Document:

Exhibit 10.1

 

[●], 2021

 

D and Z Media Acquisition Corp.

2870 Peachtree Road NW, Suite 509

Atlanta, GA 30305

 

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”)
entered into by and among D and Z Media Acquisition Corp., a Delaware corporation (the “Company”), and
Goldman Sachs & Co. LLC, as representative (the “Representative”) of the several underwriters (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 over-allotments, if any) (the “Units”), each comprised
of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Class A Common Stock”),
and one-third of one redeemable warrant. Each whole warrant (each, a “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 as described in the Prospectus
(as defined below). 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 U.S. Securities and Exchange Commission (the “Commission”)
and the Company has applied to have the Units listed on the New York Stock Exchange. 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, each of D and Z Media Holdings LLC (the
“Sponsor”), Loop Capital Markets LLC (“Loop”) and the undersigned individuals (each of the undersigned individuals, an
“Insider” and collectively, the “Insiders”), hereby agrees with the
Company as follows:

 

		1.	The Sponsor, Loop and each Insider agrees 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 of Common Stock (as defined below) owned by it, him or her in favor of any proposed Business Combination and
                                                          (ii) not redeem any shares of Common Stock 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 and each Insider
                                                          agrees that it, he or she will not sell or tender any shares of Common Stock owned by it, him or her in connection
                                                          therewith.

 

		2.	The Sponsor, Loop and each Insider hereby agrees 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 approved by
                                                          the Company’s stockholders in accordance with the Company’s amended and restated certificate of incorporation (as
                                                          it may be amended from time to time, the “Charter”), the Sponsor, Loop 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 ten business days thereafter, 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 (as defined below), including
                                                          interest earned on the funds held in the Trust Account and not previously released to the Company (less taxes payable and 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’ (as defined below) 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,
                                                          liquidate and dissolve, subject in each case to the Company’s obligations under Delaware law to provide for claims of
                                                          creditors and other requirements of applicable law. The Sponsor, Loop and each Insider agrees to not propose any amendment to
                                                          the Charter to modify the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the
                                                          Company does not complete a Business Combination within the required time period set forth in the Charter or with respect to
                                                          any other material provisions 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,
                                                          divided by the number of then outstanding Offering Shares.

 

    

     

    

 

The Sponsor, Loop and each
Insider acknowledges 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 held by it, him or her. The Sponsor, Loop and each Insider hereby further waives, with respect to any shares of Common
Stock held by it, him or her, if any, any redemption rights it, he or she may have in connection with (A) 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 (B) a stockholder vote to approve an amendment to the Charter
to modify the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company has
not consummated a Business Combination within the time period set forth in the Charter or with respect to any other material
provisions relating to stockholders’ rights or pre-initial business combination activity or in the context of a tender
offer made by the Company to purchase Offering Shares (although the Sponsor, the Insiders and their respective affiliates
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 the time period set forth in the Charter). The undersigned acknowledges and
agrees that prior to entering into a definitive agreement for a Business Combination with a target business that is
affiliated with the undersigned or any other Insiders of the Company or their affiliates, such transaction must be approved
by a majority of the Company’s disinterested independent directors and the Company must obtain an opinion from an
independent investment banking firm, which is a member of the Financial Industry Regulatory Authority, or an independent
accounting firm that such Business Combination is fair to the Company’s unaffiliated stockholders from a financial
point of view.

 

		3.	Without limiting Loop’s obligations under paragraph 7 hereof, during the
                                                          period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, Loop shall not sell, transfer, assign, pledge or hypothecate any of its Founder Shares or Private Placement Warrants (as defined below)
(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)(2), which such restrictions shall not be subject to release or waiver, with or without the consent of the Representative,
during the period commencing on the effective date of the Underwriting Agreement 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 effective date of the Underwriting Agreement
and ending 180 days after such date, the Sponsor and
                                                          each Insider shall not, without the prior written consent of the Representative, (i) sell, offer to sell, contract or
                                                          agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or
                                                          indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the
                                                          meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
                                                          and the rules and regulations of the Commission promulgated thereunder, with respect to, any Units, shares of Common Stock
                                                          (including, but not limited to, Founder Shares), Warrants or any securities convertible into, or exercisable, or exchangeable
                                                          for, shares of Common Stock owned by it, him or her, (ii) enter into any swap or other arrangement that transfers to
                                                          another, in whole or in part, any of the economic consequences of ownership of any Units, shares of Common Stock (including,
                                                          but not limited to, Founder Shares), Warrants or any securities convertible into, or exercisable, or exchangeable for, shares
                                                          of Common Stock owned by it, him or her, whether any such transaction is to be settled by delivery of such securities, in
                                                          cash or otherwise, or (iii) publicly announce any intention to effect any transaction specified in clause (i) or
                                                          (ii). 

 

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		4.	In the event of the liquidation of the Trust Account upon the failure of the Company to consummate
its initial Business Combination within the time period set forth in the Charter, the Sponsor (the “Indemnitor”)
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) to which the Company may become subject as a result of any claim by (i) any third
party for services rendered or products sold to the Company or (ii) any prospective target business with which the Company
has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement (a “Target”);
provided, however, that such indemnification of the Company by the Indemnitor (x) shall apply only to the extent
necessary to ensure that such claims by a third party or a Target do not reduce the amount of funds in the Trust Account to below
the lesser of (i) $10.00 per Offering Share and (ii) the actual amount per Offering Share held in the Trust Account as
of the date of the liquidation of the Trust Account, if less than $10.00 per Offering Share is then held in the Trust Account due
to reductions in the value of the trust assets, less taxes payable, (y) shall not apply to any claims by a third party or
a Target which executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable)
and (z) shall not apply to any claims under the Company’s indemnity of the Underwriters against certain liabilities,
including liabilities under the Securities Act of 1933, as amended. The Indemnitor 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 Indemnitor, the Indemnitor notifies the Company in writing that it shall undertake such defense.

 

		5.	To the extent that the Underwriters do not exercise their over-allotment 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 to forfeit, at no cost, a number of Founder Shares in the aggregate equal to 924,457
                                                          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 over-allotment option and (ii) the denominator of which is 3,750,000, and (y) Loop
                                                          agrees that it shall forfeit, at no cost, a number of Founder Shares in the aggregate equal to 13,043 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. The forfeiture will be
                                                          adjusted to the extent that the over-allotment option is not exercised in full by the Underwriters so that the Founder Shares
                                                          will represent an aggregate of 20.0% of the Company’s issued and outstanding shares of Class A Common Stock after the
                                                          Public Offering (not including shares of Class A Common Stock underlying the Warrants or Private Placement Warrants (as
                                                          defined below)). The Sponsor further agrees that to the extent that the size of the Public Offering is increased or
                                                          decreased, the Company will purchase or sell Units or effect a share repurchase or share capitalization, as applicable,
                                                          immediately prior to the consummation of the Public Offering in such amount as to maintain the ownership of the initial
                                                          shareholders prior to the Public Offering at 20.0% of its issued and outstanding Capital 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% of the number of Public Shares included in the Units issued in the Public Offering and
                                                          (B) the references to 924,457 and 13,043, respectively, in the formula set forth in the first sentence of this paragraph
                                                          shall be adjusted to such number of Founder Shares that the Sponsor and Loop would have to surrender to the Company in order
                                                          for the initial shareholders to hold an aggregate of 20.0% of the Company’s issued and outstanding shares of Class A
                                                          Common Stock after the Public Offering (not including shares of Class A Common Stock underlying the Warrants or Private
                                                          Placement Warrants).

 

		6.	The Sponsor, Loop and each Insider hereby agrees and acknowledges that: (i) the
                                                          Underwriters and the Company would be irreparably injured in the event of a breach by such Sponsor, Loop or an Insider of
                                                          its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 7(a), and 7(b), as applicable, 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 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, Loop and each Insider agrees that it, he or she shall not Transfer any
                                                          Founder Shares (or any 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) if the closing 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 or (y) the date on which
                                                          the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results
                                                          in all of the Company’s stockholders having the right to exchange their shares of Class A Common Stock for cash,
                                                          securities or other property (the “Founder Shares Lock-up Period”).

 

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(b) The
Sponsor, Loop and each Insider agrees that it, he or she shall not Transfer any Private Placement Warrants (or any share of
Class A Common Stock issued or issuable upon the exercise of the Private Placement Warrants), until 30 days after the
completion of a Business Combination (the “Private Placement Warrants Lock-up Period”, together
with the Founder Shares Lock-up Period, the “Lock-up Periods”).

 

(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 that are held by the Sponsor, Loop, 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
affiliate or family member of any of the Company’s officers or directors, any affiliate of the Sponsor or to any
members of the Sponsor or any of their affiliates, any affiliate of Loop or any entity under the control of or common control with Loop; (b) in the case of an individual, by gift to a member of such
individual’s immediate family or to a trust, the beneficiary of which is a member of such individual’s immediate
family, an affiliate of such individual or to a charitable organization; (c) in the case of an individual, by virtue of
laws of descent and distribution upon death of such 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 any forward purchase
agreement or similar arrangement or in connection with the consummation of an initial 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 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 upon dissolution of the Sponsor; or (h) in the event
of the Company’s liquidation, merger, capital stock exchange or other similar transaction which results in all of the
Company’s stockholders having the right to exchange their shares of 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) or (g), these permitted transferees must enter into a written agreement with the Company
agreeing to be bound by the transfer restrictions herein and the other restrictions contained in this Agreement (including
provisions relating to voting, the Trust Account and liquidating distributions).

 

		8.	The Sponsor, Loop and each Insider represents and warrants 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 (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 the Insider’s background. The Sponsor, Loop and each Insider’s
                                                          questionnaire furnished to the Company is true and accurate in all respects. The Sponsor, Loop and each Insider represents
                                                          and warrants that: it, he or she 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, he or she 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, he or she is not currently a defendant in any such criminal proceeding.

 

		9.	Except as disclosed in the Prospectus, neither the Sponsor, Loop nor any officer, nor any
                                                          affiliate of the Sponsor, Loop or any officer, nor any director of the Company, shall receive from the Company any
                                                          finder’s fee, reimbursement, consulting fee, non-cash payments, 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), other than the following,
                                                          none of which will be made from the proceeds held in the Trust Account prior to the completion of the initial Business
                                                          Combination: repayment of a loan and advances up to an aggregate of $300,000 made to the Company by the Sponsor;
                                                          reimbursement payments to Sponsor for certain office space, secretarial and administrative services as may be reasonably
                                                          required by the Company not to exceed a total of $15,000 per month; reimbursement for any reasonable out-of-pocket expenses
                                                          related to identifying, investigating, negotiating and completing an initial Business Combination, and repayment of loans, if
                                                          any, and on such terms as to be determined by the Company from time to time, made by the Sponsor or an affiliate of the
                                                          Sponsor or any of the Company’s officers or directors to finance transaction costs in connection with an intended
                                                          initial Business Combination, provided, that, if the Company does not consummate an initial Business Combination, a portion
                                                          of the working capital held outside the Trust Account may be used by the Company to repay such loaned amounts so long as no
                                                          proceeds from the Trust Account are used for such repayment. Up to $1,500,000 of such loans may be convertible into warrants
                                                          at a price of $1.50 per warrant at the option of the lender. Such warrants would be identical to the Private Placement
                                                          Warrants, including as to exercise price, exercisability and exercise period.

 

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		10.	The Sponsor, Loop and each Insider has 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 director on the board
                                                           of directors of the Company and hereby consents to being named in the Prospectus as an officer and/or 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) “Common Stock” shall mean the Class A common
                                                           stock and Class B common stock; (iii) “Founder Shares” shall mean the 7,187,500 shares of
                                                           Class B common stock issued and outstanding (up to 937,500 Shares of which are subject to complete or partial forfeiture if
                                                           the over-allotment option is not exercised by the Underwriters); (iv) “Initial Stockholders”
                                                           shall mean the Sponsor, Loop and any Insider that holds Founder Shares; (v) “Private Placement
                                                           Warrants” shall mean the aggregate of 4,600,000 Warrants (or 5,100,000 Warrants if the over-allotment option is
                                                           exercised in full) that the Sponsor and Loop agreed to purchase for an aggregate purchase price of $6,900,000 (or
                                                           $7,650,000 if the underwriters’ over-allotment option is exercised in full), or $1.50 per Warrant, in a private
                                                           placement that shall occur simultaneously with the consummation of the Public Offering; (vi) “Public
                                                           Stockholders” shall mean the holders of securities issued in the Public Offering; (vii) “Trust
                                                           Account” shall mean the trust fund into which a portion of the net proceeds of the Public Offering and the sale of the
                                                           Private Placement Warrants shall be deposited; (viii) “Transfer” shall mean the (a) sale
                                                           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 Exchange
                                                           Act, 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);
                                                           and (ix) “Warrants” shall mean the Private Placement Warrants and public warrants.

 

		12.	The Company will maintain an insurance policy or policies providing directors’ and officers’
liability insurance, and each Director shall be covered by such policy or policies, in accordance with its or their terms, to the
maximum extent of the coverage available for any of the Company’s directors or officers.

 

		13.	This Letter Agreement constitutes the entire agreement and understanding of the parties hereto
in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the
parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated
hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as
to any particular provision, except by a written instrument executed by all parties hereto.

 

		14.	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, Loop and each Insider and their respective successors, heirs
                                                           and assigns and permitted transferees.

 

		15.	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.

 

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		16.	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.

 

		17.	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.

 

		18.	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.

 

		19.	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 transmission.

 

		20.	This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up
Periods or (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 [March 31], 2021; provided further that paragraph 4 of this
Letter Agreement shall survive such liquidation.

 

[Signature Page Follows]

 

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	 	Sincerely,

 

	 	D AND Z MEDIA HOLDINGS LLC

 

	 	By:	D AND Z MEDIA LLC, its managing member

 

	 	By:	 
	 	 	Name: Betty Liu
	 	 	Title: Sole Member

 

		 	LOOP CAPITAL
                                         MARKETS LLC

 

	 	By:	 
	 	 	Name: 
	 	 	Title:

 

	 	By:	 
	 	 	Name: Betty Liu
	 	 	 
	 	By:	 
	 	 	Name: Mark Wiltamuth
	 	 	 
	 	By:	 
	 	 	Name: Scott Kurnit
	 	 	 
	 	By:	 
	 	 	Name: David Panton
	 	 	 
	 	By:	 
	 	 	Name: Louise Sams

 

	 	By:	 
	 	 	Name: Christine Zhao

 

	 	By:	 
	 	 	Name: Brian Grazer

 

	 	By:	 
	 	 	Name: Matt Blank

 

	 	By:	 
	 	 	Name: Daniel Rosensweig

 

	Acknowledged and Agreed:
	 
	D AND Z MEDIA ACQUISITION CORP.

 

	By:	 	 
	 	Name: Betty Liu	 
	 	Title: President and Chief Executive Officer	 

 

[Signature Page to Letter Agreement]Exhibit 10.2

 

FORM
OF INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment
Management Trust Agreement (this “Agreement”) is made effective as of [   ], 2021 by and between D and
Z Media Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer &
Trust Company, a New York corporation (the “Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, File No. 333-[     ] (the “Registration Statement”) and prospectus
(the “Prospectus”) for the initial public offering (the “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,
has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission; and

 

WHEREAS, the Company
has entered into an Underwriting Agreement (the “Underwriting Agreement”) with Goldman Sachs & Co.
LLC, as representative (the “Representative”) of the several underwriters (the “Underwriters”)
named therein; and

 

WHEREAS, as described
in the Prospectus, $250,000,000 of the gross 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 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 J.P. Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100 billion
or more) in the United States, maintained by 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; 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;

 

     

     

    

 

(d) Collect and receive,
when due, all 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 Representative 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;

 

(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 its Chief Executive Officer,
Chief Financial Officer, President, Executive Vice President, Vice President, Secretary or Chairperson 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 Representative, and complete the liquidation of the Trust Account and distribute the Property
in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company
(less taxes payable and up to $100,000 of interest 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 Company’s
amended and restated certificate of incorporation 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 earned on the funds held in the Trust Account
and not previously released to the Company (less taxes payable and up to $100,000 of interest to pay dissolution expenses), shall
be distributed to the Public Stockholders of record as of such date; and provided, however, that in the event the Trustee receives
a Termination Letter in a form substantially similar to Exhibit B hereto, or if the Trustee begins to liquidate the Property because
it has received no such Termination Letter by the date specified in clause (y) of this Section 1(i), the Trustee shall keep the
Trust Account open until twelve (12) months following the date the Property has been distributed to the Public Stockholders;

 

(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
(a “Tax Payment Withdrawal Instruction”), 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 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 the Company shall forward such payment to the relevant taxing
authority, so long as there is no reduction in the principal amount initially deposited in the Trust Account; provided,
however, that to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall
liquidate such assets held in the Trust Account as shall be designated by the Company in writing to make such distribution (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
(a “Stockholder Redemption Withdrawal Instruction”), the Trustee shall distribute on behalf of the Company
the amount requested by the Company to be used to redeem shares of Common Stock from Public Stockholders properly submitted in
connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation
to modify the substance or timing of the Company’s obligation to redeem 100% of shares of Common Stock included in the Units
sold in the Offering (the “public shares”) if the Company has not consummated an initial Business Combination
within such time as is described in the Company’s amended and restated certificate of incorporation or with respect to any
other material provisions 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 Section 1(i), (j) or (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 Chairperson 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 and until it is distributed to the Company pursuant to Sections 1(i)
through 1(j) hereof. The Company shall pay the Trustee the initial acceptance fee and the first annual administration fee
at the consummation of the Offering. 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;

 

(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 verifying the vote
of such stockholders regarding such Business Combination;

 

(e) Provide the Representative
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) Unless otherwise
agreed between the Company and the Representative, ensure that any Instruction Letter (as defined in Exhibit A) delivered
in connection with a Termination Letter in the form of Exhibit A expressly provides that the Deferred Discount is paid
directly to the account or accounts directed by the Representative on behalf of the Underwriters prior to any transfer of the funds
held in the Trust Account to the Company or any other person;

 

    3

     

    

 

(g) 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

 

(h) Within four (4)
business days after the Underwriters exercise the over-allotment option (or any unexercised portion thereof) or such over-allotment
option expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount.

 

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;

 

(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, 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

     

    

 

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 and has agreed to become subject to the terms
of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited
to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate;
provided, however, that in the event that the Company does not locate a successor trustee within ninety (90) days
of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with
any court in the State of New York or with the United States District Court for the Southern District of New York and upon such
deposit, the Trustee shall be immune from any liability whatsoever; or

 

(b) At such time that
the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions of Section 1(i)
hereof and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate
except with respect to Section 2(b).

 

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.

 

(b) This Agreement
shall be governed by and construed and enforced in accordance with the laws of the State of New York. 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. Subject to Section 6(d)
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 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
(“DGCL”) (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. No such amendment will affect any Public Stockholder who has otherwise
indicated his election to redeem his shares of Common Stock in connection with a stockholder vote sought to amend this Agreement
to modify the substance or timing of the Company’s obligation to redeem 100% of the Common Stock if the Company does not
complete its initial Business Combination within the time frame specified in the Company’s amended and restated certificate
of incorporation. 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.

 

    5

     

    

 

(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, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

 

D and Z Media Acquisition Corp.

2870 Peachtree Road NW, Suite 509

Atlanta, GA 30305

Attn: Betty Liu

Email: betty@dandzmedia.com

 

in each case, with copies to:

 

Greenberg Traurig, P.A.

333 S.E. 2nd Avenue

Miami, FL 33131

Attn.: Alan I. Annex, Esq.

Email: annexa@gtlaw.com

 

and

 

Goldman Sachs & Co. LLC

200 West Street

New York, New York 10282

Attn: General Counsel

 

and

 

White & Case LLP

1221 Avenue of the Americas

New York, New York 10020

Attn: Joel L. Rubinstein

Email: joel.rubinstein@whitecase.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 Representative 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]

 

    6

     

    

 

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: 

	 	 	 
	 	D AND Z MEDIA ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name: Betty Liu
	 	 	Title:   President and Chief Executive
        Officer

		 	 

[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.	 	$	[2,000]
	Trustee administration fee	 	Payable annually.  First year fee payable, at initial closing of Offering by wire transfer, thereafter by wire transfer or check.	 	$	[10,000.00]
	Transaction processing fee for disbursements to Company under Sections 1 and 2	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 1 and 2	 	$	[250.00]
	Paying Agent services as required pursuant to Section 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to Section 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 & Celeste Gonzalez

 

		Re:	Trust Account No. Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement between D and Z Media Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (“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 Target Business (the “Business Combination”)
on or about [insert date]. The Company shall notify you at least seventy-two (72) hours in advance of the actual date (or
such shorter period as you may agree) 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 on [insert
date], 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 Representative on behalf
of the Underwriters (with respect to the Deferred Discount)).

 

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 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, Chief Financial Officer, President
or Chairperson, 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 Representative with respect to the transfer of
the funds held in the Trust Account, including payment of amounts owed to public stockholders who have properly exercised their
redemption rights and payment of the Deferred Discount directly to the account or accounts directed by the Representative 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.

 

	 	Very truly yours,
	 	 	 
	 	D and Z Media Acquisition Corp.
	 	 	 
	 	By:	 
	 	 	Name: Betty Liu
	 	 	Title:   Chairperson, President and

        Chief Executive Officer

 

	Agreed and acknowledged by:

	 
	Goldman Sachs & Co. LLC

	 
	By:	     	 	 
		Name:	 	 
	 	Title:	 	 

  

     

     

    

 

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 & Celeste Gonzalez

 

		Re:	Trust Account No. Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement between D and Z Media Acquisition Corp. (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 been unable to effect a business combination
with a Target Business (the “Business Combination”) within the time frame specified in the Company’s
Amended and Restated Certificate of Incorporation, 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 on ____________,
20___ and to 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 __________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 Amended and Restated Certificate
of Incorporation of 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, except to the
extent otherwise provided in Section 1(i) of the Trust Agreement.

 

	 	Very truly yours,
	 	 	 
	 	D and Z Media Acquisition Corp.
	 	 	 
	 	By:	 
	 	 	Name: Betty Liu
	 	 	Title:   Chairperson, President and

        Chief Executive Officer

	cc: Goldman Sachs & Co. LLC	 	 

 

 

		1	24 months from the closing of the Offering or such later
date as may be approved by the Company’s stockholders in accordance with the Company’s amended and restated certificate
of incorporation.

  

     

     

    

 

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 & Celeste Gonzalez

 

		Re:	Trust Account No. Tax Payment Withdrawal Instruction

 

Ladies and Gentlemen:

 

Pursuant to Section 1(j)
of the Investment Management Trust Agreement between D and Z Media Acquisition Corp. (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,
	 	 	 
	 	D and Z Media Acquisition Corp.
	 	 	 
	 	By:	 
	 	 	Name: Betty Liu
	 	 	Title:   Chairperson, President and

        Chief Executive Officer

	cc: Goldman Sachs & Co. LLC	 	 

  

     

     

    

 

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 & Celeste Gonzalez

 

		Re:	Trust Account No. Stockholder Redemption Withdrawal Instruction

 

Ladies and Gentlemen:

 

Pursuant to Section 1(k)
of the Investment Management Trust Agreement between D and Z Media Acquisition Corp. (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. 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 amended and restated certificate of incorporation
to modify the substance or timing of the Company’s obligation to redeem 100% of public shares of Common Stock if the Company
has not consummated an initial Business Combination within such time as is described in the Company’s amended and restated
certificate of incorporation or with respect to any other material provisions 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 to a segregated account held by you on behalf of the Beneficiaries.

  

	 	Very truly yours,
	 	 	 
	 	D and Z Media Acquisition Corp.
	 	 	 
	 	By:	 
	 	 	Name: Betty Liu
	 	 	Title:   Chairperson, President and

        Chief Executive Officer

	cc: Goldman Sachs & Co. LLC

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