and administrative services as may be reasonably required by the Company. In exchange therefor, the Company shall pay
EWI Capital $30,000 per month on the Listing Date and continuing monthly thereafter until the Termination Date; and

 

2.                  
EWI Capital hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind as a result of, or arising
out of, this Agreement (each, a “Claim”) in or to, and any and all right to seek payment of any amounts due
to it out of, the trust account established for the benefit of the public shareholders of the Company and into which substantially all
of the proceeds of the Company’s initial public offering will be deposited (the “Trust Account”), and
hereby irrevocably waives any Claim it may have in the future as a result of, or arising out of, this Agreement, which Claim would reduce,
encumber or otherwise adversely affect the Trust Account or any monies or other assets in the Trust Account, and further agrees not to
seek recourse, reimbursement, payment or satisfaction of any Claim against the Trust Account or any monies or other assets in the Trust
Account for any reason whatsoever.

 

This Agreement constitutes
the entire agreement and understanding of the parties hereto in respect of its subject matter 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 Agreement may not be
amended, modified or waived as to any particular provision, except by a written instrument executed by the parties hereto.

 

No party hereto may assign
either this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other party.
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 Agreement constitutes
the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law
or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York for agreements
made and to be wholly performed within such state, without regards to the conflicts of laws principles thereof.

 

[Signature Page Follows] 

 

     

     

    

 

	 	Very truly yours,

                                                

	 	 
	 	PROJECT ENERGY REIMAGINED ACQUISITION CORP.
	 	 	 
	 	By: 	 
	 	 	Name: Srinath Narayanan
	 	 	Title:  Chief Executive Officer

 

	AGREED AND ACCEPTED BY:	 
	 	 
	
    EWI CAPITAL SPAC I LLC

    
	 
	 	 
	By: 	 	 
	 	Name: Srinath Narayanan	 
	 	
    Title: Manager

    
	 

 

[Signature Page to Administrative
Services Agreement]Exhibit 10.9

 

Execution Version

 

FORWARD PURCHASE AGREEMENT

 

This Amended and Restated
Forward Purchase Agreement (this “Agreement”) is entered into as September 23, 2021 and amends and restates the
Forward Purchase Agreement dated March 18, 2021, by and among Project Energy Reimagined Acquisition Corp., a Cayman Islands exempt
company (the “Company”), and EWI Capital SPAC I LLC, a Cayman Islands limited liability company (the “Purchaser”).

 

WHEREAS, the Company was incorporated
for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination
with one or more businesses (a “Business Combination”);

 

WHEREAS, the Company has filed
with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-1 (the “Registration
Statement”) for its initial public offering (“IPO”) of units (the “Public Units”) at a
price of $10.00 per Public Unit, each comprised of one Class A ordinary share of the Company, par value $0.0001 per share (the “Class A
Share(s)”), and one-half of one redeemable warrant, where each whole redeemable warrant is exercisable to purchase one Class A
Share at an exercise price of $11.50 per share (the “Warrant(s)”);

 

WHEREAS, following the closing
of the IPO (the “IPO Closing”), the Company will seek to identify and consummate a Business Combination;

 

WHEREAS, the parties wish
to enter into this Agreement, pursuant to which, immediately prior to the closing of the Company’s initial Business Combination
(the “Business Combination Closing”), the Company shall issue and sell, and the Purchaser shall purchase, on a private
placement basis, 2,000,000 units (the “Forward Purchase Units”), each on the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration
of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other good and valuable consideration,
the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

1.            
Sale and Purchase.

 

(a)           Forward
Purchase Units.

 

(i)               The
Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, up to 2,000,000 Forward Purchase Units
at a purchase price of $10.00 per unit, for an aggregate purchase price of up to $20,000,000. The amounts actually sold pursuant to this
Section 1(a)(i) shall be determined solely by the Company. For the avoidance of doubt, the Company is not obligated to issue
or sell any Forward Purchase Units.

 

(ii)             
Each Forward Purchase Unit will consist of one Class A Share (the “Forward Purchase Shares”) and one-half of one Warrant(or
such other fraction of a Warrant included in the Public Units) (the “Forward Purchase Warrants” and together with the Forward
Purchase Units and the Forward Purchase Shares s and the Class A Shares issuable upon exercise of the Forward Purchase Warrants,
the “Forward Purchase Securities”). Each Forward Purchase Unit will have the same terms as the Public Units, except
the Forward Purchase Units are being offered and sold pursuant to an exemption from the registration requirements of the Securities Act
of 1933, as amended (the “Securities Act”) and the Forward Purchase Warrants will have the same terms as the Private
Placement Warrants (as defined in the Warrant Agreement (as defined below). Each Forward Purchase Warrant will be subject to the terms
and conditions of the Warrant Agreement to be entered into between the Company and Continental Stock Transfer & Trust Company,
as Warrant Agent, in connection with the IPO (the “Warrant Agreement”) and will entitle the holder thereof to purchase
one Class A Share at a price of $11.50 per share, subject to adjustment as described in the Warrant Agreement, and only whole Forward
Purchase Warrants will be exercisable. The Forward Purchase Warrants will become exercisable on the later of 30 days after the Business
Combination Closing or 12 months from the closing of the IPO, and will expire five years after the Business Combination Closing or earlier
upon redemption or the liquidation of the Company, as described in the Warrant Agreement.

 

     

     

    

 

(iii)           
As soon as reasonably practicable, but in no event less than ten (10) Business Days prior to the Company’s entry into a definitive
agreement for the Business Combination (the “Business Combination Agreement”), the Company shall provide the Purchaser
with notice (the “Company Notice”) that (i) it intends to enter into a the Business Combination Agreement and
the Company shall provide the Purchaser with such other information as the Purchaser may reasonably request so that the Purchaser may
seek the approval of its manager, Admit Capital, LLC (the “Manager”), to consummate the purchase of the Forward Purchase
Units hereunder and (ii) specifying the anticipated date of the Business Combination Closing, the number of Forward Purchase Units
the Company is offering to sell to the Purchaser (which will not exceed the number of Forward Purchase Units that Purchaser has agreed
to purchase pursuant to Section 1(a)(i)), the aggregate purchase price for the Forward Purchase Units (the “FPS Purchase
Price”) and instructions for wiring the FPS Purchase Price to an account designated by the Company.

 

(iv)            
Within five (5) Business Days after receipt of the Initial Company Notice, the Purchaser shall provide the Company with notice (the
 “Purchaser Notice”) of the approval of the Manager, which notice shall constitute the binding obligation of the Purchaser
to purchase the Forward Purchase Units, subject to the terms and conditions of this Agreement.

 

(v)              At
least two (2) Business Days before the anticipated date of the Business Combination Closing specified in the Company Notice, the
Purchaser shall deliver the FPS Purchase Price in cash via wire transfer to the account specified in such notice, to be held in escrow
pending the Business Combination Closing. If the Business Combination Closing does not occur within thirty (30) days after the Purchaser
delivers the FPS Purchase Price to such account, the Company shall return to the Purchaser the FPS Purchase Price, provided that the return
of the FPS Purchase Price placed in escrow shall not terminate this Agreement or otherwise relieve either party of any of its obligations
hereunder and the Company may provide a subsequent Company Notice pursuant to this Section 1(a)(ii). For the purposes of this Agreement,
 “Business Day” means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which
banking institutions are generally authorized or required by law or regulation to close in the City of New York, New York.

 

(vi)            
The closing of the sale of the Forward Purchase Units (the “FPS Closing”) shall be held on the same date and immediately
prior to the Business Combination Closing (such date being referred to as the “Closing Date”). At the FPS Closing,
the Company will issue to the Purchaser the Forward Purchase Units, each registered in the name of the Purchaser, against (and concurrently
with) release of the FPS Purchase Price by the Escrow Agent to the Company.

 

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(b)           Delivery
of Forward Purchase Units.

 

(i)                The
Company shall register the Purchaser as the owner of the Forward Purchase Units purchased by the Purchaser hereunder (individually or
collectively, the “Securities”) with the Company’s transfer agent by book entry on or promptly after (but in
no event more than two (2) Business Days after) the date of the FPS Closing.

 

(ii)             
Each register and book entry for the Securities shall contain a notation, and each certificate (if any) evidencing the Securities shall
be stamped or otherwise imprinted with a legend, in substantially the following form:

 

“THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION,
AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS.”

 

(c)           Legend
Removal. If the Securities are eligible to be sold without restriction under, and without the Company being in compliance with the
current public information requirements of, Rule 144 under the Securities Act, then at the Purchaser’s request, the Company
will cause the Company’s transfer agent to remove the legend set forth in Section 1(c)(ii). In connection therewith,
if required by the Company’s transfer agent, the Company will promptly cause an opinion of counsel to be delivered to and maintained
with its transfer agent, together with any other authorizations, certificates and directions required by the transfer agent that authorize
and direct the transfer agent to transfer such Securities without any such legend; provided, however, that the Company will
not be required to deliver any such opinion, authorization or certificate or direction if it reasonably believes that removal of the legend
could result in or facilitate transfers of Securities in violation of applicable law.

 

(d)           Registration
Rights. The Forward Purchase Securities shall have registration rights set forth in the Registration Rights Agreement described in
the Registration Statement and filed as an exhibit thereto and shall constitute “Registrable Securities” thereunder.

 

2.            
Representations and Warranties of the Purchaser. The Purchaser represents and warrants to the Company as follows, as
of the date hereof:

 

(a)           Organization
and Power. The Purchaser is duly organized, validly existing, and in good standing under the laws of the jurisdiction of incorporation
or organization and has all requisite power and authority to carry on its business as presently conducted and as proposed to be conducted.

 

(b)           Authorization.
The Purchaser has full power and authority to enter into this Agreement. This Agreement, when executed and delivered by the Purchaser,
will constitute the valid and legally binding obligation of the Purchaser, enforceable in accordance with its terms, except (a) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application
affecting enforcement of creditors’ rights generally, (b) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies, or (c) to the extent the indemnification provisions contained in the Registration
Rights may be limited by applicable federal or state securities laws.

 

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(c)           Governmental
Consents and Filings. No consent, approval, order or authorization of, or registration, qualification, designation, declaration or
filing with, any federal, state or local governmental authority is required on the part of the Purchaser in connection with the consummation
of the transactions contemplated by this Agreement.

 

(d)           Compliance
with Other Instruments. The execution, delivery and performance by the Purchaser of this Agreement and the consummation by the Purchaser
of the transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions of its organizational
documents, (ii) of any instrument, judgment, order, writ or decree to which it is a party or by which it is bound, (iii) under
any note, indenture or mortgage to which it is a party or by which it is bound, (iv) under any lease, agreement, contract or purchase
order to which it is a party or by which it is bound or (v) of any provision of federal or state statute, rule or regulation
applicable to the Purchaser, in each case (other than clause (i)), which would have a material adverse effect on the Purchaser or its
ability to consummate the transactions contemplated by this Agreement.

 

(e)          
Purchase Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation
to the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Forward Purchase Units
to be acquired by the Purchaser will be acquired for investment for the Purchaser’s own account, not as a nominee or agent, and
not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting
any participation in, or otherwise distributing the same in violation of law. By executing this Agreement, the Purchaser further represents
that the Purchaser does not presently have any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant
participations to such Person or to any third Person, with respect to any of the Forward Purchase Units. For purposes of this Agreement,
 “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust,
an unincorporated organization, any other entity or any government or any department or agency thereof.

 

(f)            Disclosure
of Information. The Purchaser has had an opportunity to discuss the Company’s business, management, financial affairs and the
terms and conditions of the offering of the Forward Purchase Units, as well as the terms of the Company’s proposed IPO, with the
Company’s management.

 

(g)           Restricted
Securities. The Purchaser understands that the offer and sale of the Forward Purchase Units to the Purchaser has not been, and will
not be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act
which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser’s representations
as expressed herein. The Purchaser understands that the Forward Purchase Units are “restricted securities” under applicable
U.S. federal and state securities laws and that, pursuant to these laws, the Purchaser must hold the Forward Purchase Units indefinitely
unless they are registered with the SEC and qualified by state authorities, or an exemption from such registration and qualification requirements
is available. The Purchaser acknowledges that the Company has no obligation to register or qualify the Forward Purchase Securities for
resale, except for the Registration Rights. The Purchaser further acknowledges that if an exemption from registration or qualification
is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period
for the Forward Purchase Units, and on requirements relating to the Company which are outside of the Purchaser’s control, and which
the Company is under no obligation and may not be able to satisfy. The Purchaser understands that the offering of the Forward Purchase
Units is not, and is not intended to be, part of the IPO, and that the Purchaser will not be able to rely on the protection of Section 11
of the Securities Act with respect to such Forward Purchase Units.

 

    4

     

    

 

(h)           No
Public Market. The Purchaser understands that no public market now exists for the Securities, and that the Company has made no assurances
that a public market will ever exist for the Securities.

 

(i)            High
Degree of Risk. The Purchaser understands that its agreement to purchase the Securities involves a high degree of risk which could
cause the Purchaser to lose all or part of its investment.

 

(j)             Accredited
Investor. The Purchaser is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under
the Securities Act.

 

(k)            No
General Solicitation. Neither the Purchaser, nor any of its officers, directors, employees, agents, managers, members or partners
has either directly or indirectly, including, through a broker or finder (i) to its knowledge, engaged in any general solicitation,
or (ii) published any advertisement in connection with the offer and sale of the Forward Purchase Units.

 

(l)            Non-Public
Information. The Purchaser acknowledges its obligations under applicable securities laws with respect to the treatment of material
non-public information relating to the Company.

 

(m)           Adequacy
of Financing. The Purchaser has available to it sufficient funds to satisfy its obligations under this Agreement.

 

(n)           Affiliation
of Certain FINRA Members. The Purchaser is neither a person associated nor affiliated with J.P. Morgan Securities LLC and BofA Securities, Inc.,
or, to its actual knowledge, any other member of the Financial Industry Regulatory Authority (“FINRA”) that is participating
in the IPO.

 

(o)           No
Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained in this Section 2
and in any certificate or agreement delivered pursuant hereto, none of the Purchaser nor any person acting on behalf of the Purchaser
nor any of the Purchaser’s affiliates (the “Purchaser Parties”) has made, makes or shall be deemed to make any
other express or implied representation or warranty with respect to the Purchaser and this offering, and the Purchaser Parties disclaim
any such representation or warranty. Except for the specific representations and warranties expressly made by the Company in Section 3
of this Agreement and in any certificate or agreement delivered pursuant hereto, the Purchaser Parties specifically disclaim that they
are relying upon any other representations or warranties that may have been made by the Company, any person on behalf of the Company or
any of the Company’s affiliates (collectively, the “Company Parties”).

 

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3.            Representations
and Warranties of the Company. The Company represents and warrants to the Purchaser as follows:

 

(a)           Incorporation
and Corporate Power. The Company is duly incorporated and validly existing and in good standing as an exempt company under the laws
of the Cayman Islands and has all requisite corporate power and authority to carry on its business as presently conducted and as proposed
to be conducted. The Company has no subsidiaries.

 

(b)           
Capitalization. The authorized share capital of the Company consists, as of the date hereof, of:

 

(i)                200,000,000
Class A Shares, par value $0.0001 per share, none of which are issued and outstanding.

 

(ii)             
20,000,000 Class B ordinary shares of the Company, par value $0.0001 per share (“Class B Shares”), 7,187,500
of which are issued and outstanding (up 937,500 shares of which are subject to forfeiture to the extent the underwriters’ over-allotment
option in connection with the IPO is not exercised in full). All of the issued and outstanding Class B Shares have been duly authorized,
are fully paid and nonassessable and were issued in compliance with all applicable federal and state securities laws.

 

(iii)            
1,000,000 preference shares, par value $0.0001 per share, none of which are issued and outstanding.

 

(c)           Authorization.
All corporate action required to be taken by the Company’s Board of Directors and shareholders in order to authorize the Company
to enter into this Agreement, and to issue the Forward Purchase Units at the FPS Closing, and the Forward Purchase Securities, has been
taken or will be taken prior to the FPS Closing, as applicable. All action on the part of the shareholders, directors and officers of
the Company necessary for the execution and delivery of this Agreement, the performance of all obligations of the Company under this Agreement
to be performed as of the FPS Closing, and the issuance and delivery of the Forward Purchase Units and the Forward Purchase Securities
has been taken or will be taken prior to the FPS Closing. This Agreement, when executed and delivered by the Company, shall constitute
the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms, except (i) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application
relating to or affecting the enforcement of creditors’ rights generally, or (ii) as limited by laws relating to the availability
of specific performance, injunctive relief, or other equitable remedies.

 

(d)           Valid
Issuance of Securities.

 

(i)               The
Class A Shares, when issued, sold and delivered in accordance with the terms and for the consideration set forth in this Agreement,
and the Company’s memorandum and articles of association (the “Charter”) and bylaws (the “Bylaws”),
and the securities issuable upon exercise of the Forward Purchase Warrants, when issued in accordance with the terms of the Forward Purchase
Units and this Agreement, will be validly issued, fully paid and nonassessable and free of all preemptive or similar rights, taxes, liens,
encumbrances and charges with respect to the issue thereof and restrictions on transfer other than restrictions on transfer specified
under this Agreement, applicable state and federal securities laws and liens or encumbrances created by or imposed by the Purchaser. Assuming
the accuracy of the representations of the Purchaser in this Agreement and subject to the filings described in Section 3(e) below,
the Forward Purchase Units and the securities issuable exercise of the Warrants will be issued in compliance with all applicable federal
and state securities laws.

 

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(ii)             
No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification
Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered Person (as defined below), except
for a Disqualification Event as to which Rule 506(d)(2)(ii–iv) or (d)(3), is applicable. “Company Covered Person”
means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated under the Securities Act, any
Person listed in the first paragraph of Rule 506(d)(1).

 

(e)           Governmental
Consents and Filings. Assuming the accuracy of the representations and warranties made by the Purchaser in this Agreement, no consent,
approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local
governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by
this Agreement, except for filings pursuant to Regulation D of the Securities Act, and applicable state securities laws.

 

(f)            Compliance
with Other Instruments. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated
by this Agreement will not result in any violation or default (i) of any provisions of the Company’s Charter, Bylaws or its
other governing documents, (ii) of any instrument, judgment, order, writ or decree to which it is a party or by which it is bound,
(iii) under any note, indenture or mortgage to which it is a party or by which it is bound, (iv) under any lease, agreement,
contract or purchase order to which it is a party or by which it is bound or (v) of any provision of federal or state statute, rule or
regulation applicable to the Company, in each case (other than clause (i)) which would have a material adverse effect on the Company or
its ability to consummate the transactions contemplated by this Agreement.

 

(g)           Operations.
As of the date hereof, the Company has not conducted, and prior to the IPO Closing the Company will not conduct, any operations other
than organizational activities and activities in connection with offerings of the Securities and securities in the IPO.

 

(h)           Foreign
Corrupt Practices. Neither the Company, nor any director, officer, agent, employee or other Person acting on behalf of the Company
has, in the course of its actions for, or on behalf of, the Company (i) used any corporate funds for any unlawful contribution, gift,
entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment to any
foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision of the
U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback
or other unlawful payment to any foreign or domestic government official or employee.

 

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(i)            Compliance
with Anti-Money Laundering Laws. The operations of the Company are and have been conducted at all times in compliance with applicable
financial recordkeeping and reporting requirements and all other applicable U.S. and non-U.S. anti-money laundering laws and regulations,
including, but not limited to, those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the USA Patriot Act of
2001 and the applicable money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related
or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money
Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

 

(j)            Absence
of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency,
self-regulatory organization or body pending or, to the knowledge of the Company, threatened against or affecting the Company or any of
the Company’s officers or directors, whether of a civil or criminal nature or otherwise, in their capacities as such.

 

(k)           No
General Solicitation. Neither the Company, nor any of its officers, directors, employees, agents or shareholders has either directly
or indirectly, including, through a broker or finder (i) engaged in any general solicitation, or (ii) published any advertisement
in connection with the offer and sale of the Securities.

 

(l)            No
Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained in this Section 3,
none of the Company Parties has made, makes or shall be deemed to make any other express or implied representation or warranty with respect
to the Company, this offering, the proposed IPO or a potential Business Combination, and the Company Parties disclaim any such representation
or warranty.

 

4.            
Additional Agreements, Acknowledgements and Waivers of the Purchaser.

 

(a)           Trust
Account.

 

(i)               The
Purchaser hereby acknowledges that it is aware that the Company will establish a trust account (the “Trust Account”)
for the benefit of its public shareholders upon the closing of the IPO. The Purchaser, for itself and its affiliates, hereby agrees that
it 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, except for redemption and liquidation rights, if any, the Purchaser may have in respect
of any Class A Shares held by it.

 

(ii)             
The Purchaser hereby agrees that it shall have 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, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Class A
Shares held by it. In the event the Purchaser has any Claim against the Company under this Agreement, the Purchaser 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,
except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Class A Shares held by it.

 

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(b)           No
Short Sales. The Purchaser hereby agrees that neither it, nor any person or entity acting on its behalf or pursuant to any understanding
with it, will engage in any Short Sales with respect to securities of the Company prior to the Business Combination Closing. For purposes
of this Section 4, “Short Sales” shall include, without limitation, all “short sales” as defined
in Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements),
forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other
transactions through non-U.S. broker dealers or foreign regulated brokers.

 

5.            FPS
Closing Conditions.

 

(a)           The
obligation of the Purchaser to purchase the Forward Purchase Units at the FPS Closing under this Agreement shall be subject to the fulfillment,
at or prior to the FPS Closing of each of the following conditions, any of which, to the extent permitted by applicable laws, may be waived
by the Purchaser:

 

(i)               The
Business Combination shall be consummated substantially concurrent with, and immediately following, the purchase of Forward Purchase Units;

 

(ii)               The
Purchaser shall have obtained the approval of the Manager to consummate the purchase of the Forward Purchase Units; provided this condition
shall be deemed satisfied upon delivery by Purchaser of the Purchaser Notice;

 

(iii)              The
representations and warranties of the Company set forth in Section 3 of this Agreement shall have been true and correct as
of the date hereof and shall be true and correct as of the FPS Closing, as applicable, with the same effect as though such representations
and warranties had been made on and as of such date (other than any such representation or warranty that is made by its terms as of a
specified date, which shall be true and correct as of such specified date), except where the failure to be so true and correct would not
have a material adverse effect on the Company or its ability to consummate the transactions contemplated by this Agreement;

 

(iv)            
The Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required
by this Agreement to be performed, satisfied or complied with by the Company at or prior to the FPS Closing;

 

(v)              
No order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any governmental, regulatory,
or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition shall be
in effect, preventing the purchase by the Purchaser of the Forward Purchase Units; and

 

    9

     

    

 

(b)           The
obligation of the Company to sell the Forward Purchase Units at the FPS Closing under this Agreement shall be subject to the fulfillment,
at or prior to the FPS Closing of each of the following conditions, any of which, to the extent permitted by applicable laws, may be waived
by the Company:

 

(i)                The
Business Combination shall be consummated substantially concurrent with, and immediately following, the purchase of Forward Purchase Units;

 

(ii)             
The representations and warranties of the Purchaser set forth in Section 2 of this Agreement shall have been true and correct
as of the date hereof and shall be true and correct as of the FPS Closing, as applicable, with the same effect as though such representations
and warranties had been made on and as of such date (other than any such representation or warranty that is made by its terms as of a
specified date, which shall be true and correct as of such specified date), except where the failure to be so true and correct would not
have a material adverse effect on the Purchaser or its ability to consummate the transactions contemplated by this Agreement;

 

(iii)              The
Purchaser shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required
by this Agreement to be performed, satisfied or complied with by the Purchaser at or prior to the FPS Closing; and

 

(iv)            
No order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any governmental, regulatory,
or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition shall be
in effect, preventing the purchase by the Purchaser of the Forward Purchase Units.

 

6.            Termination.
This Agreement shall automatically terminate and Purchaser shall have no obligation to purchase the Forward Purchase Units if, after receipt
of the Initial Company Notice (and prior to delivery of Purchaser Notice), Purchaser informs the Company that its investment committee
has elected not to purchase the Forward Purchase Units. In addition, this Agreement may be terminated at any time prior to the FPS Closing:

 

(a)           by
mutual written consent of the Company and the Purchaser; or

 

(b)          
automatically

 

(i)                if
the IPO is not consummated on or prior to December 31, 2021; or

 

(ii)             
if the Business Combination is not consummated within 18 months from the closing of the IPO, or such later date as may be approved by
the Company’s shareholders; or

 

(iii)             
if the Company becomes subject to any voluntary or involuntary petition under the United States federal bankruptcy laws or any state insolvency
law, in each case which is not withdrawn within sixty (60) days after being filed, or a receiver, fiscal agent or similar officer is appointed
by a court for business or property of the Company, in each case which is not removed, withdrawn or terminated within sixty (60) days
after such appointment.

 

    10

     

    

 

In the event of any termination
of this Agreement pursuant to this Section 6, the FPS Purchase Price (and interest thereon, if any), if previously paid, and
all Purchaser’s funds paid in connection herewith shall be promptly returned to the Purchaser, and thereafter this Agreement shall
forthwith become null and void and have no effect, without any liability on the part of the Purchaser or the Company and their respective
directors, officers, employees, partners, managers, members, or shareholders and all rights and obligations of each party shall cease;
provided, however, that nothing contained in this Section 6 shall relieve either party from liabilities or damages
arising out of any fraud or willful breach by such party of any of its representations, warranties, covenants or agreements contained
in this Agreement.

 

7.            General
Provisions.

 

(a)           Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given
upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic
mail or facsimile (if any) during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s
next Business Day, (c) five (5) Business Days after having been sent by registered or certified mail, return receipt requested,
postage prepaid, or (d) one (1) Business Day after deposit with a nationally recognized overnight courier, freight prepaid,
specifying next Business Day delivery, with written verification of receipt. All communications sent to the Company shall be sent to:

 

Project Energy Reimagined Acquisition Corp.

3 Lagoon Drive, Suite 170 

Redwood City, California 94065

Attn: Srinath Narayanan, Chief Executive Officer

email: srinath@smilodonai.com

 

with a copy to the Company’s counsel at:

 

Winston & Strawn LLP

 

Winston & Strawn LLP

35 W. Wacker Drive

Chicago, Illinois 60601

Attn: Carol Anne Huff, Esq.

email: chuff@winston.com

and

David Sakowitz, Esq.

dsakowitz@winston.com

 

All communications to the
Purchaser shall be sent to the Purchaser’s address as set forth on the signature page hereof, or to such e-mail address, facsimile
number (if any) or address as subsequently modified by written notice given in accordance with this Section 7(a).

 

(b)           No
Finder’s Fees. Other than fees payable to J.P. Morgan Securities LLC and BofA Securities, Inc., which shall be the responsibility
of the Company, each party represents that it neither is nor will be obligated for any finder’s fee or commission in connection
with this transaction. The Purchaser agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation
in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against
such liability or asserted liability) for which the Purchaser or any of its officers, employees or representatives is responsible. The
Company agrees to indemnify and hold harmless the Purchaser from any liability for any commission or compensation in the nature of a finder’s
or broker’s fee arising out of this transaction (and the costs and expenses of defending against such liability or asserted liability)
for which the Company or any of its officers, employees or representatives is responsible.

 

    11

     

    

 

(c)           Survival
of Representations and Warranties. All of the representations and warranties contained herein shall survive the FPS Closing.

 

(d)           Entire
Agreement. This Agreement, together with any documents, instruments and writings that are delivered pursuant hereto or referenced
herein, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter 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.

 

(e)           Successors.
All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure to
the benefit of and are enforceable by, the parties hereto and their respective successors. Nothing in this Agreement, express or implied,
is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations
or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

(f)            Assignments.
Except as otherwise specifically provided herein, no party hereto may assign either this Agreement or any of its rights, interests, or
obligations hereunder without the prior written approval of the other parties except that the Purchaser may assign its rights or interests
hereunder to any of its advisory clients.

 

(g)           Counterparts.
This Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of which together will constitute
one and the same instrument.

 

(h)           Headings.
The section headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation
of this Agreement.

 

(i)            Governing
Law. This Agreement, the entire relationship of the parties hereto, and any dispute between the parties (whether grounded in contract,
tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of
New York, without giving effect to its choice of laws principles.

 

(j)            Jurisdiction.
The parties (i) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of New York and to the jurisdiction
of the United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding arising
out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon
this Agreement except in state courts of New York or the United States District Court for the Southern District of New York, and (c) hereby
waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it
is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution,
that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper
or that this Agreement or the subject matter hereof may not be enforced in or by such court.

 

    12

     

    

 

(k)           Waiver
of Jury Trial. The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this Agreement
and the transactions contemplated hereby.

 

(l)            Amendments.
This Agreement may not be amended, modified or waived as to any particular provision, except with the prior written consent of the Company
and the Purchaser.

 

(m)          
Severability. The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision
will not affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement,
as applied to any party hereto or to any circumstance, is adjudged by a governmental authority, arbitrator, or mediator not to be enforceable
in accordance with its terms, the parties hereto agree that the governmental authority, arbitrator, or mediator making such determination
will have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete specific
words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced.

 

(n)           Expenses.
The Company will bear its own and the Purchaser’s costs and expenses incurred in connection with the preparation, execution and
performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses of agents,
representatives, financial advisors, legal counsel and accountants. The Company shall be responsible for the fees of its transfer agent;
stamp taxes and all of The Depository Trust Company’s fees associated with the issuance of the Forward Purchase Units.

 

(o)           Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent
or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of
proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. Any reference
to any federal, state, local, or foreign law will be deemed also to refer to law as amended and all rules and regulations promulgated
thereunder, unless the context requires otherwise. The words “include,” “includes,” and “including”
will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be
construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the
context otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
 “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless
expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent
significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that
there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity)
which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation,
warranty, or covenant.

 

    13

     

    

 

(p)           Waiver.
No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not,
may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in
any way any rights arising because of any prior or subsequent occurrence.

 

(q)           Confidentiality.
Except as may be required by law, regulation or applicable stock exchange listing requirements, unless and until the transactions contemplated
hereby and the terms hereof are publicly announced or otherwise publicly disclosed by the Company, the parties hereto shall keep confidential
and shall not publicly disclose the existence or terms of this Agreement.

 

(r)            Specific
Performance. The Purchaser agrees that irreparable damage may occur in the event any provision of this Agreement was not performed
by the Purchaser in accordance with the terms hereof and that the Company shall be entitled to specific performance of the terms hereof,
in addition to any other remedy at law or equity.

 

[Signature Page Follows]

 

    14

     

    

 

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

 

	 	PURCHASER:
	 	 
	 	EWI Capital SPAC I LLC
	 	 
	 	By: Admit Capital, LLC
	 	 
	 	 	By:	 /s/ Srinath Narayanan                        
	 	 	 	Name: Srinath Narayanan
	 	 	 	Title: Manager
	 	 	 
	 	COMPANY:
	 	 
	 	PROJECT ENERGY REIMAGINED ACQUISITION CORP.
	 	 
	 	By:	 /s/ Srinath Narayanan                              
	 	 	 Name: Srinath Narayanan
	 	 	 Title: Chief Executive Officer

 

    15

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