Document:

Exhibit 10.2

 

 

[●], 2021

 

Concord Acquisition Corp III

477 Madison Avenue

New York, NY 10022

 

	Re:	Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) by and
between Concord Acquisition Corp III, a Delaware corporation (the “Company”), and Citigroup Global Markets Inc.
and Cowen and Company, LLC, as the representatives (the “Representatives”) of the several underwriters named
therein (each an “Underwriter” and collectively, the “Underwriters”), relating to
an underwritten initial public offering (the “Public Offering”), of up to 28,750,000 of the Company’s
units (including up to 3,750,000 units that may be purchased to cover the Underwriters’ option to purchase additional units, if
any) (the “Units”), each comprised of one share of Class A common stock of the Company, par value $0.0001
per share (“Class A Common Stock”), and one-third of one redeemable warrant (each whole warrant, a “Warrant”).
Each Warrant entitles the holder thereof to purchase one share of Class A Common Stock at a price of $11.50 per share, subject to
adjustment. The Units will be sold in the Public Offering pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”)
filed by the Company with the Securities and Exchange Commission (the “Commission”). Certain capitalized terms
used herein are defined in paragraph 11 hereof.

 

In order to induce the Company and the Underwriters
to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Concord Sponsor Group III LLC, a Delaware limited liability company (the “Sponsor”),
CA2 Co-Investment LLC, a Delaware limited liability company (“Cowen Investments” and together with the Sponsor,
the “Holders”), and the other undersigned persons (each such other undersigned persons, an “Insider”
and collectively, the “Insiders”), each hereby agrees, severally but not jointly, with the Company as follows:

 

1. The Sponsor, Cowen Investments and each Insider
agree that if the Company seeks stockholder approval of a proposed Business Combination, then in connection with such proposed Business
Combination, it, he or she shall (i) vote any Shares owned by it, him or her in favor of any proposed Business Combination (including
any proposals recommended by the Company’s Board of Directors in connection with such Business Combination) and (ii) not redeem
any Shares owned by it, him or her in connection with such stockholder approval. If the Company seeks to consummate a proposed Business
Combination by engaging in a tender offer, the Sponsor, Cowen Investment and each Insider agrees that it, he or she will not sell or tender
any Shares owned by it, him or her in connection therewith.

 

2. The Sponsor, Cowen Investments and each Insider
agree that in the event that the Company fails to consummate a Business Combination within 24 months from the closing of the Public Offering,
or such later period as may be approved by the Company’s stockholders in accordance with the Company’s amended and restated
certificate of incorporation, the Sponsor, Cowen Investments and each Insider shall take all reasonable steps to cause the Company to
(i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10 business days
thereafter, subject to lawfully available funds therefor, redeem 100% of the shares of Class A Common Stock sold as part of the Units
in the Public Offering (the “Offering Shares”), at a per share price, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released
to the Company to pay its taxes (which interest shall be net of taxes payable and less up to $100,000 of interest to pay dissolution expenses),
divided by the number of then outstanding Offering Shares, which redemption will completely extinguish all Public Stockholders’
rights as stockholders (including the right to receive further liquidating distributions, if any) and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board
of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims
of creditors and the other requirements of applicable law. The Sponsor, Cowen Investments and each Insider agree to not propose any amendment
to the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s
obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Offering Shares
if the Company does not complete its initial Business Combination within 24 months from the closing of the Public Offering or (B) with
respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity, unless the Company
provides its Public Stockholders with the opportunity to redeem their Offering Shares upon approval of any such amendment at a per share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held
in the Trust Account and not previously released to the Company to pay its taxes (which interest shall be net of taxes payable), divided
by the number of then outstanding Offering Shares.

 

     

     

    

 

The Sponsor, Cowen Investments and each Insider
acknowledge that it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any
other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares and Private Placement Shares
held by it. The Sponsor, Cowen Investments and each Insider hereby further waive, with respect to any Shares held by it, him or her, if
any, any redemption rights it, he or she may have in connection with (x) the consummation of a Business Combination, including, without
limitation, any such rights available in the context of a stockholder vote to approve such Business Combination or in the context of a
tender offer made by the Company to purchase shares of Class A Common Stock and (y) a stockholder vote to approve an amendment to the
Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation
to allow redemptions in connection with the Company’s initial Business Combination or to redeem 100% of the Offering Shares if the
Company has not consummated its initial Business Combination within 24 months from the closing of the Public Offering or (B) with respect
to any other provision relating to stockholders’ rights or pre-initial Business Combination activity (although the Sponsor, Cowen
Investments and the Insiders shall be entitled to redemption and liquidation rights with respect to any Offering Shares it or they hold
if the Company fails to consummate a Business Combination within 24 months from the date of the closing of the Public Offering).

 

3. Without limiting Cowen Investments’
obligations under paragraph 7 hereof, during the period commencing on the date of commencement of sales of the Public Offering and
ending 180 days after such date, Cowen Investments shall not sell, transfer, assign, pledge or hypothecate any of its Founder Shares
or Private Placement Warrants (or any shares of Class A Common Stock underlying the Private Placement Warrants), or subject any of
such securities to any hedging, short sale, derivative, put, or call transaction that would result in the effective economic
disposition of such securities, except as provided in FINRA Rule 5110(e)(1), which such restrictions shall not be subject to release
or waiver, with or without the consent of the Representatives, during the period commencing on the date of commencement of sales of
the Public Offering and ending 180 days after such date. Notwithstanding the provisions set forth in paragraphs 7(a) and (b) below,
during the period commencing on the date of commencement of sales of the Public Offering and ending 180 days after such date, the
Sponsor, Cowen Investments and each Insider shall not, without the prior written consent of the Representatives, (i) offer, pledge,
sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or
warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, or file with, or submit to, the Commission a
registration statement under the Securities Act of 1933, as amended (the “Securities Act”), relating to
any Units, shares of Class A Common Stock, Founder Shares, Warrants or any securities convertible into, or exercisable, or
exchangeable for, any Units, shares of Class A Common Stock, Founder Shares, or Warrants, or publicly disclose the intention to
undertake any of the foregoing, or (ii) enter into any swap or other arrangement that transfers, in whole or in part, any of the
economic consequences of ownership of any Units, shares of Class A Common Stock, Founder Shares, or Warrants or any such other
securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of units or such other
securities, in cash or otherwise; provided, however, that the foregoing does not apply to the forfeiture of any
Founder Shares pursuant to their terms or any transfer of Founder Shares to any current or future independent director of the
company (as long as such current or future independent director transferee is subject to this Letter Agreement or executes an
agreement substantially identical to the terms of this Letter Agreement, as applicable to directors and officers at the time of such
transfer; and as long as, to the extent any Section 16 reporting obligation is triggered as a result of such transfer, any related
Section 16 filing includes a practical explanation as to the nature of the transfer). Each of the Insiders and the Sponsor
acknowledges and agrees that, prior to the effective date of any release or waiver, of the restrictions set forth in this paragraph
3 or paragraph 7 below, the Company may announce the impending release or waiver by press release through a major news service at
least two business days before the effective date of the release or waiver. The provisions of this paragraph will not apply if (i)
the release or waiver is effected solely to permit a transfer of securities that is not for consideration and (ii) the transferee
has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such
terms remain in effect at the time of the transfer.

 

     

     

    

 

4. In the event of the liquidation of the Trust
Account, the Sponsor (which for purposes of clarification shall not extend to any other stockholders, members or managers of the Sponsor)
agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including,
but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation,
whether pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any claim by (i) any
third party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to the
Company or (ii) a prospective target business with which the Company has discussed entering into a transaction agreement (a “Target”);
provided, however, that such indemnification of the Company by the Sponsor shall apply only to the extent necessary to ensure
that such claims by a third party for services rendered (other than the Company’s independent registered public accounting firm)
or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below (i) $10.00 per Offering
Share or (ii) such lesser amount per Offering Share held in the Trust Account as of the date of the liquidation of the Trust Account due
to reductions in the value of the trust assets as of the date of the liquidation of the Trust Account, in each case, net of the amount
of interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights
to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the Underwriters against certain
liabilities, including liabilities under the Securities Act of 1933, as amended. In the event that any such executed waiver is deemed
to be unenforceable against such third party, the Sponsor shall not be responsible to the extent of any liability for such third party
claims. The Sponsor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company
if, within 15 days following written receipt of notice of the claim to the Sponsor, the Sponsor notifies the Company in writing that it
shall undertake such defense.

 

5. (a) To the extent that the Underwriters do not
exercise their option to purchase up to an additional 3,750,000 Units within 45 days from the date of the Prospectus (and as further described
in the Prospectus), (x) the Sponsor agrees that it shall forfeit, at no cost, a number of Founder Shares in the aggregate equal to 750,000
multiplied by a fraction, (i) the numerator of which is 3,750,000 minus the number of Units purchased by the Underwriters upon the exercise
of their option to purchase additional Units and (ii) the denominator of which is 3,750,000 and (y) Cowen Investments agrees that it shall
forfeit, at no cost, a number of Founder Shares in the aggregate equal to 187,500 multiplied by a fraction, (i) the numerator of which
is 3,750,000 minus the number of Units purchased by the Underwriters upon the exercise of their option to purchase additional Units and
(ii) the denominator of which is 3,750,000. All references in this Letter Agreement to Founder Shares of the Company being forfeited shall
take effect as a contribution of such Founder Shares to the Company’s capital as a matter of Delaware law. The forfeiture will be
adjusted to the extent that the option to purchase additional Units is not exercised in full by the Underwriters so that the number of
Founder Shares will equal an aggregate of 20.0% of the Company’s issued and outstanding Shares after the Public Offering. The Initial
Stockholders further agree that to the extent that the size of the Public Offering is increased or decreased, the Company will effect
a capitalization or stock repurchase or redemption, as applicable, immediately prior to the consummation of the Public Offering in such
amount as to maintain the number of Founder Shares at 20.0% of the Company’s issued and outstanding Shares upon the consummation
of the Public Offering. In connection with such increase or decrease in the size of the Public Offering, then (A) the references
to 3,750,000 in the numerator and denominator of the formula in the first sentence of this paragraph shall be changed to a number equal
to 15.0% of the number of shares of Class A Common Stock included in the Units issued in the Public Offering, (B) the references to 750,000
and 187,500 in the formula set forth in the first sentence of this paragraph shall be adjusted to, respectively, the total number of Founder
Shares that the Sponsor would have to return to the Company in order for the number of Founder Shares that the Sponsor owns (together
with the Insiders) to equal an aggregate of 16.0% of the Company’s issued and outstanding Shares after the Public Offering and the
total number of Founder Shares that Cowen Investments would have to return to the Company in order for the number of Founder Shares that
Cowen Investments owns to equal an aggregate of 4.0% of the Company’s issued and outstanding Shares after the Public Offering.

  

     

     

    

 

(b) If, in connection with the closing of a Business
Combination, the Sponsor agrees to forfeit any Founder Shares or Private Placement Warrants (or any shares of Class A Common Stock underlying
the Private Placement Warrants) to the Company at no cost or subject its Founder Shares or Private Placement Warrants (or any shares of
Class A Common Stock underlying the Private Placement Warrants) to contractual terms or restrictions, convert its Founder Shares into
other securities or contractual rights or otherwise modify the terms of its Founder Shares or Private Placement Warrants (each a “Sponsor
Modification”), then Cowen Investments agrees to forfeit, subject, convert or modify its Founder Shares or Private Placement
Warrants (or any shares of Class A Common Stock underlying the Private Placement Warrants) on a pro rata basis and on the same terms as
the Sponsor, and hereby grants to the Company and any representative designated by the Company without further action by Cowen Investments
a limited irrevocable power of attorney to effect such forfeiture or Sponsor Modification on behalf of Cowen Investments, which power
of attorney shall be deemed to be coupled with an interest.

 

6. The Sponsor, Cowen Investments and each Insider
hereby agree and acknowledge that: (i) the Underwriters and the Company would be irreparably injured in the event of a breach by such
Sponsor, Cowen Investments or Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 7(a) and 7(b) of this Letter Agreement
(ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to seek 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. (a) The Sponsor, Cowen Investments and each
Insider agree that it, he or she shall not Transfer (as defined below) any Founder Shares (or shares of Class A Common Stock issuable
upon conversion thereof) until the earlier of (A) one year after the completion of the Company’s initial Business Combination and
(B) subsequent to the Business Combination, (x) the date on which the Company completes a liquidation, merger, stock exchange, reorganization
or other similar transaction that results in all of the Public Stockholders having the right to exchange their shares of Class A Common
Stock for cash, securities or other property or (y) if the last reported sale price of the Class A Common Stock equals or exceeds $12.00
per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within
any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination (the “Founder
Shares Lock-Up Period”).

 

(b) The Sponsor, Cowen Investments and each Insider
agree that it, he or she shall not Transfer any Private Placement Warrants, or any shares of Class A Common Stock issued or issuable upon
the conversion or exercise of the Private Placement Warrants, until 30 days after the completion of a Business Combination.

  

(c) Notwithstanding the provisions set forth in
paragraphs 7(a) and (b), Transfers of the Founder Shares, Private Placement Warrants and shares of Class A Common Stock issued or issuable
upon the exercise or conversion of the Private Placement Warrants or the Founder Shares and that are held by the Sponsor, Cowen Investments
or any Insider or any of their permitted transferees (that have complied with this paragraph 7(c)), are permitted (a) to the Company’s
officers or directors, any affiliates or family members of any of the Company’s officers or directors, any members of the Holders,
or any affiliates of the Holders, (b) in the case of an individual, by gift to a member of the individual’s immediate family or
to a trust, the beneficiary of which is a member of the individual’s immediate family or an affiliate of such person, or to a charitable
organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the
case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the
consummation of the Company’s Business Combination at prices no greater than the price at which the securities were originally purchased;
(f) in the event of the Company’s liquidation prior to the Company’s completion of an initial Business Combination; (g) by
virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement, as amended, upon dissolution of
the Sponsor; or (h) in the event of the Company’s completion of a liquidation, merger, stock exchange, reorganization or other similar
transaction which results in all of the Public Stockholders having the right to exchange their Class A Common Stock for cash, securities
or other property subsequent to the Company’s completion of an initial Business Combination; provided, however, that
in the case of clauses (a) through (e), these permitted transferees must enter into a written agreement with the Company agreeing to be
bound by the transfer restrictions and other applicable restrictions in this Letter Agreement.

 

     

     

    

 

8. The Sponsor, Cowen Investments and each
Insider represent and warrant that it, he or she has never been suspended or expelled from membership in any securities or
commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. Each
Insider’s biographical information furnished to the Company, if any (including any such information included in the
Prospectus), is true and accurate in all respects and does not omit any material information with respect to such Insider’s
background. The Sponsor, Cowen Investments and each Insider’s questionnaire furnished to the Company, if any, is true and
accurate in all respects. The Sponsor, Cowen Investments and each Insider represent and warrant that: it is not subject to or a
respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act
or practice relating to the offering of securities in any jurisdiction; it has never been convicted of, or pleaded guilty to, any
crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to
any dealings in any securities and it is not currently a defendant in any such criminal proceeding.

 

9. Except as disclosed in, or as expressly contemplated
by, the Prospectus, neither the Sponsor, Cowen Investments nor any Insider nor any affiliate of the Sponsor, Cowen Investments or any
Insider, nor any director or officer of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting
fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection with any services rendered in order
to effectuate the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is).

 

10. The Sponsor, Cowen Investments and each Insider
have full right and power, without violating any agreement to which it is bound (including, without limitation, any non-competition or
non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and, as applicable, to serve as
an officer and/or a director on the board of directors of the Company and hereby consents to being named in the Prospectus as an officer
and/or a director of the Company.

 

11. As used herein, (i) “Business Combination”
shall mean a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving
the Company and one or more businesses; (ii) “Shares” shall mean, collectively, the Class A Common Stock,
the Founder Shares and Class A Common Stock underlying the Private Placement Warrants; (iii) “Founder Shares”
shall mean the 7,187,500 shares of Class B common stock, par value $0.0001 per share, issued and outstanding immediately prior to
the consummation of the Public Offering (up to 937,500 shares of which are subject to complete or partial forfeiture by the Holders to
the extent the over-allotment option is not exercised by the Underwriters); (iv) “Initial Stockholders”
shall mean the Sponsor, Cowen Investments and any Insider that holds Founder Shares; (v) “Private Placement Warrants”
shall mean the 5,000,000 warrants of the Company (or 5,500,000 warrants if the over-allotment option is exercised in full) that the Holders
have agreed to purchase for an aggregate purchase price of $7,500,000 in the aggregate (or $8,250,000 if the over-allotment option is
exercised in full), or $1.50 per warrant, in a private placement that shall occur substantially concurrently with the consummation of
the Public Offering; (vii) “Public Stockholders” shall mean the holders of securities issued in the Public
Offering; (viii) “Trust Account” shall mean the trust fund into which a portion of the net proceeds of
the Public Offering shall be deposited; and (ix) “Transfer” shall mean the (a) sale or assignment
of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement
to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease
of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations
of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers
to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be
settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction
specified in clause (a) or (b) herein.

 

12. 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) as to any particular provision, except by a written instrument executed by (1) each Insider and each Holder that
is the subject of any such change, amendment modification or waiver and (2) the Company.

 

     

     

    

 

13. No party hereto may assign either this Letter
Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other parties. Any purported
assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title
to the purported assignee. This Letter Agreement shall be binding on the Sponsor, Cowen Investments and each Insider and their respective
successors, heirs and assigns and permitted transferees.

 

14. Nothing in this Letter Agreement shall be construed
to confer upon, or give to, any person or corporation other than the parties hereto any right, remedy or claim under or by reason of this
Letter Agreement or of any covenant, condition, stipulation, promise or agreement hereof. All covenants, conditions, stipulations, promises
and agreements contained in this Letter Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors,
heirs, personal representatives and assigns and permitted transferees; provided, however, that the Underwriters shall benefit
from the provisions set forth in paragraph 3, which such paragraphs shall not be amended or modified without the written consent of the
Representatives.

 

15. This Letter Agreement may be executed in any
number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all
such counterparts shall together constitute but one and the same instrument. Counterparts may be delivered via facsimile, electronic mail
(including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic
Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered
shall be deemed to have been duly and validly delivered and be valid and effective for all purposes

 

16. This Letter Agreement shall be deemed severable,
and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Letter
Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties
hereto intend that there shall be added as a part of this Letter Agreement a provision as similar in terms to such invalid or unenforceable
provision as may be possible and be valid and enforceable.

 

17. This Letter Agreement shall be governed by
and construed and enforced in accordance with the laws of the State of New York. The parties hereto (i) all agree that any action, proceeding,
claim or dispute arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced in the courts of New York
City, in the State of New York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive
and (ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.

 

18. Any notice, consent or request to be given
in connection with any of the terms or provisions of this Letter Agreement shall be in writing and shall be sent by express mail or similar
private courier service, by certified mail (return receipt requested), by hand delivery or facsimile or other electronic transmission.

 

19. Each party hereto shall not be liable for any
breaches or misrepresentations contained in this Letter Agreement by any other party to this Letter Agreement, and no party shall be liable
or responsible for the obligations of another party, including, without limitation, indemnification obligations and notice obligations.

 

20. This Letter Agreement shall terminate on the
earlier of (i) the expiration of the Founder Shares Lock-Up Period and (ii) the liquidation of the Company; provided, however,
that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated and closed by [●], 2021;
provided further that paragraph 4 of this Letter Agreement shall survive such liquidation.

 

[Signature page follows]

 

     

     

    

 

	 	Sincerely,
	 	 	 
	 	Concord Sponsor Group III LLC
	 	 	 
	 	By:	 
	 	 	Name: 	 
	 	 	Title: 	Authorized Signatory 
	 	 	 
	 	CA2 Co-Investment LLC
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title: 	Authorized Signatory 

 

	 	 
	 	Jeff Tuder
	 	 
	 	 
	 	Michele Cito
	 	 
	 	 
	 	Bob Diamond
	 	 
	 	 
	 	Peter Ort
	 	 
	 	 
	 	Thomas King
	 	 
	 	 
	 	Larry Leibowitz
	 	 
	 	 
	 	Henry Helgeson

 

     

     

    

 

	Acknowledged and Agreed: 	 
	 	 	 
	Concord Acquisition Corp III	 
	 	 	 
	By:	 	 
	Name:  	 	 
	Title:Exhibit 10.3

 

INVESTMENT MANAGEMENT
TRUST AGREEMENT

 

This Investment Management Trust Agreement (this
 “Agreement”) is made effective as of [●], 2021, by and between Concord Acquisition Corp III, a Delaware
corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York limited purpose
trust company (the “Trustee”).

 

WHEREAS, the Company’s registration statement
on Form S-1, File No. 333-254789 (the “Registration Statement”) and prospectus (the “Prospectus”)
for the initial public offering of the Company’s units (the “Units”), each of which consists of one share
of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), and one-third
of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Common Stock (such initial public
offering hereinafter referred to as the “Offering”), has been declared effective as of the date hereof (the
 “Effective Date”) by the U.S. 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 (the “Underwriting Agreement”) with Citigroup Global Markets Inc. and Cowen and Company, LLC, as representative
(the “Representatives”) of the several underwriters (the “Underwriters”) named therein;

 

WHEREAS, as described in the Prospectus, and in
accordance with the Company’s amended and restated certificate of incorporation, as the same may be amended from time to time (the
 “Charter”), $250,000,000 of the proceeds of the Offering and sale of the Private Placement Warrants (as defined
in the Underwriting Agreement) (or $287,500,000, if the Underwriters’ over-allotment option is exercised in full) will be delivered
to the Trustee to be deposited and held in a segregated trust account located at all times in the United States (the “Trust
Account”) for the benefit of the Company and the holders of the Common Stock included in the Units issued in the Offering
as hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein
as the “Property,” the stockholders for whose benefit the Trustee shall hold the Property will be referred to
as the “Public Stockholders,” and the Public Stockholders and the Company will be referred to together as the
 “Beneficiaries”);

 

WHEREAS, pursuant to the Underwriting Agreement,
a portion of the Property equal to $8,750,000, or $10,062,500 if the Underwriters’ over-allotment option is exercised in full, is
attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters upon and substantially
concurrently with the consummation of the Business Combination (as defined below) (the “Deferred Discount”);
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.

 

NOW THEREFORE, IT IS AGREED:

 

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

 

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

 

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

 

(c)                
In a timely manner, upon the written instruction of the Company, invest and reinvest the Property solely in United States government
securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days
or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated
under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations,
as determined by the Company; the trustee may not invest in any other securities or assets, it being understood that 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, interest or other income arising from the Property, which shall become part of the
 “Property,” as such term is used herein;

 

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

 

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

 

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

 

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

 

(i)                 Commence liquidation of the Trust Account only after and promptly after
(x) receipt of, and only in accordance with the terms of, a letter from the Company (“Termination Letter”) in
a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company
by the Chief Executive Officer, Chief Financial Officer, President, Executive Vice President, Vice President, Secretary or Chairman of
the board of directors of the Company (the “Board”) or other authorized officer of the Company, and, in the
case of Exhibit A, acknowledged and agreed to by the Representatives, and complete the liquidation of the Trust Account and distribute
the Property in the Trust Account, including interest  not previously released to pay the Company’s taxes (which interest shall
be net of taxes payable, and less up to $100,000 of interest that may be released to the Company to pay dissolution expenses), only as
directed in the Termination Letter and the other documents referred to therein, or (y) upon the date which is, the later of (1) 24 months
after the closing of the Offering and (2) such later date as may be approved by the Company’s stockholders in accordance with the
Charter if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated
in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including
interest not previously released to pay the Company’s taxes  (which interest shall be net of taxes payable, and less up to
$100,000 of interest that may be released to the Company to pay dissolution expenses) shall be distributed to the Public Stockholders
of record as of such date; provided, however, that the Trustee has no obligation to monitor or question the Company’s position that
an allocation has been made for taxes payable;

 

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

 

    2

     

    

 

(k)               
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit D, the Trustee shall distribute to the remitting brokers on behalf of Public Stockholders redeeming shares of Common Stock
the amount required to pay for redeemed shares of Common Stock from Public Stockholders in connection with a stockholder vote to approve
an amendment to the Charter (i) modify the substance or timing of the Company’s obligation to allow redemption in connection with
a Business Combination or to redeem 100% of the shares of Common Stock included in the Units sold in the Offering if the Company does
not complete a Business Combination within the time period set forth in the Company’s Charter or (ii) with respect to any other
provision relating to stockholders’ rights or pre-initial Business Combination activity. The written request of the Company referenced
above shall constitute presumptive evidence that the Company is entitled to distribute said funds, and the Trustee shall have no responsibility
to look beyond said request; and

 

(l)                 
Not make any withdrawals or distributions from the Trust Account other than pursuant to Sections 1(i), 1(j) or 1(k) above.

 

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

 

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

 

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

 

(c)                 Pay
the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee, and transaction
processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood that the
Property shall not be used to pay such fees unless the disbursements are made to the Company pursuant to Section 1(i) solely in
connection with the completion of a Business Combination (defined below). The Company shall pay the Trustee the initial acceptance
fee and the first annual administration fee at the consummation of the Offering and thereafter on the anniversary of the Effective
Date. The Trustee shall refund the Company the annual administration fee (on a pro rata basis) with respect to any period after the
liquidation of the Trust Account. The Company shall not be responsible for any other fees or charges of the Trustee except as set
forth in this Section 2(c), Schedule A and as may be provided in Section 2(b) hereof;

 

    3

     

    

 

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

 

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

 

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

 

(g)               
Expressly provide in any Instruction Letter (as defined in Exhibit A) delivered in connection with a Termination Letter in the form of
Exhibit A that the Deferred Discount be paid directly to the account or accounts directed by the Representatives on behalf of the Underwriters
prior to any transfer of the funds held in the Trust Account to the Company or any other person; and

 

(h)                
Within four (4) business days after the Representatives exercise the over-allotment option (or any unexercised portion thereof) or such
over-allotment expires, provide the Trustee with a notice in writing (with copies to the Underwriters) of the total amount of the Deferred
Discount, which shall in no event be less than $8,750,000, or $10,062,500 if the Underwriters’ overallotment option is exercised
in full.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    4

     

    

 

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

 

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

 

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

 

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

 

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

 

5.                  
Termination. This Agreement shall terminate as follows:

 

(a)                
If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such time
that the Company notifies the Trustee that a successor trustee has been appointed 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;

 

(b)               
At such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions
of Section 1(i) hereof (which section may not be amended under any circumstances) and distributed the Property in accordance with
the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 2(b) and Section 4;
or

 

(c)                
If the Offering is not consummated within ten (10) business days of the date of this Agreement, in which case any funds received
by the Trustee from the Company, CA2 Co-Investment LLC or Concord Sponsor Group III LLC, as applicable, shall be returned promptly following
the receipt by the Trustee of written instructions from the Company.

 

6.                  
Miscellaneous.

 

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

 

    5

     

    

 

(b)               
This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. This Agreement
may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute
but one instrument.

 

(c)                
This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof.
This Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing
signed by each of the parties hereto.

 

(d)               
This Agreement or any provision hereof may only be changed, amended or modified pursuant to Section 6(c) hereof with the Consent
of the Stockholders. For purposes of this Section 6(d), the “Consent of the Stockholders” means (i) receipt
by the Trustee of a certificate from the inspector of elections of the stockholder meeting certifying that the Company’s stockholders
of record as of a record date established in accordance with Section 213(a) of the Delaware General Corporation Law, as amended (or any
successor rule), who hold sixty-five percent (65%) or more of all then outstanding shares of the Common Stock and Class B common stock,
par value $0.0001 per share, of the Company voting together as a single class, have voted in favor of such change, amendment or modification,
or (ii) the Company’s stockholders of record as of the record date who hold sixty-five percent (65%) or more of all then outstanding
shares of the Common Stock and Class B common stock, par value $0.0001 per share, of the Company voting together as a single class, have
delivered to the Trustee a signed writing approving such change, amendment or modification. 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 stockholder
vote sought to amend this Agreement, including a corresponding change to the Charter. Except for any liability arising out of the Trustee’s
gross negligence, fraud or willful misconduct, the Trustee may rely conclusively on the certification from the inspector or elections
referenced above and shall be relieved of all liability to any party for executing the proposed amendment in reliance thereon.

 

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

 

(f)                 
Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or
by electronic mail:

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn:          Francis Wolf and Celeste Gonzalez

Email:       fwolf@continentalstock.com

 

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

 

Concord Acquisition Corp III

477 Madison Avenue

New York, NY 10022

Attn:        Jeff Tuder

Email:      jeff@tremsoncapital.com

 

    6

     

    

 

in each case, with copies
to:

 

Greenberg Traurig, LLP

1750 Tysons Boulevard, Suite 1000

McLean, VA 22102

Attn:         Alan I. Annex, Esq. and Jason T. Simon, Esq.

Email:      annexa@gtlaw.com and simonj@gtlaw.com

 

and:

 

DLA Piper LLP (US)

1251 Avenue of the Americas

New York, NY 10020

Attn:         Michael D. Maline, Esq. and Stephan P. Alicanti, Esq.

Email:      michael.maline@dlapiper.com and stephen.alicanti@dlapiper.com

 

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

 

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

 

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

 

(j)                 
Each of the Company and the Trustee hereby acknowledges and agrees that the Representatives on behalf of the Underwriters is a
third party beneficiary of this Agreement.

 

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

 

[Signature Page Follows]

 

    7

     

    

 

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:	 
	 	Title:	 
	 	 	 
	 	CONCORD Acquisition Corp III
	 	 	 
	 	By: 	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Investment Management
Trust Agreement]

 

    

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial set-up fee	 	Initial closing of Offering by wire transfer	 	$	3,500.00	 
	Trustee administration fee	 	First year, initial closing of Offering by wire transfer, thereafter on the anniversary of the effective date of the Offering by wire transfer or check	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Sections 1(i), 1(j) and 1(k)	 	Billed to Company following disbursement made to Company under Sections 1(i), 1(j) and 1(k)	 	$	250.00	 
	Paying Agent services as required pursuant to Sections 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to Sections 1(i) and 1(k)	 	 	Prevailing rates	 

 

    

     

    

 

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 Concord Acquisition Corp III (the “Company”) and Continental Stock Transfer
 & Trust Company (the “Trustee”), dated as of _________, 2021 (the “Trust Agreement”),
this is to advise you that the Company has entered into an agreement with [__________] (the “Target Business”)
to consummate a business combination with the Target Business (the “Business Combination”) on or about [insert
date]. The Company shall notify you at least seventy-two (72) hours in advance (or such shorter time as you may agree) of the actual date
of the consummation of the Business Combination (the “Consummation Date”). Capitalized terms used but not defined
herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust Agreement,
we hereby authorize you to commence to liquidate all of the assets of the Trust Account and to transfer the proceeds to a segregated account
held by you on behalf of the Beneficiaries to the effect that, on the Consummation Date, all of the funds held in the Trust Account will
be immediately available for transfer to the account or accounts that the Company shall direct on the Consummation Date (including as
directed to it by the Representatives on behalf of the Underwriters (with respect to the Deferred Discount)). It is acknowledged and agreed
that while the funds are on deposit in the trust operating account at Morgan Stanley awaiting distribution, neither the Company nor the
Representatives will earn any interest or dividends.

 

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

 

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

 

    A-1

     

    

 

	 	 	Very truly yours,
	 	 	 	 
	 	 	Concord Acquisition Corp III
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	Acknowledged and Agreed:	 	 
	 	 	 
	Cowen and Company, LLC	 	 
	 	 	 	 
	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 Concord Acquisition Corp III (the “Company”) and Continental Stock Transfer
 & Trust Company (the “Trustee”), dated as of _________, 2021 (the “Trust Agreement”),
this is to advise you that the Company did not effect a business combination with a Target Business (the “Business Combination”)
within the time frame specified in the Company’s Charter, as described in the Company’s Prospectus relating to the Offering.
Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust Agreement,
we hereby authorize you to liquidate all of the assets in the Trust Account and transfer the total proceeds into a segregated account
held by you on behalf of the Beneficiaries to await distribution to the Public Stockholders. The Company has selected [_________, 20__]1
as the effective date for the purpose of determining when the Public Stockholders will be entitled to receive their share of the liquidation
proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly
to the Company’s Public Stockholders in accordance with the terms of the Trust Agreement and the Company’s Charter. Upon the
distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account,
your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(i) of the Trust
Agreement.

 

	 	 	Very truly yours,
	 	 	 	 
	 	 	Concord Acquisition Corp III
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	cc:	Cowen and Company, LLC	 	 
	 	 	 	 
	 	Citigroup Global Markets Inc.	 	 

 

 

 

1 24 months from the closing of the Offering or at a later
date, if extended.

 

    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 - Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(j) of the Investment
Management Trust Agreement between Concord Acquisition Corp III (the “Company”) and Continental Stock Transfer
 & Trust Company (the “Trustee”), dated as of _________, 2021 (the “Trust Agreement”),
the Company hereby requests that you deliver to the Company $[_____] of the interest income earned on the Property as of the date hereof.
Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

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

 

[WIRE INSTRUCTION
INFORMATION]

 

	 	 	Very truly yours,
	 	 	 	 
	 	 	Concord Acquisition Corp III
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	cc:	Cowen and Company, LLC	 	 
	 	 	 	 
	 	Citigroup Global Markets 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 - Stockholder Redemption Withdrawal
Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(k) of the Investment
Management Trust Agreement between Concord Acquisition Corp III (the “Company”) and Continental Stock Transfer
 & Trust Company (the “Trustee”), dated as of _________, 2021 (the “Trust Agreement”),
the Company hereby requests that you deliver to the redeeming Public Stockholders of the Company $[_____] of the principal and interest
income earned on the Property as of the date hereof to a segregated account held by you on behalf of the Beneficiaries for distribution
to the Public Stockholders who have requested redemption of their shares of Common Stock. Capitalized terms used but not defined herein
shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds to pay its Public
Stockholders who have properly elected to have their shares of Common Stock redeemed by the Company in connection with a stockholder vote
to approve an amendment to the Company’s Charter to (i) modify the substance or timing of the Company’s obligation to allow
redemption in connection with a Business Combination or to redeem 100% of the shares of Common Stock included in the Units sold in the
Offering if the Company does not complete a Business Combination within the time period set forth in the Company’s Charter or (ii)
with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity. As such, you
are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter.

 

	 	 	Very truly yours,
	 	 	 	 
	 	 	Concord Acquisition Corp III
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	cc:	Cowen and Company, LLC	 	 
	 	 	 	 
	 	Citigroup Global Markets Inc.	 	 

 

    D-1

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