Document:

EX-10.3

 Exhibit 10.3 

FORM OF PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT 

THIS PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT, dated as of
[                     ], 2021 (as amended, supplemented or otherwise modified from time to time, this “Agreement”), is
entered into by and between Waverley Capital Acquisition Corp. 1, a Cayman Islands exempted company (the “Company”), and WCAC1 Sponsor LLC, a Delaware limited liability company (the “Purchaser”). 

WHEREAS, the Company intends to consummate an initial public offering of the Company’s units (the “Public
Offering”), each unit consisting of one Class A ordinary share of the Company, par value $0.0001 per share (each, a “Share”), and one-fourth of one redeemable warrant,
each whole warrant entitling the holder to purchase one Share at an exercise price of $11.50 per Share, as set forth in the Company’s Registration Statement on Form S-1, filed with the U.S. Securities and
Exchange Commission (the “SEC”), File Number 333-254842 (the “Registration Statement”), under the Securities Act of 1933, as amended (the “Securities
Act”). 
 WHEREAS, the Purchaser has agreed to purchase an aggregate of [ ] warrants (or up to [ ] warrants if the underwriters
in the Public Offering exercise their option to purchase additional units in full) (the “Private Placement Warrants”), each Private Placement Warrant entitling the holder to purchase one Share at an exercise price of $11.50
per Share, at a price of $1.50 per warrant, subject to adjustment. 
 NOW THEREFORE, in consideration of the mutual promises contained in
this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows: 

AGREEMENT 

Section 1. Authorization, Purchase and Sale; Terms of the Private Placement Warrants. 

A. Authorization of the Private Placement Warrants. The Company has duly authorized the issuance and sale of the Private Placement
Warrants to the Purchaser. 
 B. Purchase and Sale of the Private Placement Warrants. 

(i) On the date of the consummation of the Public Offering (the “IPO Closing Date”), the Company shall issue and sell
to the Purchaser, and the Purchaser shall purchase from the Company, [ ] Private Placement Warrants at a price of $1.50 per Private Placement Warrant for an aggregate purchase price of $[ ] (the “Purchase Price”). The
Purchaser shall pay the Purchase Price in accordance with the Company’s wiring instructions by wire transfer of immediately available funds in the following amounts: (i) $[ ] to the Company at a financial institution to be chosen by the
Company; and (ii) $[ ] to the trust account maintained by Continental Stock Transfer & Trust Company, acting as 

 
trustee (the “Trust Account”), in each case, at least one (1) business day prior to the IPO Closing Date. On the IPO Closing Date, subject to the receipt of funds
pursuant to the immediately preceding sentence, the Company shall, at its option, deliver a certificate evidencing the Private Placement Warrants purchased on such date duly registered in the Purchaser’s name to the Purchaser or effect such
delivery in book-entry form. 
 (ii) On the date of the closing of the option to purchase additional units, if any, in connection with the
Public Offering or on such earlier time and date as may be mutually agreed by the Purchaser and the Company (the “Option Closing Date” and, each Option Closing Date (if any) and the IPO Closing Date, a “Closing
Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, up to [ ] Private Placement Warrants (or, to the extent the option to purchase additional units is not exercised in full, a
lesser number of Private Placement Warrants in proportion to the portion of the option that is exercised) at a price of $1.50 per Private Placement Warrant for an aggregate purchase price of up to $[ ] (the “Option Purchase
Price”). The Purchaser shall pay the Option Purchase Price in accordance with the Company’s wiring instructions by wire transfer of immediately available funds to the Trust Account at least one (1) business day prior to the
Option Closing Date. On the Option Closing Date, subject to the receipt of funds pursuant to the immediately preceding sentence, the Company shall, at its option, deliver a certificate evidencing the Private Placement Warrants purchased on such date
duly registered in the Purchaser’s name to the Purchaser or effect such delivery in book-entry form. 
 C. Terms of the Private
Placement Warrants. 
 (i) Each Private Placement Warrant shall have the terms set forth in a Private Warrant Agreement to be entered
into by the Company and a warrant agent on the IPO Closing Date in connection with the Public Offering (the “Private Warrant Agreement”). 

(ii) On the IPO Closing Date, the Company and the Purchaser shall enter into a registration and shareholder rights agreement (the
“Registration and Shareholder Rights Agreement”), pursuant to which the Company will grant certain registration rights to the Purchaser relating to the Private Placement Warrants and the Shares underlying the Private
Placement Warrants. 
 Section 2. Representations and Warranties of the Company. As a material inducement to the
Purchaser to enter into this Agreement and purchase the Private Placement Warrants, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive each Closing Date) that: 

A. Incorporation and Corporate Power. The Company is an exempted company duly incorporated, validly existing and in good standing under
the laws of the Cayman Islands 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 and the Private Warrant Agreement. 

  
 2 

 B. Authorization; No Breach. 

(i) The execution, delivery and performance of this Agreement and the Private Placement Warrants have been duly authorized by the Company as of
each Closing Date. This Agreement constitutes the valid and binding obligation of the Company, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general
applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law). Upon issuance in accordance with, and payment pursuant to, the terms of the Private Warrant
Agreement and this Agreement, the Private Placement Warrants will constitute valid and binding obligations of the Company, enforceable in accordance with their terms. 

(ii) The execution and delivery by the Company of this Agreement and the Private Placement Warrants, the issuance and sale of the Private
Placement Warrants, the issuance of the Shares upon exercise of the Private Placement Warrants and the fulfillment of and compliance with the respective terms hereof and thereof by the Company, do not and will not as of each Closing Date
(a) conflict with or result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest, charge or encumbrance upon the Company’s share capital
or assets under, (d) result in a violation of or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental body or agency
pursuant to the memorandum and articles of association of the Company (in effect on the date hereof or as may be amended, supplemented or otherwise modified prior to completion of the Public Offering) or any material law, statute, rule or regulation
to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject, except for any filings required after the date hereof under federal or state securities laws. 

C. Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Private Warrant Agreement
and the amended and restated memorandum and articles of association of the Company, and upon registration in the Company’s register of members, the Shares issuable upon exercise of the Private Placement Warrants will be duly and validly issued
as fully paid and non-assessable. On the date of issuance of the Private Placement Warrants, the Shares issuable upon exercise of the Private Placement Warrants shall have been reserved for issuance in
accordance with the terms of this Agreement. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Private Warrant Agreement, and upon registration in the Company’s register of members, the Purchaser will have good
title to the Private Placement Warrants purchased by it and the Shares issuable upon exercise of such Private Placement Warrants, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer
restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state securities laws and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser. 

D. Governmental Consents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority
is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the Company of any other transactions contemplated hereby. 

  
 3 

 E. Regulation D Qualification. Neither the Company nor, to its actual knowledge, any
of its affiliates, members, officers, directors or beneficial shareholders of 20% or more of its outstanding securities, has experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act. 

Section 3. Representations and Warranties of the Purchaser. As a material inducement to the Company to enter into
this Agreement and issue and sell the Private Placement Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and warranties shall survive each Closing Date) that: 

A. Organization and Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry out the
transactions contemplated by this Agreement. 
 B. Authorization; No Breach. 

(i) This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or
law). 
 (ii) The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by
the Purchaser does not and shall not as of each Closing Date (a) conflict with or result in a breach by the Purchaser of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien,
security interest, charge or encumbrance upon the Purchaser’s equity or assets under, (d) result in a violation of or (e) require authorization, consent, approval, exemption or other action by or notice or declaration to, or filing
with, any court or administrative or governmental body or agency pursuant to the Purchaser’s organizational documents in effect on the date hereof or as may be amended, supplemented or otherwise modified prior to completion of the contemplated
Public Offering, or any material law, statute, rule or regulation to which the Purchaser is subject, or any agreement, instrument, order, judgment or decree to which the Purchaser is subject, except for any filings required after the date hereof
under federal or state securities laws. 
 C. Investment Representations. 

(i) The Purchaser is acquiring the Private Placement Warrants and, upon exercise of the Private Placement Warrants, the Shares issuable upon
such exercise (collectively, the “Securities”) for its own account, for investment purposes only and not with a view towards, or for resale in connection with, any public sale or distribution thereof. 

(ii) The Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D and has not
experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act. 
 (iii) The Purchaser
understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from the registration requirements of the United States federal and state securities laws and that the Company is relying upon the truth and
accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.

  
 4 

 (iv) The Purchaser 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) under the Securities Act. 
 (v) The Purchaser has been furnished with
all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the opportunity to ask
questions of the executive officers and directors of the Company. The Purchaser understands that its investment in the Securities involves a high degree of risk and has sought such accounting, legal and tax advice as it has considered necessary to
make an informed investment decision with respect to the acquisition of the Securities. 
 (vi) The Purchaser understands that no United
States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Purchaser nor have such
authorities passed upon or endorsed the merits of the offering of the Securities. 
 (vii) The Purchaser understands that (a) the
Securities have not been and are not being registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred, unless (1) subsequently registered thereunder or (2) sold in
reliance on an exemption therefrom, and (b) except as specifically set forth in the Registration and Shareholder Rights Agreement, neither the Company nor any other person is under any obligation to register the Securities under the Securities
Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder. In this regard, the Purchaser understands that the SEC has taken the position that promoters or affiliates of a blank check company and their
transferees, both before and after an initial business combination, are deemed to be “underwriters” under the Securities Act when reselling the securities of a blank check company. Based on that position, Rule 144 adopted pursuant to the
Securities Act would not be available for resale transactions of the Securities despite technical compliance with the requirements of Rule 144 adopted pursuant to the Securities Act, and the Securities can be resold only through a registered
offering or in reliance upon another exemption from the registration requirements of the Securities Act. 
 (viii) The Purchaser has such
knowledge and experience in financial and business matters, knowledge of the high degree of risk associated with investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks
of an investment in the Securities and is able to bear the economic risk of an investment in the Securities in the amount contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current
financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Securities. The Purchaser can afford a complete loss of its investments in the Securities. 

  
 5 

 (ix) The Purchaser understands that the Private Placement Warrants shall bear the legend
substantially in the form set forth in the Private Warrant Agreement. 
 Section 4. Conditions of the Purchaser’s
Obligations. The obligations of the Purchaser to purchase and pay for the Private Placement Warrants are subject to the fulfillment, on or before each Closing Date, of each of the following conditions: 

A. Representations and Warranties. The representations and warranties of the Company contained in Section 2 shall be true and
correct at and as of such Closing Date as though then made. 
 B. Performance. The Company shall have performed and complied with all
agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by the Company on or before such Closing Date. 

C. No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the
transactions contemplated by this Agreement or the Private Warrant Agreement. 
 D. Private Warrant Agreement and Registration and
Shareholder Rights Agreement. The Company shall have entered into the Private Warrant Agreement and the Registration and Shareholder Rights Agreement, in each case, on terms satisfactory to the Purchaser. 

Section 5. Conditions of the Company’s Obligations. The obligations of the Company to the Purchaser under this
Agreement are subject to the fulfillment, on or before each Closing Date, of each of the following conditions: 
 A. Representations and
Warranties. The representations and warranties of the Purchaser contained in Section 3 shall be true and correct at and as of such Closing Date as though then made. 

B. Performance. The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this
Agreement that are required to be performed or complied with by the Purchaser on or before such Closing Date. 
 C. Corporate
Consents. The Company shall have obtained the consent of the Company’s board of directors authorizing the execution, delivery and performance of this Agreement and the Private Warrant Agreement and the issuance and sale of the Private
Placement Warrants hereunder. 
 D. No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or
injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits
the consummation of any of the transactions contemplated by this Agreement or the Private Warrant Agreement. 

  
 6 

 E. Private Warrant Agreement. The Company shall have entered into the Private Warrant
Agreement. 
 Section 6. Miscellaneous. 

A. Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or
on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign
this Agreement, other than assignments by the Purchaser to affiliates thereof (including, without limitation one or more of its members). 

B. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of
this Agreement. 
 C. Counterparts. This Agreement may be executed simultaneously in two or more counterparts, none of which need
contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement. Signatures to this Agreement transmitted via facsimile or electronic mail shall be valid and effective to bind the
party so signing. 
 D. Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience
only and do not constitute a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. 

E. Governing Law. This Agreement shall be deemed to be a contract made under the laws of the State of New York and for all purposes
shall be construed in accordance with the internal laws of the State of New York. 
 F. Amendments. This Agreement may not be amended,
modified or waived as to any particular provision, except by a written instrument executed by the parties hereto. 
 [Signature page
follows] 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

			
	COMPANY:
	
	WAVERLEY CAPITAL ACQUISITION CORP. 1
		
	By:	 	          

		 	Name: Alan Henricks
		 	Title: Chief Financial Officer
	
	PURCHASER:
	
	WCAC1 SPONSOR LLC
		
	By:	 	          

		 	Name: Daniel V. Leff
		 	Title: Member

 [Signature Page to Private Placement Warrants Purchase Agreement—Waverley Capital Acquisition
Corp. 1]EX-10.7

 Exhibit 10.7 

[                 ], 2021 

Waverley Capital Acquisition Corp. 1 
 535 Ramona Street, Suite
#8 
 Palo Alto, CA 94301 
  

	 	Re:	 Initial Public Offering 

Ladies and Gentlemen: 
 This letter (this
“Letter Agreement”) is being delivered to you in accordance with the underwriting agreement (the “Underwriting Agreement”) entered into by and among Waverley Capital Acquisition Corp. 1, a Cayman
Islands exempted company (the “Company”), Evercore Group L.L.C. and Morgan Stanley & Co. LLC, as representatives (the “Representatives”) of the several underwriters (the
“Underwriters”), relating to an underwritten initial public offering (the “Public Offering”) of [ ] of the Company’s units (including [ ] units that may be purchased pursuant to the
Underwriters’ option to purchase additional units, the “Units”), each comprised of one of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”), and one-third of one redeemable public warrant (each whole public warrant, a “Public Warrant”). Each Public Warrant entitles the holder thereof to purchase one Ordinary Share at a
price of $11.50 per share, subject to adjustment. The Units will be sold in the Public Offering pursuant to a registration statement on Form S-1 and a prospectus (the “Prospectus”)
filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”). Certain capitalized terms used herein are defined in Section 1. 

In order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, WCAC1 Sponsor LLC (the “Sponsor”) and each of the undersigned (each, an “Insider” and, collectively,
the “Insiders”) hereby agree with the Company as follows: 
 1. Definitions. As used herein, (i)
“Business Combination” shall mean a merger, consolidation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities, (ii) “Founder
Shares” shall mean the [ ] Class B ordinary shares of the Company, par value $0.0001 per share, outstanding prior to the consummation of the Public Offering, (iii) “Private Placement Warrants” shall mean the
warrants to purchase Ordinary Shares of the Company that will be acquired by the Sponsor for an aggregate purchase price of $[ ] (or up to $[ ] if the Underwriters exercise their option to purchase additional units), or $1.50 per Private Placement
Warrant, in a private placement transaction that shall close simultaneously with the consummation of the Public Offering (including Ordinary Shares issuable upon conversion thereof), (iv) “Public Shareholders” shall mean the
holders of Ordinary Shares included in the Units issued in the Public Offering, (v) “Public Shares” shall mean Ordinary Shares included in the Units issued in the Public Offering, (vi) “Trust Account”
shall mean the trust account into which a portion of the net proceeds of the Public Offering and the sale of the Private Placement Warrants shall be deposited, (vii) “Transfer” shall mean the (a) sale of, offer to sell,
contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase 

 
of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any
security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b), and (viii)
“Charter” shall mean the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be further amended, supplemented or otherwise modified from time to time. 

2. Representations and Warranties. 

(a) The Sponsor and each Insider, with respect to itself, herself or himself, as applicable, represent and warrant to the Company that it, she
or he has the full right and power, without violating any agreement to which it, she or he is a party or by which it, she or he is bound (including, without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and, as applicable, to serve as an officer of the Company or a director on the Company’s board of directors
(the “Board”), and each Insider hereby consents to being named in the Prospectus, road show and any other materials as an officer or director of the Company, as applicable. 

(b) Each Insider represents and warrants, with respect to itself, herself or himself, as applicable, that (i) such Insider’s
biographical information furnished to the Company (including any such information included in the Prospectus) is true and accurate in all material respects and does not omit any material information with respect to such Insider’s background,
(ii) such Insider’s questionnaire furnished to the Company is true and accurate in all material respects, (iii) such Insider is not subject to, or a respondent in, any legal action for, any injunction,
cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction, (iv) such
Insider has never been convicted of, or pleaded guilty to, any crime (x) involving fraud, (y) relating to any financial transaction or handling of funds of another person or (z) pertaining to any dealings in any securities and is not
currently a defendant in any such criminal proceeding and (v) such Insider has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration
denied, suspended or revoked. 
 3. Business Combination Vote. 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 the Sponsor. The Sponsor and each Insider, with respect to itself, herself or himself, as applicable, agrees that, if the Company seeks shareholder approval
of a proposed initial Business Combination, then in connection with such proposed initial Business Combination, it, she or he, as applicable, shall vote all Founder Shares and any Public Shares held by it, her or him, as applicable, in favor of such
proposed initial Business Combination (including any proposals recommended by the Board in connection with such Business Combination) and not redeem any Public Shares held by it, her or him, as applicable, in connection with such shareholder
approval. 

  
 2 

 4. Failure to Consummate a Business Combination; Trust Account Waiver. 

(a) The Sponsor and each Insider hereby agree, with respect to itself, herself or himself, as applicable, that, in the event that the Company
fails to consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor and each Insider shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of
winding up, (ii) as promptly as reasonably possible but not more than ten (10) business days thereafter, redeem 100% of the Public 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 income taxes, if any (less up to $100,000 of interest to pay dissolution
expenses) divided by the number of the then-outstanding Public Shares, which redemption shall completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and
(iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Board, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman
Islands law to provide for claims of creditors and the requirements of other applicable law. The Sponsor and each Insider agree not to propose any amendment to the Charter (i) that would modify the substance or timing of the Company’s
obligation to provide holders of the Public Shares the right to have their Public Shares redeemed in connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete an initial Business
Combination within the time period set forth in the Charter or (ii) with respect to any other provision relating to the rights of holders of Public Shares, unless the Company provides its Public Shareholders with the opportunity to redeem their
Public Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the
Trust Account and not previously released to the Company to pay taxes, if any, divided by the number of the then-outstanding Public Shares. 

(b) The Sponsor and each Insider, with respect to itself, herself or himself, as applicable, acknowledge that it, she or he, as applicable, has
no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it, her or him, if any. The
Sponsor and each Insider, with respect to itself, herself or himself, as applicable, hereby further waive, with respect to any Founder Shares and Public Shares held by it, her or him, as applicable, any redemption rights it, she or he may have in
connection with a Business Combination, including, without limitation, any such rights available in the context of a shareholder vote to approve such Business Combination or a shareholder vote to approve an amendment to the Charter (i) that
would modify the substance or timing of the Company’s obligation to provide holders of the Public Shares the right to have their shares redeemed in connection with an initial Business Combination or to redeem 100% of the Public Shares if the
Company does not complete an initial Business Combination within the time period set forth in the Charter or (ii) with respect to any other provision relating to the rights of holders of Public Shares (although the Sponsor and the Insiders
shall be entitled to liquidation rights with respect to any Public Shares they hold if the Company fails to consummate a Business Combination within the time period set forth in the Charter). 

  
 3 

 5. Lock-Up; Transfer Restrictions. 

(a) The Sponsor and each Insider, with respect to itself, herself or himself, as applicable, agree that it, she or he shall not Transfer any
Founder Shares (the “Founder Shares Lock-Up”) until the earlier of (A) one year after the completion of an initial Business Combination and (B) subsequent to an initial
Business Combination, (x) if the closing price of the Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within
any 30-trading day period commencing at least 150 days after such initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar
transaction that results in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property (the “Founder Shares Lock-Up
Period”). 
 (b) The Sponsor and each Insider, with respect to itself, herself or himself, as applicable, agree that it, she or
he shall not effectuate any Transfer of Private Placement Warrants or Ordinary Shares underlying such Private Placement Warrants until thirty (30) days after the completion of an initial Business Combination. 

(c) Notwithstanding the provisions set forth in Sections 5(a) and (b), Transfers of the Founder Shares, Private Placement
Warrants and Ordinary Shares underlying the Private Placement Warrants are permitted (a) to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, any direct or indirect
members or partners of the Sponsor or their respective affiliates, any affiliates of the Sponsor, including to funds affiliated with Waverley Capital, L.P. (“Waverley”), and to direct or indirect members or partners of funds affiliated
with Waverley or any affiliates thereof, any employees of such affiliates or any funds or accounts advised by the Sponsor or its affiliates, (b) in the case of an individual, by gift to a member of one of the individual’s immediate family
or to a trust, the beneficiary of which is a member of the individual’s immediate family, an affiliate of such person or to a charitable organization, (c) in the case of an individual, by virtue of laws of descent and distribution upon
death of the individual, (d) in the case of an individual, pursuant to a qualified domestic relations order, (e) by private transfers or by other transfers made in connection with the consummation of a Business Combination at prices no
greater than the price at which the Founder Shares, Private Placement Warrants or Ordinary Shares, as applicable, were originally purchased, (f) by virtue of the Sponsor’s organizational documents upon liquidation or dissolution of the
Sponsor, (g) to the Company for no value for cancellation in connection with the consummation of a Business Combination, (h) in the event of the Company’s liquidation prior to the completion of a Business Combination or (i) in
the event of completion of a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s Public Shareholders having the right to exchange their Ordinary Shares for cash, securities or other property
subsequent to the completion of a Business Combination; provided, however, that, in the case of clauses (a) through (f), these permitted transferees must enter into a written agreement agreeing to be bound by these transfer
restrictions and the other restrictions contained in this Letter Agreement. 

  
 4 

 (d) During the period commencing on the effective date of the Underwriting Agreement and
ending 180 days after such date, the Sponsor and each Insider, with respect to itself, herself or himself, as applicable, agree that it, she or he shall not, without the prior written consent of the Representatives, Transfer any Units, Ordinary
Shares, Public Warrants or any other securities convertible into, or exercisable or exchangeable for, Ordinary Shares held by it, her or him, as applicable, subject to certain exceptions enumerated in Section 5(h) of the Underwriting Agreement. 

6. Remedies. The Sponsor and each Insider, with respect to itself, herself or himself, as applicable, hereby agree and acknowledge that
(i) each of the Underwriters and the Company would be irreparably injured in the event of a breach by the Sponsor or such Insider of its, her or his obligations, as applicable under Sections 3, 4, 5, 7, 10 and
11, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party may
have in law or in equity, in the event of such breach. 
 7. Payments by the Company. Except as disclosed in the Prospectus, none of
the Sponsor, any director or officer of the Company or any of their respective affiliates shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any payment of a loan or other compensation prior to,
or in connection with, any services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is). 

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

9. Termination. This Letter Agreement shall terminate on the earlier of (i) the expiration of the Founder Shares Lock-Up Period and (ii) the liquidation of the Company. 
 10. Indemnification. In the event of
the liquidation of the Trust Account upon the failure of the Company to consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor (the “Indemnitor”) agrees to indemnify and hold
harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation,
whether pending or threatened) to which the Company may become subject as a result of any claim by (i) any third party for services rendered or products sold to the Company (except for the Company’s independent registered public accounting
firm) or (ii) 

  
 5 

 
any prospective target business with which the Company has discussed entering into a transaction agreement (a “Target”); provided, however, that such
indemnification of the Company by the Indemnitor (x) shall apply only to the extent necessary to ensure that such claims by a third party for services rendered or products sold to the Company or a Target do not reduce the amount of funds in the
Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per Public Share due to reductions
in the value of the trust assets, in each case, net of interest that may be withdrawn to pay the Company’s tax obligations, (y) shall not apply to any claims by a third party or a Target who executed a waiver of any and all rights to the
monies held in the Trust Account (whether or not such waiver is enforceable) and (z) shall not apply to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the Securities
Act of 1933, as amended. The Indemnitor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the Indemnitor,
the Indemnitor notifies the Company in writing that it shall undertake such defense. 
 11. Forfeiture of Founder Shares. To the
extent that the Underwriters do not exercise their option to purchase additional Units within 45 days from the date of the Prospectus in full (as further described in the Prospectus), the Sponsor agrees to automatically surrender to the Company for
no consideration, for cancellation at no cost, an aggregate number of Founder Shares so that the number of Founder Shares will equal 20% of the sum of the total number of Ordinary Shares and Founder Shares outstanding at such time. The Sponsor and
each Insider, with respect to itself, herself or himself, as applicable, further agree that, to the extent that the size of the Public Offering is increased or decreased, the Company will effect a share capitalization or a share repurchase, as
applicable, with respect to the Founder Shares immediately prior to the consummation of the Public Offering in such amount as to maintain the number of Founder Shares at 20% of the sum of the total number of Ordinary Shares and Founder Shares
outstanding at such time. 
 12. Entire Agreement. This Letter Agreement constitutes the entire agreement and understanding of the
parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the
transactions contemplated hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by all parties hereto. 

13. Assignment. No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder
without the prior written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter
Agreement shall be binding on the Sponsor, each of the Insiders and each of their respective successors, heirs, personal representatives and permitted assigns and transferees. 

14. Counterparts. This Letter Agreement may be executed in any number of original or facsimile counterparts, and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

  
 6 

 15. Effect of Headings. The paragraph headings herein are for convenience only and
are not part of this Letter Agreement and shall not affect the interpretation thereof. 
 16. Severability. This Letter Agreement
shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such
invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and
enforceable. 
 17. Governing Law. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws
of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties hereto (i) agree that any action, proceeding, claim or dispute
arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be
exclusive, and (ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum. 

18. Notices. Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall
be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or facsimile or the electronic transmission. 

[Signature Page Follows] 

  
 7 

 
			
	Sincerely,
	
	WCWC1 SPONSOR LLC
		
	By:	 	          

		 	Name: Daniel V. Leff
		 	Title: Member

 [Signature Page to Letter Agreement—Waverley Capital Acquisition Corp. 1] 

 
			
	INSIDER:
		
	By:	 	          

		 	Name: [     ]

 [Signature Page to Letter Agreement—Waverley Capital Acquisition Corp. 1] 

			
	Acknowledged and Agreed:
	
	WAVERLEY CAPITAL ACQUISITION CORP. 1
		
	By:	 	          

		 	Name: Alan Henricks
		 	Title: Chief Financial Officer

 [Signature Page to Letter Agreement—Waverley Capital Acquisition Corp. 1]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}]]