Document:

Exhibit 10.1

 

THE
OFFER AND SALE OF THIS PROMISSORY NOTE (THIS “NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED
OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY
IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.  

 

PROMISSORY NOTE

 

	Principal Amount:  Up to $300,000	
        Dated as of February
        16, 2021

        New York, New York

 

PowerUp
Acquisition Corp., a Cayman Islands exempted company and blank check company (the “Maker”), promises
to pay to the order of PowerUp Sponsor LLC, a Delaware limited liability company or its registered assigns or successors in interest
(together, the “Payee”), the principal sum of up to Three Hundred Thousand Dollars ($300,000) (the “Maximum
Amount”) in lawful money of the United States of America, on the terms and conditions described below. All payments on
this Note shall be made by check or wire transfer of immediately available funds, or as otherwise determined by Maker, to such
account as Payee may from time to time designate by Notice (as defined in Section 9) to Maker in accordance with the provisions
of this Note.

 

1.                  
Principal. The principal balance of this Note shall be payable by Maker on the earlier of: (i) December 31,
2021 (the “Maturity Date”) or (ii) the date on which Maker consummates an initial public offering of its securities
(the “IPO”). The principal balance may be prepaid at any time. Under no circumstances shall any individual,
including but not limited to any officer, director, employee or shareholder of Maker, be obligated personally for any obligations
or liabilities of Maker hereunder.

 

2.                  
Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

3.                  
Drawdown Requests. Maker and Payee agree that Maker may request up to the Maximum Amount for costs reasonably related
to Maker’s initial public offering of its securities. The principal of this Note may be drawn down from time to time prior
to the earlier of: (i) December 31, 2021 or (ii) the date on which Maker consummates an initial public offering of its securities,
upon written request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the
amount to be drawn down, and must not be an amount less than Ten Thousand Dollars ($10,000), unless agreed upon by Maker and Payee.
Payee shall fund each Drawdown Request no later than five business days after receipt of a Drawdown Request; provided, however,
that the maximum amount of drawdowns collectively under this Note shall not exceed the Maximum Amount. Once an amount is drawn
down under this Note, such amount shall not be available for future Drawdown Requests, even if such amount is prepaid. No fees,
payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker. Notwithstanding
the foregoing, all payments shall be applied, first, to payment in full of any costs incurred in the collection of any sum
due under this Note, including (without limitation) reasonable attorneys’ fees, and second, to the reduction of the
unpaid principal balance of this Note.

 

4.                  
Application of Payments. All payments shall be applied, first, to payment in full of any costs incurred in the
collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, second, to the
payment in full of any late charges, and third, to the reduction of the unpaid principal balance of this Note.

 

     

     

    

 

5.                  
Events of Default. The following events shall constitute an event of default (“Event of Default”):

 

5.1              
Failure to Make Required Payments. The failure by Maker to pay the principal amount due pursuant to this Note
within five business days of the Maturity Date.

 

5.2             
Voluntary Bankruptcy, Etc. The: (a) commencement by Maker of a voluntary case under any applicable bankruptcy,
insolvency, reorganization, rehabilitation or other similar law; (b) consent by Maker to the appointment of or taking possession
by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker for any substantial
part of its property, (c) making by Maker of any assignment for the benefit of creditors; (d) the failure of Maker generally to
pay its debts as such debts become due; or (e) taking of any corporate action by Maker in furtherance of any of the foregoing events
described in Section 5.2(a) – Section 5.2(d).

 

5.3              
Involuntary Bankruptcy, Etc. The: (a)(i) entry of a decree or order for relief by a court having jurisdiction
in the premises in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, (ii)
appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial
part of its property, or (iii) the ordering of the winding-up or liquidation of Maker’s affairs; and (b) continuance of any
such decree, appointment, or order unstayed and in effect for a period of 60 consecutive days.

 

6.                  
Remedies.

 

6.1              Upon
the occurrence of an Event of Default specified in Section 5.1, Payee may, by Notice to Maker, declare this Note to be
due immediately and payable by Maker, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived, notwithstanding anything contained herein or in the documents evidencing the same to the contrary.

 

6.2              Upon
the occurrence of an Event of Default specified in Section 5.2 and Section 5.3, the unpaid principal balance of
this Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable by
Maker, in all cases without any action on the part of Payee.

 

7.                  
Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive: (a) presentment for payment,
demand, notice of dishonor, protest, and notice of protest with regard to the Note; (b) all errors, defects and imperfections in
any proceedings instituted by Payee under the terms of this Note; and (c) all benefits that might accrue to Maker by virtue of
any present or future laws (i) exempting any property, real or personal, or any part of the proceeds arising from any sale of any
such real or personal property, from attachment, levy or sale under execution, or (ii) providing for any stay of execution, exemption
from civil process, or extension of time for payment. Maker agrees that any real estate that may be levied upon pursuant to a judgment
obtained by virtue hereof or any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order
desired by Payee.

 

8.                  
Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default,
or enforcement of the payment of this Note, and agrees that Maker’s liability shall be unconditional, without regard to the
liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or
modification granted or consented to by Payee. Maker consents to any and all extensions of time, renewals, waivers, or modifications
that may be granted by Payee with respect to the payment or other provisions of this Note. Maker agrees that additional makers,
endorsers, guarantors, or sureties may become parties hereto without either any Notice to Maker or any bearing on Maker’s
liability hereunder.

 

    	 	- 2 -	 

     

    

 

9.                  
Notices. All notices, requests, consents, claims, demands, waivers, and other communications hereunder (each, a “Notice”)
shall be in writing and addressed to the parties at the addresses set forth on the first page of this Agreement (or to such other
address that may be designated by the receiving party from time to time in accordance with this Section 9). A Notice shall
be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee
if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or email (with confirmation
of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal business
hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail (in each case, return receipt
requested, postage pre-paid).

 

10.              Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

11.              Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

 

12.              
Trust Waiver. Notwithstanding anything herein to the contrary, Payee hereby waives any and all right, title, interest
or claim of any kind (each, a “Claim”) in or to any distribution of or from the trust account to be established
(the “Trust Account”), in which the proceeds of both the (a) IPO (including the deferred underwriters discounts
and commissions) and (b) sale of the warrants to be issued in a private placement to occur at the closing of the IPO are to be
deposited, as described in greater detail in the Registration Statement on Form S-1 and prospectus to be filed with the Securities
and Exchange Commission in connection with the IPO. Payee hereby agrees not to seek recourse, reimbursement, payment or satisfaction
for any Claim against the Trust Account for any reason whatsoever.

 

13.              
Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written
consent of both Maker and Payee.

 

14.              
Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto
(by operation of law or otherwise) without the prior written consent of the other party hereto. Any attempted assignment without
the required consent shall be void.

 

 

[Signature page
follows]

 

    	 	- 3 -	 

     

    

 

IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year
first above written.

 

	 	POWERUP ACQUISITION CORP.
	 	 
	 	 
	 	By:	/s/ Gabriel Schillinger
	 	 	Name: Gabriel Schillinger
	 	 	Title: President

 

[Signature Page to Promissory Note]Exhibit 10.5

 

PowerUp Acquisition Corp. 

200 Broadway, New York, NY 10038

 

February 16, 2021

 

PowerUp Sponsor LLC

200 Broadway, New York, NY 10038

 

RE: Securities Subscription Agreement

 

Ladies and Gentlemen:

 

This agreement (the “Agreement”)
is entered into on February 15, 2021 by and between PowerUp Sponsor LLC, a Delaware limited liability company (the “Subscriber”
or “you”), and PowerUp Acquisition Corp., an Cayman Islands exempted company (the “Company”,
 “we” or “us”). Pursuant to the terms hereof, the Company hereby accepts the offer the Subscriber
has made to purchase 8,625,000 shares (the “Shares”) of Class B ordinary shares, $0.0001 par value per share
(the “Class B Ordinary Shares”) up to 1,125,000 of which are subject to forfeiture by you if the underwriters
of the initial public offering (“IPO”) of units of the Company (the “Units”), do not fully
exercise their over-allotment option (the “Over-allotment Option”). The Company and the Subscriber’s agreements
regarding such Shares are as follows:

 

1.                  Purchase
of Shares. For the sum of $25,000, which the Company acknowledges receiving in cash, the Company hereby issues the Shares
to the Subscriber, and the Subscriber hereby purchases the Shares from the Company, subject to forfeiture, on the terms and subject
to the conditions set forth in this Agreement. Concurrently with the Subscriber’s
execution of this Agreement, the Company shall, at its option, deliver to the Subscriber a certificate registered in the Subscriber’s
name representing the Shares (the “Original Certificate”), or effect such delivery in book-entry form.

 

2.                  
Representations, Warranties, and Agreements.

 

2.1              
Subscriber’s Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber,
the Subscriber hereby represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1         
No Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon
or made any recommendation or endorsement of the offering of the Shares.

 

2.1.2         No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (a) the formation and governing documents of the
Subscriber, (b) any agreement, indenture or instrument to which the Subscriber is a party, or (c) any law, statute, rule or regulation
to which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber is subject.

 

2.1.3         
Organization and Authority. The Subscriber is a Delaware limited liability company, validly existing and in good
standing under the laws of Delaware and possesses all requisite power and authority necessary to carry out the transactions contemplated
by this Agreement. Upon execution and delivery by you, this Agreement is a legal, valid and binding agreement of Subscriber, enforceable
against Subscriber in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles
of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

     

     

    

 

2.1.4         
 Experience, Financial Capability and Suitability.

 

(a)               Subscriber
is: (i) sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Shares and
(ii) able to bear the economic risk of its investment in the Shares for an indefinite period of time because the Shares have not
been registered under the Securities Act of 1933, as amended (the “Securities Act”) and therefore cannot be
sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber is
capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests.

 

(b)               Subscriber
must bear the economic risk of this investment until the Shares are sold pursuant to: (i) an effective registration statement
under the Securities Act or (ii) an exemption from registration available with respect to such sale. Subscriber is able to bear
the economic risks of an investment in the Shares and to afford a complete loss of Subscriber’s investment in the Shares.

 

2.1.5         
Access to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had
the opportunity to ask questions of and receive answers from representatives of the Company concerning an investment in the Company,
as well as the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information
to verify the accuracy of all information so obtained. In determining whether to make this investment, Subscriber has relied solely
on Subscriber’s own knowledge and understanding of the Company and its business based upon Subscriber’s own due diligence
investigation and the information furnished pursuant to this paragraph. Subscriber understands that no person has been authorized
to give any information or to make any representations which were not furnished pursuant to this Section 2 and Subscriber
has not relied on any other representations or information in making its investment decision, whether written or oral, relating
to the Company, its operations and/or its prospects.

 

2.1.6        
Regulation D Offering. Subscriber represents that it is an “accredited investor” as such term is defined
in Rule 501(a) of Regulation D promulgated under the Securities Act and acknowledges the sale contemplated hereby is being made
in reliance on a private placement exemption to “accredited investors” within the meaning of Section 501(a) of Regulation
D promulgated under the Securities Act or similar exemptions under state law.

 

2.1.7         
Investment Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s
own account and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination
thereof. The Subscriber did not decide to enter into this Agreement as a result of any general solicitation or general advertising
within the meaning of Rule 502(c) of Regulation D promulgated under the Securities Act.

 

2.1.8         
Restrictions on Transfer; Shell Company. Subscriber understands the Shares are being offered in a transaction not
involving a public offering within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted
securities” within the meaning of section (a)(3) of Rule 144 promulgated under the Securities Act (“Rule 144”),
and Subscriber understands that the Certificates (as defined in Section 3.3) or book-entries representing the Shares will
contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge or otherwise
transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant to (a) registration under
the Securities Act covering such offer, resale, pledge or other transaction or (b) an available exemption from registration. Subscriber
agrees that if any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to any such
transfer, Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration
or an exemption, the Subscriber agrees not to resell the Shares. Subscriber further acknowledges that because the Company is a
shell company, Subscriber may not be able to rely on Rule 144 promulgated under the Securities Act with respect to the resale of
the Shares until one year following consummation of the initial business combination of the Company, despite technical compliance
with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

    	 	- 2 -	 

     

    

 

2.1.9         
No Governmental Consents. No governmental, administrative or other third-party consents or approvals are required,
necessary or appropriate on the part of Subscriber in connection with the transactions contemplated by this Agreement.

 

2.2              Company’s
Representations, Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby represents
and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1       
   Organization and Corporate Power. The Company is a Delaware corporation and is qualified to do
business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse
effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate
power and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.2.2         No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (a) the certificate of incorporation or by-laws
of the Company, (b) any agreement, indenture or instrument to which the Company is a party, or (c) any law, statute, rule or regulation
to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

 

2.2.3         Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly and validly
issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Subscriber
will have or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a)
transfer restrictions hereunder and other agreements to which the Shares may be subject which have been notified to the Subscriber
in writing, (b) transfer restrictions under federal and state securities laws, and (c) liens, claims or encumbrances imposed due
to the actions of the Subscriber.

 

2.2.4         No
Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company
that: (a) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement
or (b) question the validity or legality of any transactions or seeks to recover damages or to obtain other relief in connection
with any transactions.

 

3.                  
Forfeiture of Shares.

 

3.1              
Partial or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters
of the IPO is not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees
of the Shares (such transferees, the “Initial Stockholders”)) shall forfeit any and all rights to such number
of Shares (up to an aggregate of 1,125,000 Shares, pro rata based upon the percentage of the Over-allotment Option exercised)
such that immediately following such forfeiture, the Subscriber (and all other Initial Stockholders prior to the IPO, if any) will
own an aggregate number of Shares (not including any Shares issuable upon exercise of any warrants or any Class A ordinary shares,
par value $0.0001 per share (the “Class A Ordinary Shares”, together with the Class B Ordinary Shares, the “Ordinary
Shares”) purchased by Subscriber or any other Initial Stockholder in the IPO or in the aftermarket) equal to 20% of the
issued and outstanding Shares immediately following the IPO.

 

    	 	- 3 -	 

     

    

 

3.2              Termination of Rights as Stockholder. If any of the Shares are forfeited in accordance with this Section 3,
then after such time the Subscriber (or Initial Stockholder or other successor in interest), shall no longer have any rights as
a holder of such forfeited Shares, and the Company shall take such action as is appropriate to cancel such forfeited Shares.

 

3.3              
Share Certificates. In the event an adjustment to the original certificates
representing the Shares (the “Original Certificates”), if any, is required pursuant to this Section
3, then the Subscriber shall return such Original Certificates to the Company or its
designated agent as soon as practicable upon its receipt of Notice (as defined in Section 6.2) from the Company advising
Subscriber of such adjustment, following which a new certificate representing the Shares (the “New Certificate”
and together with the Original Certificates, the “Certificates”), if any, shall be issued in such amount representing
the adjusted number of Shares held by the Subscriber. The New Certificate, if any, shall be returned to the Subscriber as soon
as practicable. Any such adjustment for any uncertificated securities held by the Subscriber shall be made in book-entry form.

 

4.                  
Waiver of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement,
the Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company
from the trust account, which will be established for the benefit of the Company’s public stockholders and into which substantially
all of the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the
Company upon the Company’s failure to timely complete an initial business combination. For purposes of clarity, in the event
the Subscriber purchases Units in the IPO or Class A Ordinary Shares in the aftermarket, any additional Class A Ordinary Shares
included in the Units or Class A Ordinary Shares so purchased shall be eligible to receive any liquidating distributions by the
Company. However, in no event will the Subscriber have the right to redeem any Shares into funds held in the Trust Account upon
the successful completion of an initial business combination.

 

5.                  
Restrictions on Transfer.

 

5.1              Securities
Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly known as an “Insider
Letter”) by and between Subscriber and the Company to be dated as of the closing of the IPO, Subscriber agrees not to
sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior thereto (a) a registration
statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the offer and
sale of the Shares proposed to be transferred shall then be effective or (b) the Company has received an opinion from counsel
reasonably satisfactory to the Company, that such registration is not required because such transaction is exempt from registration
(i) under the Securities Act and the rules promulgated thereunder by the Securities and Exchange Commission and (ii) with respect
to all applicable state securities laws. 

 

5.2              
Lock-up. Subscriber acknowledges that the Shares will be subject to lock-up
provisions (the “Lock-up”) contained in the Insider Letter.

 

    	 	- 4 -	 

     

    

 

5.3              
Restrictive Legends. Any Certificates shall have endorsed thereon legends substantially as follows:

 

“THE OFFER AND SALE OF THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER
THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT COVERING SUCH OFFER, SALE, TRANSFER, PLEDGE OR OTHER DISPOSAL UNDER SUCH ACT OR SUCH LAWS OR
AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.”

 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF
THE LOCKUP.”

 

5.4              Additional Shares or Substituted Securities. In the event of the declaration of a share dividend, the declaration
of an extraordinary dividend payable in a form other than Ordinary Shares, a spin-off, a share split, an adjustment in conversion
ratio, a recapitalization or a similar transaction affecting the Company’s outstanding shares of Ordinary shares without
receipt of consideration, any new, substituted or additional securities or other property, which are by reason of such transaction
distributed with respect to any Shares subject to this Section 5 or into which such Shares thereby become convertible shall
immediately be subject to this Section 5 and Section 3. Appropriate adjustments to reflect the distribution of such
securities or property shall be made to the number or class of Shares subject to this Section 5 and Section 3.

 

5.5             
Registration Rights. Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the
registration requirements of the Securities Act and will become freely-tradable only after certain conditions are met or the offer
and sale of the Shares is registered under the Securities Act pursuant to that certain registration rights agreement to be dated
as of the closing of the IPO by and between Subscriber, the Company, and the other parties thereto (the “Registration
Rights Agreement”) prior to the closing of the IPO.

 

6.                  
Other Agreements.

 

6.1              
Further Assurances. Subscriber agrees to execute such further instruments and to take such further action as may
reasonably be necessary to carry out the intent of this Agreement.

 

6.2              Notices.
All notices, requests, consents, claims, demands, waivers, and other communications hereunder (each, a “Notice”)
shall be in writing and addressed to the parties at the addresses set forth on the first page of this Agreement (or to such other
address that may be designated by the receiving party from time to time in accordance with this Section 6.2). A Notice
shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the
addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or email
(with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent
after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail (in
each case, return receipt requested, postage pre-paid).

 

6.3              
Entire Agreement. This Agreement, together with the Insider Letter and the Registration Rights Agreement, each substantially
in the form to be filed as an exhibit to the Registration Statement on Form S-1 associated with the Company’s IPO, embodies
the entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes
all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty,
covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict,
the express terms and provisions of this Agreement.

 

    	 	- 5 -	 

     

    

 

6.4              
Modifications and Amendments. The terms and provisions of this Agreement may be modified or amended only by written
agreement executed by all parties hereto.

 

6.5              
Assignment. The rights and obligations under this Agreement may not be assigned by either party hereto without the
prior written consent of the other party.

 

6.6              Successors
and Assigns; No Third-Party Beneficiaries. This Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and their respective permitted successors and permitted assigns. This Agreement is for the sole benefit of the parties
hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer
upon any other person or entity any legal or equitable right, benefit, or remedy of any nature whatsoever under or by reason of
this Agreement.

 

6.7              Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the
conflict of law principles thereof.

 

6.8              Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained
in this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.

 

6.9              Waivers and Consents. No waiver by any party of any of the provisions hereof shall be effective unless explicitly
set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect
of any failure, breach, or default not expressly identified by such written waiver, whether of a similar or different character,
and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power, or
privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise
of any right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other
right, remedy, power, or privilege. No Notice on a party not expressly required under this Agreement shall entitle the party receiving
such Notice to any other or further Notice in similar or other circumstances or constitute a waiver of the rights of the party
giving such Notice to any other or further action in any circumstances without such Notice.

 

6.10          
Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this
Agreement or in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution
and delivery hereof and any investigations made by or on behalf of the parties.

 

6.11          No
Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as
to create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim
or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

    	 	- 6 -	 

     

    

 

6.12          
Headings and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience
of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.13          
Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall
be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page
were an original thereof.

 

6.14          
Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If
an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties
hereto and no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any
provision of this Agreement. The words “include,” “includes,” and “including”
will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will
be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa,
unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,”
 “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and
not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and
covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or
covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the
same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract
from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.

 

6.15          
Mutual Drafting. This Agreement is the joint product of the Subscriber 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.

 

7.                  
Voting and Tender of Shares. The Subscriber agrees to vote the Shares in favor of an initial business combination that
the Company negotiates and submits for approval to the Company’s stockholders and the Subscriber shall not seek redemption
with respect to such Shares. Additionally, the Subscriber agrees not to tender any Shares in connection with a tender offer presented
to the Company’s stockholders in connection with an initial business combination negotiated by the Company.

 

8.                  
Indemnification. Each party shall indemnify the other against any loss, cost or damages (including reasonable
attorney’s fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant
or agreement in this Agreement.

 

[Signature Page Follows]

 

    	 	- 7 -	 

     

    

 

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

 

	 	Very truly yours,
	 	 
	 	 
	 	POWERUP ACQUISITION CORP.
	 	 
	 	 
	 	By:	/s/ Jack Tretton
	 	Name: Jack Tretton
	 	Title: Chief Executive Officer

 

 

Accepted and agreed as of the date first written above.

 

POWERUP SPONSOR LLC

 

	By:	/s/ Gabriel
    Schillinger                                                     	
	 	Name: Gabriel Schillinger
	 	Title: Managing Member

 

[Signature Page to Subscription Agreement]

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