Document:

Exhibit 10.4

 

Forest Acquisition Corp

Craigmuir Chambers, 

Road Town, 

Tortola, VG1110, 

British Virgin Islands 

 

January 10, 2022

 

 

Bit Mining Management Corp.

Craigmuir Chambers

Road Town

Tortola, VG 1110

British Virgin Islands

 

		RE:	Securities Subscription Agreement

 

Ladies and Gentlemen:

 

Forest Acquisition Corp, a British Virgin Islands
company (the “Company”), is pleased to accept the offer Bit Mining Management Corp., a British Virgin Islands business
company (the “Subscriber” or “you”), has made to subscribe for and purchase 1,897,500 ordinary shares
(the “Shares”), no par value (the “Ordinary Shares”), up to 247,500 of which are subject to complete
or partial forfeiture by you if the underwriters of the Company’s initial public offering (“IPO”) of units (“Units”)
do not fully exercise their over-allotment option (the “Over-allotment Option”).  The terms (this “Agreement”)
on which the Company is willing to sell the Shares to the Subscriber, and the Company and the Subscriber’s agreements regarding
such Shares, are as follows:

 

1. Purchase
of Shares.

 

For the sum of $25,000 (the “Purchase
Price”), which the Company acknowledges as having previously been received by it, in cash, the Company hereby sells and issues
the Shares to the Subscriber, and the Subscriber hereby subscribes for and purchases the Shares from the Company, subject to forfeiture,
on the terms and subject to the conditions set forth in this Agreement.  Concurrently with the Subscriber’s execution of this
Agreement, the Company shall, at its option, deliver to the Subscriber a certificate registered in the Subscriber’s name representing
the Shares (the “Original Certificate”) or effect such delivery in book-entry form.  All references in this Agreement
to shares of the Company being forfeited shall take effect as surrenders for no consideration of such shares as a matter of Cayman Islands
law.

 

2. Representations,
Warranties and Agreements.

 

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

 

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

 

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

 

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

 

     

     

    

 

2.1.4 Experience,
Financial Capability and Suitability.  Subscriber is: (i) sophisticated in financial matters and is able to evaluate
the risks and benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares for
an indefinite period of time because the Shares have not been registered under the Securities Act (as defined below) and therefore cannot
be sold unless subsequently registered under the Securities Act or an exemption from such registration is available.  Subscriber
is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests. 
Subscriber must bear the economic risk of this investment until the Shares are sold pursuant to:  (i) an effective registration
statement under the Securities Act or (ii) an exemption from registration available with respect to such sale.  Subscriber is
able to bear the economic risks of an investment in the Shares and to afford a complete loss of Subscriber’s investment in the Shares.

 

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

 

2.1.6 Private
Offering.  The Subscriber represents that it is (a) an “accredited investor” as such term is defined in Rule 501(a)
of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) or (b) not a “U.S. Person”
as defined in Rule 902 of Regulation S (“Regulation S”) under the Securities Act. Subscriber acknowledges the sale contemplated
hereby is being made in reliance on a private placement exemption to “Accredited Investors” within the meaning of Section
501(a) of Regulation D under the Securities Act or similar exemptions under state law or to a non-U.S. Person under Regulation S. Accordingly,
the Shares will be “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, and therefore may
not be offered, pledged or sold by Subscriber, directly or indirectly, in the United States without registration under United States federal
and state securities laws or an exemption therefrom and Subscriber understands the certificates representing the Shares will contain a
legend in respect of such restrictions. The Subscriber did not decide to enter into the Agreement as a result of any general solicitation
or general advertising within the meaning of Rule 502 under the Securities Act or as a result of any “directed selling efforts”
within the meaning of Rule 902 under Regulation S.

 

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

 

2.1.8 Restrictions
on Transfer; Shell Company.  The Subscriber understands the Shares are being offered in a transaction not involving a public
offering within the meaning of the Securities Act. The Shares have not been registered under the Securities Act, and, if in the future
the Subscriber decides to offer, resell, pledge or otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise
transferred only (A) in accordance with the provisions of Regulation S (Rule 901 through 905), (B) pursuant to a registration under the
Securities Act, or (C) pursuant to an available exemption from registration. Subscriber agrees that if any transfer of its Shares or any
interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber may be required to deliver to the Company
an opinion of counsel satisfactory to the Company. Absent registration or an exemption, the Subscriber agrees not to resell the Shares.
Subscriber further acknowledges that because the Company is a shell company and Rule 144 may not be available to the Subscriber for the
resale of the Shares until one year following the consummation of a business combination despite technical compliance with the requirements
of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

    2

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

3. Forfeiture
of Shares.

 

3.1 Partial
or No Exercise of the Over-allotment Option.  In the event the Over-allotment Option granted to the underwriters of the IPO is
not exercised in full, the Subscriber acknowledges and agrees that it (and, if applicable, any transferee of Shares) shall forfeit any
and all rights to such number of Shares (up to an aggregate of 247, 500 Shares and pro rata based upon the percentage of the Over-allotment
Option exercised) such that immediately following such forfeiture, the Subscriber (and any such transferees) will own an aggregate number
of Shares (not including Ordinary Shares underlying the private placement units to be issued to the Subscriber or Ordinary Shares issuable
upon exercise of any warrants or any securities purchased by Subscriber in the IPO or in the aftermarket) equal to 20% of the issued and
outstanding Ordinary Shares immediately following the IPO.

 

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

 

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

 

    3

     

    

 

4. Waiver
of Liquidation Distributions; Redemption Rights.

 

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

 

5. Restrictions
on Transfer.

 

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

 

5.2 Lock-up. 
Subscriber acknowledges that the Shares will be subject to lock-up provisions (the “Lock-up”) contained in the Insider
Letter.  Pursuant to the Insider Letter, Subscriber will agree (subject to certain exceptions) not to sell, transfer, pledge, hypothecate
or otherwise dispose of (i) 50% of the Shares until the earlier to occur of:  (A) six months after the completion of the Company’s
initial business combination or (B) the date on which the last sale price of the Ordinary Shares equals or exceeds $12.50 per share
(as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
day period commencing at least 150 days after the Company’s initial business combination and (ii) the remaining 50% of the Shares
until six months after the completion of the Company’s initial business combination.  Notwithstanding the foregoing, the aforesaid
restrictions shall lapse if, subsequent to the consummation of the Company’s initial business combination, the Company consummates
a subsequent liquidation, merger, stock exchange 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.

 

5.3 Restrictive
Legends.  All certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

“THESE SECURITIES (i) HAVE NOT BEEN REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THESE SECURITIES MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE SECURITIES ACT, (B) TO A NON-U.S.
PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (C) PURSUANT TO THE
RESALE LIMITATIONS SET FORTH IN RULE 905 OF REGULATIONS S UNDER THE SECURITIES ACT, (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED
BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (E) PURSUANT TO ANY OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. HEDGING
TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”

 

    4

     

    

 

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

 

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

 

5.5 Registration
Rights.  Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant to a registration
rights agreement to be entered into with the Company prior to the closing of the IPO (the “Registration Rights Agreement”).

 

6. Other
Agreements.

 

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

 

6.2 Notices. 
All notices, statements or other documents which are required or contemplated by this Agreement shall be:  (i) in writing and
delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party.  Any notice or other
communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following
receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight
courier service or five (5) days after mailing if sent by mail.

 

6.3 Entire
Agreement.  This Agreement, together with that certain Insider Letter to be entered into between Subscriber and the Company and
the Registration Rights Agreement, each substantially in the form to be filed as an exhibit to the Registration Statement, embodies the
entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes all
prior oral or written agreements and understandings relating to the subject matter hereof.

 

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

 

6.5 Waivers
and Consents.  The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only
by written document executed by the party entitled to the benefits of such terms or provisions.  No such waiver or consent shall
be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not
similar.  Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given,
and shall not constitute a continuing waiver or consent.

 

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

 

    5

     

    

 

6.7 Benefit. 
All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and shall
inure to the benefit of the respective successors and permitted assigns of each party hereto.  Nothing in this Agreement shall be
construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third-party
beneficiary of this Agreement.

 

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

 

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

 

6.10  No
Waiver of Rights, Powers and Remedies.  No failure or delay by a party hereto in exercising any right, power or remedy under
this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such
party.  No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or
discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof
or the exercise of any other right, power or remedy hereunder.  The election of any remedy by a party hereto shall not constitute
a waiver of the right of such party to pursue other available remedies.  No notice to or demand on a party not expressly required
under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other
circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances
without such notice or demand.

 

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

 

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

 

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

 

    6

     

    

 

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

 

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

 

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

 

7. Voting
and Tender of Shares.

 

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

 

8. Indemnification.

 

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

 

[Signature Page Follows]

 

    7

     

    

 

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

 

	 	Very truly yours,
	 	 
	 	Forest Acquisition Corp
	 	 	
    

	 	By:	 
	 	 	Name: 	Ming Zhang 
	 	 	Title: 	Director 
	 	 	 
	 	Accepted and agreed, April 8, 2022
	 	 
	 	
    Bit Mining Management Corp.

	 	 	 
	 	By:	 
	 	 	Name:  	Ming Zhang 
	 	 	Title: 	Director

 

[Signature page to Subscription Agreement]

 

 

8Exhibit 10.5

 

FOREST ACQUISITION CORP

FORM OF PRIVATE PLACEMENT UNIT SUBSCRIPTION
AGREEMENT

 

This UNIT SUBSCRIPTION AGREEMENT (this “Agreement”)
is made as of this ___ day of ________, 2022, by and between Forest Acquisition Corp, a British Virgin Islands company (the “Company”),
having its principal place of business at 434 W. 33rd Street, Suite 700, New York, New York, 10001 and Bit Mining Management Corp., a
British Virgin Islands company (the “Purchaser”).

 

WHEREAS, the Company desires
to sell on a private placement basis (the “Offering”) an aggregate of up to 300,000 units (the “Initial
Units”) of the Company, and up to an additional 30,000 Units (“Additional Units” and together
with the Initial Units, the “Units”) of the Company in the event that the underwriters’ 45-day over-allotment
option (“Over-Allotment Option”) in the Offering is exercised in full or part, each Unit comprised of one ordinary
share of the Company, no par value (the “Ordinary Shares”), one warrant to purchase one-half ordinary share
(each whole warrant, a “Warrant”), and one right (the “Right”), for a purchase price
of $10.00 per Unit. Each whole Warrant entitles the holder thereof to purchase one-half ordinary share (the “Warrant Shares”)
to be governed by the Warrant Agreement (defined herein). Each Right entitles the holder thereof to receive one-tenth (1/10) of one Ordinary
Share (the “Right Shares”) to be governed by the Rights Agreement (defined herein).

 

WHEREAS, the Purchaser desires
to purchase the 300,000 Initial Units and up to 30,000 Additional Units and the Company wishes to accept such subscription.

 

NOW, THEREFORE, in consideration
of the promises and the mutual covenants hereinafter set forth and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company and the Purchaser hereby agree as follows:

 

1. Agreement to Subscribe

 

1.1. Purchase and Issuance
of the Units. For the aggregate sum of $3,000,000 (the “Initial Purchase Price”), upon the terms and subject
to the conditions of this Agreement, the Purchaser hereby agrees to purchase from the Company, and the Company hereby agrees to sell to
the Purchaser, on the Closing Date (as defined in Section 1.2) 300,000 Initial Units at $10.00 per Initial Unit.

 

In addition to the foregoing,
the Purchaser hereby agrees to purchase up to an additional 30,000 Additional Units at $10.00 per Additional Unit for a purchase price
of up to $300,000 (the “Additional Purchase Price” and together with the Initial Purchase Price, the “Purchase
Price”). The purchase and issuance of the Additional Units shall occur only in the event that the Over-Allotment Option
is exercised in full or part. The total number of Additional Units to be purchased hereunder shall be in the same proportion as the amount
of the Over-Allotment Option that is exercised. Each purchase of Additional Units shall occur simultaneously with the consummation of
any portion of the Over-Allotment Option.

 

1.2. Closing. The
closing of the purchase and sale of the Initial Units shall take place at the offices of Becker & Poliakoff, LLP, 45 Broadway, 17th
Floor New York, New York, 10006 simultaneously with the consummation of the Company’s initial public offering (“IPO”)
of 6,600,000 units (or 1990,000 units if the underwriter’s over-allotment is exercised in full) consisting of Ordinary Shares, Warrants
and Rights and the purchase and sale of the Additional Units shall take place upon the consummation of the exercise of all or any portion
of the Over-Allotment Option (each a “Closing Date”).

 

1.3. Delivery of the Purchase
Price. At least one business day prior to the effective date of the Company’s registration statement relating to the IPO as
filed with the Securities and Exchange Commission (SEC File No. 333-____) (“Registration Statement”), or the
date of the exercise of the Over-Allotment Option, if any, the Purchaser agrees to deliver the Initial Purchase Price or Additional Purchase
Price, as the case may be, by certified bank check or wire transfer of immediately available funds denominated in United States Dollars
to Computershare Inc., the Company’s transfer agent, which is hereby irrevocably authorized to deposit such funds on the applicable
Closing Date to the trust account which will be established for the benefit of the Company’s public shareholders, managed pursuant
to that certain Investment Management Trust Agreement to be entered into by and between the Company and Wilmington Trust Company and Computershare
Inc. and into which substantially all of the proceeds of the IPO will be deposited (the “Trust Account”). If
the IPO is not consummated within 14 days of the date the Initial Purchase Price is delivered to Computershare Inc., the Initial Purchase
Price shall be returned to the Purchaser by certified bank check or wire transfer of immediately available funds denominated in United
States Dollars, without interest or deduction.

 

     

     

    

 

1.4. Delivery of Unit
Certificate. Upon the applicable Closing Date after delivery of the Purchase Price in accordance with Section 1.3, the Purchaser shall
become irrevocably entitled to receive a unit certificate representing the Units purchased hereunder.

 

2. Representations and
Warranties of the Purchaser

 

The Purchaser represents
and warrants to the Company that:

 

2.1. No Government Recommendation
or Approval. It understands that no United States federal or state agency or similar agency of any other country has passed upon or
made any recommendation or endorsement of the Company, the Offering, the Units, the Warrants, the Warrant Shares, the Rights, the Right
Shares or the Ordinary Shares underlying the Units (excluding the Warrant Shares and the Right Shares, the “Unit Shares”
and, collectively with the Units, the Warrant Shares and the Right Shares, the “Securities”).

 

2.2. Organization.
It is an exempted company, validly existing and in good standing under the laws of the British Virgin Islands and possesses all requisite
power and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.3. Private Offering.
It is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as
amended (the “Securities Act”) or it is not a “U.S. Person” as defined in Rule 902 of Regulation
S (“Regulation S”) under the Securities Act. It acknowledges that the sale contemplated hereby is being made
in reliance on a private placement exemption to “Accredited Investors” within the meaning of Section 501(a) of Regulation
D under the Securities Act and similar exemptions under state law or a non-U.S. Person under Regulation S.

 

2.4. Authority. This
Agreement has been validly authorized, executed and delivered by the Purchaser and is a valid and binding agreement enforceable in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws
affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement
is sought in a proceeding at law or in equity).

 

2.5. No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by the Purchaser of the transactions contemplated hereby
do not violate, conflict with or constitute a default under (i) the Purchaser’s organizational documents, (ii) any agreement, indenture
or instrument to which the Purchaser is a party or (iii) any law, statute, rule or regulation to which the Purchaser is subject, or any
agreement, order, judgment or decree to which the Purchaser is subject.

 

2.6. No Legal Advice from
Company. It acknowledges it has had the opportunity to review this Agreement and the transactions contemplated by this Agreement and
the other agreements entered into between the parties hereto with its own legal counsel and investment and tax advisors. Except for any
statements or representations of the Company made in this Agreement and the other agreements entered into between the parties hereto,
it is relying solely on such counsel and advisors and not on any statements or representations of the Company or any of its representatives
or agents for legal, tax or investment advice with respect to this investment, the transactions contemplated by this Agreement or the
securities laws of any jurisdiction. Purchaser understands and acknowledges that the law firm of Becker & Poliakoff LLP is not acting
as counsel or providing legal advice to Purchaser.

 

    2

     

    

 

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

 

2.8. Reliance on Representations
and Warranties. It understands the Units are being offered and sold to it in reliance on exemptions from the registration requirements
under the Securities Act, and analogous provisions in the laws and regulations of various states, and that the Company is relying upon
the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of the Purchaser set forth in
this Agreement in order to determine the applicability of such provisions.

 

2.9. No Advertisements.
It is not subscribing for the Units as a result of or subsequent to any advertisement, article, notice or other communication published
in any newspaper, magazine, or similar media or broadcast over television or radio, or presented at any seminar or meeting.

 

2.10. Legend. It acknowledges
and agrees the certificates evidencing the Units, the Shares, the Warrants and the Rights shall bear a restrictive legend (the “Legend”),
in form and substance as set forth in Section 4 hereof, prohibiting the offer, sale, pledge or transfer of the securities, except (i)
pursuant to an effective registration statement covering these securities under the Securities Act or (ii) pursuant to any other exemptions
from the registration requirements under the Securities Act and such laws which, in the opinion of counsel for the Company, is available.

 

2.11. Experience, Financial
Capability and Suitability. It is (i) sophisticated in financial matters and is able to evaluate the risks and benefits of the investment
in the Securities and (ii) able to bear the economic risk of his investment in the Securities for an indefinite period of time because
the Securities have not been registered under the Securities Act and therefore cannot be sold unless subsequently registered under the
Securities Act or an exemption from such registration is available. It has substantial experience in evaluating and investing in transactions
of securities in companies similar to the Company so that it is capable of evaluating the merits and risks of its investment in the Company
and has the capacity to protect its own interests. It has substantial experience in evaluating and investing in transactions of securities
in companies similar to the Company so that it is capable of evaluating the merits and risks of its investment in the Company and has
the capacity to protect its own interests.

 

2.12. Investment Purposes.
It is purchasing the Securities solely for investment purposes, for its own account and not for the account or benefit of any other person,
and not with a view towards the distribution or dissemination thereof and it has no present arrangement to sell the interest in the Securities
to or through any person or entity.

 

2.13. Restrictions on
Transfer. It acknowledges and understands the Units are being offered in a transaction not involving a public offering in the United
States within the meaning of the Securities Act. The Securities have not been registered under the Securities Act, and, if in the future,
it decides to offer, resell, pledge or otherwise transfer the Securities, such Securities may be offered, resold, pledged or otherwise
transferred only (A) pursuant to an effective registration statement filed under the Securities Act, (B) pursuant to an exemption from
registration under Rule 144 promulgated under the Securities Act (“Rule 144”), if available, or (C) pursuant
to any other available exemption from the registration requirements of the Securities Act, and in each case in accordance with any applicable
securities laws of any state or any other jurisdiction. It agrees that if any transfer of its Securities or any interest therein is proposed
to be made, as a condition precedent to any such transfer, it may be required to deliver to the Company an opinion of counsel satisfactory
to the Company. Absent registration or another available exemption from registration, it agrees it will not resell the Securities. It
further acknowledges that because the Company is a shell company, Rule 144 may not be available to it for the resale of the Securities
until the one year anniversary following consummation of the initial Business Combination (defined below) of the Company, despite technical
compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions. In addition to the foregoing,
the Purchaser acknowledges and agrees that it will be executing an insider letter and lockup agreement with the Company and Ladenburg
Thalmann & Co Inc. as underwriters’ representative, further restricting the Purchaser’s ability and rights to transfer
any Securities. 

 

    3

     

    

 

3. Representations and
Warranties of the Company

 

The Company represents and
warrants to the Purchaser that:

 

3.1. Valid Issuance of
Share Capital. The total number of all classes of share capital which the Company has authority to issue is 50,000,000 Ordinary Shares.
As of the date hereof, the Company has issued 1,897,500 ordinary shares (of which up to 247,500 ordinary shares are subject to forfeiture
as described in the Registration Statement related to the IPO) and has not issued any preference shares. All of the issued share capital
of the Company has been duly authorized, validly issued, and are fully paid and non-assessable.

 

3.2. Title to Securities.
Upon issuance in accordance with, and payment pursuant to, the terms hereof, the warrant agreement to be entered into with Computershare
Inc. on or prior to the closing of the IPO (“Warrant Agreement”), the rights agreement to be entered into with
Computershare Inc. on or prior to the closing of the IPO (the “Rights Agreement”) and the Amended and Restated
Memorandum and Articles of Association of the Company, as the case may be, each of the Warrants, Rights and the Ordinary Shares will be
duly and validly issued, fully paid and non-assessable. On the date of issuance of the Units, the Warrant Shares and the Right Shares
shall have been reserved for issuance. Upon issuance in accordance with the terms hereof, the Warrant Agreement and the Amended and Restated
Memorandum and Articles of Association of the Company, the Purchaser will have or receive good title to the Warrant Shares, free and clear
of all liens, claims and encumbrances of any kind, and upon issuance in accordance with the terms hereof, the Rights Agreement and the
Amended and Restated Memorandum and Articles of Association of the Company, the Purchaser will have or receive good title to the Right
Shares, free and clear of all liens, claims and encumbrances of any kind other than (i) transfer restrictions hereunder and pursuant to
the insider letter to be entered into on or prior to the closing of the IPO (the “Insider Letter”) and (ii)
transfer restrictions under federal and state securities laws.

 

3.3. Organization and
Qualification. The Company has been duly incorporated and is validly existing as a British Virgin Islands company and has the requisite
corporate power to own its properties and assets and to carry on its business as now being conducted.

 

3.4. Authorization; Enforcement.
(i) The Company has the requisite corporate power and authority to enter into and perform its obligations under this Agreement and to
issue the Securities in accordance with the terms hereof, (ii) the execution, delivery and performance of this Agreement by the Company
and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary corporate action and no
further consent or authorization of the Company or its Board of Directors or shareholders is required, and (iii) this Agreement constitutes,
and upon the execution and delivery thereof, the Warrants and Warrant Agreement, and the Rights and Rights Agreement, will constitute,
valid and binding obligations of the Company enforceable against the Company in accordance with their respective terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization, or similar laws
relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by equitable principles of general application
and except as enforcement of rights to indemnity and contribution may be limited by federal and state securities laws or principles of
public policy.

 

3.5. No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated hereby
do not (i) result in a violation of the Company’s Memorandum and Articles of Association, (ii) conflict with, or constitute a default
under any agreement, indenture or instrument to which the Company is a party or (iii) conflict with any law statute, rule or regulation
to which the Company is subject or any agreement, order, judgment or decree to which the Company is subject. Other than any federal, state
or foreign securities filings which may be required to be made by the Company subsequent to the Closing, and any registration statement
which may be filed pursuant thereto, the Company is not required under federal, state or local law, rule or regulation to obtain any consent,
authorization or order of, or make any filing or registration with, any court or governmental agency or self-regulatory entity in order
for it to perform any of its obligations under this Agreement or issue the Units, the Warrants, the Rights, or the Ordinary Shares underlying
the Units, Warrants or Rights in accordance with the terms hereof. 

 

    4

     

    

 

4. Legends

 

4.1. Legend. The Company
will issue the Units, the Warrants, the Rights and the Unit Shares, and when issued, the Warrant Shares and the Right Shares, purchased
by the Purchaser, in the name of the Purchaser. The Securities will bear the following Legend and appropriate “stop transfer”
instructions:

 

THESE SECURITIES (i) HAVE
NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THESE SECURITIES
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE
SECURITIES ACT, (B) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE
SECURITIES ACT, (C) PURSUANT TO THE RESALE LIMITATIONS SET FORTH IN RULE 905 OF REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO
AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (E) PURSUANT TO ANY OTHER EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER JURISDICTION. HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH
THE SECURITIES ACT.

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO AN AGREEMENT BETWEEN FOREST ACQUISITION CORP AND BIT MINING MANAGEMENT CORP. AND MAY ONLY BE OFFERED,
SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP PURSUANT TO THE TERMS SET FORTH THEREIN.”

 

4.2. Purchaser’s
Compliance. Nothing in this Section 4 shall affect in any way the Purchaser’s obligations and agreements to comply with all
applicable securities laws upon resale of the Securities.

 

4.3. Company’s Refusal
to Register Transfer of the Securities. The Company shall refuse to register any transfer of the Securities, if in the sole judgment
of the Company such purported transfer would not be made (i) pursuant to an effective registration statement filed under the Securities
Act, or (ii) pursuant to an available exemption from the registration requirements of the Securities Act.

 

4.4. Registration Rights.
The Purchaser will be entitled to certain registration rights which will be governed by a registration rights agreement (“Registration
Rights Agreement”) to be entered into with the Company on or prior to the closing of the IPO.

 

5.
Lockup

 

The Purchaser acknowledges
and agrees that the Units, the Warrants, the Rights, the Unit Shares, the Warrant Shares and the Right Shares shall not be transferable,
saleable or assignable until thirty (30) days after the consummation of an acquisition, share exchange, purchase of all or substantially
all of the assets of, or any other similar business combination with one or more businesses or entities (a “Business Combination”),
except to permitted transferees (as defined in the Insider Letter).

 

6.  Securities Laws Restrictions

 

The Purchaser agrees not
to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Securities unless, prior thereto (a) a registration
statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the Securities proposed
to be transferred shall then be effective or (b) the Company shall have received an opinion from counsel reasonably satisfactory to the
Company, that such registration is not required because such transaction complies with the Securities Act and the rules promulgated by
the Securities and Exchange Commission thereunder and with all applicable state securities laws.

 

    5

     

    

 

7.  Waiver of Distributions from
Trust Account

 

In connection with the Securities
purchased pursuant to this Agreement, the Purchaser hereby waives any and all right, title, interest or claim of any kind in or to any
distributions from the Trust Account.

 

8.
Rescission Right Waiver and Indemnification

 

8.1. Rescission Waiver.
The Purchaser understands and acknowledges that an exemption from the registration requirements of the Securities Act requires there
be no general solicitation of purchasers of the Units. In this regard, if the Offering were deemed to be a general solicitation with respect
to the Units, the offer and sale of such Units may not be exempt from registration and, if not, the Purchaser may have a right to rescind
its purchase of the Units. In order to facilitate the completion of the Offering and in order to protect the Company, its shareholders
and the Trust Account from claims that may adversely affect the Company or the interests of its shareholders, the Purchaser hereby agrees
to waive, to the maximum extent permitted by applicable law, any claims, right to sue or rights in law or arbitration, as the case may
be, to seek rescission of its purchase of the Units as a result of the issuance of the Units being deemed to be in violation of Section
5 of the Securities Act. The Purchaser acknowledges and agrees this waiver is being made in order to induce the Company to sell the Units
to the Purchaser. The Purchaser agrees the foregoing waiver of rescission rights shall apply to any and all known or unknown actions,
causes of action, suits, claims or proceedings (collectively, “Claims”) and related losses, costs, penalties,
fees, liabilities and damages, whether compensatory, consequential or exemplary, and expenses in connection therewith, including reasonable
attorneys’ and expert witness fees and disbursements and all other expenses reasonably incurred in investigating, preparing or defending
against any Claims, whether pending or threatened, in connection with any present or future actual or asserted right to rescind the purchase
of the Units hereunder or relating to the purchase of the Units and the transactions contemplated hereby.

 

8.2. No Recourse Against
Trust Account. The Purchaser agrees not to seek recourse against the Trust Account for any reason whatsoever in connection with its
purchase of the Units or any Claim that may arise now or in the future.

 

8.3. Section 8 Waiver.
The Purchaser agrees that to the extent any waiver of rights under this Section 8 is ineffective as a matter of law, the Purchaser has
offered such waiver for the benefit of the Company as an equitable right that shall survive any statutory disqualification or bar that
applies to a legal right. The Purchaser acknowledges the receipt and sufficiency of consideration received from the Company hereunder
in this regard.

 

9.  Terms of the
Unit

 

The Units shall be substantially
identical to the Units offered in the IPO as set forth in the Underwriting Agreement, except the Units: (i) will be subject to the transfer
restrictions described herein, and (ii) are being purchased pursuant to an exemption from the registration requirements of the Securities
Act and will become freely tradable only after certain conditions are met or the resale of the Units is registered under the Securities
Act.

 

10.  Governing Law;
Jurisdiction; Waiver of Jury Trial

 

This Agreement shall be governed
by and construed in accordance with the laws of the State of New York for agreements made and to be wholly performed within such territory.
The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this Agreement and the transactions
contemplated hereby.

 

11.  Assignment;
Entire Agreement; Amendment

 

11.1. Assignment.
Neither this Agreement nor any rights hereunder may be assigned by any party to any other person other than by the Purchaser, without
the prior consent of the Company, to one or more persons agreeing to be bound by the terms hereof. Upon such assignment by a Purchaser,
the assignee(s) shall become Purchaser hereunder and have the rights and obligations provided for herein to the extent of such assignment.

 

    6

     

    

 

11.2. Entire Agreement.
This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter hereof and supersedes any
and all prior discussions, agreements and understandings of any and every nature.

 

11.3. Amendment. Except
as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other
than by a written instrument signed by the party against whom enforcement of any such amendment, waiver, discharge or termination is sought.

 

11.4. Binding upon Successors.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, legal representatives,
successors and permitted assigns.

 

12.  Notices; Indemnity

 

12.1 Notices. All
notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving party’s
address set forth herein or to such other address as a party may designate by notice hereunder, and shall be either (a) delivered by hand,
(b) sent by overnight courier, or (c) sent by certified mail, return receipt requested, postage prepaid. All notices, requests, consents
and other communications hereunder shall be deemed to have been given either (i) if by hand, at the time of the delivery thereof to the
receiving party at the address of such party set forth above, (ii) if sent by overnight courier, on the next business day following the
day such notice is delivered to the courier service, or (iii) if sent by certified mail, on the fifth business day following the day such
mailing is made.

 

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

 

13.  Counterparts

 

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

 

14.  Survival; Severability

 

14.1. Survival. The
representations, warranties, covenants and agreements of the parties hereto shall survive the Closing until one (1) year following the
consummation of an initial Business Combination.

 

14.2. Severability.
In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall
be effective if it materially changes the economic benefit of this Agreement to any party. 

 

15.  Headings

 

The titles and subtitles
used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

16.  Construction

 

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

 

[remainder of page intentionally left blank]

 

    7

     

    

 

This subscription is accepted by the Company as of the date first written
above.

 

	 	FOREST ACQUISITION CORP
	 	 
	 	By:	               
	 	Name: 	 
	 	Title:	 

 

	Accepted and agreed this	 
	____ day of ____________, 2022	 
	 	 
	BIT MINING MANAGEMENT CORP.	 
	 	 
	By:	                 	 
	Name: 	 	 
	Title:	 	 

 

[Signature Page for Private Placement Unit Subscription
Agreement]

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