Document:

Exhibit 10.3

   

  Execution Version

   

  Registration Rights Agreement

   

  This Registration Rights Agreement (this “Agreement”), dated as of March 4, 2021, is made and entered into by and among Arrowroot Acquisition Corp.,
      a Delaware corporation (the “Company”), Arrowroot Acquisition, LLC, a Delaware limited liability company (the “Sponsor”) and the undersigned parties listed on the
      signature page hereto under “Holders” (each such party together with the Sponsor and any person or entity who hereafter becomes a party to this Agreement pursuant to Section 5.2 of this Agreement, a “Holder” and collectively the “Holders”).

   

  RECITALS

   

  Whereas, the Company has 7,187,500 shares of Class B common stock, par value $0.0001 per share (the “Founder Shares”), issued and outstanding, up to 937,500 of which will be forfeited to the
      Company for no consideration depending on the extent to which the underwriters of the Company’s initial public offering exercise their over-allotment option;

   

  Whereas, the Founder Shares are convertible into shares of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), on the terms and conditions provided in the
      Company’s amended and restated certificate of incorporation;

   

  Whereas, on March 1, 2021, the Company and the Sponsor entered into that certain Private Placement Warrants Purchase Agreement (the “Private Placement Warrants Purchase Agreement”), pursuant to
      which the Sponsor agreed to purchase up to 8,250,000 private placement warrants (the “Private Placement Warrants”) in a private placement transaction occurring simultaneously with the closing of the Company’s initial public offering;

   

  Whereas, in order to finance the Company’s transaction costs in connection with its search for and consummation of an initial Business Combination (as defined below), the Sponsor, an affiliate of the Sponsor,
      certain of the Company’s officers and directors or other third parties may loan to the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into private placement-equivalent warrants (“Working
          Capital Warrants”) at a price of $1.00 per warrant at the option of the lender; and

   

  Whereas, the Company and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration rights with respect to certain securities of the Company, as
      set forth in this Agreement.

   

  Now, Therefore, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration, the receipt and sufficiency of which are
      hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

   

  
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  ARTICLE 1

      

      DEFINITIONS

   

  1.1       Definitions. The terms defined in this Article I shall,
      for all purposes of this Agreement, have the respective meanings set forth below:

   

  “Adverse Disclosure” shall mean any public disclosure of
      material non-public information, which disclosure, in the good faith judgment of the Chief Executive Officer or principal financial officer of the Company, after consultation with counsel to the Company, (i) would be required to be made in any
      Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the
      case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the
      Company has a bona fide business purpose for not making such information public.

   

  “Agreement” shall have the meaning given in the Preamble.

   

  “Board” shall mean the Board of Directors of the Company.

   

  “Business Combination” shall mean any merger, capital
      stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses, involving the Company.

   

  “Commission” shall mean the Securities and Exchange
      Commission.

   

  “Common Stock” shall have the meaning given in the
      Recitals hereto.

   

  “Company” shall have the meaning given in the Preamble.

   

  “Demand Registration” shall have the meaning given in
      subsection 2.1.1.

   

  “Demanding Holder” shall have the meaning given in
      subsection 2.1.1.

   

  “Exchange Act” shall mean the Securities Exchange Act of
      1934, as it may be amended from time to time.

   

  “Form S-1” shall have the meaning given in subsection
      2.1.1.

   

  “Form S-3” shall have the meaning given in subsection 2.3.

   

  “Founder Shares” shall have the meaning given in the
      Recitals hereto and shall be deemed to include the shares of Common Stock issuable upon conversion thereof.

   

  “Founder Shares Lock-up Period” shall mean, with respect
      to the Founder Shares, the period ending on the earlier of (A) one year after the completion of the Company’s initial Business Combination and (B) subsequent to the Business Combination, (x) if the closing price of the Common Stock equals or exceeds
      $12.00 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
      or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for
      cash, securities or other property.

   

  
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  “Holders” shall have the meaning given in the Preamble.

   

  “Insider Letter” shall mean that certain letter agreement,
      dated as of March 4, 2021, by and among the Company, the Sponsor and each of the Company’s officers, directors and director nominees.

   

  “Maximum Number of Securities” shall have the meaning
      given in subsection 2.1.4.

   

  “Misstatement” shall mean an untrue statement of a
      material fact or an omission to state a material fact required to be stated in a Registration Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the light of the circumstances under which they
      were made) not misleading.

   

  “Permitted Transferees” shall mean any person or entity to
      whom a Holder of Registrable Securities is permitted to transfer such Registrable Securities prior to the expiration of the Founder Shares Lock-up Period, Private Placement Lock-up Period or any other lock-up period, as the case may be, under the
      Insider Letter, the Private Placement Warrants Purchase Agreement, this Agreement and any other applicable agreement between such Holder and the Company, and to any transferee thereafter.

   

  “Piggyback Registration” shall have the meaning given in
      subsection 2.2.1.

   

  “Private Placement Lock-up Period” shall mean, with
      respect to Private Placement Warrants that are held by the initial purchasers of such Private Placement Warrants or their Permitted Transferees, the Private Placement Warrants and shares of Common Stock issuable upon the exercise or conversion of the
      Private Placement Warrants, and that are held by the initial purchasers of the Private Placement Warrants or their Permitted Transferees, the period ending 30 days after the completion of the Company’s initial Business Combination.

   

  “Private Placement Warrants” shall have the meaning given
      in the Recitals hereto.

   

  “Private Placement Warrants Purchase Agreement” shall have
      the meaning given in the Recitals hereto.

   

  “Pro Rata” shall have the meaning given in subsection
      2.1.4.

   

  “Prospectus” shall mean the prospectus included in any
      Registration Statement, as supplemented by any and all prospectus supplements and as amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

   

   

  
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  “Registrable Security” shall mean (a) the Founder Shares
      and the shares of Common Stock issued or issuable upon the conversion of the Founder Shares, (b) the Private Placement Warrants (including any shares of Common Stock issued or issuable upon the exercise of the Private Placement Warrants), (c) any
      outstanding shares of Common Stock or any other equity security (including the shares of Common Stock issued or issuable upon the exercise of any other equity security) of the Company held by a Holder as of the date of this Agreement, (d) any equity
      securities (including the shares of Common Stock issued or issuable upon the exercise of any such equity security) of the Company issuable upon conversion of any working capital loans in an amount up to $1,500,000 made to the Company by a Holder
      (including the Working Capital Warrants and shares of Common Stock issued or issuable upon the exercise of the Working Capital Warrants) and (e) any other equity security of the Company issued or issuable with respect to any such share of Common
      Stock by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization; provided, however, that, as to any particular Registrable Security, such securities shall cease
      to be Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in
      accordance with such Registration Statement; (B) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent
      public distribution of such securities shall not require registration under the Securities Act; (C) such securities shall have ceased to be outstanding; (D) such securities may be sold without registration pursuant to Rule 144 promulgated under the
      Securities Act (or any successor rule promulgated thereafter by the Commission) (but with no volume or other restrictions or limitations); or (E) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution
      or other public securities transaction.

   

  “Registration” shall mean a registration effected by
      preparing and filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.

   

  “Registration Expenses” shall mean the out-of-pocket
      expenses of a Registration, including, without limitation, the following:

   

  (A)       all registration and filing fees (including fees with respect to
      filings required to be made with the Financial Industry Regulatory Authority, Inc.) and any securities exchange on which the Common Stock is then listed;

   

  (B)       fees and expenses of compliance with securities or blue sky laws
      (including reasonable fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities);

   

  (C)       printing, messenger, telephone and delivery expenses;

   

  (D)       reasonable fees and disbursements of counsel for the Company;

   

   

  
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  (E)       reasonable fees and disbursements of all independent registered
      public accountants of the Company incurred specifically in connection with such Registration; and

   

  (F)       reasonable fees and expenses of one (1) legal counsel selected
      by the majority-in-interest of the Demanding Holders initiating a Demand Registration to be registered for offer and sale in the applicable Registration.

   

  “Registration Statement” shall mean any registration
      statement that covers the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration
      statement, and all exhibits to and all material incorporated by reference in such registration statement.

   

  “Requesting Holder” shall have the meaning given in
      subsection 2.1.1.

   

  “Securities Act” shall mean the Securities Act of 1933, as
      amended from time to time.

   

  “Sponsor” shall have the meaning given in the Recitals
      hereto.

   

  “Underwriter” shall mean a securities dealer who purchases
      any Registrable Securities as principal in an Underwritten Offering and not as part of such dealer’s market-making activities.

   

  “Underwritten Registration” or “Underwritten
          Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

   

  “Working Capital Warrants” shall have the meaning given in
      the Recitals hereto.

   

  ARTICLE 2

      

      REGISTRATIONS

   

  2.1          Demand Registration.

   

  2.1.1       Request for Registration. Subject to the provisions of
      subsection 2.1.4 and Section 2.4 hereof, at any time and from time to time on or after the date the Company consummates the Business Combination, the Holders of at least a majority of the then-outstanding number of Registrable Securities (the “Demanding
          Holders”) may make a written demand for Registration of all or part of their Registrable Securities, which written demand shall describe the amount and type of securities to be included in such Registration and the intended method(s) of
      distribution thereof (such written demand a “Demand Registration”). The Company shall, within ten (10) days of the Company’s receipt of the Demand Registration, notify, in writing, all other Holders of Registrable Securities of such
      demand, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in a Registration pursuant to a Demand Registration (each such Holder that includes all or a portion of such
      Holder’s Registrable Securities in such Registration, a “Requesting Holder”) shall so notify the Company, in writing, within five (5) days after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of
      any such written notification from a Requesting Holder(s) to the Company, such Requesting Holder(s) shall be entitled to have their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall effect, as
      soon thereafter as practicable, but not more than forty five (45) days immediately after the Company’s receipt of the Demand Registration, the Registration of all Registrable Securities requested by the Demanding Holders and Requesting Holders
      pursuant to such Demand Registration. Under no circumstances shall the Company be obligated to effect more than an aggregate of three (3) Registrations pursuant to a Demand Registration under this subsection 2.1.1 with respect to any or all
      Registrable Securities; provided, however, that a Registration shall not be counted for such purposes unless a Form S-1 or any similar long-form registration statement that may be available at such time (“Form S-1”) has become effective
      and all of the Registrable Securities requested by the Requesting Holders to be registered on behalf of the Requesting Holders in such Form S-1 Registration have been sold, in accordance with Section 3.1 of this Agreement.

   

   

  
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  2.1.2       Effective Registration. Notwithstanding the provisions
      of subsection 2.1.1 above or any other part of this Agreement, a Registration pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed with the Commission with respect to a Registration
      pursuant to a Demand Registration has been declared effective by the Commission and (ii) the Company has complied with all of its obligations under this Agreement with respect thereto; provided, further, that if, after such Registration Statement has
      been declared effective, an offering of Registrable Securities in a Registration pursuant to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or state court or any other governmental
      agency the Registration Statement with respect to such Registration shall be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a
      majority-in-interest of the Demanding Holders initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and accordingly notify the Company in writing, but in no event later than five (5) days, of such
      election; and provided, further, that the Company shall not be obligated or required to file another Registration Statement until the Registration Statement that has been previously filed with respect to a Registration pursuant to a Demand
      Registration becomes effective or is subsequently terminated.

   

  2.1.3       Underwritten Offering. Subject to the provisions of
      subsection 2.1.4 and Section 2.4 hereof, if a majority-in-interest of the Demanding Holders so advise the Company as part of their Demand Registration that the offering of the Registrable Securities pursuant to such Demand Registration shall be in
      the form of an Underwritten Offering, then the right of such Demanding Holder or Requesting Holder (if any) to include its Registrable Securities in such Registration shall be conditioned upon such Holder’s participation in such Underwritten Offering
      and the inclusion of such Holder’s Registrable Securities in such Underwritten Offering to the extent provided herein. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection 2.1.3
      shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the majority-in-interest of the Demanding Holders initiating the Demand Registration.

   

  2.1.4       Reduction of Underwritten Offering. If the managing
      Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand Registration, in good faith, advises the Company, the Demanding Holders and the Requesting Holders (if any) in writing that the dollar amount or number of Registrable
      Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other shares of Common Stock or other equity securities that the Company desires to sell and the shares of Common Stock, if any, as to
      which a Registration has been requested pursuant to separate written contractual piggy-back registration rights held by any other stockholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be
      sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as
      applicable, the “Maximum Number of Securities”), then the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata
      based on the respective number of Registrable Securities that each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities that the Demanding
      Holders and Requesting Holders have requested be included in such Underwritten Registration (such proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the
      extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the shares of Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of
      Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the shares of Common Stock or other equity securities of other persons or entities that the Company is
      obligated to register in a Registration pursuant to separate written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Securities.

   

   

  
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  2.1.5       Demand Registration Withdrawal. A majority-in-interest
      of the Demanding Holders initiating a Demand Registration or a majority-in-interest of the Requesting Holders (if any), pursuant to a Registration under subsection 2.1.1 shall have the right to withdraw from a Registration pursuant to such Demand
      Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness of the Registration Statement filed
      with the Commission with respect to the Registration of their Registrable Securities pursuant to such Demand Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses
      incurred in connection with a Registration pursuant to a Demand Registration prior to its withdrawal under this subsection 2.1.5.

   

  2.2           Piggyback Registration.

   

  2.2.1       Piggyback Rights. If, at any time on or after the date
      the Company consummates a Business Combination, the Company proposes to file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or
      convertible into equity securities, for its own account or for the account of stockholders of the Company (or by the Company and by the stockholders of the Company including, without limitation, pursuant to Section 2.1 hereof), other than a
      Registration Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for a rights offering or an exchange offer or offering of securities solely to the Company’s existing stockholders, (iii) for an offering of
      debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall give written notice of such proposed filing to all of the Holders of Registrable Securities as soon as practicable but not
      less than ten (10) days before the anticipated filing date of such Registration Statement, which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the
      proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may request in
      writing within five (5) days after receipt of such written notice (such Registration a “Piggyback Registration”). The Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and
      shall use its best efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to this subsection 2.2.1 to be included in a Piggyback
      Registration on the same terms and conditions as any similar securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution
      thereof. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such
      Underwritten Offering by the Company.

   

   

  
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  2.2.2       Reduction of Piggyback Registration. If the managing
      Underwriter or Underwriters in an Underwritten Registration that is to be a Piggyback Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that the dollar
      amount or number of the shares of Common Stock that the Company desires to sell, taken together with (i) the shares of Common Stock, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with persons
      or entities other than the Holders of Registrable Securities hereunder (ii) the Registrable Securities as to which registration has been requested pursuant to Section 2.2 hereof, and (iii) the shares of Common Stock, if any, as to which Registration
      has been requested pursuant to separate written contractual piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Number of Securities, then:

   

  (a)       If the Registration is undertaken for the Company’s account,
      the Company shall include in any such Registration (A) first, the Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the
      Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof (pro rata based on the
      respective number of Registrable Securities that such Holder has requested be included in such Registration), which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has
      not been reached under the foregoing clauses (A) and (B), the Common Stock, if any, as to which Registration has been requested pursuant to written contractual piggy-back registration rights of other stockholders of the Company, which can be sold
      without exceeding the Maximum Number of Securities;

   

  (b)       If the Registration is pursuant to a request by persons or
      entities other than the Holders of Registrable Securities, then the Company shall include in any such Registration (A) first, the Common Stock or other equity securities, if any, of such requesting persons or entities, other than the Holders of
      Registrable Securities, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders
      exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1, pro rata based on the number of Registrable Securities that each Holder has requested be included in such Registration and the aggregate number of
      Registrable Securities that the Holders have requested to be included in such Registration, which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached
      under the foregoing clauses (A) and (B), the Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of
      Securities has not been reached under the foregoing clauses (A), (B) and (C), the Common Stock or other equity securities for the account of other persons or entities that the Company is obligated to register pursuant to separate written contractual
      arrangements with such persons or entities, which can be sold without exceeding the Maximum Number of Securities.

   

   

  
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  2.2.3       Piggyback Registration Withdrawal. Any Holder of
      Registrable Securities shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention to withdraw from
      such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Piggyback Registration. The Company (whether on its own good faith determination or as the result of a request for
      withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration
      Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this subsection 2.2.3.

   

  2.2.4       Unlimited Piggyback Registration Rights. For purposes
      of clarity, any Registration effected pursuant to Section 2.2 hereof shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof.

   

  2.3          Registrations on Form S-3. The Holders of
      Registrable Securities may at any time, and from time to time, request in writing that the Company, pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the Commission), register the resale of any or all of
      their Registrable Securities on Form S-3 or any similar short form registration statement that may be available at such time (“Form S-3”); provided, however, that the Company shall not be obligated to effect such request through an
      Underwritten Offering. Within five (5) days of the Company’s receipt of a written request from a Holder or Holders of Registrable Securities for a Registration on Form S-3, the Company shall promptly give written notice of the proposed Registration
      on Form S-3 to all other Holders of Registrable Securities, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in such Registration on Form S-3 shall so notify the
      Company, in writing, within ten (10) days after the receipt by the Holder of the notice from the Company. As soon as practicable thereafter, but not more than twelve (12) days after the Company’s initial receipt of such written request for a
      Registration on Form S-3, the Company shall register all or such portion of such Holder’s Registrable Securities as are specified in such written request, together with all or such portion of Registrable Securities of any other Holder or Holders
      joining in such request as are specified in the written notification given by such Holder or Holders; provided, however, that the Company shall not be obligated to effect any such Registration pursuant to Section 2.3 hereof if (i) a Form S-3 is not
      available for such offering; or (ii) the Holders of Registrable Securities, together with the Holders of any other equity securities of the Company entitled to inclusion in such Registration, propose to sell the Registrable Securities and such other
      equity securities (if any) at any aggregate price to the public of less than $10,000,000.

   

   

  
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  2.4          Restrictions on Registration Rights. If (A) during
      the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company initiated Registration and
      provided that the Company has delivered written notice to the Holders prior to receipt of a Demand Registration pursuant to subsection 2.1.1 and it continues to actively employ, in good faith, all reasonable efforts to cause the applicable
      Registration Statement to become effective; (B) the Holders have requested an Underwritten Registration and the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer; or (C) in the good faith
      judgment of the Board such Registration would be seriously detrimental to the Company and the Board concludes as a result that it is essential to defer the filing of such Registration Statement at such time, then in each case the Company shall
      furnish to such Holders a certificate signed by the Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer or Secretary of the Company stating that in the good faith judgment of the Board it would be seriously detrimental to
      the Company for such Registration Statement to be filed in the near future and that it is therefore essential to defer the filing of such Registration Statement. In such event, the Company shall have the right to defer such filing for a period of not
      more than thirty (30) days; provided, however, that the Company shall not defer its obligation in this manner more than once in any 12-month period. Notwithstanding anything to the contrary contained in this Agreement, no Registration shall be
      effected or permitted and no Registration Statement shall become effective, with respect to any Registrable Securities held by any Holder, until after the expiration of the Founder Shares Lock-Up Period or the Private Placement Lock-Up Period, as the
      case may be.

   

  ARTICLE 3

      

      COMPANY PROCEDURES

   

  3.1          General Procedures. If at any time on or after the
      date the Company consummates a Business Combination the Company is required to effect the Registration of Registrable Securities, the Company shall use its best efforts to effect such Registration to permit the sale of such Registrable Securities in
      accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as possible:

   

  3.1.1       prepare and file with the Commission as soon as practicable a
      Registration Statement with respect to such Registrable Securities and use its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such Registration
      Statement have been sold;

   

   

  
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  3.1.2       prepare and file with the Commission such amendments and
      post-effective amendments to the Registration Statement, and such supplements to the Prospectus, as may be requested by majority-in-interest of the Holders or any Underwriter of Registrable Securities or as may be required by the rules, regulations
      or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement
      are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;

   

  3.1.3       prior to filing a Registration Statement or prospectus, or any
      amendment or supplement thereto, furnish without charge to the Underwriters, if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such Registration Statement as proposed to be
      filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary
      Prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable
      Securities owned by such Holders;

   

  3.1.4       prior to any public offering of Registrable Securities, use
      its best efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the Holders of Registrable Securities
      included in such Registration Statement (in light of their intended plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by
      such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in
      such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not
      otherwise be required to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject;

   

  3.1.5       cause all such Registrable Securities to be listed on each
      securities exchange or automated quotation system on which similar securities issued by the Company are then listed;

   

  3.1.6       provide a transfer agent or warrant agent, as applicable, and
      registrar for all such Registrable Securities no later than the effective date of such Registration Statement;

   

  3.1.7       advise each seller of such Registrable Securities, promptly
      after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose and
      promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued;

   

  3.1.8       at least five (5) days prior to the filing of any Registration
      Statement or Prospectus or any amendment or supplement to such Registration Statement, furnish a copy thereof to each seller of such Registrable Securities and its counsel, including, without limitation, providing copies promptly upon receipt of any
      comment letters received with respect to any such Registration Statement or Prospectus;

   

   

  
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  3.1.9       notify the Holders at any time when a Prospectus relating to
      such Registration Statement is required to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement, and then to
      correct such Misstatement as set forth in Section 3.4 hereof;

   

  3.1.10       permit a representative of the Holders, the Underwriters, if
      any, and any attorney or accountant retained by such Holders or Underwriter to participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply all
      information reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration; provided, however, that such representatives or Underwriters enter into a confidentiality agreement, in form and
      substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information;

   

  3.1.11       obtain a “cold comfort” letter from the Company’s independent
      registered public accountants in the event of an Underwritten Registration which the participating Holders may rely on, in customary form and covering such matters of the type customarily covered by “cold comfort” letters as the managing Underwriter
      may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders;

   

  3.1.12       on the date the Registrable Securities are delivered for sale
      pursuant to such Registration, obtain an opinion, dated such date, of counsel representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any, and the Underwriters, if any, covering
      such legal matters with respect to the Registration in respect of which such opinion is being given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions and negative
      assurance letters, and reasonably satisfactory to a majority in interest of the participating Holders;

   

  3.1.13       in the event of any Underwritten Offering, enter into and
      perform its obligations under an underwriting agreement, in usual and customary form, with the managing Underwriter of such offering;

   

  3.1.14       make available to its security holders, as soon as reasonably
      practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement which satisfies the provisions of
      Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter by the Commission);

   

  3.1.15       if the Registration involves the Registration of Registrable
      Securities involving gross proceeds in excess of $25,000,000, use its reasonable efforts to make available senior executives of the Company to participate in customary “road show” presentations that may be reasonably requested by the
      Underwriter in any Underwritten Offering; and

   

   

  
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  3.1.16       otherwise, in good faith, cooperate reasonably with, and
      take such customary actions as may reasonably be requested by the Holders, in connection with such Registration.

   

  3.2       Registration Expenses. The Registration Expenses of all
      Registrations shall be borne by the Company. It is acknowledged by the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions and discounts, brokerage
      fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.

   

  3.3       Requirements for Participation in Underwritten Offerings.
      No person may participate in any Underwritten Offering for equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s securities on the basis provided in any
      underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required
      under the terms of such underwriting arrangements.

   

  3.4       Suspension of Sales; Adverse Disclosure. Upon receipt
      of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until such Holder has received copies of a supplemented or
      amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until such Holder is advised in writing
      by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure or
      would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the Holders, delay
      the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but in no event more than thirty (30) days, determined in good faith by the Company to be necessary for such purpose. In the event
      the Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer
      to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this Section 3.4.

   

  3.5       Reporting Obligations. As long as any Holder shall own
      Registrable Securities, the Company, at all times while it shall be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be
      filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act and to furnish the Holders promptly with true and complete copies of all such filings. The Company further covenants that it shall take such further
      action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell shares of Common Stock held by such Holder without registration under the Securities Act within the limitation of the exemptions
      provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission), including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written
      certification of a duly authorized officer as to whether it has complied with such requirements.

   

   

  
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  ARTICLE 4

      

      INDEMNIFICATION AND CONTRIBUTION

   

  4.1          Indemnification.

   

  4.1.1       The Company agrees to indemnify, to the extent permitted by
      law, each Holder of Registrable Securities, its officers and directors and each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including attorneys’ fees)
      caused by any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact
      required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly for use therein. The
      Company shall indemnify the Underwriters, their officers and directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification of
      the Holder.

   

  4.1.2       In connection with any Registration Statement in which a
      Holder of Registrable Securities is participating, such Holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and, to
      the extent permitted by law, shall indemnify the Company, its directors and officers and agents and each person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses
      (including without limitation reasonable attorneys’ fees) resulting from any untrue statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any
      omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing
      by such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall
      be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their officers,
      directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to indemnification of the Company.

   

  4.1.3       Any person entitled to indemnification herein shall (i) give
      prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification hereunder to the extent such failure
      has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such
      indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified
      party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one
      counsel (plus local counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other
      of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the
      payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of
      a release from all liability in respect to such claim or litigation.

   

   

  
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  4.1.4       The indemnification provided for under this Agreement shall
      remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer of securities. The Company and each
      Holder of Registrable Securities participating in an offering also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s indemnification is
      unavailable for any reason.

   

  4.1.5       If the indemnification provided under Section 4.1 hereof from
      the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified
      party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the
      indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any
      untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and
      indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided, however, that the liability of any Holder under this subsection 4.1.5 shall be limited to the amount of the net
      proceeds received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth
      in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if
      contribution pursuant to this subsection 4.1.5 were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in this subsection 4.1.5. No person guilty of
      fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this subsection 4.1.5 from any person who was not guilty of such fraudulent misrepresentation.

   

   

  
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  ARTICLE 5

      

      MISCELLANEOUS

   

  5.1           Notices. Any notice or communication under this
      Agreement must be in writing and given by (i) deposit in the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier service providing
      evidence of delivery, or (iii) transmission by hand delivery, electronic mail, telecopy, telegram or facsimile. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given,
      served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered by courier service, hand delivery, electronic mail, telecopy, telegram or facsimile,
      at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or communication under this Agreement must be addressed,
      if to the Company, to: 4553 Glencoe Ave, Suite 200, Marina Del Rey, CA 90292, and, if to any Holder, at such Holder’s address or contact information as set forth in the Company’s books and records. Any party may change its address for notice at any
      time and from time to time by written notice to the other parties hereto, and such change of address shall become effective thirty (30) days after delivery of such notice as provided in this Section 5.1.

   

  5.2          Assignment; No Third Party Beneficiaries.

   

  5.2.1       This Agreement and the rights, duties and obligations of the
      Company hereunder may not be assigned or delegated by the Company in whole or in part.

   

  5.2.2       Prior to the expiration of the Founder Shares Lock-up Period
      or the Private Placement Lock-up Period, as the case may be, no Holder may assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in part, except in connection with a transfer of Registrable Securities by
      such Holder to a Permitted Transferee but only if such Permitted Transferee agrees to become bound by the transfer restrictions set forth in this Agreement.

   

  5.2.3       This Agreement and the provisions hereof shall be binding upon
      and shall inure to the benefit of each of the parties and its successors and the permitted assigns of the Holders, which shall include Permitted Transferees.

   

  5.2.4       This Agreement shall not confer any rights or benefits on any
      persons that are not parties hereto, other than as expressly set forth in this Agreement and Section 5.2 hereof.

   

  5.2.5       No assignment by any party hereto of such party’s rights,
      duties and obligations hereunder shall be binding upon or obligate the Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1 hereof and (ii) the written agreement of the assignee, in
      a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made other than as provided in
      this Section 5.2 shall be null and void.

   

   

  
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  5.3       Counterparts. This Agreement may be executed in
      multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced.

   

  5.4       Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE
      THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW YORK RESIDENTS ENTERED INTO AND
      TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION.

   

  5.5       Amendments and Modifications. Upon the written consent
      of the Company and the Holders of at least a majority in interest of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such
      provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in such Holder’s capacity as a holder of the shares
      of capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto
      or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or
      remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

   

  5.6       Other Registration Rights. The Company represents and
      warrants that no person, other than a Holder of Registrable Securities, has any right to require the Company to register any securities of the Company for sale or to include such securities of the Company in any Registration filed by the Company for
      the sale of securities for its own account or for the account of any other person. Further, the Company represents and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions and
      in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

   

  5.7       Term. This Agreement shall terminate upon the earlier
      of (i) the tenth anniversary of the date of this Agreement or (ii) the date as of which (A) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period referred to in Section
      4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the Commission)) or (B) the Holders of all Registrable Securities are permitted to sell the Registrable Securities without registration pursuant to
      Rule 144 (or any similar provision) under the Securities Act with no volume or other restrictions or limitations. The provisions of Section 3.5 and Article IV shall survive any termination.

   

   

  
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  [Signature Page Follows]

   

   

  
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  In Witness Whereof, the undersigned have caused this Agreement to be executed as of the date first written above.

   

  	 	COMPANY:
	 	 
	 	ARROWROOT ACQUISITION CORP.,
	 	a Delaware corporation
	 	 
	 	By: 	/s/ Matthew Safaii
	 	Name: Matthew Safaii
	 	Title:   Chief Executive Officer
	 	 
	 	HOLDER:
	 	ARROWROOT ACQUISITION, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	/s/ Matthew Safaii
	 	Name:  Matthew Safaii
	 	Title:    PrincipalExhibit 10.4

   

  March
      4, 2021

   

  Arrowroot
      Acquisition Corp.

  

  4553
      Glencoe Ave, Suite 200

  

  Marina
      Del Rey, CA 90292

   

  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 between Arrowroot Acquisition Corp., a Delaware corporation
      (the “Company”), and Cantor Fitzgerald & Co., as representative (the “Representative”)
      of the several underwriters (each, an “Underwriter” and collectively, the “Underwriters”),
      relating to an underwritten initial public offering (the “Public Offering”), of up to 28,750,000 of
      the Company’s units (including up to 3,750,000 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 “Class A
          Common Stock”), and one-half of one redeemable warrant. 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
      as described in the Prospectus (as defined below). 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 Units have been approved for listing 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 Arrowroot
      Acquisition LLC (the “Sponsor”) and the undersigned individuals, each of whom is a member of the Company’s
      board of directors and/or management team (each of the undersigned individuals, 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 stockholder approval of a proposed Business Combination, then in
      connection with such proposed Business Combination, it, he or she shall (i) vote any shares of Common Stock (as defined below)
      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 stockholder approval. If the Company seeks to consummate a proposed Business Combination
      by engaging in a tender offer, the Sponsor and each Insider agrees that it, he or she will not sell or tender any shares of Common
      Stock owned by it, him or her in connection therewith.

   

  2.
      The Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within
      24 months from the closing of the Public Offering, or such later period approved by the Company’s stockholders in accordance
      with the Company’s amended and restated certificate of incorporation (as it may be amended from time to time, the “Charter”),
      the Sponsor and each Insider shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose
      of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the shares
      of Class A 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 (which interest shall be net of taxes payable and 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 Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any),
      and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining
      stockholders and the Company’s board of directors, liquidate and dissolve, 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
      to not propose any 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 does not complete a Business Combination within the required time period set forth in the
      Charter or with respect to any other material provisions relating to stockholders’ rights or pre-initial business combination
      activity, unless the Company provides its Public Stockholders with the opportunity to redeem their Offering Shares upon approval
      of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account,
      including interest earned on the funds held in the Trust Account (which interest shall be net of taxes payable and up to $100,000
      of interest to pay dissolution expenses), 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 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, any redemption rights it, he or she may have in connection with (A) the consummation of
      a Business Combination, including, without limitation, any such rights available in the context of a stockholder vote to approve
      such Business Combination, or (B) a stockholder 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 with respect to any other material provisions relating to stockholders’
      rights or pre-initial business combination activity or in the context of a tender offer made by the Company to purchase Offering
      Shares (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.
      Notwithstanding the provisions set forth in 7(a) and (b) below, during the period commencing on the effective 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
      Representatives, (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 Common Stock, Founder Shares, Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Common
      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 Common Stock, Founder Shares, Warrants or any securities convertible
      into, or exercisable, or exchangeable for, shares of Common 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,
      including the filing of a registration statement, specified in clause (i) or (ii). The provisions of this paragraph will not apply
      (i) to the transfer of Founder Shares to any independent director appointed or elected to the Company’s board of directors
      after the Public Offering or (ii) if the release or waiver is effected solely to permit a transfer not for consideration and,
      in each case the transferee has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent
      and for the duration that such terms remain in effect at the time of the transfer.

   

  4.
      In the event of the liquidation of the Trust Account upon the failure of the Company to consummate its initial Business Combination
      within the time period set forth in the Charter, the Sponsor (which for purposes of clarification shall not extend to any other
      shareholders, members or managing managers of 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 (x) shall 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 taxes payable, (y) shall not apply to any claims by a third party or a Target which executed
      a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) and (z) shall
      not apply to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities
      under the Securities Act of 1933, as amended. In the event that any such executed waiver
        by a third party or a Target is deemed to be unenforceable against such third party or Target, the Sponsor shall not be responsible
        to the extent of any liability for such third-party claims. The Indemnitor shall have the right to defend against any such
      claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice
      of the claim to the Indemnitor, the Indemnitor notifies the Company in writing that it shall undertake such defense. For
        the avoidance of doubt, none of the Company’s officers or directors will indemnify the Company for claims by third parties,
        including, without limitation, claims by vendors and prospective target businesses.

   

  
     

    
      

    

  

   

   

  5.
      To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 3,750,000 Units
      within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at
      no cost, a number of Founder Shares in the aggregate equal to 937,500 multiplied by a fraction, (i) the numerator of which is
      3,750,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the
      denominator of which is 3,750,000. The forfeiture will be adjusted to the extent that the over-allotment option is not exercised
      in full by the Underwriters so that the Founder Shares will represent an aggregate of 20.0% of the Company’s issued and
      outstanding shares of Class A Common Stock after the Public Offering (not including shares of Class A Common Stock underlying
      the Warrants or Private Placement Warrants (as defined below)). The Sponsor further agrees that to the extent that the size of
      the Public Offering is increased or decreased, the Company will purchase or sell shares or effect a share repurchase or share
      capitalization, as applicable, immediately prior to the consummation of the Public Offering in such amount as to maintain the
      ownership of the initial shareholders prior to the Public Offering at 20.0% of its issued and outstanding Capital Shares upon
      the consummation of the Public Offering. In connection with such increase or decrease in the size of the Public Offering, then
      (A) the references to 3,750,000 in the numerator and denominator of the formula in the first sentence of this paragraph shall
      be changed to a number equal to 15% of the number of Public Shares included in the Units issued in the Public Offering and (B)
      the reference to 937,500 in the formula set forth in the first sentence of this paragraph shall be adjusted to such number of
      Founder Shares that the Sponsor would have to surrender to the Company in order for the initial shareholders to hold an aggregate
      of 20.0% of the Company’s issued and outstanding shares of Class A Common Stock after the Public Offering (not including
      shares of Class A Common Stock underlying the Warrants or Private Placement Warrants).

   

  6.
      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 1, 2, 3, 4, 5, 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 any shares of Class A Common
      Stock issuable upon conversion thereof) until the earlier of (A) one year after the completion of the Company’s initial
      Business Combination and (B) subsequent to the Business Combination, (x) if the closing price of the Class A Common Stock equals
      or exceeds $12.00 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
      or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar
      transaction that results in all of the Company’s stockholders having the right to exchange their shares of Class A Common
      Stock 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 Warrants (or any share of Class
      A 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 Warrants 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 Warrants
      and shares of Class A 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 (i) to the Company’s officers or directors, any affiliate or family member of any of the Company’s
      officers or directors, any affiliate of the Sponsor or to any members of the Sponsor or any of their affiliates; (ii) in the case
      of an individual, by gift to a member of such individual’s immediate family or to a trust, the beneficiary of which is a
      member of such individual’s immediate family, an affiliate of such individual or to a charitable organization; (iii) in
      the case of an individual, by virtue of laws of descent and distribution upon death of such individual; (iv) in the case of an
      individual, pursuant to a qualified domestic relations order; (v) by private sales or transfers made in connection with any forward
      purchase agreement or any financing transaction or similar arrangement or in connection with the consummation of an initial Business
      Combination at prices no greater than the price at which each type of security was originally purchased; (vi) in the event of
      the Company’s liquidation prior to the completion of an initial Business Combination; (vii) by virtue of the laws of the
      State of Delaware (viii) the Amended and Restated Operating Agreement of the Sponsor, as amended, supplemented or modified, from
      time to time ; or (ix) in the event of the Company’s liquidation, merger, capital stock exchange or other similar transaction
      which results in all of the Company’s stockholders having the right to exchange their shares of Class A Common Stock for
      cash, securities or other property subsequent to the Company’s completion of an initial Business Combination; provided,
      however, that in the case of clauses (a) through (f), these permitted transferees must enter into a written agreement with the
      Company agreeing to be bound by the transfer restrictions herein and the other restrictions contained in this Agreement (including
      provisions relating to voting, the Trust Account and liquidating distributions).

   

  
     

    
      

    

  

   

  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. The Sponsor and each Insider’s questionnaire furnished to the Company is true and accurate in all respects.
      The Sponsor and 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.

   

  9.
      Except as disclosed in the Prospectus, neither the Sponsor nor any officer, nor any affiliate of the Sponsor or any officer, nor
      any director of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting fee, non-cash payments,
      monies in respect of any repayment of a loan or other compensation prior to, or in connection with any services rendered in order
      to effectuate, the consummation of the Company’s initial Business Combination (regardless of the type of transaction that
      it is), other than the following, none of which will be made from the proceeds held in the Trust Account prior to the completion
      of the initial Business Combination: repayment of a loan and advances up to an aggregate of $300,000 made to the Company by the
      Sponsor to cover offering-related and organizational expenses; payment to an affiliate of the Sponsor for certain office space,
      secretarial and administrative support as may be reasonably required by the Company for a total of $20,000 per month; cash compensation
      to an affiliate of the Sponsor, for any financial advisory, placement agency or other similar investment banking services that
      such affiliate may provide to our company, in connection with our initial Business Combination, including, but not limited to,
      the Marketing Fee (as defined in the Prospectus) payable to the Representative and an affiliate of the Sponsor, upon the consummation
      of our initial business combination, and reimbursement to such affiliate for any out-of-pocket expenses incurred by it in connection
      with the performance of such services; reimbursement for any reasonable out-of-pocket expenses related to identifying, investigating,
      negotiating and consummating an initial Business Combination, and repayment of non-interest bearing loans which may be 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
      warrants of the post-business combination entity at a price of $1.00 per warrant at the option of the lender Such warrants would
      be identical to the Private Placement Warrants (as defined below), including as to exercise price, exercisability and exercise
      period.

   

  10.
      The Sponsor and each Insider 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, as applicable, to serve as an officer and/or director on the board of directors of the Company and hereby consents
      to being named in the Prospectus as an officer and/or director of the Company.

   

  
     

    
      

    

  

   

  11.
      As used herein, (i) “Business Combination” shall mean a merger, capital stock exchange, asset acquisition,
      stock purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Common
          Stock” shall mean the Class A common stock and Class B common stock, par value $0.0001 per share (“Class
          B Common Stock”); (iii) “Founder Shares” shall mean the 7,187,500 shares of Class B common
      stock issued and outstanding (up to 937,500 Shares of which are subject to complete or partial forfeiture if the over-allotment
      option is not exercised by the Underwriters); (iv) “Initial Stockholders” shall mean the Sponsor and
      any Insider that holds Founder Shares; (v) “Private Placement Warrants” shall mean the 8,250,000 Warrants
      that the Sponsor has agreed to purchase for an aggregate purchase price of $8,250,000, or $1.00 per Warrant, in a private placement
      that shall occur simultaneously with the consummation of the Public Offering; (vi) “Public Stockholders”
      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 and the sale of the Private Placement Warrants
      shall be deposited; (viii) “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement
      to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or
      indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent
      position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the Commission promulgated thereunder
      with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any
      of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities,
      in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b); and
      (ix) “Warrants” shall mean the Private Placement Warrants and public warrants.

   

  12.
      The Company will maintain an insurance policy or policies providing directors’ and officers’ liability insurance,
      and each Director shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of
      the coverage available for any of the Company’s directors or officers.

   

  13.
      This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter
      hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral,
      to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement
      may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision,
      except by a written instrument executed by all parties hereto.

   

  14.
      No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the
      prior written consent of the other parties. Any purported assignment in violation of this paragraph 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.

   

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

   

  16.
      This Letter Agreement may be executed in any number of original 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.

   

  17.
      This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall
      not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu
      of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this
      Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and
      enforceable.

   

  
     

    
      

    

  

   

  18.
      This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York without
      giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
      The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this
      Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit
      to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive
      jurisdiction and venue or that such courts represent an inconvenient forum.

   

  19.
      Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be
      in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested),
      by hand delivery or facsimile transmission.

   

  20.
      This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation of the
      Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated
      by July 31, 2021; provided further that paragraph 4 of this Letter Agreement shall survive such liquidation.

   

  [Signature
        Page Follows]

   

   

  
     

    
      

    

  

   

  	 	Sincerely,
	 	 	 
	 	ARROWROOT ACQUISITION LLC
	 	 	 
	 	By:	 /s/ Matthew Safaii
	 	 	Name: Matthew Safaii
	 	 	Title:   Principal
	 	 	 
	 	By:	 /s/ Thomas Olivier
	 	 	Name: Thomas Olivier
	 	 	 
	 	By:	 /s/ Gaurav Dhillon
	 	 	Name: Gaurav Dhillon
	 	 	 
	 	By:	 /s/ Dixon Doll
	 	 	Name: Dixon Doll
	 	 	 
	 	By:	 /s/ Will Semple
	 	 	Name: Will Semple
	 	 	 
	 	By:	 /s/ Matthew Safaii
	 	 	Name: Matthew Safaii

  	 	 

  	Acknowledged and Agreed:	 
	 	 
	ARROWROOT ACQUISITION CORP.	 
	 	 	 
	By:	 /s/ Matthew Safaii	 
	 	Name: Matthew Safaii	 
	 	Title:   Chief Executive Officer 	 

   

  [Signature
        Page to Letter Agreement]

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