Document:

Exhibit 10.3

 

FORM OF INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (“Agreement”)
is made as of [  ], 2021 by and between Fifth Wall Acquisition Corp. I, a Delaware corporation (the “Company”),
and [            ] (“Indemnitee”).

 

RECITALS

 

WHEREAS, the Company desires to attract
and retain the services of highly qualified individuals, such as Indemnitee, to serve the Company;

 

WHEREAS, in order to induce Indemnitee to
provide services to the Company, the Company wishes to provide for the indemnification of, and advancement of expenses to, Indemnitee
to the maximum extent permitted by law;

 

WHEREAS, the Certificate of Incorporation
(the “Charter”) and the Bylaws (the “Bylaws”) of the Company require indemnification of the
officers and directors of the Company, and Indemnitee may also be entitled to indemnification pursuant to the General Corporation
Law of the State of Delaware (the “DGCL”);

 

WHEREAS, the Charter, the Bylaws and the
DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts
may be entered into between the Company and members of the board of directors, officers and other persons with respect to indemnification;

 

WHEREAS, the Board of Directors of the Company
(the “Board”) has determined that the increased difficulty in attracting and retaining highly qualified persons
such as Indemnitee is detrimental to the best interests of the Company’s stockholders;

 

WHEREAS, it is reasonable and prudent for
the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent
permitted by applicable law, regardless of any amendment or revocation of the Charter or the Bylaws, so that they will serve the
Company free from undue concern that they will not be so indemnified; and

 

WHEREAS, this Agreement is a supplement
to and in furtherance of the indemnification provided in the Charter, the Bylaws and any resolutions adopted pursuant thereto,
and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

NOW, THEREFORE, in consideration of the
premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1.             
Services to the Company.  Indemnitee agrees to serve as a director of the Company.  Indemnitee may at any time
and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by law), in
which event the Company shall have no obligation under this Agreement to continue Indemnitee in such position.  This Agreement
shall not be deemed an employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee.

 

Section 2.             
Definitions.

 

As used in this Agreement:

 

(a)          
 “Change in Control” shall mean [  ].

 

(b)          
 “Corporate Status” describes the status of a person as a current or former director of the Company or current
or former director, manager, partner, officer, employee, agent or trustee of any other Enterprise which such person is or was serving
at the request of the Company.

 

     

     

    

 

(c)          
 “Enforcement Expenses” shall include all reasonable attorneys’ fees, court costs, transcript costs, fees
of experts, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees,
and all other out-of-pocket disbursements or expenses of the types customarily incurred in connection with an action to enforce
indemnification or advancement rights, or an appeal from such action.  Expenses, however, shall not include fees, salaries,
wages or benefits owed to Indemnitee.

 

(d)          
 “Enterprise” shall mean any corporation (other than the Company), partnership, joint venture, trust, employee
benefit plan, limited liability company, or other legal entity of which Indemnitee is or was serving at the request of the Company
as a director, manager, partner, officer, employee, agent or trustee.

 

(e)          
 “Expenses” shall include all reasonable attorneys’ fees, court costs, transcript costs, fees of experts,
travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other
out-of-pocket disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing
to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding or an
appeal resulting from a Proceeding.  Expenses, however, shall not include amounts paid in settlement by Indemnitee, the amount
of judgments or fines against Indemnitee or fees, salaries, wages or benefits owed to Indemnitee.

 

(f)           
 “Independent Counsel” means a law firm, or a partner (or, if applicable, member or shareholder) of such a law
firm, that is experienced in matters of Delaware corporation law and neither presently is, nor in the past five (5) years
has been, retained to represent: (i) the Company, any subsidiary of the Company, any Enterprise or Indemnitee in any matter
material to any such party; or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. 
Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable
standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee
in an action to determine Indemnitee’s rights under this Agreement.  The Company agrees to pay the reasonable fees and
expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all expenses, claims,
liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

(g)          
The term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, alternate
dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding,
whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative, regulatory or investigative
nature, and whether formal or informal, in which Indemnitee was, is or will be involved as a party or otherwise by reason of the
fact that Indemnitee is or was a director of the Company or is or was serving at the request of the Company as a director, manager,
partner, officer, employee, agent or trustee of any Enterprise or by reason of any action taken by Indemnitee or of any action
taken on his or her part while acting as a director of the Company or while serving at the request of the Company as a director,
manager, partner, officer, employee, agent or trustee of any Enterprise, in each case whether or not serving in such capacity at
the time any liability or expense is incurred for which indemnification, reimbursement or advancement of expenses can be provided
under this Agreement; provided, however, that the term “Proceeding” shall not include any action, suit
or arbitration, or part thereof, initiated by Indemnitee to enforce Indemnitee’s rights under this Agreement as provided
for in Section 12(a) of this Agreement.

 

Section 3.             
Indemnity in Third-Party Proceedings.  The Company shall indemnify Indemnitee to the extent set forth in this Section 3
if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in
the right of the Company to procure a judgment in its favor.  Pursuant to this Section 3, Indemnitee shall be indemnified
against all Expenses, judgments, fines, penalties, excise taxes, and amounts paid in settlement actually and reasonably incurred
by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted
in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company and, in
the case of a criminal proceeding, had no reasonable cause to believe that his or her conduct was unlawful.

 

     

     

    

 

Section 4.              Indemnity
in Proceedings by or in the Right of the Company.  The Company shall indemnify Indemnitee to the extent set forth in
this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the
right of the Company to procure a judgment in its favor.  Pursuant to this Section 4, Indemnitee shall be
indemnified against all Expenses actually and reasonably incurred by Indemnitee or on his or her behalf in connection with
such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably
believed to be in or not opposed to the best interests of the Company.  No indemnification for Expenses shall be made
under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by
a court to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery (the
 “Delaware Court”) shall determine upon application that, despite the adjudication of liability but in view
of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such expenses
as the Delaware Court shall deem proper.

 

Section 5.             
Indemnification for Expenses of a Party Who is Wholly or Partly Successful.  Notwithstanding any other provisions of
this Agreement and except as provided in Section 7, to the extent that Indemnitee is a party to or a participant in any Proceeding
and is successful in such Proceeding or in defense of any claim, issue or matter therein, the Company shall indemnify Indemnitee
against all Expenses actually and reasonably incurred by him or her in connection therewith.  If Indemnitee is not wholly
successful in such Proceeding but is successful as to one or more but less than all claims, issues or matters in such Proceeding,
the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on his or her behalf
in connection with each successfully resolved claim, issue or matter.  For purposes of this Section and without limitation,
the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to
be a successful result as to such claim, issue or matter.

 

Section 6.             
Reimbursement for Expenses of a Witness or in Response to a Subpoena.  Notwithstanding any other provision of this
Agreement, to the extent that Indemnitee, by reason of his or her Corporate Status, (i) is a witness in any Proceeding to
which Indemnitee is not a party and is not threatened to be made a party or (ii) receives a subpoena with respect to any Proceeding
to which Indemnitee is not a party and is not threatened to be made a party, the Company shall reimburse Indemnitee for all Expenses
actually and reasonably incurred by him or her or on his or her behalf in connection therewith.

 

Section 7.             
Exclusions.  Notwithstanding any provision in this Agreement to the contrary, the Company shall not be obligated under
this Agreement:

 

(a)          
to indemnify for amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent
that Indemnitee has otherwise actually received such amounts under any insurance policy, contract, agreement or otherwise;

 

(b)          
to indemnify for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of
the Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions
of state statutory law or common law;

 

(c)          
to indemnify with respect to any Proceeding, or part thereof, brought by Indemnitee against the Company, any legal entity which
it controls, any director or officer thereof or any third party, unless (i) the Board has consented to the initiation of such
Proceeding or part thereof and (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers
vested in the Company under applicable law; provided, however, that this Section 7(d) shall not apply to
(A) counterclaims or affirmative defenses asserted by Indemnitee in an action brought against Indemnitee or (B) any action
brought by Indemnitee for indemnification or advancement from the Company under this Agreement or under any directors’ and
officers’ liability insurance policies maintained by the Company in the suit for which indemnification or advancement is
being sought as described in Section 12; or

 

(e)          
to provide any indemnification or advancement of expenses that is prohibited by applicable law (as such law exists at the time
payment would otherwise be required pursuant to this Agreement).

 

     

     

    

 

Section 8.              Advancement
of Expenses.  Subject to Section 9(b), the Company shall advance, to the extent not prohibited by law, the
Expenses incurred by Indemnitee in connection with any Proceeding, and such advancement shall be made within
[       (  ) days] after the receipt by the Company of a statement or statements
requesting such advances (including any invoices received by Indemnitee, which such invoices may be redacted as necessary to
avoid the waiver of any privilege accorded by applicable law) from time to time, whether prior to or after final disposition
of any Proceeding.  Advances shall be unsecured and interest free.  Advances shall be made without regard to
Indemnitee’s (i) ability to repay the expenses, (ii) ultimate entitlement to indemnification under the other
provisions of this Agreement, and (iii) entitlement to and availability of insurance coverage, including advancement,
payment or reimbursement of defense costs, expenses or covered loss under the provisions of any applicable insurance policy
(including, without limitation, whether such advancement, payment or reimbursement is withheld, conditioned or delayed by the
insurer(s)).  Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement
which shall constitute an undertaking providing that Indemnitee undertakes to the fullest extent required by law to repay the
advance if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final judgment, not
subject to appeal, that Indemnitee is not entitled to be indemnified by the Company.  The right to advances under this
paragraph shall in all events continue until final disposition of any Proceeding, including any appeal therein.  Nothing
in this Section 8 shall limit Indemnitee’s right to advancement pursuant to Section 12(e) of this
Agreement.

 

Section 9.             
Procedure for Notification and Defense of Claim.

 

(a)          
To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request therefor specifying
the basis for the claim, the amounts for which Indemnitee is seeking payment under this Agreement, and all documentation related
thereto as reasonably requested by the Company.

 

(b)          
In the event that the Company shall be obligated hereunder to provide indemnification for or make any advancement of Expenses with
respect to any Proceeding, the Company shall be entitled to assume the defense of such Proceeding, or any claim, issue or matter
therein, with counsel approved by Indemnitee (which approval shall not be unreasonably withheld or delayed) upon the delivery to
Indemnitee of written notice of the Company’s election to do so.  After delivery of such notice, approval of such counsel
by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement
for any fees or expenses of separate counsel subsequently employed by or on behalf of Indemnitee with respect to the same Proceeding;
provided that (i) Indemnitee shall have the right to employ separate counsel in any such Proceeding at Indemnitee’s
expense and (ii) if (A) the employment of separate counsel by Indemnitee has been previously authorized by the Company,
(B) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and Indemnitee
in the conduct of such defense, or (C) the Company shall not continue to retain such counsel to defend such Proceeding, then
the fees and expenses actually and reasonably incurred by Indemnitee with respect to his or her separate counsel shall be Expenses
hereunder.

 

(c)          
In the event that the Company does not assume the defense in a Proceeding pursuant to paragraph (b) above, then the Company
will be entitled to participate in the Proceeding at its own expense.

 

(d)          
The Company shall not be liable to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding
effected without its prior written consent (which consent shall not be unreasonably withheld or delayed).  Without limiting
the generality of the foregoing, the fact that an insurer under an applicable insurance policy delays or is unwilling to consent
to such settlement or is or may be in breach of its obligations under such policy, or the fact that directors’ and officers’
liability insurance is otherwise unavailable or not maintained by the Company, may not be taken into account by the Company in
determining whether to provide its consent. The Company shall not, without the prior written consent of Indemnitee (which consent
shall not be unreasonably withheld or delayed), enter into any settlement which (i) includes an admission of fault of Indemnitee,
any non-monetary remedy imposed on Indemnitee or any monetary damages for which Indemnitee is not wholly and actually indemnified
hereunder or (ii) with respect to any Proceeding with respect to which Indemnitee may be or is made a party or may be otherwise
entitled to seek indemnification hereunder, does not include the full release of Indemnitee from all liability in respect of such
Proceeding.

 

     

     

    

 

Section 10.           
Procedure Upon Application for Indemnification.

 

(a)          
Upon written request by Indemnitee for indemnification pursuant to Section 9(a), a determination, if such determination
is required by applicable law, with respect to Indemnitee’s entitlement to indemnification hereunder shall be made in
the specific case by one of the following methods:  (x) if a Change in Control shall have occurred, by Independent
Counsel in a written opinion to the Board; or (y) if a Change in Control shall not have occurred: (i) by a majority
vote of the disinterested directors, even though less than a quorum; (ii) by a committee of disinterested directors
designated by a majority vote of the disinterested directors, even though less than a quorum; or (iii) if there are no
disinterested directors or if the disinterested directors so direct, by Independent Counsel in a written opinion to the
Board.  For purposes hereof, disinterested directors are those members of the Board who are not parties to the action,
suit or proceeding in respect of which indemnification is sought.  In the case that such determination is made by
Independent Counsel, a copy of Independent Counsel’s written opinion shall be delivered to Indemnitee and, if it is so
determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within [ten (10) to
forty-five (45)] days after such determination.  Indemnitee shall cooperate with the Independent Counsel or the
Company, as applicable, in making such determination with respect to Indemnitee’s entitlement to indemnification,
including providing to such counsel or the Company, upon reasonable advance request, any documentation or information which
is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably
necessary to such determination.  Any out-of-pocket costs or expenses (including reasonable attorneys’ fees and
disbursements) actually and reasonably incurred by Indemnitee in so cooperating with the Independent Counsel or the Company
shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and
the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(b)          
If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 10(a), the
Independent Counsel shall be selected by the Board if a Change in Control shall not have occurred or, if a Change in Control shall
have occurred, by Indemnitee.  Indemnitee or the Company, as the case may be, may, within ten (10) days after written
notice of such selection, deliver to the Company or Indemnitee, as the case may be, a written objection to such selection; provided,
however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the
requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth
with particularity the factual basis of such assertion.  Absent a proper and timely objection, the person so selected shall
act as Independent Counsel.  If such written objection is so made and substantiated, the Independent Counsel so selected may
not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware Court has determined that such objection
is without merit.  If, within twenty (20) days after the later of (i) submission by Indemnitee of a written request for
indemnification pursuant to Section 9(a), and (ii) the final disposition of the Proceeding, including any appeal therein,
no Independent Counsel shall have been selected without objection, either Indemnitee or the Company may petition the Delaware Court
for resolution of any objection which shall have been made by Indemnitee or the Company to the selection of Independent Counsel
and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall
designate.   The person with respect to whom all objections are so resolved or the person so appointed shall act as Independent
Counsel under Section 10(a) hereof.  Upon the due commencement of any judicial proceeding or arbitration pursuant
to Section 12(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility
in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

(c)          
Notwithstanding anything to the contrary contained in this Agreement, the determination of entitlement to indemnification under
this Agreement shall be made without regard to the Indemnitee’s entitlement to and availability of insurance coverage, including
advancement, payment or reimbursement of defense costs, expenses or covered loss under the provisions of any applicable insurance
policy (including, without limitation, whether such advancement, payment or reimbursement is withheld, conditioned or delayed by
the insurer(s)).

 

Section 11.          
Presumptions and Effect of Certain Proceedings.

 

(a)          
To the extent permitted by applicable law, in making a determination with respect to entitlement to indemnification hereunder,
it shall be presumed that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request
for indemnification in accordance with Section 9(a) of this Agreement, and the Company shall have the burden of proof
to overcome that presumption in connection with the making of any determination contrary to that presumption.

 

(b)          
The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon
a plea of guilty, nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement)
of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good
faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with
respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

 

     

     

    

 

(c)          
The knowledge and/or actions, or failure to act, of any director, manager, partner, officer, employee, agent or trustee of the
Company, any subsidiary of the Company, or any Enterprise shall not be imputed to Indemnitee for purposes of determining the right
to indemnification under this Agreement.

 

Section 12.           
Remedies of Indemnitee.

 

(a)          
Subject to Section 12(f), in the event that (i) a determination is made pursuant to Section 10 of this Agreement
that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant
to Section 8 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant
to Section 10(a) of this Agreement within sixty (60) days after receipt by the Company of the request for indemnification
for which a determination is to be made other than by Independent Counsel, (iv) payment of indemnification or reimbursement
of expenses is not made pursuant to Section 5 or 6 or the last sentence of Section 10(a) of this Agreement within
[ten (10) to forty-five (45)] days after receipt by the Company of a written request therefor (including any invoices
received by Indemnitee, which such invoices may be redacted as necessary to avoid the waiver of any privilege accorded by applicable
law) or (v) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made within [ten (10) to
forty-five (45)] days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall
be entitled to an adjudication by the Delaware Court of his or her entitlement to such indemnification or advancement.  Alternatively, Indemnitee,
at his or her option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration
Rules of the American Arbitration Association.  Indemnitee shall commence such proceeding seeking an adjudication or
an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding
pursuant to this Section 12(a); provided, however, that the foregoing time limitation shall not apply in respect
of a proceeding brought by Indemnitee to enforce his or her rights under Section 5 of this Agreement.  The Company shall
not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

(b)          
In the event that a determination shall have been made pursuant to Section 10(a) of this Agreement that Indemnitee is
not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 12 shall be conducted
in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse
determination.  In any judicial proceeding or arbitration commenced pursuant to this Section 12, the Company shall have
the burden of proving Indemnitee is not entitled to indemnification or advancement, as the case may be.

 

(c)          
If a determination shall have been made pursuant to Section 10(a) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

(d)          
The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12
that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court
or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 

(e)          
The Company shall indemnify Indemnitee to the fullest extent permitted by law against any and all Enforcement Expenses and, if
requested by Indemnitee, shall (within [ten (10) to forty-five (45)] days after receipt by the Company of a written
request therefor) advance, to the extent not prohibited by law, such Enforcement Expenses to Indemnitee, which are incurred by
Indemnitee in connection with any action brought by Indemnitee for indemnification or advancement from the Company under this Agreement
or under any directors’ and officers’ liability insurance policies maintained by the Company in the suit for which
indemnification or advancement is being sought.  Such written request for advancement shall include invoices received by Indemnitee
in connection with such Enforcement Expenses but, in the case of invoices in connection with legal services, any references to
legal work performed or to expenditures made that would cause Indemnitee to waive any privilege accorded by applicable law need
not be included with the invoice.

 

     

     

    

 

(f)           
Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement
shall be required to be made prior to the final disposition of the Proceeding, including any appeal therein.

 

Section 13.          
Non-exclusivity; Survival of Rights; Insurance; Subrogation.

 

(a)          
The rights of indemnification and to receive advancement as provided by this Agreement shall not be deemed exclusive of any other
rights to which Indemnitee may at any time be entitled under applicable law, the Charter, the Bylaws, any agreement, a vote of
stockholders or a resolution of directors, or otherwise.  No amendment, alteration or repeal of this Agreement or of any provision
hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee
in his or her Corporate Status prior to such amendment, alteration or repeal.  To the extent that a change in Delaware law,
whether by statute or judicial decision, permits greater indemnification or advancement than would be afforded currently under
the Charter, Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the
greater benefits so afforded by such change.  No right or remedy herein conferred is intended to be exclusive of any other
right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

(b)          
To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, managers,
partners, officers, employees, agents or trustees of the Company or of any other Enterprise, Indemnitee 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 such director,
manager, partner, officer, employee, agent or trustee under such policy or policies.  If, at the time of the receipt of a
notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company
shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in
the respective policies.

 

(d)          
In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(e)          
The Company’s obligation to provide indemnification or advancement hereunder to Indemnitee who is or was serving at the request
of the Company as a director, manager, partner, officer, employee, agent or trustee of any other Enterprise shall be reduced by
any amount Indemnitee has actually received as indemnification or advancement from such other Enterprise.

 

Section 14.           
Duration of Agreement.  This Agreement shall continue until and terminate upon the later of: (a) ten (10) years
after the date that Indemnitee shall have ceased to serve as a director of the Company or (b) one (1) year after the
final termination of any Proceeding, including any appeal, then pending in respect of which Indemnitee is granted rights of indemnification
or advancement hereunder and of any proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement relating thereto. 
This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit of Indemnitee and
his or her heirs, executors and administrators.  The Company shall require and cause any successor (whether direct or indirect
by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets
of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform
this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had
taken place.

 

Section 15.              Waiver
of Claims Against Trust Account. Notwithstanding anything to the contrary in this Agreement, the Indemnitee and the
Company, on behalf of itself, its affiliates, its and their equityholders and any of its or their respective representatives
(i) acknowledges and agrees that (A) the Company has established a trust account for the benefit of the Company and certain
of its existing equityholders, and (B) none of the Indemnitee, the Company, its or their affiliates, its or their respective
equityholders or any of its or their respective representatives has any right, title, interest or claim of any kind arising
from this Agreement or otherwise in or to any monies in such trust account or any distributions or payments therefrom (each,
a “Claim”) and (ii) hereby waives any Claim arising from this Agreement or otherwise and agrees not
to seek recourse against such trust account for any reason whatsoever.

 

     

     

    

 

Section 16.           
Severability.  If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable
for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including,
without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or
unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall
remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the
extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to
the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this
Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall be construed so as to give effect to the intent manifested thereby.

 

Section 17.           
Enforcement.

 

(a)          
The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director of the Company, and the Company acknowledges that Indemnitee is relying upon
this Agreement in serving as a director of the Company.

 

(b)          
This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Charter, the Bylaws and
applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

Section 18.           
Modification and Waiver.  No supplement, modification or amendment, or waiver of any provision, of this Agreement shall
be binding unless executed in writing by the parties thereto.  No waiver of any of the provisions of this Agreement shall
be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver. 
No supplement, modification or amendment of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee
under this Agreement in respect of any action taken or omitted by such Indemnitee prior to such supplement, modification or amendment.

 

Section 19.           
Notice by Indemnitee.  Indemnitee agrees promptly to notify the Company in writing upon being served with any summons,
citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject
to indemnification, reimbursement or advancement as provided hereunder.  The failure of Indemnitee to so notify the Company
shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise.

 

Section 20.           
Notices.  All notices, requests, demands and other communications under this Agreement shall be in writing and shall
be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication
shall have been directed, (ii) mailed by certified or registered mail with postage prepaid, on the third business day after
the date on which it is so mailed, (iii) mailed by reputable overnight courier and receipted for by the party to whom said
notice or other communication shall have been directed or (iv) sent by facsimile transmission, with receipt of oral confirmation
that such transmission has been received:

 

(a)          
If to Indemnitee, at such address as Indemnitee shall provide to the Company.

 

(b)          
If to the Company to:

 

Fifth Wall Acquisition Corp.
I

6060 Center Drive 10th
Floor

Los Angeles, California 90045

Attention:
Brendan Wallace

 

or to any other address as may have been furnished to Indemnitee
by the Company.

 

     

     

    

 

Section 21.           
Contribution.  To the fullest extent permissible under applicable law, if the indemnification provided for in this
Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute
to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement
and/or for Expenses, in connection with any Proceeding in such proportion as is deemed fair and reasonable in light of all of the
circumstances in order to reflect (i) the relative benefits received by the Company and Indemnitee in connection with the
event(s) and/or transaction(s) giving rise to such Proceeding; and/or (ii) the relative fault of the Company (and
its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transactions.

 

Section 22.           
Internal Revenue Code Section 409A.  The Company intends for this Agreement to comply with the Indemnification
exception under Section 1.409A-1(b)(10) of the regulations promulgated under the Internal Revenue Code of 1986, as amended
(the “Code”), which provides that indemnification of, or the purchase of an insurance policy providing for payments
of, all or part of the expenses incurred or damages paid or payable by Indemnitee with respect to a bona fide claim against Indemnitee
or the Company do not provide for a deferral of compensation, subject to Section 409A of the Code, where such claim is based
on actions or failures to act by Indemnitee in his or her capacity as a service provider of the Company.  The parties intend
that this Agreement be interpreted and construed with such intent.

 

Section 23.           
Applicable Law and Consent to Jurisdiction.  This Agreement and the legal relations among the parties shall be governed
by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. 
Except with respect to any arbitration commenced by Indemnitee pursuant to Section 12(a) of this Agreement, the Company
and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection
with this Agreement shall be brought only in the Delaware Court, and not in any other state or federal court in the United States
of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for
purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) consent to service of process
at the address set forth in Section 19 of this Agreement with the same legal force and validity as if served upon such party
personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding
in the Delaware Court, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought
in the Delaware Court has been brought in an improper or inconvenient forum.

 

Section 24.           
Headings.  The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed
to constitute part of this Agreement or to affect the construction thereof.

 

Section 25.           
Identical Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall for all purposes
be deemed to be an original but all of which together shall constitute one and the same Agreement.  Only one such counterpart
signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

[Remainder of Page Intentionally Left
Blank]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have caused
this Agreement to be signed as of the day and year first above written.

 

	 	FIFTH WALL ACQUISITION CORP. I
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	[Name of Indemnitee]Exhibit 10.4

 

January [_], 2021

 

Fifth Wall Acquisition Corp. I

6060 Center Drive 10th Floor

Los Angeles, California 90045

 

Re:        
Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
entered into by and among Fifth Wall Acquisition Corp. I, a Delaware corporation (the “Company”), Goldman
Sachs & Co. LLC and Deutsche Bank Securities Inc. as representatives (the “Representatives”) 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-third 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 Company has applied to have the Units listed on the Nasdaq
Capital Market. Certain capitalized terms used herein are defined in paragraph 11 hereof.

 

In order to induce the Company and the Underwriters
to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, each of Fifth Wall Acquisition Sponsor, 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 and not previously released to the Company to pay its taxes (less 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’ (as defined below) 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 and not previously
released to the Company to pay its taxes, divided by the number of then outstanding Offering Shares.

 

     

     

    

 

The Sponsor and each Insider acknowledges
that it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other
asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares (as defined below) 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.	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 (including, but not limited to, 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 (including, but not limited to, 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
specified in clause (i) or (ii)[; provided, however, that the foregoing does not apply to the forfeiture of any Founder Shares
pursuant to their terms or any transfer of Founder Shares to any current or future independent director of the company (as long
as such current or future independent director transferee is subject to this Letter Agreement or executes an agreement substantially
identical to the terms of this Letter Agreement, as applicable to directors and officers at the time of such transfer; and as
long as, to the extent any Section 16 reporting obligation is triggered as a result of such transfer, any related Section 16 filing
includes a practical explanation as to the nature of the transfer)]1.
Each of the Insiders and the Sponsor acknowledges and agrees that, prior to the effective date of any release or waiver, of the
restrictions set forth in this paragraph 3 or paragraph 7 below, the Company shall announce the impending release or waiver by
press release through a major news service at least two business days before the effective date of the release or waiver. Any
release or waiver granted shall only be effective two business days after the publication date of such press release. The provisions
of this paragraph will not apply if the release or waiver is effected solely to permit a transfer not for consideration and the
transferee has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration
that such terms remain in effect at the time of the transfer. Notwithstanding the foregoing, nothing in this Section 3 will
prohibit (1) the issuance and sale of Private Placement Warrants (as defined below), (2) the issuance and sale of any
Units in the Public Offering, including any Units issued and sold to cover over-allotments, if any, (3) the registration
with the SEC pursuant to an agreement to be entered into concurrently with the execution of this Agreement, the resale of the
Private Placement Warrants and shares of Class A common stock of the Company issuable upon exercise of the Private Placement
Warrants and the Founder Shares and (4) issuance of securities in connection with a Business Combination.

 

 

1
Note to Goodwin: Consider adding in light of disclosure on p. 144 of S-1.

 

     

     

    

 

		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 (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. The Indemnitor shall have the right to defend against any such claim with counsel
of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the
Indemnitor, the Indemnitor notifies the Company in writing that it shall undertake such defense.

 

		5.	To the extent that the Underwriters do not exercise their
over-allotment option to purchase 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 Units 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), and 7(b), 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 (a) to the
Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, to
the Sponsor, any members or partners of the Sponsor or their affiliates, or any affiliates of the Sponsor; (b) 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; (c) in
the case of an individual, by virtue of laws of descent and distribution upon death of such individual; (d) in the case of
an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with
any forward purchase agreement or similar arrangement or in connection with the consummation of an initial Business Combination
at prices no greater than the price at which the securities were originally purchased; (f) by virtue of the laws of the State
of Delaware or the Sponsor’s limited liability company agreement upon dissolution of the Sponsor; (g) to the Company
for no value for cancellation in connection with the consummation of a Business Combination; (h) in the event of the Company’s
liquidation prior to the consummation of a Business Combination; or (i) 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; reimbursement for any reasonable out-of-pocket
expenses related to identifying, investigating, negotiating and completing an initial Business Combination, and repayment of loans,
if any, and on such terms as to be determined by the Company from time to time, made by the Sponsor or an affiliate of the Sponsor
or any of the Company’s officers or 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 at a price of $1.50 per warrant at
the option of the lender. Such warrants would be identical to the Private Placement Warrants, 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; (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 up to 4,833,333 Warrants (or up to 5,333,333 Warrants if the over-allotment option is exercised in full) that the
Sponsor has agreed to purchase for an aggregate purchase price of $7,249,999.50 (or $7,999,999.50 if the over-allotment option
is exercised in full), or $1.50 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. 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 or 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.	[Each party hereto shall not be liable for any breaches
or misrepresentations contained in this Letter Agreement by any other party to this Letter Agreement, and no party shall be liable
or responsible for the obligations of another party, including, without limitation, indemnification obligations and notice obligations.]2

 

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

 

[Signature Page Follows]

 

 

2
Note to Goodwin: Consider adding.

 

     

     

    

 

	 	Sincerely,
	 	 
	 	 
	 	FIFTH WALL ACQUISITION SPONSOR, LLC
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:   Manager
	 	 
	 	 
	 	 
	 	 

 

Acknowledged and Agreed:

 

FIFTH WALL ACQUISITION CORP. I

 

	 	 	 
	By:	 	 
	 	Name: 	 
	 	Title: Chief Executive Officer	 

 

[Signature Page to Letter Agreement]

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