Document:

Exhibit 10.1

 

Execution Version

 

November 30, 2021

 

Capitalworks Emerging Markets Acquisition Corp

25 West 39th Street, Suite 700

New York, NY 10018

 

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”) to be entered
into by and between Capitalworks Emerging Markets Acquisition Corp, a Cayman Islands exempted company (the “Company”),
and Barclays Capital Inc., as representative (the “Representative”) of the several underwriters (the “Underwriters”),
relating to an underwritten initial public offering (the “Public Offering”) of 23,000,000 of the Company’s units
(including up to 3,000,000 units that may be purchased by the Underwriters to cover over-allotments, if any) (the “Units”),
each comprised of one Class A ordinary share of the Company, par value $0.0001 per share (each, an “Ordinary Share”),
and one-half of one redeemable warrant. Each whole warrant (each, a “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”) and the Company has applied to have the Units listed on The Nasdaq Global
Market (“Nasdaq”). Certain capitalized terms used herein are defined in paragraph 11 hereof.

 

In order to induce the Company and the Representative
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, each of CEMAC Sponsor LP, a Cayman Islands exempted limited partnership (the “Sponsor”),
and the undersigned individuals, each of whom is a member of the Company’s board of directors and/or management team (each, an “Insider”
and collectively, the “Insiders”), hereby agree with the Company as follows:

 

1.             The
Sponsor and each Insider hereby agree that in the event that the Company fails to consummate a Business Combination within 15 months
from the closing of the Public Offering (or 18 months from the closing of the Public Offering if the period of time to consummate a business
combination is extended, as described in detail in the Prospectus), or such later period approved by the Company’s shareholders
in accordance with the Company’s amended and restated memorandum and articles of association, as may be amended from time to time
(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 10 Business Days
thereafter, subject to lawfully available funds therefor, redeem 100% of the Ordinary Shares sold as part of the Units in the Public
Offering (the “Offering 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 (less up to $100,000 of interest to pay dissolution
expenses and which interest shall be net of taxes payable), divided by the number of then-outstanding Offering Shares, which redemption
will completely extinguish all Public Shareholders’ rights as shareholders (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 shareholders and the Company’s board of directors, liquidate and dissolve, subject
in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and requirements of other
applicable law. The Sponsor and each Insider agree to not propose any amendment to the Charter to (a) modify the substance or timing
of the Company’s obligation to allow redemption in connection with a Business Combination or the Company’s obligation to
redeem 100% of the Offering Shares if the Company does not complete a Business Combination within the time period set forth in the Charter
or (b) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity,
unless the Company provides Public Shareholders with the opportunity to redeem their Offering 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 (which interest shall be net of taxes payable), divided by the number of then-outstanding Offering
Shares.

 

     

     

    

 

2.             The
Sponsor and each Insider acknowledge that, with respect to the Founder Shares and Private Placement Warrants (and the Ordinary Shares
accrued pursuant to exercise of such Warrants) held by it, him or her, it, he or she 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. The Sponsor
and each Insider hereby agree that if the Company seeks shareholder approval of a proposed Business Combination, then in connection with
such proposed Business Combination, it, he or she shall vote any Shares (whether purchased before, during or after the Public Offering,
including in open market and privately negotiated transactions) owned by it, him or her in favor of any proposed Business Combination.
The Sponsor and each Insider hereby further waive, with respect to any Shares held by it, him or her, if any, any redemption rights it,
he or she may have in connection with the consummation of a Business Combination, including, without limitation, any such rights available
in the context of (i) a shareholder vote to approve such Business Combination or (ii) a shareholder vote to approve an amendment
to the Charter to (a) modify the substance or timing of the Company’s obligation to allow redemption in connection with a
Business Combination or to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within the time
period set forth in the Charter or (b) with respect to any other provision relating to shareholders’ rights or pre-initial
Business Combination activity (although the Sponsor and the Insiders shall be entitled to liquidation rights with respect to any Offering
Shares it or they hold if the Company fails to consummate a Business Combination within the time period set forth in the Charter). If
the Company engages in a tender offer in connection with any proposed Business Combination, the Sponsor and each Insider agrees that
it, he or she will not seek to sell its, his or her Shares to the Company in connection with such tender offer.

 

3.             During
the period commencing on the date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall
not, without the prior written consent of the Representative, sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant
any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, any Units, Ordinary Shares underlying
such Units, Founder Shares, Warrants, Private Placement Warrants or any securities convertible into, or exercisable or exchangeable for,
shares owned by it, him or her, or publicly announce any intention to effect any transaction specified herein. The provisions of this
paragraph 3 will not apply if the release or waiver is effected solely to permit a transfer not for consideration and the transferee
has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such terms
remain in effect at the time of the transfer.

 

4.             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 (in such capacity, the “Indemnitor”), which for purposes of
clarification shall not extend to any other shareholders, members or managers of the Sponsor, or any of the other undersigned, 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 (other than the Company’s independent registered public accountants) or products sold to the Company or (ii) any
prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement
or business combination agreement (each, 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
(other than the Company’s independent registered public accountants) 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 (1) $10.20 per Offering Share and (2) the actual amount per Offering
Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.20 per Offering Share is then
held in the Trust Account due to reductions in the value of the trust assets, less interest earned on the funds in the Trust Account
which may be withdrawn to pay income taxes, (y) shall not apply to any claims by a third party or a Target which 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 “Securities Act”). In the event that any such executed waiver is deemed to be unenforceable
against such third party, the Indemnitor shall not be responsible to the extent of any liability for such third-party claims. 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.

 

     

     

    

 

5.             To
the extent that the Underwriters do not exercise their over-allotment option to purchase an additional 3,000,000 Units within 45 days
from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at no cost, a number of
Founder Shares in the aggregate equal to 750,000 multiplied by a fraction (i) the numerator of which is 3,000,000 minus the number
of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 3,000,000.
All references in this Letter Agreement to Founder Shares being forfeited shall take effect as
surrenders for no consideration of such Founder Shares as a matter of Cayman Islands law. For clarity, the forfeiture shall yield
the result that the Initial Shareholders will own an aggregate of 20% of the Company’s issued and outstanding Shares after the
Public Offering (assuming that the Initial Shareholders do not purchase any Units in the Public Offering).

 

6.             The Sponsor and each Insider hereby agree and acknowledge that: (i) the Underwriters and the Company would be irreparably
injured in the event of a breach by the Sponsor or an Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 6, 7(a),
7(b), and, solely as to each D&O Insider (as defined in paragraph 8 below), 8, as applicable, of this Letter Agreement, (ii) monetary
damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to seek 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.                                          
 

 

		(a)	The Sponsor and each Insider agree that it, he or she shall not Transfer any Founder Shares (or Ordinary Shares issuable upon conversion
thereof) until the earlier of (i) one year after the completion of the Company’s initial Business Combination or (ii) subsequent
to the Company’s initial Business Combination, (x) the first date on which the last reported sale price of the Ordinary Shares
equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like)
for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination
or (y) the date on which the Company completes a liquidation, merger, share exchange, reorganization 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)	Notwithstanding anything to the contrary set forth in paragraph 7(a) (which such paragraph 7(a) is inapplicable to the Private Placement
Warrants (and the Ordinary Shares issued or issuable upon the exercise thereof)), the Sponsor and each Insider agree that it, he or she
shall not Transfer any Private Placement Warrants (or Ordinary Shares issued or issuable upon the exercise thereof) until 30 days after
the completion of the Company’s initial Business Combination (the “Private Placement Warrants Lock-Up Period”,
together with the Founder Shares Lock-Up Period, the “Lock-Up Periods”).

 

		(c)	Notwithstanding anything to the contrary set forth in paragraphs 7(a) and 7(b) Transfers of the Founder Shares, Private Placement
Warrants and Ordinary Shares issued or issuable upon the exercise or conversion thereof and, with respect to the Founder Shares, Private
Placement Warrants and Ordinary Shares issued or issuable upon the exercise or conversion thereof, that are held by the Sponsor, any Insider
or any of their permitted transferees (that have complied with this paragraph 7(c)), are permitted (i) to the Company’s officers
or directors, any affiliates or family members of any of the Company’s officers or directors, the Sponsor or any members or affiliates
of the Sponsor; (ii) in the case of an individual, by gift to a member of such individual’s immediate family or to a trust,
the beneficiary of which is a member of such individual’s immediate family, an affiliate of such individual or to a charitable organization;
(iii) in the case of an individual, by virtue of the laws of descent and distribution upon death of such individual; (iv) in
the case of an individual, pursuant to a qualified domestic relations order; (v) by
private sales or transfers made in connection with the consummation of an initial Business Combination at prices no greater than the price
at which the Founder Shares, Private Placement Warrants or Ordinary Shares were originally purchased; (vi) to an entity that is an
affiliate of the holder; (vii) in the event of the Company’s liquidation prior to the completion of an initial Business Combination;
(viii) by virtue of the laws of the Cayman Islands, the Charter or the Sponsor’s exempted limited partnership agreement, as
amended, upon winding up and dissolution of the Sponsor; (ix) in the event of the Company’s liquidation,
merger, capital stock exchange, reorganization or other similar transaction which results in all of the Company’s shareholders having
the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of an initial Business
Combination or (x) to the Company for no value for cancellation in connection with the consummation of the initial Business Combination;
provided, however, that, in the case of clauses (i) through (vi) or (viii), these permitted transferees must enter into a written agreement
with the Company agreeing to be bound by the transfer restrictions in this paragraph 7 and the other restrictions contained in this Letter
Agreement.

 

8.             Each
of the Insiders who is or is nominated to be a director or officer of the Company (each, a “D&O Insider”) agrees
to serve in such capacity until the earlier of the consummation by the Company of an initial Business Combination, the liquidation of
the Company, or his or her removal, death or incapacity. The Sponsor and each D&O Insider represents and warrants that it, he or
she 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. Each D&O Insider’s biographical information furnished
to the Company (including any such information included in the Prospectus) is true and accurate in all material respects, does not omit
any material information with respect to such D&O Insider’s background and contains all of the information required to be disclosed
pursuant to Item 401 of Regulation S-K, promulgated under the Securities Act. Each D&O Insider’s questionnaire furnished to
the Company and the Representative is true and accurate in all material respects. Each D&O Insider represents and warrants that it,
he or she (i) 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 and (ii) has never been
convicted of, or pleaded guilty to, any crime (a) involving fraud, (b) relating to any financial transaction or handling of
funds of another person, or (c) pertaining to any dealings in any securities and (iii) is not currently a defendant in any
such criminal proceeding.

 

     

     

    

 

9.             Except
as disclosed in the Prospectus, neither the Sponsor nor any Insider, nor any affiliate of the Sponsor or any Insider, shall receive from
the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any repayment 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), other than the following, none of which may be made from the proceeds
held in the Trust Account prior to the completion of an initial Business Combination: (i) repayment
of a loan of up to an aggregate of $300,000 made to the Company by the Sponsor; (ii) payment to an affiliate of the Sponsor of a
total of $20,000 per month for administrative and support services; (iii) reimbursement for any reasonable out-of-pocket expenses
related to identifying, investigating, negotiating and completing an initial Business Combination, (iv) repayment of working capital
loans, if any, and on such terms as to be determined by the Company from time to time, made by the Sponsor or an affiliate of the Sponsor
or any of the Company’s officers or directors in connection with an intended initial Business Combination and (v) repayment of
extension loans, if any, made by the Sponsor or an affiliate or designee of the Sponsor in connection with an extension of the period
of time to complete a business combination as described in the Prospectus; provided that if the Company does not consummate an initial
Business Combination, a portion of the working capital held outside the Trust Account may be used by the Company to repay such loaned
amounts so long as no proceeds from the Trust Account are used for such repayment. Up to $1,500,000 of such working capital loans and
up to $2,300,000 of such extension loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender.
Such warrants would be identical to the Private Placement Warrants.

 

10.           The
Sponsor and each Insider represent and warrant, severally and not jointly, that it, he or she has full right and power, without violating
any agreement to which it, he or she 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 and/or director on the
board of directors of the Company and hereby consent to being named in the Prospectus as an officer and/or director of the Company.

 

     

     

    

 

11.           As
used herein, (i) “Business Combination” shall mean a merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Business Day”
shall mean each day that is not a Saturday, Sunday or other day on which banking institutions in The City of New York, New York, are
authorized or required by law to close; (iii) “Founder Shares” shall mean the 5,750,000 shares of the Company’s
Class B ordinary shares, par value $0.0001 per share, issued and outstanding immediately prior to the consummation of the Public Offering
(up to 750,000 shares of which are subject to complete or partial forfeiture by the Sponsor if the over-allotment option is not exercised
in full by the Underwriters) (and the shares into which the Founder Shares are converted); (iv) “Initial Shareholders”
shall mean the Sponsor and any Insider that holds Founder Shares prior to the consummation of the Public Offering; (v) “Private
Placement Warrants” shall mean 10,500,000 Warrants (or 11,700,000 Warrants if the over-allotment option is exercised in full
by the Underwriters) that the Sponsor has agreed to purchase for an aggregate purchase price of $10,500,000 (or $11,700,000 if the over-allotment
option is exercised in full by the Underwriters), or $1.00 per Warrant, in a private placement that shall occur simultaneously with the
consummation of the Public Offering; (vi) “Public Shareholders” shall mean the holders of the Offering Shares;
(vii) “Shares” shall mean, collectively, the Ordinary Shares and the Founder Shares; (viii) “Trust Account”
shall mean the trust account into which the net proceeds of the Public Offering and certain proceeds from the sale of the Private Placement
Warrants shall be deposited; and (ix) “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).

 

12.           The
Company will maintain an insurance policy or policies providing directors’ and officers’ liability insurance, and each D&O
Insider 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.

 

13.           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.

 

14.           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 14 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 Company,
the Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees.

 

15.           Nothing
in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation (other than the parties hereto) any
right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement hereof.
All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall be for the sole and exclusive
benefit of the parties hereto and their successors, heirs, personal representatives and assigns and permitted transferees.

 

16.           This
Letter Agreement may be executed in any number of original, facsimile or other electronic 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.
Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act
of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com)
or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and
effective for all purposes.

 

17.           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.

 

     

     

    

 

18.           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) all 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.

 

19.           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 other electronic transmission.

 

20.           This
Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-Up Periods or (ii) the liquidation of the
Company; provided that paragraph 4 of this Letter Agreement shall survive such liquidation.

 

     

     

    

 

	 	Sincerely,
	 	 
	 	CEMAC SPONSOR LP
	 	 
	 	By: CEMAC SPONSOR GP, its general partner
	 	 
	 	By:	/s/ Robert Oudhof
	 	Name:	Robert Oudhof
	 	Title:	 Director
	 	 
	 	INSIDERS
	 	 
	 	/s/ Roberta Brzezinski
	 	Name:	Roberta Brzezinski
	 	 
	 	/s/ Olivia Ouyang
	 	Name:	Olivia Ouyang
	 	 
	 	/s/ Herman Kotzé
	 	Name:	Herman Kotzé
	 	 
	 	/s/ Michael Faber
	 	Name:	 Michael Faber
	 	 
	 	/s/ Neil Harper
	 	Name:	Neil Harper
	 	 
	 	/s/ Whitney Baker
	 	Name:	Whitney Baker
	 	 
	 	/s/ Darius James Roth
	 	Name:	Darius James Roth

 

[Signature Page to Letter
Agreement]

 

     

     

    

 

Acknowledged and Agreed:

 

CAPITALWORKS EMERGING MARKETS ACQUISITION CORP

 

	By:	/s/ Roberta Brzezinski	 
	Name:	Roberta Brzezinski	 
	Title:	Chief Executive Officer	 

 

[Signature Page to Letter
Agreement]Exhibit
10.2

 

Execution
Version

 

INVESTMENT MANAGEMENT
TRUST AGREEMENT

 

This Investment Management
Trust Agreement (this “Agreement”) is made effective as of November 30, 2021 by and between Capitalworks Emerging
Markets Acquisition Corp, a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer
 & Trust Company, a New York corporation (the “Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, File No. 333-260513 (the “Registration Statement”), and prospectus (the
“Prospectus”) for the initial public offering of the Company’s units (the “Units”),
each of which consists of one of the Company’s Class A ordinary shares, par value $0.0001 per share (each, an “Ordinary
Share”), and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Ordinary
Share (such initial public offering hereinafter referred to as the “Offering”), has been declared effective
as of the date hereof by the U.S. Securities and Exchange Commission; and

 

WHEREAS, the Company has entered
into an Underwriting Agreement (the “Underwriting Agreement”) with Barclays Capital Inc., as representative
(the “Representative”) to the several underwriters (the “Underwriters”) named therein;
and

 

WHEREAS, the Company has 15
months from the closing of the Offering to consummate an initial Business Combination (as defined below), with an automatic three-month
extension if the Company has signed a definitive agreement with respect to an initial Business Combination within such 15-month period
(the “Automatic Extension”), or if the Company anticipates that it will not be able to consummate an initial
Business Combination within 15 months and is not entitled to the Automatic Extension, the Company may, by resolution of its board of directors,
upon the request of the Company’s sponsor, CEMAC Sponsor LP, a Cayman Islands exempted limited partnership (the “Sponsor”),
extend the period of time to consummate an initial Business Combination by an additional three months (for a total of up to 18 months
to complete such Business Combination) (the “Paid Extension”) and, in order to avail itself of the Paid Extension,
the Sponsor or its affiliates or designees, upon ten days’ advance notice prior to the applicable deadline, must deposit $2,000,000
(or $2,300,000 if the underwriters’ over-allotment option is exercised in full) into the Trust Account (as defined below), in exchange
for which the Sponsor will receive a non-interest bearing loan payable upon the consummation of a Business Combination; and

 

WHEREAS, as described in the
Prospectus, $204,000,000 (or $234,600,000 if the Underwriters’ option to purchase additional Units is exercised in full) of the
gross proceeds of the Offering, the sale of the Private Placement Warrants (as defined in the Underwriting Agreement) and the proceeds
from any loans in connection with a Paid Extension will be delivered to the Trustee to be deposited and held in a segregated trust account
located at all times in the United States (the “Trust Account”) for the benefit of the Company and the holders
of Ordinary Shares included in the Units issued in the Offering and the Underwriters as hereinafter provided (the amount to be delivered
to the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,” the shareholders
for whose benefit the Trustee shall hold the Property will be referred to as the “Public Shareholders,” and
the Public Shareholders and the Company and the Underwriters will be referred to together as the “Beneficiaries”);
and

 

WHEREAS, pursuant to the Underwriting
Agreement, a portion of the Property equal to $7,000,000, or $8,050,000 if the Underwriters’ option to purchase additional Units
is exercised in full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters
upon the consummation of the Business Combination (as defined below) (the “Deferred Discount”); 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 the Trust Account established by the Trustee located in the United
States at J.P. Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100 billion or more)
in the United States, maintained by Trustee 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 in United States government securities within the
meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in money
market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment
Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations, as
determined by the Company; the Trustee may not invest in any other securities or assets, it being understood that the Trust Account
will earn no interest while 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 the Trustee with respect to any Property requiring action by the Company;

 

(f) Supply any necessary information
or documents as may be requested by the Company (or its authorized agents) in connection with the Company’s preparation of tax returns
relating to assets held in the Trust Account or in connection with the preparation or completion of the audit of the Company’s financial
statements by the Company’s auditors;

 

(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 following (x) receipt of, and only in accordance with, the terms of a letter from the Company
in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, as applicable (“Termination
Letter”), signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer or other authorized officer
of the Company, and complete the liquidation of the Trust Account and distribute the Property 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, if any (less up to $100,000
of interest to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein, or (y)
upon the date which is the later of (1) 15 months after the closing of the Offering (or 18 months after the closing of the Offering if
the period of time to consummate a business combination is extended, as described in detail in the Prospectus) and (2) such later date
as may be approved by the Company’s shareholders in accordance with the Company’s amended and restated memorandum and articles
of association, if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall
be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property 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, if any (less up to $100,000 of interest to pay dissolution expenses), shall be distributed to the Public Shareholders of record
as of such date. It is acknowledged and agreed that there should be no reduction in the principal amount per share initially deposited
in the Trust Account;

 

(j) 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 C (a “Tax
Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute to the Company the amount of interest earned
on the Property requested by the Company to cover any tax obligation owed by the Company as a result of assets of the Company or interest
or other income earned on the Property, which amount shall be delivered directly to the Company by electronic funds transfer or other
method of prompt payment, and the Company shall forward such payment to the relevant taxing authority, so long as there is no reduction
in the principal amount initially deposited in the Trust Account; provided, however, that to the extent there is not sufficient cash in
the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust Account as shall be designated
by the Company in writing to make such distribution, so long as there is no reduction in the principal amount initially deposited in the
Trust Account (it being acknowledged and agreed that any such amount in excess of interest income earned on the Property shall not be
payable from the Trust Account). The written request of the Company referenced above shall constitute presumptive evidence that the Company
is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request;

 

(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 (a “Shareholder
Redemption Withdrawal Instruction”), the Trustee shall distribute to the remitting brokers on behalf of Public Shareholders
redeeming Ordinary Shares the amount required to pay redeemed Ordinary Shares from Public Shareholders pursuant to the Company’s
amended and restated memorandum and articles of association;

 

(l) Not make any withdrawals
or distributions from the Trust Account other than pursuant to Section 1(i), (j) or (k) above; and

 

(m) Upon receipt of an
extension letter in a form substantially similar to that attached hereto as Exhibit E (“Extension
Letter”) at least ten days prior to the applicable 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 applicable deadline, follow the instructions
set forth in the Extension Letter.

 

    2 

     

    

 

2.                  
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, Chief Financial Officer or other authorized officer
of the Company. In addition, except with respect to its duties under Sections 1(i), (j) or (k) hereof, 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 with 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 Section 4
hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all reasonable and documented expenses, including
reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder and in
connection with any 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
interest earned on 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 Section 2(b), 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. The Trustee may not agree to settle, compromise, or consent
to the entry of a judgement with respect to, any Indemnified Claim without the prior written consent of the Company, which such consent
shall not be unreasonably withheld. The Company may participate in such action with its own counsel;

 

(c) Pay the Trustee the fees
set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee, and transaction processing fee 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 unless and until it is distributed to the Company pursuant to Sections 1(i) through 1(k) hereof. The Company shall
pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the Offering. The Company shall
not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c) and as may be provided
in Section 2(b) hereof;

 

(d) In connection with any vote
of the Company’s shareholders regarding a merger, share exchange, asset acquisition, share purchase, reorganization or similar business
combination involving the Company and one or more businesses (the “Business Combination”), provide to the Trustee
an affidavit or certificate of the inspector of elections for the shareholder meeting verifying the vote of such shareholders regarding
such Business Combination;

 

(e) 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;

 

(f) 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 be 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;

 

(g) Instruct the Trustee to
make only those distributions that are permitted under this Agreement, and refrain from instructing the Trustee to make any distributions
that are not permitted under this Agreement;

 

(h) If the Company seeks to
amend any provisions of its amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s
obligation to provide holders of the Ordinary Shares the right to have their shares redeemed in connection with the Company’s initial
Business Combination or to redeem 100% of the Ordinary Shares if the Company does not complete its initial Business Combination within
the time period set forth therein or (B) with respect to any other provision relating to the rights of holders of the Ordinary Shares
or pre-initial business combination activity (in each case, an “Amendment”), the Company will provide the Trustee
with a letter (an “Amendment Notification Letter”) in the form of Exhibit D providing instructions for
the distribution of funds to Public Shareholders who exercise their redemption option and properly tender their shares in connection with
such Amendment; and

 

(i) Within five (5) business
days after the Underwriters exercise their option to purchase additional Units (or any unexercised portion thereof) or such option to
purchase additional Units expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount.

 

    3 

     

    

 

3.                  
 Limitations of Liability. The Trustee shall have no responsibility or liability to:

 

(a) 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;

 

(b) Take any action with respect
to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability to any third party except
for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;

 

(c) 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 written 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;

 

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

 

(e) Refund any depreciation
in principal of any Property;

 

(f) 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;

 

(g) 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
Trustee’s best judgment, except for the Trustee’s 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 with written notification to the Company, which counsel may be the Company’s counsel), 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 the Trustee believes, in good faith and with 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;

 

(h) Verify the accuracy of the
information contained in the Registration Statement;

 

(i) Provide any assurance that
any Business Combination entered into by the Company or any other action taken by the Company is as contemplated by the Registration Statement;

 

(j) File information returns
with respect to the Trust Account with any local, state or federal taxing authority or provide periodic written statements to the Company
documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property;

 

(k) Prepare, execute and file
tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and activities relating to, the Trust
Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited to, income tax obligations,
except pursuant to Section 1(j) hereof; or

 

(l) Verify calculations, qualify
or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i), 1(j) or 1(k)
hereof.

 

4.                  
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 2(b) or Section 2(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.

 

5.                  
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 commercially reasonable
efforts to locate a successor trustee, pending which 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; or

 

    4 

     

    

 

(b) At such time that the Trustee
has completed the liquidation of the Trust Account and its obligations 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 2(b).

 

6.                  
Miscellaneous.

 

(a) The Company and the Trustee
each acknowledge that the Trustee will follow the security procedures set forth herein 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 confidential information, or of any change in its authorized personnel. In executing funds transfers, the Trustee shall 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 funds.

 

(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. This Agreement 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),
1(j) and 1(k) hereof (which sections may not be modified, amended or deleted without the affirmative vote of sixty-five
percent (65%) or more of the then outstanding Ordinary Shares, par value $0.0001 per share, of the Company); provided that no such amendment
will affect any Public Shareholder who has properly elected to redeem his, her or its Ordinary Shares in connection with a shareholder
vote for an Amendment, this Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical
error) by a writing signed by each of the parties hereto.

 

(d) The parties hereto consent
to the jurisdiction and venue of any state or federal court located in the City of New York, State of New York, for purposes of resolving
any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT
TO TRIAL BY JURY.

 

(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, electronic mail or facsimile transmission:

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

Email: fwolf@continentalstock.com; cgonzalez@continentalstock.com

 

if to the Company, to:

 

Capitalworks Emerging Markets Acquisition
Corp

25 West 39th Street, Suite
700

New York, New York 10018

 

in each case, with copies to:

 

DLA Piper LLP (US)

1251 Avenue of the Americas

New York, New York 10020

Attention: Marjorie Sybul Adams; Stephen
P. Alicanti

Email: marjorie.adams@us.dlapiper.com;
stephen.alicanti@us.dlapiper.com

 

    5 

     

    

 

and

 

Barclays Capital Inc.

745 Seventh Avenue

New York, New York 10019

Attention: Syndicate Registration

 

and

 

Barclays Capital Inc.

745 Seventh Avenue

New York, New York 10009

Attention: Director of Litigation, Office
of the General Counsel

 

and

 

Akin Gump Strauss Hauer & Feld LLP

Robert S. Strauss Tower

2001 K Street N.W.

Washington, DC 20006

Attention: Anthony J. Renzi, Jr.

Email: trenzi@akingump.com

 

(f) Each of the Company and
the Trustee 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.

 

(g) This Agreement is the joint
product of the Trustee and the Company and each provision hereof has been subject to the mutual consultation, negotiation and agreement
of such parties and shall not be construed for or against any party hereto.

 

(h) This Agreement may be executed
in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one
and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission shall constitute valid
and sufficient delivery thereof.

 

(i) Each of the Company and
the Trustee hereby acknowledges and agrees that the Representative on behalf of the Underwriters 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.

 

[Signature Page Follows]

 

    6 

     

    

 

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/
Francis Wolf	 
	 	Name:	Francis
Wolf	 
	 	Title: 	Vice President	 
	 	 	 	 
	CAPITALWORKS EMERGING MARKETS ACQUISITION CORP	 
	 	 	 	 
	By:	/s/
Roberta Brzezinski	 
	 	Name:	Roberta
Brzezinski	 
	 	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 the offering by wire transfer	 	$	3,500.00	 
	Annual fee	 	First year, initial closing of the Offering by wire transfer; thereafter $10,000.00 on the anniversary of the effective date of the Offering by wire transfer or check	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Sections 1(i), (j) and (k)	 	Billed by Trustee to Company under Section 1	 	$	250.00	 
	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)	 	Prevailing rates	 

 

 

 

     

     

    

 

EXHIBIT A

 

[Letterhead of
Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

		Re:	Trust Account - Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement between Capitalworks Emerging Markets Acquisition Corp (the “Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of November 30, 2021 (the “Trust Agreement”), this is
to advise you that the Company has entered into an agreement with __________ (the “Target Business”) to consummate a business
combination with Target Business (the “Business Combination”) on or about _____ __, ____. The Company shall notify you at
least seventy-two (72) hours in advance of the actual date (or such shorter time period as you may agree) of the consummation of the Business
Combination (the “Consummation Date”). Capitalized terms used but not defined herein shall have the meanings set forth in
the Trust Agreement.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account, and to transfer the proceeds
into the trust operating account at J.P. Morgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of the funds held in
the Trust Account will be immediately available for transfer to the account or accounts that the Representative (with respect to the Deferred
Discount) and the Company shall direct on the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in
said trust operating account at J.P. Morgan Chase Bank, N.A. awaiting distribution, neither the Company nor the Representative will 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, or will be consummated
substantially concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”), and
(ii) the Company shall deliver to you (a) a certificate of the Chief Executive Officer, Chief Financial Officer or other authorized officer
of the Company, which verifies that the Business Combination has been approved by a vote of the Company’s shareholders, if a vote
is held and (b) joint written instruction signed by the Company and the Representative with respect to the transfer of the funds held
in the Trust Account, including payment of the Deferred Discount from the Trust Account (the “Instruction Letter”). You are
hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification 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 in writing of the same and the Company shall
direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company.
Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the
Trust Account, your obligations under 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 Section 1(c) of the Trust Agreement on the business day immediately
following the Consummation Date as set forth in such notice as soon thereafter as possible.

 

	 	Very truly yours,
	 	 	 
	 	Capitalworks Emerging Markets Acquisition Corp
	 	 	 
	 	By:	 
	 	 	Name: Roberta Brzezinski
	 	 	Title: Chief Executive Officer

 

cc: Barclays Capital Inc.

 

     

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

		Re:	Trust Account - Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement between Capitalworks Emerging Markets Acquisition Corp (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of November 30, 2021 (the “Trust
Agreement”), this is to advise you that the Company has been unable to effect a business combination with a Target Business (the
 “Business Combination”) within the time frame specified in the Company’s amended and restated memorandum
and articles of association, as described in the Company’s Prospectus relating to the Offering. Capitalized terms used but not defined
herein 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 of the assets in the Trust Account and to transfer the total proceeds
into the trust operating account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Shareholders. The Company has selected
_________ ___, 20__ as the effective date for the purpose of determining when the Public Shareholders 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,
agree to distribute said funds directly to the Public Shareholders in accordance with the terms of the Trust Agreement and the Company’s
amended and restated memorandum and articles of association. Upon the distribution of all the funds, net of any payments necessary for
reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated,
except to the extent otherwise provided in Section 1(j) of the Trust Agreement.

 

	 	Very truly yours,
	 	 	 
	 	Capitalworks Emerging Markets Acquisition Corp
	 	 	 
	 	By:	 
	 	 	Name: Roberta Brzezinski
	 	 	Title: Chief Executive Officer

 

cc: Barclays Capital Inc.

 

     

     

    

 

EXHIBIT C

 

[Letterhead of
Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

		Re:	Trust Account - Tax Payment Withdrawal Instruction

 

Ladies and Gentlemen:

 

Pursuant to Section 1(j)
of the Investment Management Trust Agreement Capitalworks Emerging Markets Acquisition Corp (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of November 30, 2021 (the “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.
Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds
to pay for the tax obligations as set forth on the attached tax return or tax statement. 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: J.P. Morgan Chase Bank, N.A..

 

	 	Very truly yours,
	 	 	 
	 	Capitalworks Emerging Markets Acquisition Corp
	 	 	 
	 	By:	 
	 	 	Name: Roberta Brzezinski
	 	 	Title: Chief Executive Officer

 

cc: Barclays Capital Inc.

 

     

     

    

 

EXHIBIT D

 

[Letterhead of
Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

		Re:	Trust Account - Shareholder Redemption Withdrawal Instruction

 

Ladies and Gentlemen:

 

Pursuant to Section 1(k) of
the Investment Management Trust Agreement between Capitalworks Emerging Markets Acquisition Corp (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of November 30, 2021 (the “Trust Agreement”), the
Company hereby requests that you deliver to the redeeming Public Shareholders on behalf of the Company $_________ of the principal and
interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set
forth in the Trust Agreement.

 

Pursuant to Section 1(k) of
the Trust Agreement, this is to advise you that the Company has sought an Amendment. Accordingly, in accordance with the terms of the
Trust Agreement, we hereby authorize you to liquidate a sufficient portion of the Trust Account and to transfer $_________ of the proceeds
of the Trust Account to the trust operating account at J.P. Morgan Chase Bank, N.A. for distribution to the shareholders that have requested
redemption of their shares in connection with such Amendment.

 

	 	Very truly yours,
	 	 	 
	 	Capitalworks Emerging Markets Acquisition Corp
	 	 	 
	 	By:	 
	 	 	Name: Roberta Brzezinski
	 	 	Title: Chief Executive Officer

 

cc: Barclays Capital Inc.

 

     

     

    

 

EXHIBIT E

 

[Letterhead of
Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

		Re:	Trust Account - Extension Letter

 

Ladies and Gentlemen:

 

Pursuant to Section 1(m) of
the Investment Management Trust Agreement between Capitalworks Emerging Markets Acquisition Corp (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of November 30, 2021 (the “Trust Agreement”), the
Company hereby advises that it is extending the time available to consummate a Business Combination for an additional three (3) months,
from _______ to _________ (the “Extension”). Capitalized words used herein and not otherwise defined shall have the meanings
ascribed to them in the Trust Agreement.

 

This Extension Letter shall
serve as the notice required with respect to the Extension at least ten days prior to the applicable deadline.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to deposit $_________, which will be wired to you, into the Trust Account investments
upon receipt.

 

	 	Very truly yours,
	 	 	 
	 	Capitalworks Emerging Markets Acquisition Corp
	 	 	 
	 	By:	 
	 	 	Name: Roberta Brzezinski
	 	 	Title: Chief Executive Officer

 

cc: Barclays Capital Inc.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}]]