Document:

Exhibit
10.1

 

[●],
2022

 

EF
Hutton Acquisition Corporation I

24
Shipyard Drive, Suite 102

Hingham,
MA 02043

 

EF
Hutton division of Benchmark Investments, LLC

590
Madison Avenue, 39th Floor

New
York, New York 10022

 

Re:
Initial Public Offering

 

Gentlemen:

 

This
letter agreement (the “Agreement”) is being delivered to you in accordance with the Underwriting Agreement
(the “Underwriting Agreement”) entered into by and between EF Hutton Acquisition Corporation I, a Delaware
corporation (the “Company”), and EF Hutton, division of Benchmark Investments, LLC, as the representative (“Representative”)
of the underwriters named in Schedule A thereto (the “Underwriters”), relating to an underwritten initial public
offering (the “IPO”) of up to 10,000,000 of the Company’s units (or 11,500,000 units if the underwriters’
over-allotment option is exercised in full) (the “Units”), each comprised of one share of common stock of the
Company, par value $0.0001 per share (the “Common Stock”), one redeemable warrant, with each warrant being
exercisable to purchase one share of Common Stock at a price of $11.50 per full share (“Warrant”), and one
right entitling the holder to receive 1/8 of one share of Common Stock upon the consummation of the Company’s initial business
combination (“Rights”). Certain capitalized terms used herein are defined in paragraph 13 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 as a stockholder of the Company, 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.
It is acknowledged and agreed that the Company shall not enter into a definitive agreement regarding a proposed Business Combination
without the prior consent of EF Hutton Partners, LLC (the “Sponsor”). 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 9 months from the closing of the Company’s
IPO (or up to 18 months from the closing of the Company’s IPO, if extended), the undersigned shall take all reasonable steps to
(i) cause the Company to cease all operations except for the purpose of winding up, (ii) cause the Company, as promptly as reasonably
possible but not more than ten business days thereafter, to redeem 100% of the outstanding 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 funds held in the Trust Account
and not previously released to the Company to pay its taxes (which interest shall be net of taxes payable, and less up to $100,000 of
interest to pay dissolution expenses), divided by the number of then outstanding IPO Shares, which redemption will completely extinguish
all IPO Share holders’ rights as stockholders of the Company (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 board of directors, cause the Company to dissolve and liquidate, subject (in the case
of (ii) and (iii) above) to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements
of other applicable law.

 

    	1

     

    

 

(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
and any remaining net assets of the Company as a result of such liquidation with respect to any Insider Shares or Private Units he, she
or it owns (“Claim”) 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,
other than, in each case, with respect to any IPO Shares, with respect to which the undersigned may receive distributions from the Trust
Account upon the Trust Account being liquidated and distributed to the holders of IPO Shares in the circumstances described in Section
2(a) above. The undersigned acknowledges and agrees that there will be no distribution from the Trust Account with respect to any Common
Stock underlying the Private Units, 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 against any and all
loss, liability, claims, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably
incurred in investigating, preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) which
the Company may become subject as a result of any claim by any vendor or other person who is owed money by the Company for services rendered
or products sold or contracted for, but only to the extent necessary to ensure that such loss, liability, claim, damage or expense does
not reduce the amount of funds in the Trust Account to below $10.00 per IPO Share; provided, that such indemnity shall not apply
(i) if such vendor or other person has executed a valid and enforceable agreement waiving any claims against the Trust Account and (ii)
to any claims under the Company’s indemnity of the Underwriters of the IPO against certain liabilities, including liabilities under
the Securities Act of 1933, as amended (the “Securities Act”).

 

  3.
The founder shares may not be assigned, transferred or sold until the earlier to occur of: (A) one year after the completion of our initial
business combination, or (B) subsequent to the initial business combination, (x) if the last sale price of our common stock equals or
exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20
trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date on
which we complete a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of our
stockholders having the right to exchange their shares of common stock for cash, securities or other property.

 

4.
The undersigned agrees that until 30 days after the Company consummates a Business Combination, the undersigned’s Private Units
will be subject to the transfer restrictions described in the Subscription Agreement relating to the undersigned’s Private Units.

 

5.
Pursuant to the terms of our amended and restated certificate of incorporation and the trust agreement to be entered into between us
and Continental Stock Transfer & Trust Company on the closing of the IPO, the Company may extend the time available for it to consummate
its initial business combination, provided our sponsor or its affiliates or designees, upon five days advance notice prior to the applicable
deadline, must deposit into the trust account $500,000 (or $575,000 if the underwriters’ over-allotment option is exercised in
full), or $0.05 per share for each one-month extension, on or prior to the date of the applicable deadline, or up to an aggregate of
$4,500,000 (or $5,175,000 if the underwriters’ over-allotment option is exercised in full), or $0.45 per share if the Company extends
for the full nine months. Any such payments would be made in the form of a loan and such loans will be non-interest bearing and payable
upon the consummation of our initial business combination. If the Company completes its initial business combination, the Company will
repay such loaned amounts out of the proceeds of the trust account released to us. If the Company does not complete a business combination,
the Company will not repay such loans. Our sponsor has agreed to waive its right to be repaid for such loans out of the funds held in
the trust account in the event that the Company does not complete a business combination.

 

6.
In order to minimize potential conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present to
the Company for its consideration, prior to presentation to any other person or entity, any suitable opportunity to acquire a target
business, until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company, subject to
any pre-existing fiduciary and contractual obligations the undersigned might have.

 

    	2

     

    

 

7.
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, including any company that is a portfolio company of, or otherwise affiliated with,
or has received financial investment from, an entity with which any Insider or their affiliates is affiliated, (i) such transaction must
be approved by a majority of the Company’s disinterested and independent directors, (ii) the Company must obtain an opinion from
an independent investment banking or accounting firm as to the fair market value of the target business and that such Business Combination
is fair to the Company’s unaffiliated stockholders from a financial point of view and (iii) such transaction must be approved by
the Company’s audit committee.

 

8.
Unless otherwise previously agreed to with the Company, neither the undersigned, any member of the family of 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 the undersigned,
any member of the family of the undersigned or any affiliate of the undersigned originates a Business Combination.

 

9.
The undersigned agrees to be the [●] of the Company until the earlier of the consummation by the Company of a Business Combination
or the liquidation of the Company. The undersigned’s biographical information previously furnished to the Company and the Representative
is true and accurate in all material respects, does not omit any material information with respect to the undersigned’s biography
and contains all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities
Act.1 The undersigned’s FINRA Questionnaire and Director and Officer Questionnaire previously furnished to the Company
and the Representative is true and accurate in all material respects. The undersigned represents and warrants that, except as disclosed
in the undersigned’s Director and Officer Questionnaire:

 

	 	(a)	he/she/it
    has never had a petition under the federal bankruptcy laws or any state insolvency law filed by or against (i) him/her/it or any
    partnership in which he/she/it was a general partner at or within two years before the time of filing; or (ii) any corporation or
    business association of which he/she/it was an executive officer at or within two years before the time of such filing;
	 	 	 
	 	(b)	he/she/it
    has never had a receiver, fiscal agent or similar officer been appointed by a court for his/her/its business or property, or any
    such partnership;
	 	 	 
	 	(c)	he/she/it
    has never been convicted of fraud in a civil or criminal proceeding;
	 	 	 
	 	(d)	he/she/it/
    has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic violations
    and minor offenses);
	 	 	 
	 	(e)	he/she/it
    has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent
    jurisdiction, permanently or temporarily enjoining or otherwise limiting him/her/it from (i) acting as a futures commission merchant,
    introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person
    regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any of the foregoing, or as
    an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment
    company, bank, savings and loan association or insurance company, or from engaging in or continuing any conduct or practice in connection
    with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging in any activity in connection with the
    purchase or sale of any security or commodity or in connection with any violation of federal or state securities or federal commodities
    laws;
	 	 	 
	 	(f)	he/she/it
    has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state
    authority barring, suspending or otherwise limiting for more than 60 days his/her/its right to engage in any activity described in
    8(e)(i) above, or to be associated with persons engaged in any such activity;

 

	 	(g)	he/she/it
    has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or state securities
    law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or vacated;

 

 

1
Only for directors and officers.

 

    	3

     

    

 

	 	(h)	he/she/it
    has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities
    law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;
	 	 	 
	 	(i)	he/she/it
    has never been the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree or finding,
    not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal or State securities or commodities
    law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including, but not limited
    to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and
    desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection
    with any business entity;
	 	 	 
	 	(j)	he/she/it
    has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any self-regulatory
    organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority
    over its members or persons associated with a member;
	 	 	 
	 	(k)	he/she/it
    has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving
    the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer,
    municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;
	 	 	 
	 	(l)	he/she/it
    was never subject to a final order of a state securities commission (or an agency of officer of a state performing like functions);
    a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an
    agency or officer of a state performing like functions); an appropriate federal banking agency; the CFTC; or the National Credit
    Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive
    conduct;
	 	 	 
	 	(m)	he/she/it
    has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of such sale, restrained
    or enjoined him/her/it from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase or sale
    of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business
    of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities;
	 	 	 
	 	(n)	he/she/it
    has never been subject to any order of the SEC that orders him/her/it to cease and desist from committing or causing a future violation
    of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to, Section 17(a)(1) of
    the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section 206(1) of the Advisers Act or any other
    rule or regulation thereunder; or (ii) Section 5 of the Securities Act;
	 	 	 
	 	(o)	he/she/it
    has never been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC that was
    the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the subject of an investigation
    or proceeding to determine whether a stop order or suspension order should be issued;
	 	 	 
	 	(p)	he/she/it
    has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary restraining
    order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device
    for obtaining money or property through the mail by means of false representations;

 

    	4

     

    

 

	 	(q)	he/she/it
    is not subject to a final order of a state securities commission (or an agency of officer of a state performing like functions);
    a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an
    agency or officer of a state performing like functions); an appropriate federal banking agency; the CFTC; or the National Credit
    Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission, authority, agency
    or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association or credit
    union activities;
	 	 	 
	 	(r)	he/she/it
    is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of 1934 (the “Exchange
    Act”) or section 203(e) or 203(f) of the Investment Advisers Act of 1940 (the “Advisers Act”) that: (i) suspends
    or revokes the undersigned’s registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) places
    limitations on the activities, functions or operations of, or imposes civil money penalties on, such person; or (iii) bars the undersigned
    from being associated with any entity or from participating in the offering of any penny stock; and
	 	 	 
	 	(s)	he/she/it
    has never been suspended or expelled from membership in, or suspended or barred from association with a member of, a securities self-regulatory
    organization (e.g., a registered national securities exchange or a registered national or affiliated securities association) for
    any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

 

10.
The undersigned has full right and power, without violating any agreement by which he, she or it is bound, to enter into this Agreement
[and to serve as an officer and/or director of the Company, as applicable, and consents to being named in the registration statement
on Form S-1 and prospectus filed by the Company with the U.S. Securities and Exchange Commission, road show and any other materials as
an officer and/or director of the Company, as applicable]2.

 

11.
The undersigned hereby waives his, her or its right to exercise conversion rights with respect to any shares of Common Stock owned or
to be owned by the undersigned, directly or indirectly, whether purchased by the undersigned prior to the IPO, in the IPO or in the aftermarket,
and agrees that he, she or it will not seek conversion with respect to or otherwise sell, such shares, in each case, in connection with
any vote to approve a Business Combination with respect thereto, a vote to amend the provisions of the Company’s Amended and Restated
Certificate of Incorporation (the “Charter”), or a tender offer by the Company prior to a Business Combination.

 

12.
The undersigned hereby agrees to (i) not propose, or vote in favor of, prior to and unrelated to an initial Business Combination, an
amendment to the Company’s Charter that would affect the substance or timing of the Company’s redemption obligation to redeem
all IPO Shares if the Company cannot complete an initial Business Combination within 18 months of the closing of the IPO, unless the
Company provides holders of IPO Shares an opportunity to redeem their IPO Shares in conjunction with any such amendment, and (ii) not
redeem any shares, including Insider Shares, into the right to receive cash from the Trust Account in connection with a stockholder vote
to approve the Company’s proposed initial Business Combination or sell any shares to the Company in any tender offer in connection
with the Company’s proposed initial Business Combination.

 

13.
The undersigned hereby agrees to waive its redemption rights with respect to shares of Common Stock owned by it in connection with a
stockholder vote to approve an amendment to the Company’s Charter (A) to modify the substance or timing of the Company’s
obligation to redeem 100% of the IPO Shares if the Company does not complete a Business Combination within 9 months from the closing
of the IPO (subject to extension, as described in the Company’s Charter) or (B) with respect to any other provision relating to
stockholders’ rights or pre-initial business combination activity.

 

 

2
Only for directors and officers.

 

    	5

     

    

 

14.
In connection with Section 5-1401 of the General Obligations Law of the State of New York, this Agreement shall be governed by, and construed
in accordance with, the laws of the State of New York without regard to principles of conflicts of law that would result in the application
of the substantive law of another jurisdiction. The parties hereto agree that any action, proceeding or claim arising out of or relating
in any way to this Agreement shall be resolved through final and binding arbitration in accordance with the International Arbitration
Rules of the American Arbitration Association (“AAA”). The arbitration shall be brought before the AAA International Center
for Dispute Resolution’s offices in New York City, New York, will be conducted in English and will be decided by a panel of three
arbitrators selected from the AAA Commercial Disputes Panel and that the arbitrator panel’s decision shall be final and enforceable
by any court having jurisdiction over the party from whom enforcement is sought. The cost of such arbitrators and arbitration services,
together with the prevailing party’s legal fees and expenses, shall be borne by the non-prevailing party or as otherwise directed
by the arbitrators.

 

15.
As used herein, (i) a “Business Combination” shall mean a merger, share exchange, asset acquisition, stock
purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders”
shall mean all officers, directors and stockholders of the Company immediately prior to the IPO; (iii) “Insider Shares”
shall mean all of the shares of Common Stock of the Company acquired by an Insider prior to the IPO; (iv) “IPO Shares”
shall mean the shares of Common Stock issued in the Company’s IPO; (v) “Private Units” shall mean the
units purchased in the private placement taking place simultaneously with the consummation of the Company’s IPO; (vi) “Registration
Statement” means the registration statement on Form S-1 filed by the Company with respect to the IPO; and (vii) “Trust
Account” shall mean the trust account into which a portion of the net proceeds of the Company’s IPO will be deposited.

 

16.
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
e-mail transmission. The parties hereto consent to the delivery of notices or other communications by electronic transmission at the
e-mail address set forth below the respective party’s name in this Section 14. To the extent that any notice given by means of
electronic transmission is returned or undeliverable for any reason, the foregoing consent shall be deemed to have been revoked until
a new or corrected e-mail address has been provided, and such attempted electronic notice shall be ineffective and deemed to not have
been given. Each party agrees to promptly notify the other parties of any change in its e-mail address, and that failure to do so shall
not affect the foregoing. The parties may change the persons and addresses to which the notices or other communications are to be sent
by giving written notice to any such change in the manner provided herein for giving notice.

 

If
to the Representative:

 

EF
Hutton, division of Benchmark Investment, LLC

590
Madison Avenue, 39th Floor

New
York, NY 10022

Attn:
Jim Campbell

Email:
JCampbell@efhuttongroup.com

 

and: 

 

Hogan
Lovells US LLP

1601
Wewatta Street, Suite 900

Denver,
CO 80202

Attn:
David Crandall, Esq.

Email:
david.crandall@hoganlovells.com

 

If
to the Company:

 

EF
Hutton Acquisition Corporation I

24
Shipyard Drive, Suite 102

Hingham,
MA 02043

Attn:
Benjamin Piggott

Email:ben505@gmail.com

 

Copy
(which copy shall not constitute notice) to:

 

Loeb
& Loeb LLP

345
Park Avenue

New
York, New York 10154

Attn:
Mitchell S. Nussbaum, Esq. and James A. Prestiano, Esq.

Email:
jprestiano@loeb.com

 

17.
No party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written
consent of the other party. 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 Agreement shall be binding on the parties hereto and any
successors and assigns thereof.

 

18.
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.

 

[Signature
page to follow]

 

    	6

     

    

 

	 	COMPANY
	 	 
	 	EF
    HUTTON ACQUISITION CORPORATION I
	 	 	 
	 	 	/s/ 
	 	Name:
    	Benjamin
    Piggott, CEO
	 	 	 
	 	SPONSOR
	 	 
	 	EF
    HUTTON PARTNERS, LLC
	 	 	 
	 	 	/s/ 
	 	Name:
    	Joseph
    Rallo
	 	 	 
	 	INSIDERS
	 	 
	 	KEVIN
    M. BUSH
	 	 	 
	 	 	/s/ 
	 	Name:
    	Kevin
    M. Bush
	 	 	 
	 	PAUL
    HODGE, JR.
	 	 	 
	 	 	/s/ 
	 	Name:
    	Paul
    Hodge, Jr.
	 	 	 
	 	THOMAS
    WOOD
	 	 	 
	 	 	/s/
	 	Name:	Thomas
Wood
	 	 	 
	 	ANNE
    LEE
	 	 	 
	 	 	/s/ 
	 	Name:
    	Anne
    Lee
	 	 	 
	 	SHR
    VENTURES, LLC
	 	 	 
	 	 	/s/
    
	 	Name:
    	Stanley
    Hutton Rumbough
	 	Title:
    	Chief
    Executive Officer
	 	 	 
	 	STANLEY
    HUTTON RUMBOUGH
	 	 	 
	 	 	/s/ 
	 	Name:
    	Stanley
    Hutton Rumbough

 

[Signature
page to Insider Letter]Exhibit
10.3

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Agreement is made as of [●], 2022 by and between EF Hutton Acquisition Corporation I (the “Company”), and Continental
Stock Transfer & Trust Company (the “Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, File No. 333-264314 (the “Registration Statement”), and prospectus
(the “Prospectus”) for its initial public offering of securities (“IPO”) of the Company’s units (the “Units”),
each of which consists of one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”),
one redeemable warrant, each warrant entitling the holder thereof to purchase one share of Common Stock and one right to receive 1/8
of one share of common stock upon the consummation of the Company’s initial business combinattion, has been declared effective
as of the date hereof (“Effective Date”) by the Securities and Exchange Commission (capitalized terms used herein and not
otherwise defined shall have the meanings set forth in the Registration Statement); and

 

WHEREAS,
the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”) with EF Hutton division of Benchmark
Investments, LLC as the representative of the underwriters in the IPO (the “Representative”); and

 

WHEREAS,
as described in the Prospectus, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, an aggregate
of $100,000,000 of the proceeds of the IPO ($115,000,000 if the underwriters’ over-allotment option is exercised in full) and the
proceeds of a private placement of units occurring simultaneously with the closing of the purchase of the Company’s units in the
IPO, plus any amounts to be deposited in connection with an Extension (as defined below), will be delivered to the Trustee to be deposited
and held in a segregated trust account for the benefit of the Company and the holders of the Common Stock included in the Units issued
in the IPO as hereinafter provided (the proceeds to be delivered to the Trustee (and any interest subsequently earned thereon) will be
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 $3,500,000, or $4,025,000 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 (the “Deferred Discount”); and

 

WHEREAS,
pursuant to our amended and restated certificate of incorporation, we will have until 9 months from the closing of this offering to consummate
a Business Combination (the “Initial Deadline”). However, if we anticipate that we may not be able to consummate a Business
Combination within 9 months, we may extend the period of time to consummate a business combination up to nine times, each by an additional
one-month period (an “Extension”) for a total of up to 18 months to complete a business combination. Pursuant to the terms
of our amended and restated certificate of incorporation, in order to extend the time available for us to consummate our initial business
combination, our sponsor or its affiliates or designees, upon five days advance notice prior to the applicable deadline, must deposit
into the trust account $500,000 (or $575,000 if the underwriters’ over-allotment option is exercised in full), or $0.05 per share
for each one-month extension, on or prior to the date of the applicable deadline, or up to an aggregate of $4,500,000 (or $5,175,000
if the underwriters’ over-allotment option is exercised in full), or $0.45 per share if we extend for the full nine months; 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 a segregated trust account (“Trust
Account”) established by the Trustee 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 (i) in United States government treasury
bills, notes or bonds having a maturity of 185 days or less and/or (ii) in money market funds meeting certain conditions under Rule 2a-7
promulgated under the Investment Company Act of 1940, as amended, which invest solely in direct U.S. government treasury obligations;
the Trustee may not invest in any other securities or assets, it being understood that the Trust Account will earn no interest while
the account funds are uninvested awaiting the Company’s instructions hereunder; and while account funds are invested or uninvested,
the Trustee may earn bank credits or other consideration;

 

(d)
Collect and receive, when due, all interest or other income arising from the Property, which shall become part of the “Property,”
as such term is used herein;

 

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

 

(f)
Supply any necessary information or documents as may be requested by the Company in connection with the Company’s preparation of
its tax returns;

 

(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 receipt of, and only in accordance with, the terms of a letter
(“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, as applicable,
signed on behalf of the Company by its President/Chief Executive Officer or Chief Financial Officer and, in the case of a Termination
Letter in a form substantially similar to that attached hereto as Exhibit A, complete the liquidation of the Trust Account and distribute
the Property in the Trust Account, including interest earned on the invested funds held in the Trust Account and not previously released
to the Company to pay its taxes (net of taxes payable and less up to $100,000 of interest that may be released to the Company to pay
dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein; provided, however, that
in the event that a Termination Letter has not been received by the Trustee by the Initial Deadline plus all applicable Extensions (the
“Closing,” and such date, the “Last Date”), the Trust Account shall be liquidated in accordance with the procedures
set forth in the Termination Letter attached as Exhibit B hereto and distributed to the Public Stockholders as of the Last Date;

 

(j)
Upon receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit C hereto at least five business
days prior to the Initial Deadline, signed on behalf of the Company by an executive officer, and receipt of the dollar amount specified
in the Extension Letter on or prior to the Initial Deadline, the Trustee shall follow the instructions set forth in the Extension Letter;
and

 

(k)
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as
Exhibit D, the Trustee shall distribute to the Public Stockholders of record as of such date the amount requested by the Company to be
used to redeem shares of Common Stock from Public Stockholders properly submitted in connection with a stockholder vote to approve an
amendment to the Company’s amended and restated certificate of incorporation (a) to modify the substance or timing of the Company’s
obligation to redeem 100% of the shares of Common Stock included in the Units sold in the IPO if the Company has not consummated an initial
Business Combination within such time as is described in the Company’s amended and restated certificate of incorporation or (b)
with respect to any other provisions relating to stockholders’ rights or pre-initial Business Combination activity. The written
request of the Company referenced above shall constitute presumptive evidence that the Company is entitled to distribute said funds,
and the Trustee shall have no responsibility to look beyond said request.

 

    	 

     

    

 

2.
Limited Distributions of Income from Trust Account.

 

(a)
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 E, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested by the Company
to cover any tax obligations owed by the Company.

 

(b)
The limited distributions referred to in Section 2(a) above shall be made only from income collected on the Property. Except as provided
in Section 2(a) above, no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i) hereof.

 

(c)
The Company shall provide the Representative with a copy of any Termination Letters and/or any other correspondence that it issues to
the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

 

3.
Agreements and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)
Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chief Executive Officer and Chief Financial
Officer. In addition, except with respect to its duties under Sections 1(i), 1(k) and 2(a) above, 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 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 Sections 5 and 7(h) of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against, any and all reasonable
and documented expenses, including reasonable outside counsel fees and disbursements, or losses suffered by the Trustee in connection
with any claim, potential claim, 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 income earned from investment of 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 paragraph, 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 or delayed. The Trustee may not agree to settle any Indemnified
Claim without the prior written consent of the Company, which consent shall not be unreasonably withheld or delayed. The Company may
participate in such action with its own counsel;

 

(c)
Pay the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each disbursement made pursuant to Section
2(a) as set forth on Schedule A hereto, 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 except for disbursements made to the Company pursuant to Sections 1(i)
solely in connection with the consummation of a Business Combination. The Company shall pay the Trustee the initial acceptance fee and
first year’s fee at the consummation of the IPO and thereafter on the anniversary of the Effective Date. Except as set forth in
this Section 3(c) and Section 3(b) hereof, the Company shall not be responsible for any other fees or charges of the Trustee;

 

(d)
The provisions of this Agreement governing the release of funds from the Trust Account may only be amended if approved by the holders
of at least 65% of our common stock entitled to vote thereon;

 

    	 

     

    

 

(e)
In connection with any vote of the Company’s stockholders regarding a Business Combination, provide to the Trustee an affidavit
or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating stockholder votes verifying the vote
of the Company’s stockholders regarding such Business Combination;

 

(f)
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;

 

(g)
Within four (4) business days after the underwriters exercise the over-allotment option (or any unexercised portion thereof) or such
over-allotment option expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount, which shall
in no event be less than $3,500,000;

 

(h)
Promptly following the Initial Deadline, disclose whether or not the term the Company has to consummate a Business Combination has been
extended;

 

(i)
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; and

 

(j)
In the event that the Company directs the Trustee to commence liquidation of the Trust Account pursuant to Section 1(i), the Company
agrees that it will not direct the Trustee to make any payments that are not specifically authorized by this Agreement.

 

4.
Limitations of Liability. The Trustee shall have no responsibility or liability to:

 

(a)
Take any action with respect to the Property, other than as directed in Sections 1 and 2 hereof and the Trustee shall have no liability
to any party except for liability arising out of its own gross negligence, fraud or willful misconduct;

 

(b)
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;

 

(c)
Change the investment of any Property, other than in compliance with Section 1(c);

 

(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 exercise of its own best judgment, except for its 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), 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 is believed
by the Trustee, in good faith and 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 correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by
the Company or any other action taken by it is as contemplated by the Registration Statement;

 

(h)
File local, state and/or federal tax returns or information returns with any taxing authority on behalf of the Trust Account and payee
statements with the Company documenting the taxes, if any, payable by the Company or the Trust Account, relating to the income earned
on the Property;

 

(i)
Pay any taxes on behalf of the Trust Account (it being expressly understood that the Property shall not be used to pay any such taxes
and that such taxes, if any, shall be paid by the Company from funds not held in the Trust Account or released to it under Section 2(a)
hereof);

 

(j)
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; and

 

(k)
Verify calculations, qualify or otherwise approve Company requests for distributions pursuant to Section 1(i), 1(k) or 2(a) above.

 

5.
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 3(b) or Section 3(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.

 

6.
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 during which time the Trustee shall continue to act in accordance with this Agreement. At such
time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject
to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but
not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate;
provided, however, that, in the event that the Company does not locate a successor trustee within ninety (90) days of receipt of the
resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with any court in the State
of New York or with the United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be
immune from any liability whatsoever;

 

(b)
At such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of Section 1(i) hereof,
and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with
respect to Section 3(b); or

 

(c)
If the IPO is not consummated within ten (10) business days of the date of this Agreement, in which case any funds received by the Trustee
from the Company shall be returned promptly following the receipt by the Trustee of written instructions from the Company.

 

7.
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 information, or of any change in its authorized personnel. In executing funds transfers, the
Trustee will 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 wire.

 

    	 

     

    

 

(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. It may be executed
in several original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute but one
instrument.

 

(c)
This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Section 1(i) (which may only be amended with the approval of the holders of a majority of the outstanding shares of Common Stock
sold in the IPO), this Agreement or any provision hereof may only be changed, amended or modified by a writing signed by each of the
parties hereto; provided, however, that no such change, amendment or modification may be made without the prior written consent of the
Representative. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL
BY JURY. The Trustee may require from Company counsel an opinion as to the propriety of any proposed amendment.

 

(d)
The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of Manhattan,
for purposes of resolving any disputes hereunder.

 

(e)
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
e-mail transmission:

 

if
to the Trustee, to:

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

Email:
fwolf@continentalstock.com

Email:
cgonzalez@continentalstock.com

 

if
to the Company, to:

 

EF
Hutton Acquisition Corporation I

24
Shipyard Drive, Suite 102

Hingham,
MA 02043

Attn:
Benjamin Piggott

Email:ben505@gmail.com

 

Copy
(which copy shall not constitute notice) to:

 

Loeb
& Loeb LLP

345
Park Avenue

New
York, New York 10154

Attn:
Mitchell S. Nussbaum, Esq. and James A. Prestiano, Esq.

Email:
mnussbaum@loeb.com

jprestiano@loeb.com

 

    	 

     

    

 

in
either case with a copy (which copy shall not constitute notice) to:

 

EF
Hutton division of Benchmark Investment, LLC

590
Madison Avenue, 39th Floor

New
York, NY 10022

Attn:
Jim Campbell

Email:
JCampbell@efhuttongroup.com

 

and: 

 

Hogan
Lovells US LLP

1601
Wewatta Street, Suite 900

Denver,
CO 80202

Attn:
David Crandall, Esq.

Email:
david.crandall@hoganlovells.com

 

(f)
The parties hereto consent to the delivery of notices or other communications by electronic transmission at the e-mail address set forth
below the respective party’s name in Section 7(e) hereto. To the extent that any notice given by means of electronic transmission
is returned or undeliverable for any reason, the foregoing consent shall be deemed to have been revoked until a new or corrected e-mail
address has been provided, and such attempted electronic notice shall be ineffective and deemed to not have been given. Each party agrees
to promptly notify the other parties of any change in its e-mail address, and that failure to do so shall not affect the foregoing.

 

(g)
Reserved.

 

(h)
Each of the Trustee and the Company 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.

 

(i)Each
of the Company and the Trustee hereby acknowledges and agrees that the Representative is a third party beneficiary of this Agreement.

 

(j)
Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person
or entity without the written consent of the other party.

 

[Signature
Page Follows]

 

    	 

     

    

 

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/
    
	 	Name:	Francis
    Wolf
	 	Title:
    	Vice
    President
	 	 	 
	 	EF
    HUTTON ACQUISITION CORPORATION I
	 	 

	 	By:	/s/
    
	 	Name:	Benjamin
    Piggott
	 	Title:	

    Chief
    Executive Officer

 

[Signature
Page to Investment Management Trust Agreement]

 

    	 

     

    

 

SCHEDULE
A

 

	Fee
    Item	 	Time
    and method of payment	 	Amount	 
	Initial
    acceptance fee	 	Initial
    closing of IPO by wire transfer	 	$	3,500	 
	Annual
    fee	 	First
    year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or
    check	 	$	10,000	 
	Transaction
    processing fee for disbursements to Company under Section 2	 	Deduction
    by Trustee from accumulated income following disbursement made to Company under Section 2	 	$	250
    per item	 
	Paying
    Agent services as required pursuant to sections 1(i) and 1(k)	 	Billed
    to Company upon delivery of service pursuant to sections 1(i) and 1(k)	 	 	Market
    Rate	 

 

    	 

     

    

 

EXHIBIT
A

 

[Letterhead
of Company]

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, N.Y. 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

Re:
Trust Account - Termination Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between EF Hutton Acquisition Corporation I (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of ________, 2022 (“Trust Agreement”), this
is to advise you that the Company has entered into an agreement with [__________________] (“Target Business”) to consummate
a business combination with Target Business (“Business Combination”) on or about [insert date]. The Company shall
notify you at least 72 hours in advance of the actual date of the consummation of the Business Combination (“Consummation Date”).
Capitalized terms used herein and not otherwise defined 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 the Trust Account investments and to transfer
the proceeds to the above-referenced account at JPMorgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of funds
held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on the
Consummation Date. It is acknowledged and agreed that while the funds are on deposit in the trust operating account at JPMorgan 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
and (ii) the Company shall deliver to you (a) a certificate of Chief Executive Officer, which verifies the vote of the Company’s
stockholders in connection with the Business Combination if a vote is held and (b) joint written instructions from the Company, EF Hutton
division of Benchmark, LLC (whose consent not to be unreasonably withheld) with respect to the transfer of the funds held in the Trust
Account (“Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately
upon your receipt of the counsel’s letter 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 of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and distributed
after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof,
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 the Trust Agreement on the business day immediately
following the Consummation Date as set forth in the notice.

 

[Signature
Page Follows]

 

    	 

     

    

 

	 	Very
    truly yours,
	 	 
	 	EF
    HUTTON ACQUISITION CORPORATION I
	 	 
	 	By:	 
	 	Name:	Benjamin
                                            Piggott

    

	 	Title:	Chief
    Executive Officer

 

	cc:	EF
    Hutton

 

    	 

     

    

 

EXHIBIT
B

 

[Letterhead
of Company]

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, N.Y. 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

Re:
Trust Account - Termination Letter

 

Dear
Mr. Wolf and Ms. Gonzales:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between EF Hutton Acquisition Corporation I (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of ________, 2022 (“Trust Agreement”), this
is to advise you that the Company has been unable to effect a Business Combination with a Target Company within the time frame specified
in the Company’s Amended and Restated Certificate of Incorporation, as described in the Company’s prospectus relating to
its IPO. Capitalized terms used herein and not otherwise defined 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 the Trust Account investments and to transfer
the total proceeds to the trust operating account at JPMorgan Chase Bank, N.A. to await distribution to the Public Stockholders. The
Company has selected [____________, 20__] as the effective date for the purpose of determining when the Public Stockholders will be entitled
to receive their share of the liquidation proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation
proceeds while on deposit in the trust operating account. You agree to be the Paying Agent of record and in your separate capacity as
Paying Agent, to distribute said funds directly to the 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 in the Trust Account, your obligations
under the Trust Agreement shall be terminated.

 

	 	Very
    truly yours,
	 	 
	 	EF
    HUTTON ACQUISITION CORPORATION I
	 	 
	 	By:	 
	 	Name:
    	Benjamin
                                            Piggott

    

	 	Title:	Chief
    Executive Officer

 

	cc:	EF
    Hutton

 

    	 

     

    

 

EXHIBIT
C

 

[Letterhead
of Company]

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, N.Y. 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

Re:
Trust Account - Extension Letter

 

Dear
Mr. Wolf and Ms. Gonzalez

 

Pursuant
to Section 1(j) of the Investment Management Trust Agreement between EF Hutton Acquisition Corporation I (“Company”) and
Continental Stock Transfer & Trust Company, LLC, dated as of , 2022 (“Trust Agreement”), this is to advise you that the
Company is extending the time available in order to consummate a Business Combination with the Target Businesses for an additional _________
months, from _______ to _________ (the “Extension”).

 

This
Extension Letter shall serve as the notice required with respect to Extension prior to the Initial Deadline. Capitalized words used herein
and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to deposit $______________ if the underwriters’ over-allotment
option was exercised in full, or in any case, $0.05 per Unit)], which will be wired to you, into the Trust Account investments upon receipt.

 

	 	Very
    truly yours,
	 	 
	 	EF
    HUTTON ACQUISITION CORPORATION I
	 	 
	 	By:	 
	 	Name:
    	Benjamin
                                            Piggott

    

	 	Title:	Chief
    Executive Officer

 

	cc:	EF
    Hutton

 

    	 

     

    

 

EXHIBIT
D

[Letterhead
of Company]

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, N.Y. 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

Re:
Trust Account - Stockholder Redemption Withdrawal Instruction

 

Dear
Mr. Wolf and Ms. Gonzalez

 

Pursuant
to Section 1(k) of the Investment Management Trust Agreement between EF Hutton Acquisition Corporation I (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of , 2022 (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 into a segregated account held by you on behalf of the Beneficiaries. Capitalized terms
used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The
Company needs such funds to pay its Public Stockholders who have properly elected to have their shares of Common Stock redeemed by the
Company in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation
that would affect the substance or timing of 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 the Company’s amended and restated
certificate of incorporation or with respect to any other provisions relating to stockholders’ rights or pre-initial Business Combination
activity. As such, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this
letter into a segregated account held by you on behalf of the Beneficiaries.

 

	 	Very
    truly yours,
	 	 
	 	EF
    HUTTON ACQUISITION CORPORATION I
	 	 
	 	By:	 
	 	Name:
    	Benjamin
                                            Piggott

    

    

	 	Title:	Chief
    Executive Officer

 

	cc:	EF
    Hutton

 

    	 

     

    

 

EXHIBIT
E

 

[Letterhead
of Company]

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, N.Y. 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

Re:
Trust Account Withdrawal Instructions

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 2(a) of the Investment Management Trust Agreement between EF Hutton Acquisition Corporation I (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of ________, 2022 (“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.
The Company needs such funds to pay for its tax obligations. 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,
	 	 
	 	EF
    HUTTON ACQUISITION CORPORATION I
	 	 
	 	By:	 
	 	Name:
    	Benjamin
                                            Piggott

    

	 	Title:	Chief
    Executive Officer

 

	cc:	EF
    Hutton

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}]]