Document:

Exhibit
10.2

 

September
6, 2019

 

UTXO
Acquisition Inc.

203
N LaSalle ST, #2100

Chicago,
IL 60601

 

Re:

 

Initial
Public Offering

 

Ladies
and Gentlemen:

 

This
letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement
(the “Underwriting Agreement”) entered into by and among UTXO Acquisition Inc., a Delaware corporation
(the “Company”), and Univest Securities, LLC, as representative (the “Representative”
or “Underwriter”), relating to an underwritten initial public offering (the “Public Offering”),
of 5,000,000 of the Company’s units (including up to 750,000 units that may be purchased to cover over-allotments, if any)
(the “Units”), each comprised of one share of the Company’s Class A common stock, par value $0.0001
per share (the “Common stock”), one-half of one redeemable warrant and one right. Each whole warrant
(each, a “Warrant”) entitles the holder thereof to purchase one share of Class A common stock at a price
of $11.50 per share, subject to adjustment. Each right (each, a “Right”) entitles the holder to receive one-tenth
(1/10) of one (1) share of Class A common stock upon consummation of our initial business combination The Units will be sold in
the Public Offering pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”)
filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”) and the Company
will have the Units listed on the Nasdaq Capital Market. Certain capitalized terms used herein are defined in paragraph 11 hereof.

 

In
order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of UTXO Vector
LLC (the “Sponsor”) and the undersigned individuals, each of whom is a member of the Company’s
board of directors and/or management team of the Company (each, an “Insider” and collectively, the “Insiders”),
hereby agrees with the Company as follows:

 

1.
The Sponsor and each Insider agrees 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 (i) vote any shares of Capital Stock owned by it, him
or her in favor of any proposed Business Combination and (ii) not redeem any shares of Common stock owned by it, him or her in
connection with such shareholder approval.

 

2.
The Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within
18 months (or 24 months, if applicable) from the closing of the Public Offering, or such later period approved by the Company’s
shareholders in accordance with the Company’s amended and restated certificate of incorporation (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 Common stock 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 (as defined below),
including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less
up to $100,000 of interest to pay dissolution expenses), 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, dissolve and liquidate,
subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and other requirements
of applicable law. The Sponsor and each Insider agrees not to propose any amendment to the Charter to modify the substance or
timing of the ability of holders of Offering Shares to seek 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 such time set
forth in the Charter, unless the Company provides its public shareholders with the opportunity to redeem their shares of Common
stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit
in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company
to pay its taxes, divided by the number of then outstanding Offering Shares. The Sponsor and each Insider acknowledges that 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 with respect to the Founder Shares or Private Placement Shares held
by it, him or her. The Sponsor and each Insider hereby further waives, with respect to any shares of Common stock held by it,
him or her, if any, whether acquired now or hereafter, 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 a shareholder vote to approve
such Business Combination or a shareholder vote to approve an amendment to the Charter to modify the substance or timing of the
Company’s obligation to redeem 100% of the Offering Shares if the Company has not consummated a Business Combination within
the time period set forth in the Charter or in the context of a tender offer made by the Company to purchase shares of Common
stock (although the Sponsor, the Insiders and their respective affiliates shall be entitled to redemption and 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).

 

     

     

    

 

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, (i) 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, or establish
or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations
of the Commission promulgated thereunder, with respect to any Units, shares of Capital Stock, Warrants or any securities convertible
into, or exercisable, or exchangeable for, shares of Capital Stock owned by it, him or her, (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Units, shares
of Capital Stock, Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Capital Stock owned
by it, him or her, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii)
publicly announce any intention to effect any transaction specified in clause (i) or (ii). Each of the Insiders and the Sponsor
acknowledges and agrees that, prior to the effective date of any release or waiver, of the restrictions set forth in this paragraph
3 or paragraph 7 below, the Company shall announce the impending release or waiver by press release through a major news service
at least two business days before the effective date of the release or waiver. Any release or waiver granted shall only be effective
two business days after the publication date of such press release. The provisions of this paragraph 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, the Sponsor (the “Indemnitor”) agrees to indemnify
and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited
to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether
pending or threatened) to which the Company may become subject as a result of any claim by (i) any third party for services rendered
or products sold to the Company 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 (a “Target”);
provided, however, that such indemnification of the Company by the Indemnitor shall (x) apply only to the extent necessary to
ensure that such claims by a third party or a Target do not reduce the amount of funds in the Trust Account to below the lesser
of (i) $10.00 per Offering Share and (ii) 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 $10.00 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 Trust Account which may be withdrawn to pay taxes, (y) 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) not apply to any claims under the Company’s indemnity of the Underwriters
against certain liabilities, including liabilities under the Securities Act of 1933, as amended. The Indemnitor shall have the
right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following
written receipt of notice of the claim to the Indemnitor, the Indemnitor notifies the Company in writing that it shall undertake
such defense.

 

    2

     

    

 

5.
To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 750,000 Units
in full 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 187,500 multiplied by a fraction, (i) the numerator of which
is 750,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii)
the denominator of which is 750,000. The Sponsor will be required to forfeit only that number of Founder Shares as is necessary
so that the Initial Shareholders will own an aggregate of 20.0% of the Company’s issued and outstanding shares of Capital
Stock after the Public Offering.

 

6.
(a) Each of the officers of the Company hereby agrees not to become an officer or director of, any other special purpose acquisition
company with a class of securities registered under the Exchange Act until the Company has entered into a definitive agreement
regarding an initial Business Combination or unless the Company has failed to complete a Business Combination within the time
period set forth in the Charter.

 

   (b)
The Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured
in the event of a breach by such Sponsor or an Insider of its, his or her obligations under paragraphs 6(a), 7(a), 7(b), and 9,
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 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 agrees that it, he or she shall not Transfer any Founder Shares (or shares of Common stock issuable
upon conversion thereof) until the earlier of (1) with respect to 50% of the founder shares, the earlier of six months after the
date of the consummation of our initial business combination and the date on which the closing price of our shares of common stock
equals or exceeds $12.50 per share (as adjusted for share splits, share capitalizations, reorganizations and recapitalizations)
for any 20 trading days within any 30-trading day period commencing after our initial business combination and (2) with respect
to the remaining 50% of the sponsor shares, six months after the date of the consummation of our initial business combination,
or earlier, in either case, if, subsequent to our initial business combination, we consummate a liquidation, merger, share exchange
or other similar transaction which results in all of our stockholders having the right to exchange their shares for cash, securities
or other property (the “Founder Shares Lock-up Period”).

 

   (b)
The Sponsor and each Insider agrees that it, he or she shall not Transfer any Private Placement Units, the Private Placement Shares,
the Private Placement Warrants or shares of Common stock issued or issuable upon the exercise of the Private Placement Warrants,
until 30 days after the completion of a Business Combination (the “Private Placement Units Lock-up Period”,
together with the Founder Shares Lock-up Period, the “Lock-up Periods”).

 

   (c)
Notwithstanding the provisions set forth in paragraphs 7(a) and (b), Transfers of the Founder Shares, Private Placement Units,
Private Placement Shares, Private Placement Warrants and shares of Common stock issued or issuable upon the exercise or conversion
of the Private Placement Warrants or the Founder Shares that are held by the Sponsor, any Insider or any of their permitted transferees
(that have complied with this paragraph 7(c)), are permitted (a) to our officers or directors, any affiliates or family members
of any of our officers or directors, any members of our Sponsor, or any affiliates of our Sponsor, (b) in the case of an individual,
by gift to a member of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s
immediate family or an affiliate of such person, or to a charitable organization; (c) in the case of an individual, by virtue
of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic
relations order; (e) in the event of our liquidation prior to our completion of our initial business combination; or (f) by virtue
of the laws of the Delaware or our Sponsor’s operating agreement upon dissolution of our Sponsor; provided, however, that
in the case of clauses (a) through (e) or (f) these permitted transferees must enter into a written agreement agreeing to be bound
by these transfer restrictions and by the same agreements entered into by our Sponsor with respect to such securities.

 

8.
The Sponsor and each 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 Insider’s biographical information furnished to the Company (including any such information included in
the Prospectus) is true and accurate in all respects and does not omit any material information with respect to the Insider’s
background. Each Insider’s questionnaire furnished to the Company is true and accurate in all respects. Each Insider represents
and warrants that: it, he or she 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;
it, he or she has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial
transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and it, he or she is
not currently a defendant in any such criminal proceeding.

 

    3

     

    

 

9.
Except as disclosed in the Prospectus, neither the Sponsor nor any affiliate of the Sponsor, nor any director or officer of the
Company, shall receive 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). However, such persons may receive the following
payments, none of which will be made from the proceeds held in the Trust Account prior to the completion of the initial Business
Combination: repayment of a loan of up to $300,000 made to the Company by the Sponsor, pursuant to a Promissory Note dated September
6, 2019; payment of an aggregate of $5,000 per month, to the Sponsor, for office space, utilities, secretarial support and administrative
services, pursuant to an Administrative Services Agreement, dated [●], 2019; reimbursement for any out-of-pocket expenses
related to identifying, investigating, negotiating and consummating an initial Business Combination; and repayment of 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 certain of the Company’s officers and directors to finance transaction costs in connection with an intended initial Business
Combination, 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 loans may be convertible into units at a price of $10.00 per unit at the
option of the lender.

 

10.
The Sponsor has full right and power, without violating any agreement to which it is bound (including, without limitation, any
non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement, and
each Insider hereby consents to being named in the Prospectus as an officer and/or director of the Company, as applicable.

 

11.
As used herein, (i) “Business Combination” shall mean a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Capital
Stock” shall mean, collectively, the Common stock and the Founder Shares; (iii) “Founder Shares”
shall mean (a) the 147,500 shares of the Company’s Class B common stock, par value $0.0001 per share, initially issued to
the Sponsor (up to 187,500 Shares of which are subject to complete or partial forfeiture by the Sponsor if the over-allotment
option is not exercised by the Underwriters) for an aggregate purchase price of $25,000, or $0.017 per share, prior to the consummation
of the Public Offering; (iv) “Initial Shareholders” shall mean the Sponsor and any Insider that holds
Founder Shares; (v) “Private Placement Units” shall the 220,000 units, each comprised of one share of
Common stock and one-half of one warrant to purchase one share of Common stock, that the Sponsor has agreed to purchase for an
aggregate purchase price of $2,200,000 in the aggregate, or purchase price of $10.00 per Private Placement Unit, in a private
placement that shall occur simultaneously with the consummation of the Public Offering; (vi) “Public Shareholders”
shall mean the holders of securities issued in the Public Offering; (vii) “Trust Account” shall mean
the trust fund into which a portion of the net proceeds of the Public Offering shall be deposited.

 

12.
This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter
hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral,
to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement
may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision,
except by a written instrument executed by all parties hereto.

 

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

 

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

 

    4

     

    

 

15.
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.

 

16.
This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, 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 the State of Delaware, 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.

 

17.
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 transmission.

 

18.
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, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated
and closed by December 31, 2020; provided further that paragraph 4 of this Letter Agreement shall survive such liquidation.

 

19.
The Company, the Sponsor and each Insider hereby acknowledges and agrees that the Representative on behalf of the Underwriters
is a third-party beneficiary of this Letter Agreement.

 

[Signature
Page Follows]

 

    5

     

    

 

	Sincerely,	 	 
	 	 	 
	 	UTXO
    Vector LLC
	 	 	 
	 	By: 	 
	 	 	Name
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
    Wei Huang
	 	 	 
	 	By:	 
	 	 	Name:
    Yuanyuan Huang

 

	Acknowledged
    and Agreed:	 
	 	 
	UTXO
    Acquisition Inc.	 
	 	 
	By:	 	 
	 	                 	 

 

[Signature
Page to Letter Agreement]

 

 

6Exhibit 10.3

 

INVESTMENT MANAGEMENT
TRUST AGREEMENT

 

This Agreement
is made as of [●], 2020 by and between UTXO Acquisition Inc. (the “Company”) and Continental Stock Transfer &
Trust Company (“Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, No. 333-__________________________ (“Registration Statement”)
for its initial public offering of securities (“IPO”) is made effective as of ____________, 2020(“Effective Date”)
by the Securities and Exchange Commission (capitalized terms used herein and not otherwise defined shall have the meanings set
forth in the Registration Statement); and

 

WHEREAS, Univest
Securities, LLC (the “Representative”) is acting as the representative of the underwriters in the IPO; and

 

WHEREAS, as described
in the Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, $50,000,000
($57,500,000 if the over-allotment option is exercised in full) of the proceeds from the IPO and a simultaneous private placement
of units 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 the Company’s Class A common
share, par value $0.0001 per share (“Common Share”), issued in the IPO as hereinafter provided (the proceeds to be
delivered to the Trustee and any interest subsequently earned thereon will be referred to herein as the “Property”;
the 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 will be referred to together as the “Beneficiaries”); and

 

WHEREAS, a portion
of the Property equal to $1,500,000is attributable to deferred underwriting discounts and commissions (the “Deferred Discount”)
that shall become payable by the Company to the underwriters upon the consummation of an initial business combination (as described
in the Registration Statement, a “Business Combination”); 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;

 

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 in
the United States at J.P. Morgan Chase Bank, N.A. 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 (the “Investment Company Act”),
having a maturity of 180 days or less, and/or in any open ended investment company registered under the Investment Company Act
that holds itself out as a money market fund selected by the Company meeting the conditions of paragraph (d) of Rule 2a-7
promulgated under the Investment Company Act, which invest only in direct U.S. government treasury obligations; it being understood
that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder
and the Trustee may earn bank credits or other consideration during such periods;

 

     

     

    

 

(d) Collect and
receive, when due, all principal and 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 Representatives of all communications received by it with respect to any Property requiring action by the Company;

 

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

 

(g) Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as, and when instructed
by the Company to do so;

 

(h) Render to
the Company monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements
of the Trust Account;

 

(i) Commence liquidation
of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination
Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the
Company by its Chief Executive Officer or Chief Financial Officer, affirmed by counsel for the Company  and, in the case of
a Termination Letter in a form substantially similar to that attached hereto as Exhibit A, jointly signed by the Representative,
and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest not previously
released to the Company to pay its franchise and income taxes and up to $100,000 to pay Working Capital Expenses, (and in the case
of a Termination Letter in a form substantially similar to the attached hereto as Exhibit B, less up to $50,000 of interest that
may be released to the Company to pay dissolution expenses, only as directed in the Termination Letter and the other documents
referred to therein; provided, however, that in the event that a Termination Letter has not been received by the Trustee within
the period of time provided in the Company’s Amended and Restated Certificate of Incorporation, as the same may be amended
from time to time (“Last Date”), the Trust Account shall be liquidated in accordance with the procedures set forth
in the Termination Letter attached as Exhibit B hereto and distributed to the Public Shareholders promptly after the Last Date.

 

(j) Upon receipt
of a letter (an “Amendment Notification Letter”) in the form of Exhibit E, signed on behalf of the Company by its Chief
Executive Officer or Chief Financial Officer and, distribute to Public Shareholders who exercised their conversion rights in connection
with an amendment to Article Sixth of the Company’s amended and restated certificate of incorporation [or other charter document,
as appropriate] (an “Amendment”) an amount equal to the pro rata share of the Property relating to the Common Share
for which such Public Shareholders have exercised conversion rights in connection with such Amendment.

 

(k) Upon receipt of
an extension letter (“Extension Letter”) substantially similar to Exhibit F hereto at least five days prior to the
Applicable Deadline, signed on behalf of the Company by one of the Company’s Chief Executive Officer, Chief Financial Officer
or one of its executive officers and affirmed by counsel for the Company, and receipt of the dollar amount specified in the Extension
Letter on or prior to the Applicable Deadline, to follow the instructions set forth in the Extension Letter.

 

2. Limited Distributions of Income
from Trust Account.

 

(a) Upon written request
from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C, the
Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested by the Company to cover
any tax obligation owed by the Company and up to $100,000 to pay Working Capital Expenses;

 

    2

     

    

 

(b) Upon written request from the Company
following the Last Date, which may be given in a form substantially similar to that attached hereto as Exhibit D, signed on behalf
of the Company by its Chief Executive Officer, Chief Financial Officer, or one of the Company’s other executive officers,
the Trustee shall distribute to the Company up to fifty Thousand Dollars ($50,000) of interest income earned on the Property and
requested by the Company to cover expenses directly related to the Company’s liquidation (i.e., only those expenses incurred
after the Last Date attributable to the Company’s liquidation); provided, however, that the Company will not be allowed to
withdraw interest income earned on the trust account pursuant to this Section 2(b) unless there are sufficient funds available
to pay the Company’s tax obligations on such interest income or otherwise then due at that time.

 

(c) The written requests of the Company
referenced above in 2(a) and 2(b) shall constitute presumptive evidence that the Company is entitled to said funds, and the Trustee
shall have no responsibility to look beyond said request;

 

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

 

(e) The Company shall
provide the Representatives with a copy of any Termination Letter, Amendment Notification Letter, and/or any other correspondence
that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

 

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

 

(a) Give all instructions
to the Trustee hereunder in writing, signed by its Chief Executive Officer, Chief Financial Officer, or other executive officer
of the Company. In addition, except with respect to its duties under Sections 1(i), 1(j) and 2(a) above, the Trustee shall be entitled
to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it in good faith and 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
the provisions of Section 5 of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against any and
all expenses, including reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any claim,
potential claim, action, suit, or other proceeding brought against the Trustee which in any way arises out of or relates to this
Agreement, the services of the Trustee hereunder, or the Property or any income earned from investment of the Property, except
for expenses and losses resulting from the Trustee’s gross negligence, fraud or willful misconduct. Promptly after the receipt
by the Trustee of notice of demand or claim or the commencement of any action, suit, or proceeding, pursuant to which the Trustee
intends to seek indemnification under this paragraph, it shall notify the Company in writing of such claim (hereinafter referred
to as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified
Claim, provided, that the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent
shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim without the prior written consent
of the Company, which consent shall not be unreasonably withheld. The Company may participate in such action with its own counsel;

 

(c) Pay the Trustee
an initial acceptance fee, an annual fee, and a transaction processing fee for each disbursement made pursuant to Section 2(a)
as set forth on Schedule A hereto, which fees shall be subject to modification by the parties from time to time. It is expressly
understood that the Property shall not be used to pay such fees unless such payment is in connection with the consummation of a
Business Combination. The Company shall pay the Trustee the initial acceptance fee and first year’s fee at the consummation
of the IPO and thereafter on the anniversary of the Effective Date;

 

    3

     

    

 

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

 

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

 

(f) If the Company’s
Shareholders approve an Amendment, provide the Trustee with an Amendment Notification Letter in the form of Exhibit E providing
instructions for the distribution of funds to Public Shareholders who exercise their conversion option in connection with such
Amendment; and

 

(g) Within five
business days after the Representatives, on behalf of the underwriters in the IPO, exercise the over-allotment option (or any unexercised
portion thereof) or such over-allotment option expires, provide the Trustee with a notice in writing (with a copy to the Representative)
of the total amount of the Deferred Discount.

 

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

 

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

 

(b) Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in, or defend any proceeding of
any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided
herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;

 

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

 

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

 

(e) Assume that
the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise
in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

(f) The other
parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in
good faith and in the exercise of its own best judgment, except for its gross negligence, fraud or willful misconduct. The Trustee
may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion, or advice of counsel
(including counsel chosen by the Trustee), statement, instrument, report, or other paper or document (not only as to its due execution
and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained)
which is believed by the Trustee, in good faith and 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;

 

(g) Verify the
correctness of the information set forth in the Registration Statement or to confirm or assure that any business combination consummated
by the Company or any other action taken by it is as contemplated by the Registration Statement;

 

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

 

    4

     

    

 

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

 

(j) Imply obligations,
perform duties, inquire, or otherwise be subject to the provisions of any agreement or document other than this agreement and that
which is expressly set forth herein; or

 

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

 

5. Trust Account Waiver. The
Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any
monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have
now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation,
under Section 3(b) or Section 3(c) hereof, the Trustee shall pursue such Claim solely against the Company and its assets
outside the Trust Account and not against the Property or any monies in the Trust Account.

 

6. Termination. This Agreement
shall terminate as follows:

 

(a) If the Trustee
gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts
to locate a successor trustee during which time the Trustee shall 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

 

(b) At such time
that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of Section 1(i) hereof,
and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except
with respect to Section 3(b) and Section 5.

 

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

 

7. Miscellaneous.

 

(a) The Company
and the Trustee will each restrict access to confidential information relating to funds being transferred to or from the Trust
Account to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons
may have obtained access to such information, or of any change in its authorized personnel. In executing funds transfers, the Trustee
will rely upon all information supplied to it by the Company, including account names, account numbers, and all other identifying
information relating to a beneficiary, beneficiary’s bank, or intermediary bank. Except for any liability arising out of
the Trustee’s gross negligence or willful misconduct, the Trustee shall not be liable for any loss, liability, or expense
resulting from any error in the information supplied to it or funds transferred based on such information.

 

(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. The parties hereto
consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of Manhattan, for
purposes of resolving any disputes hereunder. As to any claim, cross-claim, or counterclaim in any way relating to this Agreement,
each party waives the right to trial by jury.

 

    5

     

    

 

(c) 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.

 

(d) This Agreement
contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for Sections
1(i) and 1(j) (which may not be amended under any circumstances), this Agreement or any provision hereof may only be changed, amended,
or modified by a writing signed by each of the parties hereto; provided, however, that no such change, amendment or modification
may be made without the prior written consent of the Representative. The Trustee may require from Company counsel an opinion as
to the propriety of any proposed amendment.

 

(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, by
email or by 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
and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company,
to:

 

UTXO Acquisition
Inc.

203 N LaSalle ST,
#2100

Chicago, IL60601

 

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

 

Univest Securities, LLC

375 Park Avenue 15th Floor

New York, NY 10152

Attn: Edric Guo

yguo@univest.us

 

Getech Law LLC

203 N LaSalle ST,
#2100

Chicago, IL 60601

Attn: Ge (Linda)
Lei

linda.lei@getechlaw.com

and

 

Hunter
Taubman Fischer & Li LLC

1450
Broadway, 26th Floor

New York,
NY 10018

Attn:
Ying Li

yli@htflawyers.com

 

(f) This Agreement
may not be assigned by the Trustee without the prior consent of the Company.

 

(g) Each of the
Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into this
Agreement and to perform its respective obligations as contemplated hereunder.

 

(h) Each of the
Company and the Trustee hereby acknowledges that the Representatives, on behalf of the several underwriters, are third party beneficiaries
of this Agreement (including Section 7(d) and the Trustee’s obligations under this Agreement with respect thereto with
the same right and power to enforce these provisions as either of the parties hereto) acknowledge that the Representatives are
third party beneficiaries of this Agreement.

[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:	                        
	 	 	Name:
	 	 	Title:

 

	 	UTXO Acquisition Inc.
	 	 	 
	 	By:	
                        
	 	 	Name: Wei Huang
	 	 	Title: Chief Executive Officer

 

    7

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500.00	 
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Section 2	 	Billed to Company following disbursement made to Company under Section 2	 	$	250.00	 
	Paying Agent services as required pursuant to section 1(i) and 1(j)	 	Billed to Company upon delivery of service pursuant to section 1(i) and 1(j)	 	 	Prevailing rates	 

 

    8

     

    

 

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 and Celeste Gonzalez

 

	 	Re:	Trust Account No. XXX-XX0349 - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement between UTXO Acquisition Inc. (“Company”) and Continental Stock Transfer &
Trust Company, dated as of [●], 2020 (“Trust Agreement”), this is to advise you that the Company has entered
into an agreement with [●] to consummate a business combination (“Business Combination”) on or about [insert
date]. The Company shall notify you at least 72 hours in advance of the actual date of the consummation of the Business Combination
(“Consummation Date”). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in
the Trust Agreement.

 

In accordance
with the terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account investments and to transfer the proceeds
to the above-referenced account at J.P Morgan Chase Bank, N.A to the effect that, on the Consummation Date, all of funds held in
the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on the Consummation
Date. It is acknowledged and agreed that while the funds are on deposit in the Trust Operating Account at J.P. Morgan Chase N.A.
awaiting distribution, the Company will not earn any interest or dividends.

 

On the Consummation
Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated
and (ii) the Company shall deliver to you (a) a certification by the Chief Executive Officer, which verifies the vote of the
Company’s Shareholders in connection with the Business Combination if a vote is held and (b) joint written instructions
from the Company and the Representatives with respect to the transfer of the funds held in the Trust Account (“Instruction
Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt
of the counsel’s letter and the Instruction Letter, (x) to the underwriters in an amount equal to the Deferred Discount
as directed by the Representatives and (y) the remainder in accordance with the terms of the Instruction Letter. In the event
that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify
the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and distributed
after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof,
the Trust Agreement shall be terminated.

 

In the event that
the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you
on or before the original Consummation Date of a new Consummation Date, then upon receipt by the you of written instructions from
the Company, the funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the business day immediately
following the Consummation Date as set forth in the notice.

 

	 	Very truly yours,
	 	 
	 	UTXO Acquisition Inc.
	 	 	 
	 	By:	                     
	 	 	Name:
	 	 	Title:

 

	AGREED TO AND ACKNOWLEDGED BY:	 
	 	 
	Univest Securities, LLC	 
	 	 
	By:	                     	

	 	Name:	 
	 	Title:	 

 

    9

     

    

 

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 and Celeste Gonzalez

 

	 	Re:	Trust Account No. XXX-XX0349 - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement between UTXO Acquisition Inc. (“Company”) and Continental Stock Transfer &
Trust Company, dated as of [●], 2020 (“Trust Agreement”), this is to advise you that the Company has been unable
to effect a Business Combination with a Target Company within the time frame specified in the Company’s Amended and Restated
Certificate of Incorporation, as described in the Company’s prospectus relating to its IPO. Capitalized terms used herein
and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In accordance
with the terms of the Trust Agreement, we hereby authorize you to liquidate all the Trust Account investments and to transfer the
total proceeds to the Trust Operating Account at J.P. Morgan Chase, N.A. to await distribution to the Public Shareholders. The
Company has selected [                    ,
20    ] as the date for 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, to distribute
said funds directly to the Public Shareholders in accordance with the terms of the Trust Agreement and the Amended and Restated
Certificate of Incorporation of the Company. Upon the distribution of all the funds in the Trust Account, your obligations under
the Trust Agreement shall be terminated.

 

	 	Very truly yours,
	 	 	 
	 	UTXO Acquisition Inc.
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

 

cc: Univest Securities, LLC

 

    10

     

    

 

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 and Celeste Gonzalez

 

	 	Re:	Trust Account No. XXX-XX0349___[Tax Withdrawal][Working Capital Withdrawal] Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to paragraph
2(a) of the Investment Management Trust Agreement between UTXO Acquisition Inc. (“Company”) and Continental Stock Transfer
& Trust Company (“Trustee”), dated as of                    ,
2020 (“Trust Agreement”), the Company hereby requests that you deliver to the Company $_______ of the interest
income earned on the Property as of the date hereof. The Company needs such funds to pay for its [tax obligations][working capital
expenses]. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer)
such funds promptly upon your receipt of this letter to the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 	 
	 	UTXO Acquisition Inc.
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

 

cc: Univest Securities, LLC

 

    11

     

    

 

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 and Celeste Gonzalez

 

	 	Re:	Trust Account No. XXX-XX0349

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
2(b) of the Investment Management Trust Agreement between UTXO Acquisition Inc. (“Company”) and Continental Stock Transfer
& Trust Company (“Trustee”), dated as of               ,
202-0 (“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, which does not exceed, in the aggregate with all such prior
disbursements pursuant to Section 2(b), if any, the maximum amount set forth in Section 2(b). The Company needs such funds to pay
its expenses relating to its liquidation. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized
to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	UTXO Acquisition Inc.
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

 

cc: Univest Securities, LLC

 

    12

     

    

 

EXHIBIT E

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account No. XXX-XX0349 - Amendment Notification
Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Reference is made to the Investment Management
Trust Agreement between UTXO Acquisition Inc. (“Company”) and Continental Stock Transfer & Trust Company, dated
as of                 , 2020 (“Trust Agreement”).
Capitalized words used herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

Pursuant to Sections 1(j) and 3(g) 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 on [    ] in order
to transfer $_____ of the proceeds of the Trust to the Trust Operating Account at JP Morgan Chase Bank, NA for distribution to
the shareholders that have requested redemption of their shares in connection with such Amendment.

 

[WIRE INSTRUCTION INFORMATION]  

 

	 	Very truly yours,
	 	 
	 	UTXO Acquisition Inc.

 

cc: Univest Securities, LLC

 

    13

     

    

 

EXHIBIT F

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street Plaza, 30th Floor

New York, NY 10004-1561

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account No. [              ] Extension Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(k) of the Investment
Management Trust Agreement between UTXO Acquisition Inc. (“Company”) and Continental Stock Transfer & Trust Company,
dated as of                  , 2020 (“Trust
Agreement”), this is to advise you that the Company is extending the time available in order to consummate a Business Combination
with the Target Businesses for an additional three (3) months, from _______ to _________ (the “Extension”).

 

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

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to deposit $_____, which will be wired to you, into the Trust Account upon receipt. These funds
should be invested in [__________________________] or [the same manner as the funds currently on deposit in the Trust Account].

 

This is the ____ of up to three Extension
Letters that the Company is permitted to deliver to you pursuant to the Trust Agreement. 

 

	 	Very truly yours,
	 	 	 
	 	UTXO Acquisition Inc.
	 	 
	 	By:	        
	 	Name:	 
	 	Title:	 

 

cc: Univest Securities, LLC

 

 

  14

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