Document:

Exhibit
10.1

 

LETTER AGREEMENT FROM EACH OF THE REGISTRANT’S
SPONSOR, OFFICERS AND DIRECTORS

 

November 8, 2021

 

OmniLit Acquisition Corp

1111 Lincoln Road, Suite 500

Miami Beach, FL 33139

 

Imperial Capital, LLC

10100 Santa Monica Blvd.

#2400

Los Angeles, CA 90067

 

	 	Re:	Initial Public Offering

 

Gentlemen:

 

This letter (“Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered
into by and between OmniLit Acquisition Corp., a Delaware corporation (the “Company”), and Imperial Capital,
LLC as representative (the “Representative”) of the several Underwriters named in Schedule I thereto (the “Underwriters”),
relating to an underwritten initial public offering (the “IPO”) of 12,500,000 of the Company’s units (including
up to 1,875,000 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 “Common Stock”),
and one-half of a warrant, each whole warrant exercisable for one share of Common Stock (each, a “Warrant”)
upon completion of a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business
combination with one or more businesses or entities (each a “Business Combination”). The Units will be sold
in the IPO pursuant to a registration statement on Form S-1 (File No. 333-260090) 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 Nasdaq Global Market. Certain capitalized terms used herein are defined in paragraph 14 hereof.

 

In order to induce the Company and the Underwriters
to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit that such IPO will confer upon
the undersigned, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned
hereby agrees with the Company as follows:

 

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

 

2. (a) In the event that the Company fails to consummate
a Business Combination within the time period set forth in the Company’s Amended and Restated Certificate of Incorporation, as the
same may be amended from time to time (the “Certificate of Incorporation”), the undersigned will, as promptly
as possible, 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 therefore, redeem the IPO Shares at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the Trust Account net
of interest released to the Company as permitted pursuant to the Trust Agreement, divided by the number of then outstanding IPO Shares,
which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further
liquidation distributions, if any), subject to applicable law, 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 the cases of clauses (ii) and (iii) to the Company’s obligations under Delaware law to provide for claims of creditors
and other requirements of applicable law.

 

    	 

     

    

 

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

 

(c) In the event of the liquidation of the Trust Account,
the Sponsor agrees to indemnify and hold harmless the Company for any debts and obligations to target businesses or vendors or other entities
that are owed money by the Company for services rendered or contracted for or products sold to the Company, but only to the extent necessary
to ensure that such debt or obligation does not reduce the amount of funds in the Trust Account below $10.20 per IPO Share; provided that
such indemnity shall not apply (i) if such vendor or prospective target business executed an agreement waiving any right, title, interest
or claim of any kind they may have in or to any monies held in the Trust Account, or (ii) as to any claims under the Company’s obligation
to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities
Act”).

 

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

 

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

 

5. Neither the undersigned nor any affiliate of the
undersigned will be entitled to receive or accept a finder’s fee or any other compensation in the event either of the undersigned
or any affiliate of the undersigned originates a Business Combination.

 

6. (a) The Sponsor and each Insider agrees that it,
he or she shall not transfer any Founders’ Common Stock (or shares of Common Stock issuable upon conversion thereof) until the earlier
of: (A) one (1) year after the completion of the Company’s initial Business Combination; or (B) subsequent to the Business Combination:
(x) if the last sale price of the 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 60 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 Common
Stock for cash, securities or other property (the “Founders’ Common Stock Lock-up Period”).

 

(b) The Sponsor and each Insider agrees that it, he
or she shall not transfer any Private Placement Warrants or shares of Common Stock issued or issuable upon the exercise of the Private
Placement Warrants, until thirty (30) days after the completion of a Business Combination (the “Private Placement Lock-up Period”,
together with the Founders’ Common Stock Lock-up Period, the “Lock-up Periods”).

 

(c) Notwithstanding the provisions set forth in paragraphs
6(a) and (b), transfers of the Founders’ Common Stock, Private Placement Warrants and shares of Common Stock issued or issuable
upon the exercise or conversion of the Private Placement Warrants or the Founders’ Common Stock that are held by the Sponsor, any
Insider or any of their permitted transferees (that have complied with this paragraph 6(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 or any affiliate of the Sponsor
or to any member(s) of the Sponsor; (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 the consummation of an initial Business Combination at prices no greater than the price at which the shares or warrants were originally
purchased; (f) in the event of the Company’s liquidation prior to the completion of an initial Business Combination; or (g) by virtue
of the laws of the State of Delaware or the Sponsor’s limited liability company agreement upon dissolution of the Sponsor; 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.

 

    	2

     

    

 

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

 

(b) The undersigned hereby agrees and acknowledges
that (i) each of the Underwriters and the Company may be irreparably injured in the event of a breach of any of the obligations contained
in this letter, (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.

 

8. The undersigned’s biographical information
previously furnished to the Company and the Representative is true and accurate in all respects, does not omit any material information
with respect to the undersigned’s background and contains all of the information required to be disclosed pursuant to Item 401 of
Regulation S-K, promulgated under the Securities Act. The undersigned’s Director, Officer and Stockholder Questionnaire and FINRA
Questionnaire previously furnished to the Company and the Representative is true and accurate in all respects.

 

9. The undersigned has full right and power, without
violating any agreement by which he, she or it is bound, to enter into this letter agreement and to serve as a director and/or officer
of the Company, as applicable.

 

10. The undersigned hereby waives any right to exercise
redemption rights with respect to the Founders’ Common Stock or any IPO Shares owned or to be owned by the undersigned, directly
or indirectly (or to sell such shares to the Company in a tender offer), and agrees not to seek redemption with respect to such shares
in connection with any vote to approve a Business Combination (or sell such shares to the Company in a tender offer in connection with
such a Business Combination).

 

11. The undersigned agrees not to propose any amendment
to the Certificate of Incorporation to modify: (i) the substance or timing of the ability of holders of IPO Shares to seek redemption
in connection with a Business Combination or amendments to the Certificate of Incorporation prior thereto; or (ii) (A) the Company’s
obligation to redeem 100% of the IPO Shares if the Company does not complete a Business Combination within such time set forth in the
Certificate of Incorporation; or (B) any other provisions relating to stockholders’ rights or pre-initial Business Combination activity,
unless the Company provides its public stockholders with the opportunity to redeem their IPO 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
IPO Shares.

 

12. In the event that the Company does not consummate
a Business Combination and must liquidate and its remaining net assets are insufficient to complete such liquidation, the Sponsor agrees
to advance such funds necessary to complete such liquidation and agrees not to seek repayment for such expenses.

 

13. This letter agreement shall be governed by and
construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that
would result in the application of the substantive laws of another jurisdiction. Each of the Company and the undersigned hereby (i) agrees
that any action, proceeding or claim against him arising out of or relating in any way to this letter agreement (a “Proceeding”)
shall be brought and enforced in the courts of the State of New York of the United States of America for the Southern District of New
York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive and (ii) waives any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum. The undersigned irrevocably agrees to appoint Al Kapoor as agent for
the service of process in the State of New York to receive, for the undersigned and on his behalf, service of process in any Proceeding.
If for any reason such agent is unable to act as such, the undersigned will promptly notify the Company and the Representative and appoint
a substitute agent acceptable to each of the Company and the Representative within 30 days and nothing in this letter will affect the
right of either party to serve process in any other manner permitted by law.

 

    	3

     

    

 

14. As used herein, (i) “Insiders”
means all officers, directors and sponsor of the Company immediately prior to the IPO; (ii) “Founders’ Common Stock”
means all of the shares of Common Stock of the Company acquired by an Insider prior to the IPO; (iii) “IPO Shares”
means the shares of Common Stock issued in the Company’s IPO; (iv) “Private Securities” means the warrants
that are being sold privately by the Company simultaneously with the consummation of the IPO; (v) “Trust Agreement”
means the Investment Management Trust Agreement between the Company and Continental Stock Transfer & Trust Company being entered into
in connection with the IPO and governing the use of funds held in the Trust Account; (vi) “Trust Account” means
the trust account established pursuant to the Trust Agreement into which a portion of the net proceeds of the IPO and the sale of the
Private Securities will be deposited; and (vii) “Registration Statement” means the Company’s registration
statement on Form S-1 (SEC File No. 333-260090) filed with the Securities and Exchange Commission.

 

15. 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.

 

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

 

17. 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.

 

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

 

19. 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.

 

20. 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.

 

21. 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.

 

22. 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.

 

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23. 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 IPO is not consummated and closed by May 12, 2022; provided further that paragraph 2(c) of this
Letter Agreement shall survive such liquidation.

 

	 	OMNILIT SPONSOR, LLC, a Delaware limited liability company 
	 	 	 
	 	By:	/s/ Al Kapoor
	 	Name:	Al Kapoor
	 	Title:	Manager
	 	 	 
	 	Al Kapoor
	 	 	 
	 	/s/ Al Kapoor
	 	Signature
	 	 	 
	 	Robert O. Nelson II
	 	 	 
	 	/s/ Robert O. Nelson II
	 	Signature
	 	 	 
	 	Skylar M. Jacobs
	 	 	 
	 	/s/ Skylar M. Jacobs
	 	Signature
	 	 	 
	 	Kent R. Weldon
	 	 	 
	 	/s/ Kent R. Weldon
	 	Signature
	 	 	 
	 	Mark D. Norman
	 	 	 
	 	/s/ Mark D. Norman
	 	Signature
	 	 	 
	 	Brian F. Hughes
	 	 	 
	 	/s/ Brian F. Hughes
	 	Signature
	 	 	 
	 	James M. Jenkins
	 	 	 
	 	/s/ James M. Jenkins
	 	Signature
	 	 	 
	 	Acknowledged and Agreed
	 	 	 
	 	OMNILIT ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Al Kapoor
	 	Name:	Al Kapoor
	 	Title:	Chief Executive Officer

 

    	5Exhibit
10.2 

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Investment Management Trust Agreement (this “Agreement”) is made effective as of November 8, 2021, by and between
OmniLit Acquisition Corp., 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. 333-260090 (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 half 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 by the U.S. Securities and Exchange Commission; and

 

WHEREAS,
the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”) with Imperial Capital,
LLC, as representative (the “Representative”) of the several underwriters (the “Underwriters”)
named therein; and

 

WHEREAS,
as described in the Prospectus, $127,500,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants (as defined
in the Underwriting Agreement) (or $146,625,000, 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”); and

 

WHEREAS,
pursuant to the Underwriting Agreement, a portion of the Property equal to $4,375,000, or $5,031,250 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) 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 180 days or
less, or in money market funds meeting the conditions of Rule 2a-7(d) 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 while the account funds are invested or uninvested 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 at least two of its 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 a Termination Letter in a form substantially similar to the attached
hereto as 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 not previously released to the Company to pay its taxes (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) the date which is the later of: (1) 15 months after the closing of the Offering, which may be extended to
21 months after the closing of the Offering, pursuant to the Company’s Certificate of Incorporation (“Charter”);
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 the Company to pay its taxes (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;

 

(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 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; 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, 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 (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 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 Charter to modify
the substance or timing of the ability of Public Stockholders to seek redemption in connection with an initial Business Combination or
amendments to the Charter prior thereto or the Company’s obligation to redeem 100% of its public shares of Common Stock if the
Company has not consummated an initial Business Combination within such time as is described in clause (y) of Section 1(i) of
the Agreement. 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 at least two of 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 it is distributed to the Company pursuant to Section 1(i) 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;

 

    	3 

    	 

    

 

(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;

 

(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 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;

 

    	4 

    	 

    

 

(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 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 (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).

 

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, 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.

 

    	5 

    	 

    

 

(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; provided, however, that no such change, amendment, or modification to Section 1(i), 2(f), or Exhibit
A may be made without the prior written consent of the Representative.

 

(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 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 & Celeste Gonzalez

    Email:
    __________________ 

     ________________ 

 

If
to the Company, to:

	 	 
	 	OmniLit
    Acquisition Corp.

    1111
    Lincoln Road, Suite 500

    Miami
    Beach, FL 33139

    Attn:
    Al Kapoor

    Telephone:
    (786) 750-2820

 

    	6 

    	 

    

 

In
each case, with copies to:

 

	 	Harter,
    Secrest & Emery LLP

    1600
    Bausch & Lomb Place

    Rochester,
    NY 14604

    Attn:
    Joshua E. Gewolb, Esq., C. Christopher Murillo, Esq.

    Telephone:
    (585) 232-6500

	 	
	 	And
	 	 
	 	Imperial
    Capital, LLC
	 	10100
    Santa Monica Boulevard, Suite 2400
	 	Los
    Angeles, California 90067
	 	Attention:
    Peter Bennitt
	 	Email:
    _______________________ 
	 	Imperial
    Capital, LLC
	 	 
	 	And

     

    Paul
    Hastings LLP

    200
    Park Avenue

    New
    York, NY 10166

    Attn:
    Frank Lopez, Esq., Jonathan Ko, Esq.

    Telephone:
    (212) 318-6000

 

(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]

 

    	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:	/s/
Francis Wolf
	 	Name:	Francis
Wolf
	 	Title:	Vice
President
	 	 	 
	 	OMNILIT
    ACQUISITION CORP.
	 	 	 
	 	By:	/s/
Al Kapoor
	 	Name:	Al
Kapoor
	 	Title:	Chief
Executive Officer

 

[Signature
Page to Investment Management Trust Agreement]

 

    	8 

    	 

    

 

Schedule
A

 

	Fee Item	 	Time and method of payment	 	Amount
	Initial set-up fee.	 	Initial closing of Offering by wire transfer.	 	$	3,500
	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
	Transaction processing fee for disbursements to Company under Sections 1(i) and (j)	 	Billed to Company following disbursement made to Company under Section 1	 	$	250
	Paying Agent services as required pursuant to Sections 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to Section 1(i) and 1(k)	 	 	    Prevailing rates  

 

    	A-1 

    	 

    

 

Exhibit
A

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, New York 10004

Attn:
Francis Wolf & Celeste Gonzalez

 

	Re:	Trust
    Account - Termination Letter

 

Ladies
and Gentlemen:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between OmniLit Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of November 8, 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 [____].
The Company shall notify you at least seventy-two (72) hours in advance 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 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 Operating Account at J.P. Morgan Chase Bank, N.A. 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)). It is acknowledged and agreed that while the funds are on deposit
in the trust operating account at J.P. Morgan Chase Bank, N.A. awaiting distribution, the Company will not earn any interest or dividends.

 

On
the Consummation Date: (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated,
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 by 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 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 to 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.

 

    	A-2 

    	 

    

 

	 	Very
    truly yours,
	 	 
	 	OmniLit
    Acquisition Corp.
	 	 
	 	By:	          
	 	Name:	 
	 	Title:	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	Acknowledged
    & Agreed by:  	 
	 	 	 
	Imperial
    Capital, LLC  	 
	 	             	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	A-3 

    	 

    

 

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 - Termination Letter

 

Ladies
and Gentlemen:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between OmniLit Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of November 8, 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 Section 1(i) of the Trust Agreement. 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 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(j) of the Trust Agreement.

 

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

 

	 	Very
    truly yours,
	 	 	        
	 	OmniLit
    Acquisition Corp.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

cc:
Imperial Capital, LLC

 

    	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 & Celeste Gonzalez

 

	Re:	Trust
    Account - Withdrawal Instruction

 

Ladies
and Gentlemen:

 

Pursuant
to Section 1(j) of the Investment Management Trust Agreement between OmniLit Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of November 8, 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,
	 	 	        
	 	OmniLit
    Acquisition Corp.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

cc:
Imperial Capital, LLC

 

    	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 & Celeste Gonzalez

 

	 	Re:	Trust
    Account - Stockholder Redemption Withdrawal Instruction

 

Ladies
and Gentlemen:

 

Pursuant
to Section 1(k) of the Investment Management Trust Agreement between OmniLit Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of November 8, 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 Stockholders who have requested redemption of their 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 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 Section 1(i) of the Trust Agreement. 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,
	 	 	        
	 	OmniLit
    Acquisition Corp.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

cc:
Imperial Capital, LLC

 

    	D-1

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