Document:

Exhibit 10.10

 

 

Chardan Capital Markets, LLC

17 State Street, 21st Floor

New York, NY 10004

Tel: 646 465 9015

Fax: 646 465 9039

 

Preliminary: Subject to Legal Review and Commitment
Committee Approval

 

December 14, 2021

 

CleanTech Acquisition Corp.

207 West 25th Street,
9th Floor

New York, NY 10001

 

Attn: Eli Spiro, Chief Executive Officer and Director

 

Re:
Financial Advisory Agreement

 

Dear Mr. Spiro,

 

This letter will confirm our understanding that the
company known to us as CleanTech Acquisition Corp. (the “Company”), has engaged Chardan Capital Markets, LLC
(“Chardan”) to act as (i) the exclusive Financial Advisor to the Company with respect to a business combination (the
“Transaction”) involving the Company and at least one or more potential targets (“Acquisition Target”) and
(ii) and exclusive PIPE Placement Agent in connection with any private placement of securities (the “Securities”) by the
Company in connection with a Transaction (a “Placement”). The specific terms and conditions of the Transaction and
Placement shall be determined by good faith negotiations between the Company and the counterparty(s) to the Transaction or
Placement, as applicable. References herein to the “Company” shall be deemed to include any entity that the Company may
form or utilize to effect any of the Transactions contemplated hereby.

 

Section 1. Scope
of Engagement and Services. The Company hereby engages Chardan, for the period beginning on the date hereof and ending
on the earlier of the close of the Transaction or the liquidation of the Company (the “Engagement Period”). Chardan shall,
as appropriate, perform financial advisory services as Chardan and the Company may from time to time agree upon in connection with any
Transaction, and shall provide such services as Chardan may deem necessary or appropriate in its capacity as placement agent.

 

It is expressly
understood and acknowledged that Chardan’s engagement as placement agent does not constitute any commitment, express or implied,
on the part of Chardan or of any of its affiliates to purchase or place any Securities or to provide any type of financing and that the
Placement will be made by Chardan on a reasonable efforts basis. It is further understood that Chardan’s services hereunder shall
be subject to, among other things, satisfactory completion of due diligence by Chardan, market conditions, the absence of adverse changes
to the Acquisition Target’s business or financial condition, approval of Chardan’s internal committee and any other conditions
that Chardan may deem appropriate for placements of such nature.

 

     

    Page 2 of 7

    

 

It is expressly understood and
agreed that Chardan is not undertaking to provide any advice relating thereof, the Company acknowledges and agrees that (a) it and
its affiliates have relied and will continue to rely on the advice of its own legal, regulatory, accounting and tax advisors for all
matters relating to any Transaction and Placement, and all other matters and (b) neither it, nor any of its affiliates, has
received, or has relied upon, the advice of Chardan or any of its affiliates regarding matters of law, regulation, accounting or
taxation.

 

Section 2. Indemnification. The Company
agrees to indemnify Chardan in accordance with the provisions of Exhibit A hereto, which is incorporated by reference and
made a part hereof.

 

Section 3. Chardan’s
and the Company’s Relationships with Others. The Company acknowledges that Chardan and its affiliates are in the
business of providing investment banking, financial advisory, and consulting services to others and agrees that the provision of such
services shall not constitute a breach hereof of any duty owed to the Company by virtue of this Agreement. Nothing contained herein,
other than Chardan’s obligations relating to the Company’s Confidential Material as provided in Section 4 hereof, shall be
construed to limit or restrict Chardan or its respective affiliates in conducting such businesses with respect to others or in rendering
such services to others.

 

Section 4. Confidential Information. In
connection with the rendering of services hereunder, Chardan has been or will be furnished with certain confidential information of
the Company including, but not limited to, financial statements and information, cost and expense data, scientific data,
intellectual property, trade secrets, business strategies, marketing and customer data, and such other information not generally
available from public or published information sources. Such information shall be deemed “Confidential Material”, shall
be used solely in connection with the provision of services contemplated hereby, and shall not be disclosed by Chardan without the
prior written consent of the Company. In the event Chardan is required by applicable law or legal process to disclose any of the
Confidential Material, Chardan will deliver to the Company prompt notice of such requirement (by fax or overnight courier promptly
following Chardan’s knowledge or determination of such requirement) prior to such disclosure so the Company may seek an
appropriate protective order and/or waive compliance of this provision. If, in the absence of a protective order (because the
Company elected to not seek such an order or it was denied by a court of competent jurisdiction) or receipt of written waiver,
Chardan is nonetheless, in the written opinion of its counsel, compelled to disclose any Confidential Material, Chardan may do so
without liability hereunder. Chardan may also, without prior notice to the Company, disclose Confidential Information pursuant to an
ordinary course examination by, or other ordinary course interaction with, a regulator, bank examiner or self-regulatory
organization (such as FINRA).

 

Section 5. Limitation Upon the Use of Advice and
Services.

 

		(a)	No person or entity, other than the Company (including its directors, officers and employees), shall be
entitled to make use of, or rely upon any advice of Chardan to be given hereunder, and the Company shall not transmit such advice to,
or encourage or facilitate the use or reliance upon such advice by others without the prior written consent of Chardan.

 

		(b)	The Company hereby acknowledges that Chardan, for services rendered as contemplated by this Agreement,
does not make any commitment whatsoever to make a market in any of the Company’s securities on any stock exchange or in any electronic
marketplace. Any decision by Chardan to make a market in any of the Company’s securities shall be based solely on the independent
judgment of Chardan’s management, employees, and agents.

 

		(c)	Use of Chardan’s name in annual reports or any other report of the Company or releases by the Company
requires the prior written approval of Chardan unless the Company is required by law to include Chardan’s name in such annual reports,
other report or release of the Company, in which event the
Company shall furnish to Chardan copies of such annual reports or other reports or releases using Chardan’s names in advance of
publication by the Company.

 

     

    Page 3 of 7

    

 

Section 6. Public Announcements.
The Company agrees to include Chardan as the exclusive Financial Advisor and exclusive PIPE placement agent to the Company
in any public announcements associated with the Transaction and that Chardan may place announcements or advertisements or otherwise publicize
Chardan’s role hereunder.

 

Section 7. No Conflicts
with Finders or Other Brokers. The Company represents that this agreement
does not conflict with any other finder or broker agreement entered into by Company, and that if another person or entity is entitled
to payment by Company of a finder’s fee or any type of brokerage commission in connection with any Transactions contemplated by
this Agreement as a result of any agreement or understanding with the Company, this will not reduce Company’s obligations to Chardan
hereunder.

 

Section 8. Right of
First Refusal. From the closing of the Transaction, Company shall give Chardan
a right of first refusal to act as a book-running manager with minimum economics of 15% for the first two public or private equity or
debt offerings by the Company or any successor to or any subsidiary of the Company.

 

Section 9. Fees.
As compensation for Chardan’s services as Placement Agent, Chardan shall receive a placement fee (the “Placement Fee”)
of 6.0% of the aggregate gross proceeds received by the Company from the sale of the Securities in the Placement; provided, however,
that no Placement Fee shall be payable on any Securities sold to any affiliate of Chardan. The Placement Fee shall be payable in immediately
available funds on the date (the “Closing Date”) the Company receives payment for the Securities (not subject to any escrow
or similar arrangement, in which case the Placement Fee shall be payable on the date such funds are released to the Company from such
escrow or similar relationship) from a purchaser (the “Purchaser”) of the Securities.

 

The Company shall,
whether or not any Transaction or Placement is consummated, reimburse Chardan for any reasonable out-of-pocket expenses reasonably incurred
in connection with Chardan’s obligations hereunder, including without limitation, (a) travel expenses and (b) the professional fees
and expenses incurred by Chardan, including reasonable fees and expenses of counsel, up to $50,000 in the aggregate.

 

The right of Chardan
to receive the fees and reimbursements set forth in this Section 9 shall survive the termination of this Agreement for any reason.

 

Section 10. Information;
Cooperation. The Company will cooperate with and will furnish Chardan with all reasonable information and data concerning
the Company and the Transaction which Chardan deems appropriate and will provide Chardan with reasonable access to the Company’s
officers, directors, employees, independent accountants and legal counsel. The Company represents that all information and any disclosure
materials made available to Chardan for distribution to investors will be complete and correct in all material respects and will not
contain any untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein not
misleading in light of the circumstances under which such statements are made. The Company further represents and warrants that to the
extent any projections are furnished, such projections will have been prepared in good faith and will be based upon assumptions, which,
in light of the circumstances under which they are made, are reasonable. Chardan shall not, and shall cause any of its Selected Sub-Advisors
not to, deliver to any prospective investors any information concerning the Company, unless the Company has previously consented to the
distribution of such information.

 

     

    Page 4 of 7

    

 

Section 11. Additional Agreements.
The Company agrees with Chardan that:

 

		(a)	The Company (i) will not solicit offers to buy, or offer or sell, the Securities by any form of general solicitation or general advertising
(as those terms are used in Regulation D under the Securities Act), or in any manner involving a public offering within the meaning of
Section 4(a)(2) of the Securities Act, and (ii) will solicit offers for Securities only from, and will offer Securities only to, investors
that it reasonably believes are institutional “accredited investors” within the meaning of Rule 501(a) under the Securities
Act of 1933, as amended (the “Securities Act”) or “qualified institutional buyers” within the meaning of Rule
144A under the Securities Act. In addition, the Company will take all other necessary steps to ensure that the offering and sale of the
Securities are exempt from the registration requirements of the Securities Act and in compliance with all applicable state securities
laws.

 

		(b)	The Company shall extend to all prospective purchasers the opportunity, prior to the closing of a Placement,
to ask questions of, and receive answers from, the Company, and shall use commercially reasonable efforts to extend to all prospective
purchasers and other interested parties the opportunity, prior to such closing, to ask questions of, and receive answers from the Acquisition
Target, concerning the Securities and the terms and conditions of the offering thereof and to obtain any information that such prospective
purchasers may consider necessary in making an informed investment decision or to verify the accuracy of the information set forth in
any offering materials prepared and used by the Company in connection with a Placement (the “Offering Materials”), to the
extent the Company possesses the same or can acquire it without unreasonable effort or expense.

 

		(c)	If any event occurs or condition exists as a result of which the Offering Materials or the information
contained in any of the Company’s reports filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
would include an untrue statement of a material fact, or omit to state any material fact necessary to make the statements therein, in
the light of the circumstances when the Offering Materials are delivered to a Purchaser or such filings were made, as the case may be,
not misleading, or if, in the opinion of Chardan or the Company, it is necessary at any time to amend or supplement the Offering Materials
or file a subsequent Exchange Act report, as the case may be, to comply with applicable law, the Company will immediately notify Chardan
of any such event, condition or opinion of the Company and shall prepare an amendment or supplement to the Offering Materials or Exchange
Act report, as the case may be, that will correct such statement or omission or effect such compliance and will supply such amended or
supplemented Offering Materials or Exchange Act report, as the case may be, to Chardan, provided that in the case of any such opinion
of Chardan, the Company would only be required to do so upon notice from Chardan.

 

		(d)	Chardan shall be a third-party beneficiary of, and shall be entitled to rely on, the representations
                                                                and warranties provided by the Company to the Purchasers, and by the Purchasers to the Company, in any definitive agreement entered
                                                                into regarding the Placement. The definitive agreement between the Company and the Purchasers will contain representations of each
                                                                Purchaser (for itself and for each account for which such Purchaser is acquiring Securities) that such Purchaser has carefully
                                                                reviewed any Offering Materials used in the Placement and has been furnished with all other materials that it considers relevant to
                                                                an investment in the Securities, has had a full opportunity to ask questions of and receive answers from the Company or any person
                                                                or persons acting on behalf of the Company concerning the terms and conditions of the Placement, and no statement or printed
                                                                material which is contrary to the disclosure documents has been made or given to the Purchaser by or on behalf of the Company; and
                                                                that the Purchaser is not relying upon, and has not relied upon, any statement, representation or warranty made by any person,
                                                                including, without limitation, Chardan, except for the statements, representations and warranties contained in the definitive
                                                                agreement. The Company will cause to be furnished to Chardan a copy of the closing documents with respect to the Placement. To the
                                                                extent the Company’s counsel shall deliver a legal opinion in connection with the Placement to the Purchasers of the
                                                                Securities, such opinion shall also be addressed to Chardan (or shall state that Chardan is entitled to rely on such opinion). 

 

     

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Section
12. Miscellaneous.

 

		(a)	Any
notice or communication between the parties hereto shall be sufficiently given if sent by certified or registered mail, postage prepaid,
or faxed and confirmed if to the Company, addressed to it at the address above, or if to Chardan, addressed to them at: 17 State Street,
21st Floor, New York, NY, 10004. Such notice or other communication shall be deemed to be given on the date of receipt.

 

		(e)	This
                                            Agreement embodies the entire agreement and understanding between the Company and Chardan
                                            and supersedes any and all negotiations, prior discussions and preliminary and prior agreements
                                            and understandings that Chardan may have had with the Company related to the subject matter
                                            hereof, and may be modified only by a written instrument duly executed by each party. This
                                            Agreement shall inure to the benefit of and be binding upon the successors, assigns and personal
                                            representatives of each of the parties hereto. This Agreement has been duly authorized, executed
                                            and delivered by and on behalf of the Company and Chardan.

 

		(f)	This
                                            Agreement shall be deemed to have been made and delivered in New York City and shall be governed
                                            as to validity, interpretation, construction, effect and in all other respects by the internal
                                            laws of the State of New York without regard to principles of conflicts of law thereof. Any
                                            and all disputes, controversies or claims arising out of or relating to this Agreement, or
                                            the breach, termination or invalidity thereof, shall be finally and exclusively resolved
                                            by arbitration in accordance with the Rules of FINRA as at present in force. The arbitration
                                            shall take place in New York City, the State of New York. The parties hereby submit themselves
                                            to the exclusive jurisdiction of the arbitration tribunal in the City of New York, the State
                                            of New York under the auspices of FINRA. To the extent permitted by law, the award of the
                                            arbitrators may include, without limitation, one or more of the following: a monetary award,
                                            a declaration of rights, an order of specific performance, an injunction, reformation of
                                            the contract. The decision of the arbitrators shall be final and binding upon the parties
                                            hereto, and judgment on the award may be entered in any court having jurisdiction over the
                                            subject matter thereof. Each party to the arbitration shall bear its own expenses of the
                                            arbitration (including without limitation reasonable fees and expenses of counsel, experts
                                            and consultants).

 

		(g)	There
                                            is no relationship of partnership, agency, employment, franchise or joint venture between
                                            the parties. No party has the authority to bind the other or incur any obligation on the
                                            other’s behalf.

 

		(h)	The
                                            Company hereby acknowledges that Chardan is not a fiduciary of the Company. Chardan makes
                                            no representations or warranties regarding the Company’s ability to secure financing,
                                            whether now or in the future.

 

		(i)	This
                                            Agreement and the rights hereunder may not be assigned by either party (except by operation
                                            of law).

 

		(j)	Any
                                            term or provision of this Agreement which is invalid or unenforceable in any jurisdiction
                                            shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability
                                            without rendering invalid or unenforceable the remaining terms and provisions of this Agreement
                                            or affecting the validity or enforceability of any of the terms or provisions of this Agreement
                                            in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable,
                                            the provision shall be interpreted to be only as broad as is enforceable.

 

		(k)	Reference
                                            is made to the Company’s final prospectus, dated July 14, 2021 (the “Prospectus”).
                                            Chardan has read the Prospectus and understands that the Company has established the trust
                                            account described in the Prospectus, initially in an amount of $174,225,000 for the benefit
                                            of the public stockholders and the underwriters of the Company’s initial public offering
                                            (the “Underwriters”) and that, except for certain exceptions described in the
                                            Prospectus, the Company may disburse monies from the trust account only: (i) to the public
                                            stockholders in the event of the conversion of their shares or the liquidation of the Company;
                                            or (ii) to the Company and the Underwriters after consummation of a business combination,
                                            as described in the Prospectus.

 

For
and in consideration of the Company agreeing to enter into this Agreement, Chardan hereby agrees that it does not have any right, title,
interest or claim of any kind in or to any monies in the trust account (the “Claim”) and hereby waives any Claim it may have
in the future as a result of, or arising out of, any negotiations, contracts or agreements with the Company and will not seek recourse
against the trust account for any reason whatsoever.

 

Section
13. Termination. The term (the “Term”) of Chardan’s engagement hereunder shall commence on the date hereof and
shall end on the final closing of the Transaction; provided however that the Company, with written notice to Chardan, may terminate
this Agreement for Cause. “Cause” means that the Company’s board of directors, acting in good faith, has
determined that there has been gross negligence or willful misconduct by Chardan or its affiliates.

 

In
the event of any termination of this Agreement prior to the expiration of the Term, this Agreement shall become null and void, except
for indemnity obligations of all parties hereunder.

 

In
addition, in the event this Agreement shall be terminated in accordance with the provisions of this Section 13 or upon expiration of
this Agreement, the provisions in the sections headed “Confidential Information,” “Fees,” “Indemnification,”
and “Miscellaneous” will survive.

 

Signature
page follows

 

     

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We
are delighted to accept this engagement and look forward to working with you on this assignment. Please confirm that the foregoing is
in accordance with your understanding by signing and returning to us one copy of this enclosed duplicate of this agreement.

 

	Very truly yours,
	 	 	 
	CHARDAN CAPITAL MARKETS, LLC
	 	 	 
	By:	/s/
    Alex Weil 	 
	 	Alex Weil	 
	 	Managing Director	 

 

Agreed
to and accepted this 14 day of December, 2021

 

CleanTech
Acquisition Corp.

 

	By:	/s/ Eli Spiro 	 
	 	Eli Spiro	 
	 	Chief Executive Officer and Director	 

 

     

    Page 7 of 7

    

 

Exhibit
A

 

INDEMNIFICATION

 

The
Company agrees to indemnify and hold harmless Chardan and its affiliates and their respective officers, directors, employees, agents
(including Selected Sub-Advisors and/or Dealers) and controlling persons (each such indemnified party or person being an “Indemnified
Party”), from and against any losses, claims, damages and liabilities, joint or several, to which such Indemnified Party may become
subject under any applicable law, or otherwise, which relate to or arise in any manner out of any transaction or any other matter (collectively,
the “Matters”) contemplated by the engagement letter, of which this Exhibit A forms a part, and the performance by Chardan
of the services contemplated thereby, and will promptly reimburse each Indemnified Party for all reasonable expenses (including reasonable
fees and expenses of legal counsel) as incurred in connection with the investigation of, preparation for or defense of any pending or
threatened claim or any action or proceeding arising therefrom, whether or not such Indemnified Party is a party and whether or not such
claim, action or proceeding is initiated or brought by or on behalf of the Company. Notwithstanding the foregoing, the Company shall
not be liable under the foregoing to the extent that any loss, claim, damage, liability or expense is found in a final judgment by a
court of competent jurisdiction to have resulted solely from Chardan’s fraud or willful misconduct.

 

The
Company also agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise,
save and except that such liability shall be caused by the fraud or willful misconduct of the indemnified party.) to the Company or its
security holders or creditors related to, arising out of, or in connection with, any Matters, the engagement of Chardan pursuant to,
or the performance by Chardan of the services contemplated by, the engagement letter, except to the extent any loss, claim, damage or
liability if found in a final judgment by a court of competent jurisdiction to have resulted solely from Chardan’s fraud or willful
misconduct.

 

If
the indemnification of an Indemnified Party provided for this letter agreement is for any reason held unenforceable, although otherwise
applicable in accordance with its terms, the Company agrees to contribute to the losses, claims, damages and liabilities for which such
indemnification is held unenforceable (i) in such proportion as is appropriate to reflect the relative benefits to the Company, on the
one hand, and Chardan, on the other hand, of any Matter (whether or not the Matter is consummated) or (ii) if (but only if) the allocation
provided for in clause (i) is for any reason held unenforceable, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) but also the relative fault of the Company, on the one hand, and Chardan, on the other hand, as well
as any other relevant equitable considerations. The Company agrees that for the purposes of this paragraph the relative benefits to the
Company and Chardan of any contemplated Matter (whether or not such Matter is consummated) shall be deemed to be in the same proportion
that the total value paid or received or to be paid or received by the Company as a result of or in connection with any Matter, bears
to the fees paid or to be paid to Chardan under the engagement letter; provided, however, that, to the extent permitted by applicable
law, in no event shall the Indemnified Parties be required to contribute an aggregate amount in excess of the aggregate fees actually
paid to Chardan under the engagement letter of which this Exhibit A is a part.

 

Promptly
after receipt by Chardan or any other Indemnified Party of any notice of any proceeding, or the commencement of any legal action or proceeding
in respect of which indemnity may be sought against the Company, Chardan or such other Indemnified Party shall notify the Company promptly
in writing of the receipt of any such notice or commencement of such an action or proceeding. In the event the Company shall be obligated
under this Indemnification Exhibit to indemnify Chardan and/or such other Indemnified Party, the Company may assume and control all aspects
of the defense of such proceeding, including, inter alia, selection of counsel (which counsel shall be reasonably acceptable to
Chardan) and, subject to the next paragraph, settlement; provided, however, that the Indemnified Parties shall have the right
to retain separate counsel, but the fees and expenses of such counsel shall be at the expense of the Indemnified Parties, unless (i)
the employment of such counsel has been specifically authorized in writing by the Company, (ii) the Company has failed to assume the
defense and employ reasonably acceptable counsel as required above, or (iii) the named parties to any such action (including any impleaded
parties) include both (a) the Indemnified Parties and (b) the Company, and the Indemnified Parties shall have reasonably determined that
the defenses available to them are not available to the Company and/or may not be consistent with the best interests of the Company or
the Indemnified Parties (in which case the Company shall not have the right to assume the defense of such action on behalf of the Indemnified
Parties); it being understood, however, that the Company shall not, in connection with any one such action or separate, substantially
similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable
fees and expenses of more than one separate firm of attorneys for the Indemnified Parties, which firm shall be designated in writing
by Chardan.

 

The
Company agrees that it will not, without the prior written consent of Chardan, settle, compromise or consent to the entry of any judgment
in any pending or threatened claim, action or proceeding in respect of which indemnification may be sought hereunder (whether or not
Chardan or any other Indemnified Party is an actual or potential party to such claim, action or proceeding), unless such settlement,
compromise or consent includes an unconditional release of such Chardan and each other Indemnified Party hereunder from all liability
arising out of such claim, action or proceeding.

 

If
Chardan or any other Indemnified Party is requested or required to appear as a witness in any action brought by or on behalf of or against
the Company in which such party is not named as a defendant, the Company will reimburse Chardan for all reasonable expenses incurred
in connection with such party’s appearing and preparing to appear as such a witness, including, without limitation, the fees and
disbursements of its legal counsel.

 

The
provisions of this Exhibit A shall continue to apply and shall remain in full force and effect regardless of any modification or termination
of the engagement or engagement letter of which this Exhibit A is a part or the completion of Chardan’s services thereunder.Exhibit 10.14.1

 

CLEANTECH ACQUISITION CORP.

207 West 25th Street, 9th Floor

New York, NY 10001

 

January 31, 2022

 

ATW Partners Opportunities Management, LLC

17 State Street, 2100

New York, NY 10004

 

Re: ATW Special Situations I LLC.

 

Ladies and Gentlemen:

 

As you are aware, ATW Special Situations I LLC,
a Delaware limited liability company (“SPV”) managed by ATW Partners Opportunities Management, LLC (“ATW”),
has entered into a Securities Purchase Agreement dated as of December 16, 2021 with CleanTech Acquisition Corp., a Delaware corporation,
and Nauticus Robotics, Inc., a Texas corporation (the “Securities Purchase Agreement”). Pursuant to the Securities
Purchase Agreement, ATW has agreed to purchase Senior Secured Convertible Debentures (the “Senior Secured Debentures”)
in the aggregate principal amount of $34,000,000 (or subscription amount of $32,300,000) of Nauticus Robotics, Inc. (f/k/a CleanTech Acquisition
Corp.), a Delaware corporation (the “Company”).

 

On that same day of December 16, 2021, Material
Impact Fund II, L.P. (“MIF II”) entered into a letter agreement with SPV (the “Letter Agreement”)
providing that if the SPV consummates the secured convertible term loan investment in the Company as defined in the Letter Agreement (the
“Investment”), MIF II will make a capital contribution of $5,000,000 to the SPV to be invested by the SPV in the Investment,
and ATW has agreed to provide MIF II a $5,000,000 allocation in the SPV.

 

Parties acknowledge and agree that upon SPV’s
receipt of the capital contribution from MIF II pursuant to the Letter Agreement, without further action or consent of any party, (i)
the aggregate subscription amount that SPV has agreed to pay for Senior Secured Debentures and Warrants under the Securities Purchase
Agreement will be automatically increased from $32,300,000 to $37,200,000, and (ii) the principal amount of the Senior Secured Debentures
subscribed will therefore be increased from $34,000,000 to $37,959,184 (i.e., after applying the multiplier of 1.0204 to the subscription
amount pursuant to the Securities Purchase Agreement); and (iii) the number of Warrant Shares will be corrected from 2,700,000 shares
to 3,036,735 shares (i.e., based on the conversion price of $15.00 per share pursuant to Section 2 of the form of Common Stock Purchase
Warrant (Exhibit C to the Securities Purchase Agreement).

 

The interpretation and enforceability of this
letter agreement and the rights of the parties hereunder shall be governed by and construed and enforced in accordance with the laws of
the State of Delaware, without regard to its principles of conflicts of laws. This letter agreement may be executed in multiple counterparts,
each of which shall constitute an original, and all of which together shall constitute one and the same instrument. This letter agreement
may be executed by facsimile or other electronic transmission, including by email with attached “pdf”. This letter agreement
shall be binding upon and inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties
hereto. This letter agreement may be amended, supplemented or otherwise modified only by a written agreement duly executed by or on behalf
of each of the parties hereto. The provisions of this letter agreement may be waived only by a written instrument duly executed by or
on behalf of the party against whom such waiver is sought to be enforced.

 

(Signature Page Follows)

 

    

     

    

 

Please execute this letter agreement where indicated below in order
to confirm your agreement with the foregoing provisions.

 

	 	Very truly yours,
	 	 
	 	CLEANTECH ACQUISITION CORP.
	 	 
	 	By:	/s/ Eli Spiro
	 	Name:	 Eli Spiro
	 	Title:	 Chief Executive Officer
	 	 
	 	NAUTICUS ROBOTICS, INC.
	 	 
	 	By:	/s/ Nicolaus Radford
	 	Name: 	 Nicolaus Radford
	 	Title:	 Chief Executive Officer

 

Accepted and agreed

as of the date first written above by:

 

	ATW SPECIAL SITUATIONS I LLC	 
	 	 
	By:	 ATW PARTNERS OPPORTUNITIES	 
		MANAGEMENT, LLC, its Manager	 
	 	 
	By:	/s/ Kerry Propper	 
		Name:	Kerry Propper

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