Document:

Exhibit 10.5(a)

 

Sachem Sponsor, LLC

698 Main Street

Branford, Connecticut
06405

 

May 13, 2021

 

Sachem Acquisition Corp.

698 Main Street

Branford, Connecticut 06405

 

	 	RE:	Forfeiture of Shares of Class B Common Stock

 

Dear Sirs:

 

Reference is hereby made
to the Subscription Agreement, dated March 24, 2021 pursuant to which Sachem Sponsor LLC (the “Sponsor”) subscribed for and
purchase 2,875,000 fully-paid and non-assessable shares (the “Shares”) of Class B common stock, par value $0.001 per share
(the “Class B Common Stock”) of Sachem Acquisition Corp. (“SAC”) for the sum of $25,000 (the “Purchase Price”).
The Shares were issued based on the assumption that SAC that the anticipated gross proceeds from SAC’s initial public offering were
expected to be $100 million, or $115 million if the underwriters exercised the over-allotment option in full (the “IPO”).
If the underwriters would not exercise the over-allotment option in full, we agreed to forfeit such number of shares so that immediately
following the IPO we would own twenty percent (20%) of the issued and outstanding shares of SAC.

 

You have recently advised
us that the gross proceeds from the IPO are now expected to be $50 million, or $57.5 million if the underwriters exercised the over-allotment
option in full (the “IPO”). Accordingly, you have asked us to forfeit 1,437,500 Shares immediately. In addition, you have
asked us to confirm that up to an additional 187,500 Shares are subject to forfeiture if the underwriters of the initial public offering
do not fully exercise their over-allotment option. Finally, we understand that there will be no refund of any portion of the Purchase
Price on account of the forfeitures described above.

 

We herewith agree to
the forfeitures described in the preceding paragraph and acknowledge and agree that our current ownership interest to be reflected on
SAC’s books and records shall be 1,437,500 Shares of Class B Common Stock.

 

Except as otherwise set
forth herein, all the other terms and conditions set forth in the Subscription Agreement shall remain in full force and effect.

 

[Signature Page Follows]

 

    1

     

    

 

If the foregoing accurately
sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.

 

	 	SACHEM SPONSOR LLC
	 	 	 
	 	By:	 	/s/John L. Villano
	 	 	 	Name: John L. Villano
	 	 	 	Title:   Manager

 

Acknowledged and agreed as of the date first
written above.

 

	SACHEM ACQUISITION CORP.	 
	 	 	 
	By:	 	/s/John L. Villano	 
	 	 	Name: John L. Villano	 
	 	 	Title:   Chief Executive Officer	 

 

    2Exhibit 10.7

 

PRIVATE PLACEMENT WARRANT PURCHASE AGREEMENT

 

THIS PRIVATE PLACEMENT WARRANT
PURCHASE AGREEMENT (as it may from time to time be amended and including all exhibits referenced herein, this “Agreement”),
dated as of [●], 2021, is entered into by and between Sachem Acquisition Corp., a Maryland company (the “Company”),
and Sachem Sponsor LLC, a New York limited liability company (the “Purchaser”).

 

WHEREAS, the Company intends
to consummate an initial public offering of the Company’s units (the “Public Offering”), each unit consisting
of one Class A ordinary share of the Company, par value $0.001 per share (each, a “Share”), and one-half of one redeemable
warrant, each whole warrant entitling the holder to purchase one Share at an exercise price of $11.50 per Share, as set forth in the Company’s
Registration Statement on Form S-1, filed with the U.S. Securities and Exchange Commission (the “SEC”), File Number
333-_______ (the “Registration Statement”), under the Securities Act of 1933, as amended (the “Securities
Act”).

 

WHEREAS, the Purchaser has
agreed to purchase an aggregate of [-------] warrants (and up to [-------] additional warrants if the underwriters in the Public Offering
exercise their option to purchase additional units in full) (the “Private Placement Warrants”).

 

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

 

AGREEMENT

 

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

 

(a)           Authorization
of the Private Placement Warrants. The Company has duly authorized the issuance and sale of the Private Placement Warrants to the
Purchaser.

 

(b)           Purchase
and Sale of the Private Placement Warrants.

 

(i)                 On
the date of the consummation of the Public Offering (the “IPO Closing Date”), the Company shall issue and sell to the
Purchaser, and the Purchaser shall purchase, the Private Placement Warrants at a price of $1.00 per Private Placement Warrant for an aggregate
purchase price of $[------] (the “Purchase Price”). The Purchaser shall pay the Purchase Price by wire transfer of
immediately available funds in the following amounts: (a) $[----------] to or on behalf of the Company at a financial institution to be
chosen by the Company; and (b) $[-------] to the trust account maintained by [------------], acting as trustee (the “Trust Account”),
in each case in accordance with the Company’s wiring instructions, at least one business day prior to the IPO Closing Date; provided, however,
that if underwriters of the Public Offering exercise their option to purchase additional units, in whole or in part, the amount in clause
(b) shall instead be equal to [--]% of the gross proceeds of the Public Offering, including such option, and the amount in clause (a)
shall instead be equal to the difference between (x) $[---------] and (y) [--]% of the gross proceeds of the Public Offering. On the IPO
Closing Date, subject to the receipt of funds pursuant to the immediately prior sentence, the Company, at its option, shall deliver a
certificate evidencing the Private Placement Warrants purchased on such date duly registered in the Purchaser’s name to the Purchaser
or effect such delivery in book-entry form.

 

 (ii)              On
the date of the closing of the option to purchase additional units, if any, in connection with the Public Offering or on such
earlier time and date as may be mutually agreed by the Purchaser and the Company (the “Option Closing Date”, and
each Option Closing Date (if any) and the IPO Closing Date, a “Closing Date”), the Company shall issue and sell
to the Purchaser, and the Purchaser shall purchase from the Company, up to [------] Private Placement Warrants (or, to the extent
the option to purchase additional units is not exercised in full, a lesser number of Private Placement Warrants in proportion to
portion of the option that is exercised) at a price of $1.00 per Private Placement Warrant for an aggregate purchase price of up to
$[-----] (the “Option Purchase Price”). The Purchaser shall pay the Option Purchase Price in accordance with the
Company’s wire instruction by wire transfer of immediately available funds to the Trust Account, at least one business day
prior to the Option Closing Date. On the Option Closing Date, subject to the receipt of funds pursuant to the immediately prior
sentence, the Company shall, at its option, deliver a certificate evidencing the Private Placement Warrants purchased on such date
duly registered in the Purchaser’s name to the Purchaser or effect such delivery in book-entry form.

 

     

     

    

 

(c)           Terms
of the Private Placement Warrants.

 

(i)                 The
Private Placement Warrants are substantially identical to the warrants included in the units to be offered in the Public Offering except
that: (a) the Private Placement Warrants (including the underlying Shares) will not, except in limited circumstances, be transferable
or salable until 30 days after the completion of the Company’s initial business combination (the “Business Combination”)
so long as they are held by the Purchaser or its permitted transferees; and (b) the Private Placement Warrants are being purchased pursuant
to an exemption from the registration requirements of the Securities Act and will become freely tradable only after the expiration of
the lockup described above in clause (a) and they are registered pursuant to the Registration Rights Agreement (as defined below) or an
exemption from registration is available, and the restrictions described above in clause (a) have expired.

 

(ii)               Each
Private Placement Warrant shall have the terms set forth in a Warrant Agreement to be entered into by the Company and a warrant agent
on the IPO Closing Date in connection with the Public Offering (the “Warrant Agreement”).

 

(iii)             On
the IPO Closing Date, the Company and the Purchaser shall enter into a registration rights agreement (the “Registration Rights
Agreement”) pursuant to which the Company will grant certain registration rights to the Purchaser relating to the Private Placement
Warrants and the Shares underlying the Private Placement Warrants.

 

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

 

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

 

(b)           Authorization;
No Breach.

 

(i)                 The
execution, delivery and performance of this Agreement and the Private Placement Warrants and the Shares included in the Private Placement
Warrants, have been duly authorized by the Company as of the Closing Date. This Agreement constitutes the valid and binding obligation
of the Company, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
and other laws of general applicability relating to or affecting creditors’ rights and to general equitable principles (whether
considered in a proceeding in equity or law). Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement
and this Agreement, the Private Placement Warrants will constitute valid and binding obligations of the Company, enforceable in accordance
with their terms as of the Closing Date.

 

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

  

     

     

    

 

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

 

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

 

(e)           Regulation
D Qualification. Neither the Company nor, to its actual knowledge, any of its affiliates, members, officers, directors or beneficial
shareholders of 20% or more of its outstanding securities, has experienced a disqualifying event as enumerated pursuant to Rule 506 (d)
of Regulation D under the Securities Act.

 

Section 3.               Representations
and Warranties of the Purchaser. As a material inducement to the Company to enter into this Agreement and issue and sell the Private
Placement Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and warranties
shall survive each Closing Date) that:

 

(a)           Organization
and Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry out the transactions contemplated
by this Agreement.

 

(b)           Authorization;
No Breach.

 

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

 

(ii)              The
execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser
does not and shall not as of each Closing Date (a) conflict with or result in a breach by the Purchaser of the terms, conditions or provisions
of, (b) constitute a default under, (c) result in the creation of any lien, security interest, charge or encumbrance upon the Purchaser’s
equity or assets under, (d) result in a violation of, or (e) require authorization, consent, approval, exemption or other action by or
notice or declaration to, or filing with, any court or administrative or governmental body or agency pursuant to the Purchaser’s
organizational documents in effect on the date hereof or as may be amended prior to completion of the contemplated Public Offering, or
any material law, statute, rule or regulation to which the Purchaser is subject, or any agreement, instrument, order, judgment or decree
to which the Purchaser is subject, except for any filings required after the date hereof under federal or state securities laws.

 

     

     

    

 

(c)           Investment
Representations.

 

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

 

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

 

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

 

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

 

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

 

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

 

(vii)          The
Purchaser understands that: (a) the Securities have not been and are not being registered under the Securities Act or any state securities
laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold in reliance
on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement, neither the Company nor any
other person is under any obligation to register the Securities under the Securities Act or any state securities laws or to comply with
the terms and conditions of any exemption thereunder. In this regard, the Purchaser understands that the SEC has taken the position that
promoters or affiliates of a blank check company and their transferees, both before and after an initial Business Combination, are deemed
to be “underwriters” under the Securities Act when reselling the securities of a blank check company. Based on that
position, Rule 144 adopted pursuant to the Securities Act would not be available for resale transactions of the Securities despite technical
compliance with the requirements of such Rule, and the Securities can be resold only through a registered offering or in reliance upon
another exemption from the registration requirements of the Securities Act.

 

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

 

(ix)             The
Purchaser understands that the Private Placement Warrants shall bear the legend substantially in the form set forth in the Warrant Agreement.

 

     

     

    

 

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

 

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

 

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

 

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

 

(d)           Warrant
Agreement and Registration Rights Agreement. The Company shall have entered into the Warrant Agreement, in the form of Exhibit
A hereto, and the Registration Rights Agreement, in the form of Exhibit B hereto, in each case on terms satisfactory
to the Purchaser.

 

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

 

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

 

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

 

(c)           Corporate
Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance
of this Agreement and the Warrant Agreement and the issuance and sale of the Private Placement Warrants hereunder.

 

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

 

(e)           Warrant
Agreement. The Company shall have entered into the Warrant Agreement.

 

Section 6.                Miscellaneous.

 

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

 

     

     

    

 

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

 

(c)           Counterparts.
This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than one
party, but all such counterparts taken together shall constitute one and the same agreement. Signatures to this Agreement transmitted
via facsimile or e-mail shall be valid and effective to bind the party so signing.

 

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

 

(e)           Governing
Law. This Agreement shall be deemed to be a contract made under the laws of the State of New York and for all purposes shall be construed
in accordance with the internal laws of the State of New York, without giving effect to conflicts of law principles that would result
in the application of the laws of another jurisdiction.

 

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

 

(Signature page follows)

 

     

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement.

 

	 	COMPANY:
	 	SACHEM ACQUISITION CORP.

 

	 	By:	 
	 	Name:
	 
	 	Title:	 

 

	 	PURCHASER:

 

	 	SACHEM SPONSOR LLC

 

	 	By:	 
	 	Name:
	 
	 	Title:	 

 

Signature Page to Private Placement Warrants
Purchase Agreement

 

     

     

    

 

EXHIBIT A

 

Warrant Agreement

 

     

     

    

 

EXHIBIT B

 

Registration Rights Agreement

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