Document:

Exhibit
10.2

 

Execution
Version

 

SPAC
STOCKHOLDER SUPPORT AGREEMENT

 

This
SPAC STOCKHOLDER SUPPORT AGREEMENT, dated as of October 19, 2022 (this “Agreement”), is entered into by and among
the stockholders listed on Exhibit A hereto (each, a “Stockholder”), AUM Biosciences Pte. Ltd., a private
company limited by shares incorporated in Singapore, with company registration number 201810204D (the “Company”)
and Mountain Crest Acquisition Corp. V, a Delaware corporation (“SPAC”). Capitalized terms used but not defined
in this Agreement shall have the meanings ascribed to them in the Business Combination Agreement (as defined below).

 

WHEREAS,
the Company and SPAC have entered into a Business Combination Agreement (as the same may be amended, restated or supplemented,
the “Business Combination Agreement”), pursuant to which, among other things, the Company will incorporate
a Cayman Islands exempted company (“Holdco”), and Holdco upon incorporation will form a private company limited
by shares incorporated in Singapore as a direct wholly-owned subsidiary of the Company (“Amalgamation Sub”)
and a Delaware corporation as a direct wholly-owned subsidiary of Holdco (“Merger Sub”), Amalgamation Sub will
amalgamate with and into the Company, with the Company continuing as the surviving corporation of the amalgamation and a direct
wholly- owned subsidiary of Holdco (the “Amalgamation”), and following confirmation of the effective filing
of the Amalgamation but on the same day, Merger Sub will merge with and into SPAC, with SPAC continuing as the surviving entity
and a direct wholly-owned subsidiary of Holdco (the “SPAC Merger” and together with the Amalgamation, the “Transactions”
or “Mergers,” or “Merger” as applicable);

 

WHEREAS,
as of the date hereof, each Stockholder owns the number of shares of SPAC Common Stock set forth on Exhibit A (all such
shares, or any successor or additional shares of SPAC of which ownership of record or the power to vote is hereafter acquired
by the Stockholder prior to the termination of this Agreement being referred to herein as the “Stockholder Shares”);
and

 

WHEREAS,
in order to induce the Company to enter into the Business Combination Agreement, each Stockholder is executing and delivering
this Agreement to the Company.

 

NOW,
THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, and intending to be
legally bound hereby, the parties hereby agree as follows:

 

1.
Voting Agreements. During the period commencing on the date hereof and ending on the earlier to occur of (a) the Effective
Time, and (b) such date and time as the Business Combination Agreement shall be terminated in accordance with Section 10.1 thereof
(the “Expiration Time”), each Stockholder, in its capacity as a stockholder of SPAC, agrees that, at the SPAC
Stockholder Meeting, at any other meeting of SPAC’s stockholders related to the transactions contemplated by the Business
Combination Agreement (whether annual or special and whether or not an adjourned or postponed meeting, however called and including
any adjournment or postponement thereof) and in connection with any written consent of SPAC’s stockholders related to the
transactions contemplated by the Business Combination Agreement (the SPAC Stockholder Meeting and all other meetings or consents
related to the Business Combination Agreement, collectively referred to herein as the “Meeting”), such Stockholder
shall:

 

     

     

    

 

		a.	when
                                         the Meeting is held, appear at the Meeting or otherwise cause its Stockholder Shares
                                         to be counted as present thereat for the purpose of establishing a quorum;

 

		b.	vote
                                         (or execute and return an action by written consent), or cause to be voted at the Meeting
                                         (or validly execute and return and cause such consent to be granted with respect to),
                                         all of its Stockholder Shares in favor of each of the SPAC Proposals; and

 

		c.	vote
                                         (or execute and return an action by written consent), or cause to be voted at the Meeting
                                         (or validly execute and return and cause such consent to be granted with respect to),
                                         all of its Stockholder Shares against any other action that would reasonably be expected
                                         to (x) materially impede, interfere with, delay, postpone or adversely affect the Merger
                                         or any of the Transactions, (y) result in a breach of any covenant, representation or
                                         warranty or other obligation or agreement of SPAC under the Business Combination Agreement
                                         or (z) result in a breach of any covenant, representation or warranty or other obligation
                                         or agreement of the Stockholder contained in this Support Agreement.

 

The
obligations of each Stockholder specified in this Section 1 shall apply whether or not the Merger or any action described above
is recommended by SPAC Board.

 

2.
Restrictions on Transfer. Until the Expiration Time, each Stockholder agrees that it shall not, directly or indirectly,
sell, assign or otherwise transfer any of its Stockholder Shares unless the buyer, assignee or transferee thereof executes a joinder
agreement to this Support Agreement in a form reasonably acceptable to Holdco and the Company. SPAC shall not register any sale,
assignment or transfer of the Stockholder Shares on SPAC’s transfer (book entry or otherwise) that is not in compliance
with this Section 2.

 

3.
No Redemption. Each Stockholder hereby agrees that it shall not redeem, or submit a request to SPAC’s transfer agent
or otherwise exercise any right to redeem, any Stockholder Shares.

 

4.
Waiver of Anti-dilution Rights. Each Stockholder hereby waives its anti-dilution rights under the Section 6(c) of the SPAC’s
Amended and Restated Certificate of Incorporation dated November 12, 2021.

 

5.
New Securities. During the period commencing on the date hereof and ending on the Expiration Time, in the event that, (a)
any shares of SPAC Common Stock or other equity securities of SPAC are issued to any Stockholder after the date of this Support
Agreement pursuant to any stock dividend, stock split, recapitalization, reclassification, combination, (b) any Stockholder purchases
or otherwise acquires beneficial ownership of any shares of SPAC Common Stock or other equity securities of SPAC after the date
of this Support Agreement, or (c) any Stockholder acquires the right to vote or share in the voting of any SPAC Common Stock or
other equity securities of SPAC after the date of this Support Agreement (such SPAC Common Stock or other equity securities of
SPAC, collectively the “New Securities”), then such New Securities acquired or purchased by the relevant Stockholder
shall be subject to the terms of this Support Agreement to the same extent as if they constituted the Stockholder Shares as of
the date hereof.

 

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6.
Consent to Disclosure. Each Stockholder hereby consents to the publication and disclosure in the Proxy/Registration Statement
(and, as and to the extent otherwise required by applicable securities Laws or the SEC or any other securities authorities, any
other documents or communications provided by SPAC, Holdco or the Company to any Governmental Authority or to securityholders
of SPAC or Holdco) of such Stockholder’s identity and beneficial ownership of Stockholder Shares and the nature of such
Stockholder’s commitments, arrangements and understandings under and relating to this Support Agreement and, if deemed appropriate
by SPAC, Holdco or the Company, a copy of this Support Agreement. Each Stockholder will promptly provide any information reasonably
requested by SPAC, Holdco or the Company for any regulatory application or filing made or approval sought in connection with the
Transactions (including filings with the SEC).

 

7.
No Challenge. Each Stockholder agrees, in its capacity as a stockholder only, not to commence, join in, facilitate, assist
or encourage, and agrees to take all actions necessary to opt out of any class in any class action with respect to, any claim,
derivative or otherwise, against SPAC, Holdco, Amalgamation Sub, Merger Sub, the Company or any of their respective successors
or directors (a) challenging the validity of, or seeking to enjoin the operation of, any provision of this Support Agreement or
the Business Combination Agreement or (b) alleging a breach of any fiduciary duty of any person in connection with the evaluation,
negotiation or entry into the Business Combination Agreement.

 

8.
Stockholder Representations: Each Stockholder represents and warrants to SPAC and the Company, as of the date hereof, that:

 

		a.	such
                                         Stockholder 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;

 

		b.	such
                                         Stockholder has full right and power, without violating any agreement to which it is
                                         bound (including, without limitation, any non-competition or non- solicitation agreement
                                         with any employer or former employer), to enter into this Support Agreement;

 

		c.	(i)
                                         if such Stockholder is not an individual, such Stockholder is duly organized, validly
                                         existing and in good standing under the Laws of the jurisdiction in which it is organized,
                                         and the execution, delivery and performance of this Support Agreement and the consummation
                                         of the transactions contemplated hereby are within the such Stockholder’s organizational
                                         powers and have been duly authorized by all necessary organizational actions on the part
                                         of the Stockholder and (ii) if such Stockholder is an individual, the signature on this
                                         Support Agreement is genuine, and such Stockholder has legal competence and capacity
                                         to execute the same;

 

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		d.	this
                                         Support Agreement has been duly executed and delivered by such Stockholder and, assuming
                                         due authorization, execution and delivery by the other parties to this Support Agreement,
                                         this Support Agreement constitutes a legally valid and binding obligation of such Stockholder,
                                         enforceable against such Stockholder in accordance with the terms hereof (except as enforceability
                                         may be limited by bankruptcy Laws, other similar Laws affecting creditors’ rights
                                         and general principles of equity affecting the availability of specific performance and
                                         other equitable remedies);

 

		e.	the
                                         execution and delivery of this Support Agreement by such Stockholder does not, and the
                                         performance by such Stockholder of its obligations hereunder will not, (i) conflict with
                                         or result in a violation of the organizational documents of such Stockholder, or (ii)
                                         require any consent or approval from any third party that has not been given or other
                                         action that has not been taken by any third party, in each case, to the extent such consent,
                                         approval or other action would prevent, enjoin or materially delay the performance by
                                         such Stockholder of its obligations under this Support Agreement;

 

		f.	there
                                         are no Actions pending against such Stockholder or, to the knowledge of such Stockholder,
                                         threatened against such Stockholder, before (or, in the case of threatened Actions, that
                                         would be before) any arbitrator or any Governmental Authority, which in any manner challenges
                                         or seeks to prevent, enjoin or materially delay the performance by such Stockholder of
                                         such Stockholder’s obligations under this Support Agreement;

 

		g.	no
                                         broker, finder, investment banker or other Person is entitled to any brokerage fee, finders’
                                         fee or other commission in connection with this Support Agreement or any of the respective
                                         transactions contemplated hereby, based upon arrangements made by the Stockholder or,
                                         to the knowledge of such Stockholder, by SPAC;

 

		h.	such
                                         Stockholder has had the opportunity to read the Business Combination Agreement and this
                                         Support Agreement and has had the opportunity to consult with such Stockholder’s
                                         tax and legal advisors;

 

		i.	such
                                         Stockholder has not entered into, and shall not enter into, any agreement that would
                                         prevent such Stockholder from performing any of such Stockholder’s obligations
                                         hereunder;

 

		j.	such
                                         Stockholder has good title to the Stockholder Shares opposite such Stockholder’s
                                         name on Exhibit A, free and clear of any Liens other than Permitted Liens, and
                                         such Stockholder has the sole power to vote or cause to be voted such Stockholder Shares;
                                         and

 

		k.	the
                                         Stockholder Shares opposite such Stockholder’s name on Exhibit A are the
                                         only shares of SPAC Common Stock owned of record or beneficially owned by the Stockholder
                                         as of the date hereof, and none of such Stockholder Shares are subject to any proxy,
                                         voting trust or other agreement or arrangement with respect to the voting of such Stockholder
                                         Shares that is inconsistent with such Stockholder’s obligations pursuant to this
                                         Support Agreement.

 

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9.
Damages; Remedies. Each Stockholder hereby agrees and acknowledges that (a) SPAC, Holdco and the Company would be irreparably
injured in the event of a breach by the Stockholder of its obligations under this Support Agreement, (b) monetary damages may
not be an adequate remedy for such breach and (c) 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.

 

10.
Entire Agreement; Amendment. This Support Agreement and the other agreements referenced herein constitute the entire agreement
and understanding of the parties hereto in respect of the subject matter hereof and supersede 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 Support 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.

 

11.
Assignment. No party hereto may, except as set forth herein, assign either this Support 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 Support Agreement shall be binding on each Stockholder, the SPAC, Holdco and the Company and each of their respective
successors, heirs, personal representatives and assigns and permitted transferees.

 

12.
Counterparts. This Support Agreement may be executed in any number of original, electronic 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.

 

13.
Severability. This Support 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 Support 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 Support Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be
valid and enforceable.

 

14.
Governing Law; Jurisdiction; Jury Trial Waiver. Section 11.7 and Section 11.14 of the Business Combination Agreement is
incorporated by reference herein to apply with full force to any disputes arising under this Support Agreement.

 

15.
Notice. Any notice, consent or request to be given in connection with any of the terms or provisions of this Support Agreement
shall be in writing and shall be sent or given in accordance with the terms of Section 11.3 of the Business Combination Agreement
to the applicable party, with respect to the Company, Holdco and SPAC, at the address set forth in Section 11.3 of the Business
Combination Agreement, and, with respect to each Stockholder, at its address set forth on Exhibit A.

 

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16.
Termination. This Support Agreement shall terminate on the earlier of the Closing or the termination of the Business Combination
Agreement. No such termination shall relieve any Stockholder, SPAC, Holdco or the Company from any liability resulting from a
breach of this Support Agreement occurring prior to such termination.

 

17.
Adjustment for Stock Split. If, and as often as, there are any changes in the SPAC or the Stockholder Shares by way of
stock split, stock dividend, combination or reclassification, or through merger, consolidation, reorganization, recapitalization
or business combination, or by any other means, equitable adjustment shall be made to the provisions of this Support Agreement
as may be required so that the rights, privileges, duties and obligations hereunder shall continue with respect to each Stockholder,
SPAC, the Company, Holdco, the Stockholder Shares as so changed.

 

18.
Further Actions. Each of the parties hereto agrees to execute and deliver hereafter any further document, agreement or
instrument of assignment, transfer or conveyance as may be necessary or desirable to effectuate the purposes hereof and as may
be reasonably requested in writing by another party hereto.

 

[remainder
of page intentionally left blank]

 

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

 

		AUM BIOSCIENCES
         PTE. LTD.
	 	 	 
	 	By:	/s/
Vishal Doshi
	 	Name: 	Vishal Doshi
	 	Title:	Chairman,
CEO

 

		MOUNTAIN
         CREST ACQUISITION CORP. V
	 	 	 
	 	By:	/s/
Suying Liu
	 	Name: 	Suying
                                         Liu
	 	Title:	Chairman,
                                         Chief Executive Officer and Chief Financial Officer

 

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

 

		STOCKHOLDERS
	 	 
	 	Mountain
                                        Crest Global Holdings LLC
	 	 	 
	 	By:	/s/
Suying Liu                      
	 	Name: 	Suying
                                         Liu
	 	Title:	Member
	 	 	 
	 	/s/ Helson Haight
	 	Helson
                                        Haight
	 	 	 
	 	/s/ Todd T. Milbourn
	 	Todd
                                        T. Milbourn
	 	 	 
	 	/s/ Wenhua Zhang
	 	Wenhua
                                        Zhang

 

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Exhibit
A

 

Stockholders

 

	Stockholder
	Number
                                         of Shares
	Address
                                         for Notices

	Mountain
                                         Crest Global

        Holdings
        LLC
	1,940,800	c/o
                                         Mountain Crest Acquisition Corp. IV

        311
        West 43rd St., 12th Floor

        New
        York, NY 10036

	Nelson
    Haight	2,400	c/o
                                         Mountain Crest Acquisition Corp. IV

        311
        West 43rd St., 12th Floor

        New
        York, NY 10036

	Todd
    T. Milbourn	2,400	c/o
                                         Mountain Crest Acquisition Corp. IV

        311
        West 43rd St., 12th Floor

        New
        York, NY 10036

	Wenhua
    Zhang	2,400	c/o
                                         Mountain Crest Acquisition Corp. IV

        311
        West 43rd St., 12th Floor

        New
        York, NY 10036

 

    A-1Exhibit 10.3

 

LOCK-UP
AGREEMENT

 

THIS
LOCK-UP AGREEMENT (this “Agreement”) is dated as of ______________, 2022, by and among the undersigned (the “Holder”),
[ ], a Cayman Islands exempted company (“Holdco”) and Mountain Crest Acquisition Corp. V, a Delaware corporation (“SPAC”).
Capitalized terms used and not otherwise defined herein shall have the meanings given such terms in the Business Combination Agreement
(as defined below).

 

BACKGROUND

 

A. SPAC
and AUM Biosciences Pte. Ltd., a private company limited by shares incorporated in Singapore, with company registration number 201810204D
(the “Company”), entered into a Business Combination Agreement, dated as of [ ], 2022 (the “Business Combination
Agreement”).

 

B. The
Business Combination Agreement provides, among other things, that, upon the consummation of the transactions contemplated thereby (the
“Closing”), [ ], a private company limited by shares incorporated in Singapore, with company registration number [
], and a wholly-owned subsidiary of Holdco, will amalgamate with and into the Company, with the Company continuing as the surviving entity
and a wholly-owned subsidiary of Holdco (the “Amalgamation”), and following confirmation of the effective filing of
the Amalgamation but on the same day, [ ], a Delaware corporation and a wholly-owned subsidiary of Holdco, will merge with and into SPAC,
with SPAC continuing as the surviving entity and a wholly-owned subsidiary of Holdco (the “SPAC Merger” and together
with the Amalgamation, the “Merger”) and as a result of which all of the issued and outstanding capital stock of each
of the Company and SPAC immediately prior to the Closing shall no longer be outstanding and shall automatically be cancelled and shall
cease to exist, in exchange for the right to receive newly issued Holdco Ordinary Shares, all upon the terms and subject to the conditions
set forth in the Business Combination Agreement and in accordance with the applicable provisions of the Delaware General Corporation
Law, Singapore Companies Act and the Companies Act of the Cayman Islands, as applicable.

 

C. The
Holder is the record and/or beneficial owner of certain Holdco Ordinary Shares.

 

D. As
a condition of, and as a material inducement for SPAC to enter into and consummate the transactions contemplated by the Business
Combination Agreement, the Holder has agreed to execute and deliver this Agreement.

 

NOW,
THEREFORE, for and in consideration of the mutual covenants and agreements set forth herein, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows:

 

AGREEMENT

 

1. Lock-Up.

 

(a) During
the Lock-up Period (as defined below), the Holder irrevocably agrees that it will not offer, sell, contract to sell, pledge or otherwise
dispose of, directly or indirectly, any of the Lock-up Shares (as defined below), enter into a transaction that would have the same effect,
or enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership
of such Lock-up Shares, whether any of these transactions are to be settled by delivery of any such Lock-up Shares, in cash or otherwise,
publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other
arrangement, or engage in any Short Sales (as defined below) with respect to any security of Holdco (these actions, collectively, “Transfer”);
provided that if their closing price equals or exceeds $12.50 per share for any 20 trading days within any 30-trading day period
during the Lock-up Period, 50% of the Lock-up Shares shall be subject to early release.

 

     

     

    

 

(b) In
furtherance of the foregoing, Holdco will (i) place an irrevocable stop order on all Lock-up Shares, including those which may be covered
by a registration statement, and (ii) notify Holdco’s transfer agent in writing of the stop order and the restrictions on such
Lock-up Shares under this Agreement and direct the Holdco’s transfer agent not to process any attempts by the Holder to resell
or transfer any Lock-up Shares, except in compliance with this Agreement.

 

(c) For
purposes hereof, “Short Sales” include, without limitation, all “short sales” as defined in Rule 200
promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and all
types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, swaps and similar arrangements (including on
a total return basis), and sales and other transactions through non-US broker dealers or foreign regulated brokers.

 

(d) For
purpose of this Agreement, the “Lock-up Period” means with respect to the Lock-up Shares, the period commencing on
the Closing Date and ending on the date that is six (6) months thereafter.

 

The
restrictions set forth herein shall not apply to:

 

(1)
Transfers or distributions to the Holder’s current or former general or limited partners, managers or members, stockholders, other
equity holders or direct or indirect affiliates (within the meaning of Rule 405 under the Securities Act of 1933, as amended);

 

(2)
Transfers by bona fide gift to a member of the Holder’s immediate family or to a trust, the beneficiary of which is the Holder
or a member of the Holder’s immediate family or to a charitable organization;

 

(3)
by virtue of the laws of descent and distribution upon death of the Holder;

 

(4)
by operation of law or pursuant to a court order, such as a qualified domestic relations order, divorce decree or separation agreement;

 

(5)
Transfers to a partnership, limited liability company or other entity of which the Holder and/or the Holder’s immediate family
are the legal and beneficial owner of all of the outstanding equity securities or similar interests;

 

(6)
in the case of an entity that is a trust, Transfers to a trustor or beneficiary of the trust or to the estate of a beneficiary of such
trust;

 

(7)
Transfers of any Holdco Ordinary Shares or other securities acquired as part of the PIPE Financing or issued in exchange for, or on conversion
or exercise of, any securities issued as part of the PIPE Financing;

 

(8)
Transfers relating to Holdco Ordinary Shares or other securities convertible into or exercisable or exchangeable for Holdco Ordinary
Shares acquired in open market transactions after the Closing Date, provided that no such transaction is required to be, or is,
publicly announced (whether on Form 4, Form 5 or otherwise, other than a required filing on Schedule 13F, 13G or 13G/A)
during the Lock-up Period; and

 

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(9)
the entry, by the Holder, at any time after the effective time of the Merger, of any trading plan providing for the sale of Holdco Ordinary
Shares by the Holder, which trading plan meets the requirements of Rule 10b5-1(c) under the Exchange Act, provided, however,
that such plan does not provide for, or permit, the sale of any Holdco Ordinary Shares during the Lock-up Period and no public announcement
or filing is voluntarily made or required regarding such plan during the Lock-up Period;

 

in
the case of clauses (1) through (9) where such transferee agrees to be bound by the terms of this Agreement.

 

In
addition, after the Closing Date, if there is a Change of Control, then upon the consummation of such Change of Control, all Lock-up
Shares shall be released from the restrictions contained herein. A “Change of Control” means: (a) the sale of all
or substantially all of the consolidated assets of Holdco and Holdco’s subsidiaries to a third-party purchaser; (b) a sale resulting
in no less than a majority of the voting power of Holdco being held by person that did not own a majority of the voting power prior to
such sale; or (c) a merger, consolidation, recapitalization or reorganization of Holdco with or into a third-party purchaser that results
in the inability of the pre-transaction equity holders to designate or elect a majority of the board of directors (or its equivalent)
of the resulting entity or its parent company.

 

2.
Representations and Warranties. Each of the parties hereto, by their respective execution and delivery of this Agreement, hereby
represents and warrants to the others and to all third party beneficiaries of this Agreement that (a) such party has the full right,
capacity and authority to enter into, deliver and perform its respective obligations under this Agreement, (b) this Agreement has been
duly executed and delivered by such party and is a binding and enforceable obligation of such party, enforceable against such party in
accordance with the terms of this Agreement, and (c) the execution, delivery and performance of such party’s obligations under
this Agreement will not conflict with or breach the terms of any other agreement, contract, commitment or understanding to which such
party is a party or to which the assets or securities of such party are bound.

 

3.
Beneficial Ownership. The Holder hereby represents and warrants that it does not beneficially own, directly or through its nominees
(as determined in accordance with Section 13(d) of the Exchange Act, and the rules and regulations promulgated thereunder), any
Holdco Ordinary Shares, or any economic interest in or derivative of such stock, other than those securities specified on the signature
page hereto. For purposes of this Agreement, the Holdco Ordinary Shares beneficially owned by the Holder as specified on the signature
page hereto are collectively referred to as the “Lock-up Shares.”

 

4.
No Additional Fees/Payment. Other than the consideration specifically referenced herein, the parties hereto agree that no fee,
payment or additional consideration in any form has been or will be paid to the Holder in connection with this Agreement.

 

5. Termination
of the Business Combination Agreement. This Agreement shall be binding upon the Holder upon the Holder’s execution and delivery
of this Agreement, but this Agreement shall only become effective upon the Closing. Notwithstanding anything to the contrary contained
herein, in the event that the Business Combination Agreement is terminated in accordance with its terms prior to the Closing,
this Agreement shall automatically terminate and become null and void, and the parties shall not have any rights or obligation hereunder.

 

    3

     

    

 

6. Notices.
Any notices required or permitted to be sent hereunder shall be sent in writing, addressed as specified below, and shall be deemed
given: (a) if by hand or recognized courier service, by 4:00 PM on a Business Day, addressee’s day and time, on the date of delivery,
and otherwise on the first Business Day after such delivery; (b) if by fax or email, on the date that transmission is confirmed electronically,
if by 4:00 PM on a Business Day, addressee’s day and time, and otherwise on the first Business Day after the date of such confirmation;
or (c) five days after mailing by certified or registered mail, return receipt requested. Notices shall be addressed to the respective
parties as follows (excluding telephone numbers, which are for convenience only), or to such other address as a party shall specify to
the others in accordance with these notice provisions:

 

		(a)	If
to SPAC, to:

 

Mountain
Crest Acquisition Corp. V

311
W. 43rd Street; 12th Floor

New
York, NY 10036

Attention:
Suying Liu

Email:
sliu@mcacquisition.com

 

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

 

Loeb
& Loeb

345
Park Avenue, 19th Floor

New
York, NY 10154

Attention:
Mitchell S. Nussbaum, Esq.

E-mail:
mnussbaum@loeb.com

 

		(b)	If
to the Holder, to the address set forth on the Holder’s signature page hereto, with a copy, which shall not constitute notice,
to:

 

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

 

DLA
Piper LLP (US)

51
John F. Kennedy Parkway, Suite 120

Short
Hills, New Jersey 07078

Attention:
Andrew P. Gilbert

E-mail:
andrew.gilbert@us.dlapiper.com

 

or
to such other address as any party may have furnished to the others in writing in accordance herewith.

 

7. Enumeration
and Headings. The enumeration and headings contained in this Agreement are for convenience of reference only and shall not control
or affect the meaning or construction of any of the provisions of this Agreement.

 

8. Counterparts.
This Agreement may be executed in facsimile and in any number of counterparts, each of which when so executed and delivered shall
be deemed an original, but all of which shall together constitute one and the same agreement.

 

9.
Successors and Assigns. This Agreement and the terms, covenants, provisions and conditions hereof shall be binding upon, and shall
inure to the benefit of, the respective heirs, successors and assigns of the parties hereto. The Holder hereby acknowledges and agrees
that this Agreement is entered into for the benefit of and is enforceable by SPAC and its successors and assigns.

 

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10.
Severability. If any provision of this Agreement is held to be invalid or unenforceable for any reason, such provision will be
conformed to prevailing law rather than voided, if possible, in order to achieve the intent of the parties and, in any event, the remaining
provisions of this Agreement shall remain in full force and effect and shall be binding upon the parties hereto.

 

11. Amendment.
This Agreement may be amended or modified by written agreement executed by each of the parties hereto.

 

12. Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute
and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to
carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

13.
No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

14.
Governing Law. The terms and provisions of this Agreement shall be construed in accordance with the laws of the State of Delaware.

 

15.
Controlling Agreement. To the extent the terms of this Agreement (as amended, supplemented, restated or otherwise modified from
time to time) directly conflicts with a provision in the Business Combination Agreement, the terms of this Agreement shall control.

 

[Signature
Page Follows]

 

    5

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Lock-up Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

	 	[Holdco]
	 	 	 
	 	By:	 
	 		Name:	 [   ]
	 		Title:	[   ]
	 	 	 
	 	MOUNTAIN CREST ACQUISITION CORP. V
	 	 	 
	 	By:	 
	 		Name:	Suying Liu
	 		Title:	Chairman, Chief Executive Officer and Chief Financial Office

 

[Signature Page to Lock-up Agreement]

 

    6

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Lock-up Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

	 	NAME OF HOLDER:
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	Address:	 
	 	 	Attention:	 
	 	 	Email:	 
	 	 	 
	 	NUMBER OF LOCK-UP SHARES: _________

 

[Signature Page to Lock-up Agreement]

 

    7

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