Document:

Exhibit 4.1

 

RIGHTS
AGREEMENT

 

This
Rights Agreement (this “Agreement”) is made as of December 20, 2021 between Sagaliam Acquisition Corp., a Delaware corporation
(the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation, with offices at 1 State Street,
30th Floor, New York, New York 10004 (the “Rights Agent”).

 

WHEREAS,
the Company is engaged in a public offering (“Public Offering”) of units, each unit (“Unit”) comprised of one
share of Class A common stock with par value $0.0001 per share of the Company (“Common Stock”) and one right to receive one-eighth
of one share of Common Stock (each a “Right” and collectively, the “Rights”), subject to adjustment, upon the
happening of the triggering event described herein;

 

WHEREAS,
in connection with the Public Offering, the Company will issue and deliver up to 10,000,000 Rights (or up to 11,500,000 Rights if the
underwriters’ over-allotment option is exercised in full) to the public investors;

 

WHEREAS,
the Company’s sponsor (as defined in the Registration Statement) has agreed to purchase up to 370,000 Units (or up to 400,000 Units
if the underwriters’ over-allotment option is exercised in full), and in connection therewith, the Company will issue and deliver
up to an aggregate of 370,000 Rights (or up to 400,000 Rights if the underwriters’ over-allotment option is exercised in full)
as part of such Units upon consummation of such private placement;

 

WHEREAS,
the Company may issue up to 150,000 Units upon conversion of certain working capital loans made by the Company to the sponsor (as defined
in the Registration Statement) or an affiliate of the sponsor or certain of the Company’s officers and directors, and in connection
therewith, the Company will issue and deliver up to an aggregate of 150,000 Rights as part of such Units upon consummation of such conversion;

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, File
No. 333-256473 (“Registration Statement”), and related Prospectus (“Prospectus”) for the registration, under
the Securities Act of 1933, as amended (“Act”), of, among other securities, the Rights and the Common Stock issuable to the
holders of the Rights underlying the Units to be sold in the Public Offering; WHEREAS, the Company desires the Rights Agent to act on
behalf of the Company, and the Rights Agent is willing to so act, in connection with the issuance, registration, transfer and exchange
of the Rights;

 

WHEREAS,
the Company desires to provide for the form and provisions of the Rights, the terms upon which they shall be issued, and the respective
rights, limitation of rights, and immunities of the Company, the Rights Agent, and the holders of the Rights; and

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Rights, when executed on behalf of the Company and countersigned
by or on behalf of the Rights Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the
execution and delivery of this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

	1.	Appointment
    of Rights Agent. The Company hereby appoints the Rights Agent to act as agent for the Company for the Rights, and the Rights
    Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this
    Agreement.
	 	 	 
	2.	Rights.
	 	 	 
	 	2.1	Form
    of Right. Each Right shall be issued in book-entry or certificated form. Any Rights issued in certificated form shall be in substantially
    the form of Exhibit A hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile
    signature of, the Chairman of the Board, Chief Executive Officer, or Chief Financial Officer of the Company . In the event the person
    whose facsimile signature has been placed upon any Right shall have ceased to serve in the capacity in which such person signed the
    Right before such Right is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of
    issuance.

 

    	 

    	 

    

 

	2.2	Effect
    of Countersignature. Unless and until countersigned by the Rights Agent pursuant to this Agreement, a certificated Right shall
    be invalid and of no effect and may not be exchanged for Common Stock.
	 	 
	2.3	Registration.
	 	 	 	 
	 	2.3.1.	Right
    Register. The Rights Agent shall maintain books (“Right Register”) for the registration of original issuance and
    the registration of transfer of the Rights. Upon the initial issuance of the Rights, the Rights Agent shall issue and register the
    Rights in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered
    to the Rights Agent by the Company.
	 	 	 
	 	2.3.2.	Registered
    Holder. Prior to due presentment for registration of transfer of any Right, the Company and the Rights Agent may deem and treat
    the person in whose name such Right shall be registered upon the Right Register (“registered holder”) as the absolute
    owner of such Right and of each Right represented thereby (notwithstanding any notation of ownership or other writing on a Right
    Certificate made by anyone other than the Company or the Rights Agent), for the purpose of the exchange thereof, and for all other
    purposes, and neither the Company nor the Rights Agent shall be affected by any notice to the contrary.
	 	 	 	 
	2.4	Detachability
    of Rights. The securities comprising the Units, including the Rights, will not be separately transferable until the earlier to
    occur of: (i) the 52nd day following the date of the Prospectus or (ii) the announcement by EF Hutton, division of Benchmark Investments,
    LLC (the “Representative”) of its intention to allow separate earlier trading, except that in no event will the securities
    comprising the Units be separately tradeable until the Company files a Current Report on Form 8-K with the SEC which includes an
    audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering including the proceeds received
    by the Company from the exercise of the over-allotment option, if the over-allotment option is exercised by the date thereof and
    the Company issues a press release and files a Current Report on Form 8-K with the SEC announcing when such separate trading shall
    begin.
	 	 
	3.	Terms
    and Exchange of Rights
	 	 	 	 
	 	3.1	Rights.
    Each Right shall entitle the holder thereof to receive one-eighth of one share of Common Stock upon the happening of an Exchange
    Event (defined below). No additional consideration shall be paid by a holder of Rights in order to receive his, her or its Common
    Stock upon an Exchange Event as the purchase price for such Common Stock has been included in the purchase price for the Units. In
    no event will the Company be required to net cash settle the Rights or issue fractional shares of Common Stock.
	 	 	 
	 	3.2	Exchange
    Event. An “Exchange Event” shall occur upon the Company’s consummation of an initial Business Combination (as
    described in the Company’s Amended and Restated Certificate of Incorporation).
	 	 	 
	 	3.3	Exchange
    of Rights.
	 	 	 	 
	 	 	3.3.1.	Issuance
    of Certificates. As soon as practicable upon the occurrence of an Exchange Event, (i) the Rights Agent shall automatically exchange
    all Rights held in book-entry form and issue to the registered holder of such Rights the number of whole shares of Common stock to
    which he, she or it is entitled in such holder’s name in book-entry form, and (ii) the Company shall direct holders of Rights
    held in certificated form to return their Rights Certificates to the Rights Agent. Upon receipt of a valid Rights Certificate, the
    Company shall issue to the registered holder of such Right(s) the number of whole shares of Common Stock to which he, she or it is
    entitled, registered in such name or names as may be directed by him, her or it and issue to such registered holder(s) a certificate
    or book-entry position for such shares. Notwithstanding the foregoing, or any provision contained in this Agreement to the contrary,
    in no event will the Company be required to net cash settle the Rights. The Company shall not issue fractional shares upon exchange
    of Rights. At the time of the Exchange Event, the Company will instruct the Right Agent to round down to the nearest whole share
    of Common Stock or otherwise inform it how fractional shares will be addressed in accordance with Delaware law, including the issuance
    of time-limited script for any such fractional shares in accordance with Section 155 of the Delaware General Corporation Law; provided,
    however, that holders of Rights shall have not less than 1 year from the date of the Exchange Event in order to exchange their Rights
    (or any script or warrant issued in lieu of fractional shares).

 

    	2

    	 

    

 

	 	 	3.3.2.	Valid
    Issuance. All shares of Common Stock issued upon an Exchange Event in conformity with this Agreement shall be validly issued,
    fully paid and nonassessable.
	 	 	 	 
	 	 	3.3.3.	Date
    of Issuance. Each person in whose name any such certificate or book-entry position for shares of Common Stock is issued shall
    for all purposes be deemed to have become the holder of record of such shares on the date of the Exchange Event, irrespective of
    the date of delivery of such certificate or entry of position.
	 	 	 	 
	 	 	3.3.4.	Company
    Not Surviving Following Exchange Event. Upon an Exchange Event in which the Company does not continue as the publicly held reporting
    entity, the definitive agreement will provide for the holders of Rights to receive the same per share consideration the holders of
    the Common Stock will receive in such transaction, for the number of shares such holder is entitled to pursuant to Section 3.3.1
    above. If the Company does not continue as the publicly held reporting entity upon an Exchange Event, each holder of a Right will
    be required to affirmatively convert his/her or its rights in order to receive the 1/8 share underlying each right (without paying
    any additional consideration) upon consummation of the Exchange Event. In such a case, each holder of a Right will be required to
    indicate his, her or its election to convert the Rights into underlying shares as well as to return the original certificates evidencing
    the Rights to the Company.
	 	 	 	 
	 	3.4	Duration
    of Rights. The Rights shall expire and shall be worthless on the 1 year anniversary of the Exchange Event. If an Exchange Event does
    not occur within the time period set forth in the Company’s Amended and Restated Certificate of Incorporation, as the same
    may be amended from time to time, the Rights shall expire and shall be worthless.
	 	 	 
	4.	Transfer
    and Exchange of Rights.
	 	 	 
	 	4.1	Registration
    of Transfer. The Rights Agent shall register the transfer, from time to time, of any outstanding Right upon the Right Register,
    upon surrender of such Right for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions
    for transfer. Upon any such transfer, a new Right representing an equal aggregate number of Rights shall be issued and the old Right
    shall be cancelled by the Rights Agent. The Rights so cancelled shall be delivered by the Rights Agent to the Company from time to
    time upon request.
	 	 	 
	 	4.2	Procedure
    for Surrender of Rights. Rights may be surrendered to the Rights Agent, together with a written request for exchange or transfer,
    and thereupon the Rights Agent shall issue in exchange therefor one or more new Rights as requested by the registered holder of the
    Rights so surrendered, representing an equal aggregate number of Rights; provided, however, that in the event that a Right surrendered
    for transfer bears a restrictive legend and the new Rights to be issued will not bear a restrictive legend, the Rights Agent shall
    not cancel such Right and issue new Rights in exchange therefor until the Rights Agent has received an opinion of counsel for the
    Company stating that such transfer may be made and indicating no restrictive legend is required.
	 	 	 	 
	 	4.3	Fractional
    Rights. The Rights Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance
    of a Right Certificate for a fraction of a Right.
	 	 	 
	 	4.4	Service
    Charges. No service charge shall be made for any exchange or registration of transfer of Rights.

 

    	3

    	 

    

 

	 	4.5	Right
    Execution and Countersignature. The Rights Agent is hereby authorized to countersign and to deliver, in accordance with the terms
    of this Agreement, the Rights to be issued in certificated form required to be issued pursuant to the provisions of this Section
    4, and the Company, whenever required by the Rights Agent, will supply the Rights Agent with Rights duly executed on behalf of the
    Company for such purpose.
	 	 	 
	 	4.6	Adjustments
    to Conversion Ratios. The number of shares of common stock that the holders of Rights are entitled to receive as a result of
    the occurrence of the Exchange Event shall be equitably adjusted to reflect appropriately the effect of any share split, reverse
    share split, share dividend, reorganization, recapitalization, reclassification, combination, exchange of shares or other like change
    with respect to the shares of common stock occurring on or after the date hereof and prior to the Exchange Event.
	 	 	 
	5.	Other
    Provisions Relating to Rights of Holders of Rights.
	 	 	 
	 	5.1	No
    Rights as Shareholder. Until exchange of a Right as provided for herein, a Right does not entitle the registered holder thereof
    to any of the rights of a shareholder of the Company, including, without limitation, the right to receive dividends, or other distributions,
    exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders
    or the election of directors of the Company or any other matter.
	 	 	 
	 	5.2	Lost,
    Stolen, Mutilated, or Destroyed Rights. If any Right certificate is lost, stolen, mutilated, or destroyed, the Company and the
    Rights Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a
    mutilated Right certificate, include the surrender thereof), issue a new Right certificate of like denomination, tenor, and date
    as the Right certificate so lost, stolen, mutilated, or destroyed. Any such new Right certificate shall constitute a substitute contractual
    obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Right certificate shall be at any time
    enforceable by anyone.
	 	 	 
	 	5.3	Reservation
    of Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common
    Stock that will be sufficient to permit the exchange of all outstanding Rights issued pursuant to this Agreement.
	 	 	 
	6.	Concerning
    the Rights Agent and Other Matters.
	 	 	 
	 	6.1	Payment
    of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Rights
    Agent in respect of the issuance or delivery of shares of Common Stock upon the exchange of Rights, but the Company shall not be
    obligated to pay any transfer taxes in respect of the Rights or such shares of Common Stock.
	 	 	 
	 	6.2	Resignation,
    Consolidation, or Merger of Rights Agent.
	 	 	 	 
	 	 	6.2.1.	Appointment
    of Successor Rights Agent. The Rights Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
    from all further duties and liabilities hereunder after giving thirty (30) days’ notice in writing to the Company. If the office
    of the Rights Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
    Rights Agent in place of the Rights Agent. If the Company shall fail to make such appointment within a period of 30 days after it
    has been notified in writing of such resignation or incapacity by the Rights Agent or by the holder of the Right (who shall, with
    such notice, submit his, her or its Right for inspection by the Company), then the holder of any Right may apply to the Supreme Court
    of the State of New York for the County of New York for the appointment of a successor Rights Agent at the Company’s cost.
    Any successor Rights Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under
    the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of
    New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal
    or state authority. After appointment, any successor Rights Agent shall be vested with all the authority, powers, rights, immunities,
    duties, and obligations of its predecessor Rights Agent with like effect as if originally named as Rights Agent hereunder, without
    any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Rights Agent shall execute and
    deliver, at the expense of the Company, an instrument transferring to such successor Rights Agent all the authority, powers, and
    rights of such predecessor Rights Agent hereunder; and upon request of any successor Rights Agent the Company shall make, execute,
    acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor
    Rights Agent all such authority, powers, rights, immunities, duties, and obligations.

 

    	4

    	 

    

 

 

	 	 	6.2.2.	Notice
    of Successor Rights Agent. In the event a successor Rights Agent shall be appointed, the Company shall give notice thereof to
    the predecessor Rights Agent and the transfer agent for the shares of Common Stock not later than the effective date of any such
    appointment.
	 	 	 	 
	 	6.2.3.	 Merger or Consolidation of Rights Agent. Any corporation or other form of entity into which the Rights Agent may be merged
    or with which it may be consolidated or any corporation resulting from any merger or consolidation to which the Rights Agent shall
    be a party shall be the successor Rights Agent under this Agreement without any further act.
	 	 	 
	 	6.3	Fees
    and Expenses of Rights Agent.
	 	 	 
	 	6.3.1.	Remuneration.
    The Company agrees to pay the Rights Agent reasonable remuneration for its services as such Rights Agent hereunder and will reimburse
    the Rights Agent upon demand for all expenditures that the Rights Agent may reasonably incur in the execution of its duties hereunder.
	 	 	 
	 	6.3.2.	Further
    Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged,
    and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Rights Agent for
    the carrying out or performing of the provisions of this Agreement.
	 	 	 
	 	6.4	Liability
    of Rights Agent.
	 	 	 
	 	6.4.1.	Reliance
    on Company Statement. Whenever in the performance of its duties under this Agreement, the Rights Agent shall deem it necessary
    or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such
    fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved
    and established by a statement signed by the Chief Executive Officer or Chief Financial Officer and delivered to the Rights Agent.
    The Rights Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of
    this Agreement.
	 	 	 
	 	6.4.2.	Indemnity.
    The Rights Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. Subject to Section
    6.6 below, the Company agrees to indemnify the Rights Agent and save it harmless against any and all liabilities, including judgments,
    costs and reasonable counsel fees, for anything done or omitted by the Rights Agent in the execution of this Agreement except as
    a result of the Rights Agent’s gross negligence, willful misconduct, or bad faith.
	 	 	 
	 	6.4.3.	Exclusions.
    The Rights Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
    of any Right (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or
    condition contained in this Agreement or in any Right; nor shall it by any act hereunder be deemed to make any representation or
    warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Right
    or as to whether any shares of Common Stock will when issued be valid and fully paid and nonassessable.

 

    	5

    	 

    

 

	 	6.5	Acceptance
    of Agency. The Rights Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms
    and conditions herein set forth.
	 	 	 
	 	6.6	Waiver.
    The Rights Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”)
    in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the
    date hereof, by and between the Company and the Rights Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement,
    payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.
	 	 	 
	7.	Miscellaneous
    Provisions.
	 	 	 
	 	7.1	Successors.
    All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure
    to the benefit of their respective successors and assigns.
	 	 	 
	 	7.2	Notices.
    Any notice, statement or demand authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Right
    to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail
    or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed
    in writing by the Company with the Rights Agent), as follows:

 

Sagaliam
Acquisition Corp.

1800
Avenue of the Stars, Suite 1475

Los
Angeles, CA 90067

Attn:
Barry Kostiner, Chairman and Chief Executive Officer

 

Any
notice, statement or demand authorized by this Agreement to be given or made by the holder of any Right or by the Company to or on the
Rights Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier
service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Rights
Agent with the Company), as follows:

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, New York 10004

Attn:
Account Administration

 

with
a copy to:

Mayer
Brown LLP

1221
Avenue of the Americas

New
York, NY 10020

Attn:
Thomas Kollar, Esq. and Brian Hirshberg, Esq.

 

and

Loeb
& Loeb LLP

345
Park Avenue

New
York, NY 10154

Attn:
Mitchell S. Nussbaum, Esq. and David J. Levine, Esq.

 

and

 

EF
Hutton

division
of Benchmark Investments, LLC

590
Madison Avenue, 39th Floor

New
York, NY 10022

Attn.:
Edward Tsuker, Head of Capital Markets

 

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	 	7.3	Applicable
    Law and Exclusive Forum. The validity, interpretation,
    and performance of this Agreement and of the Rights shall be governed in all respects by the laws of the State of New York.
    Subject to applicable law, the Company hereby agrees that any action, proceeding or claim against it arising out of or relating in
    any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court
    for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive forum
    for any such action, proceeding or claim. The Company hereby waives any objection to such exclusive jurisdiction and that such courts
    represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought
    to enforce any liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United
    States of America are the sole and exclusive forum. Any person or entity purchasing or otherwise acquiring any interest in the Rights
    shall be deemed to have notice of and to have consented to the forum provisions in this Section 7.3. If any action is filed in a
    court other than a court located within the State of New York or the United States District Court for the Southern District of New
    York (a “foreign action”) in the name of any right holder, such right holder shall be deemed to have consented to: (x)
    the personal jurisdiction of the state and federal courts located within the State of New York or the United States District Court
    for the Southern District of New York in connection with any action brought in any such court to enforce the forum provisions (an
    “enforcement action”), and (y) having service of process made upon such right holder in any such enforcement action by
    service upon such right holder’s counsel in the foreign action as agent for such right holder.
	 	 	 
	 	7.4	Persons
    Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
    hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and
    the registered holders of the Rights and, for the purposes of Sections 7.4 and 7.8 hereof, the Representative, any right, remedy,
    or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representative
    shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 7.4 and 7.8 hereof. All covenants, conditions,
    stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto
    (and the Representative with respect to the Sections 7.4 and 7.8 hereof) and their successors and assigns and of the registered holders
    of the Rights. The provisions of this Section 7.4 may not be modified, amended or deleted without the prior written consent of the
    Representative.
	 	 	 
	 	7.5	Examination
    of the Right Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Rights Agent
    in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Right. The Rights Agent may
    require any such holder to submit his, her or its Right for inspection by it.
	 	 	 
	 	7.6	Counterparts.
    This 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.
	 	 	 
	 	7.7	Effect
    of Headings. The Section headings herein are for convenience only and are not part of this Agreement and shall not affect the
    interpretation thereof.
	 	 	 
	 	7.8	Amendments.
    This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity,
    or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with
    respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties
    deem shall not adversely affect the interest of the registered holders. All other modifications or amendments shall require the written
    consent or vote of the registered holders of a majority of the then outstanding Rights. The provisions of this Section 7.8 may not
    be modified, amended or deleted without the prior written consent of the Representative.
	 	 	 
	 	7.9	Severability.
    This 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 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 Agreement a provision as
    similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

[Signature
Page Follows]

 

    	7

    	 

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	SAGALIAM
    ACQUISITION CORP.:
	 	 	 
	 	By:	/s/
    Barry Kostiner
	 	Name:	Barry
    Kostiner
	 	Title:	Chairman
    and Chief Executive Officer
	 	 	 
	 	CONTINENTAL
    STOCK TRANSFER & TRUST COMPANY:
	 	 	 
	 	By:	/s/
    Douglas Reed
	 	Name:	Douglas
    Reed
	 	Title:	Vice
    President

 

[Signature
Page to Right Agreement]

 

    	 

    	 

    

 

EXHIBIT
A

 

	NUMBER
    

    SAGAR
	RIGHTS	 

SAGALIAM
ACQUISITION CORP.

INCORPORATED UNDER THE LAWS OF THE DELAWARE

RIGHT

 

SEE
REVERSE FOR

CERTAIN
DEFINITIONS

CUSIP
78661R 114

 

THIS
CERTIFIES THAT, for value received

 

is
the registered holder of a right or rights (each, a “Right”) to automatically receive one-eighth of one share of common stock,
$0.0001 par value (“Common Stock”), of Sagaliam Acquisition Corp. (the “Company”) for each Right evidenced by
this Rights Certificate on the Company’s completion of an initial business combination (as defined in the prospectus relating to
the Company’s initial public offering (“Prospectus”)) upon surrender of this Right Certificate pursuant to the Rights
Agreement between the Company and Continental Stock Transfer & Trust Company, as Rights Agent. In no event will the Company be required
to net cash settle any Right.

 

Upon
liquidation of the Company in the event an initial business combination is not consummated during the required period as identified in
the Company’s Amended and Restated Articles of Incorporation, the Right shall expire and be worthless. The holder of a Right shall
have no right or interest of any kind in the Company’s trust account (as defined in the Prospectus).

 

Upon
due presentment for registration of transfer of the Right Certificate at the office or agency of the Rights Agent, a new Right Certificate
or Right Certificates of like tenor and evidencing in the aggregate a like number of Rights shall be issued to the transferee in exchange
for this Right Certificate, without charge except for any applicable tax or other governmental charge. The Company shall not issue fractional
shares upon exchange of Rights. The Company reserves the right to deal with any fractional entitlement at the relevant time in any manner
(as provided in the Rights Agreement).

 

The
Company and the Rights Agent may deem and treat the registered holder as the absolute owner of this Right Certificate (notwithstanding
any notation of ownership or other writing hereon made by anyone), for the purpose of any conversion hereof, of any distribution to the
registered holder, and for all other purposes, and neither the Company nor the Right Agent shall be affected by any notice to the contrary.

 

This
Right does not entitle the registered holder to any of the rights of a shareholder of the Company.

 

    	1

    	 

    

 

	Dated:	 	 
	 	 	 
		 	
	CHAIRMAN	 	CHIEF
    FINANCIAL OFFICER
	 	 	 
		 	 
	Continental
    Stock Transfer & Trust Company, as Rights Agent	 	 

 

The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written
out in full according to applicable laws or regulations:

 

	TEN

                                                                                COM
	-	as
    tenants in common	 	UNIF

                                                                                GIFT

                                                                                MIN

                                                                                ACT
	-	 	Custodian	 
	 	 	 	 	 	 		 	
	TEN

                                                                           ENT
	-	as
    tenants by the entireties	 	 	 	(Cust)	 	(Minor)
	 	 	 	 	 	 	 	 	 
	JT

                                                                           TEN
	-	as
    joint tenants with right of survivorship and not as tenants in common	 	 	under
    Uniform Gifts to Minors Act
	 	 	 	 	 	
	 	 	 	 	 	 	(State)

 

Additional
Abbreviations may also be used though not in the above list.

 

Sagaliam
Acquisition Corp.

 

The
Company will furnish without charge to each shareholder who so requests the powers, designations, preferences and relative, participating,
optional or other special rights of each class of shares or series thereof of the Company and the qualifications, limitations, or restrictions
of such preferences and/or rights. This certificate and the rights represented thereby are issued and shall be held subject to all the
provisions of the Articles of Incorporation and all amendments thereto and resolutions of the Board of Directors providing for the issue
of shares of Common Stock (copies of which may be obtained from the secretary of the Company), to all of which the holder of this certificate
by acceptance hereof assents.

 

For
value received, ___________________________ hereby sell, assign and transfer unto

 

	PLEASE
    INSERT SOCIAL SECURITY OR

    OTHER

    IDENTIFYING
    NUMBER OF ASSIGNEE
	 

 

	 	 
	 

                                                                                 
	 

 

    	2

    	 

    

 

	(PLEASE
    PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	
	 
	 
	 
	 
	 
	 

 

 

rights
represented by the within Certificate, and do hereby irrevocably constitute and appoint

____________________________________________________________________________
Attorney to transfer said rights on the books of the within named Company will full power of substitution in the premises.

 

	Dated		 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	Notice:	 The signature to this assignment must correspond
with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

 

Signature(s)
Guaranteed:

 

		 
	THE
SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT
UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).
	 

 

The
holder of this certificate shall have no right or interest of any kind in or to the funds held in the Company’s trust account (as
defined in the Prospectus).

 

    	3Exhibit
10.1

 

December
20, 2021

Sagaliam
Acquisition Corp.

1800
Avenue of the Stars, Suite 1475

Los
Angeles, CA 90067

 

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 AgreementI”) entered into by and among Sagaliam Acquisition Corp., a Delaware corporation (the
“Company”), and EF Hutton, a division of Benchmark Investments, LLC, 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 11,500,000 of the Company’s
units (including up to 1,500,000 units that may be purchased to cover over-allotments, if any) (the “Units”),
each comprised of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”),
and one right (the “Right”). Each Right entitles the holder thereof to receive one-eighth (1/8) of one share
of Common Stock upon consummation of the initial business combination, subject to adjustment. The Units will be sold in the Public Offering
pursuant to a registration statement 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 Sagaliam 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 or an advisor of the Company (each, an “Insider” and collectively, the “Insiders”),
hereby agrees with the Company as follows:

 

	1.	The
                                            Sponsor and each Insider agrees that if the Company seeks 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 Capital Stock owned by it, him or her in favor of any
                                            proposed Business Combination and (ii) not redeem any shares of Common Stock owned by it,
                                            him or her in connection with such stockholder approval. If the Company engages in a tender
                                            offer in connection with any proposed Business Combination, the Sponsor and each Insider
                                            agrees that it, he or she will not seek to sell its, his or her shares of Capital Stock to
                                            the Company in connection with such tender offer.
	 	 
	2.	The
                                            Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate
                                            a Business Combination within the timeframe set forth in 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 10 business days thereafter, subject to lawfully available funds
                                            therefor, redeem 100% of the Common Stock sold as part of the Units in the Public Offering
                                            (the “Offering Shares”), at a per-share price, payable in cash,
                                            equal to the aggregate amount then on deposit in the Trust Account (as defined below), including
                                            interest earned on the funds held in the Trust Account and not previously released to the
                                            Company to pay its taxes (less up to $150,000 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
                                            liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably
                                            possible following such redemption, subject to the approval of the Company’s remaining
                                            stockholders and the Company’s board of directors, dissolve and liquidate, subject
                                            in the case of clauses (ii) and (iii) to the Company’s obligations under Delaware law
                                            to provide for claims of creditors and other requirements of applicable law. The Sponsor
                                            and each Insider agrees not to propose any amendment to the Charter to modify (i) the substance
                                            or timing of the ability of holders of Offering Shares to seek redemption in connection with
                                            a Business Combination or amendments to the Charter prior thereto or (ii) (A) the Company’s
                                            obligation to redeem 100% of the Offering Shares if the Company does not complete a Business
                                            Combination within such time set forth in the Charter or (B) any other provisions relating
                                            to stockholders’ rights or pre-initial Business Combination activity, unless the Company
                                            provides its public stockholders with the opportunity to redeem their shares of Common Stock
                                            upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
                                            amount then on deposit in the Trust Account, including interest earned on the funds held
                                            in the Trust Account and not previously released to the Company to pay its taxes, divided
                                            by the number of then outstanding Offering Shares.

 

    	1

    	 

    

 

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, whether acquired now or hereafter, any redemption rights it, he or she may have in connection with the consummation of
a Business Combination or amendments to the Charter prior thereto, including, without limitation, any such rights available in the context
of a stockholder vote to approve such Business Combination or a stockholder vote to approve an amendment to the Charter to modify (i)
(A) 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 (B) any other provisions relating to stockholders’ rights
or pre-initial Business Combination activity or (ii) in the context of a tender offer made by the Company to purchase shares of Common
Stock (although the Sponsor, the Insiders and their respective affiliates shall be entitled to redemption and liquidation rights with
respect to any Offering Shares it or they hold if the Company fails to consummate a Business Combination within the time period set forth
in the Charter).

 

	3.	During
                                            the period commencing on the date of the Underwriting Agreement and ending 180 days after
                                            such date, the Sponsor and each Insider shall not, without the prior written consent of the
                                            Representative, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge,
                                            grant any option to purchase or otherwise dispose of or agree to dispose of, directly or
                                            indirectly, or establish or increase a put equivalent position or liquidate or decrease a
                                            call equivalent position within the meaning of Section 16 of the Securities Exchange Act
                                            of 1934, as amended (the “Exchange Act”), and the rules and regulations
                                            of the Commission promulgated thereunder, with respect to any Units, shares of Capital Stock,
                                            Rights or any securities convertible into, or exercisable, or exchangeable for, shares of
                                            Capital Stock owned by it, him or her, (ii) enter into any swap or other arrangement that
                                            transfers to another, in whole or in part, any of the economic consequences of ownership
                                            of any Units, shares of Capital Stock, Rights or any securities convertible into, or exercisable,
                                            or exchangeable for, shares of Capital Stock owned by it, him or her, whether any such transaction
                                            is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly
                                            announce any intention to effect any transaction specified in clause (i) or (ii). Each of
                                            the Insiders and the Sponsor acknowledges and agrees that, prior to the effective date of
                                            any release or waiver, of the restrictions set forth in this paragraph 3 or paragraph 7 below,
                                            the Company shall announce the impending release or waiver by press release through a major
                                            news service at least two business days before the effective date of the release or waiver.
                                            Any release or waiver granted shall only be effective two business days after the publication
                                            date of such press release. The provisions of this paragraph will not apply if the release
                                            or waiver is effected solely to permit a transfer not for consideration and the transferee
                                            has agreed in writing to be bound by the same terms described in this Letter Agreement to
                                            the extent and for the duration that such terms remain in effect at the time of the transfer.
	 	 
	4.	In
                                            the event of the liquidation of the Trust Account 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 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 (other than the Company’s independent public accountants)
                                            or products sold to the Company or (ii) any prospective target business with which the Company
                                            has entered into a written letter of intent, confidentiality or other similar agreement or
                                            Business Combination agreement (a “Target”); provided, however,
                                            that such indemnification of the Company by the Indemnitor shall (x) apply only to the extent
                                            necessary to ensure that such claims by a third party or a Target do not reduce the amount
                                            of funds in the Trust Account to below the lesser of (i) $10.00 per Offering Share and (ii)
                                            the actual amount per Offering Share held in the Trust Account as of the date of the liquidation
                                            of the Trust Account, if less than $10.00 per Offering Share is then held in the Trust Account
                                            due to reductions in the value of the trust assets, less interest earned on the Trust Account
                                            which may be withdrawn to pay taxes, (y) not apply to any claims by a third party or a Target
                                            which executed a waiver of any and all rights to the monies held in the Trust Account (whether
                                            or not such waiver is enforceable) and (z) not apply to any claims under the Company’s
                                            indemnity of the Underwriters against certain liabilities, including liabilities under the
                                            Securities Act of 1933, as amended. The Indemnitor shall have the right to defend against
                                            any such claim with counsel of its choice reasonably satisfactory to the Company if, within
                                            15 days following written receipt of notice of the claim to the Indemnitor, the Indemnitor
                                            notifies the Company in writing that it shall undertake such defense.

 

    	2

    	 

    

 

	5.	To
                                            the extent that the Underwriters do not exercise their over-allotment option to purchase
                                            up to an additional 1,500,000 Units in full within 45 days from the date of the Prospectus
                                            (and as further described in the Prospectus), the Sponsor agrees to forfeit, at no cost,
                                            a number of Founder Shares in the aggregate equal to 375,000 multiplied by a fraction, (i)
                                            the numerator of which is 1,500,000 minus the number of Units purchased by the Underwriters
                                            upon the exercise of their overallotment option, and (ii) the denominator of which is 1,500,000.
                                            The Sponsor will be required to forfeit only that number of Founder Shares as is necessary
                                            so that the Initial Stockholders will own an aggregate of 20.0% of the Company’s issued
                                            and outstanding shares of Capital Stock after the Public Offering.
	 	 
	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 shares of Common Stock issuable upon conversion thereof) until the earlier of (A) one
                                            year after the completion of the Company’s initial Business Combination or (B) subsequent
                                            to the Business Combination, (x) if the last sale 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 (the “Founder
                                            Shares Lock-up Period”).
	 	 	 
		(b)	The
                                            Sponsor and each Insider agrees that it, he or she shall not Transfer any Private Placement
                                            Units (including the underlying Rights), until 30 days after the completion of a Business
                                            Combination (the “Private Placement 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 and
                                            Private Placement Units (including the Private Shares and Private Rights), are permitted
                                            (a) to the Company’s officers or directors, any affiliate or family member of any of
                                            the Company’s officers or directors or any affiliate of the Sponsor or to any member(s)
                                            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 the consummation of an initial
                                            Business Combination at prices no greater than the price at which the securities were originally
                                            purchased; (f) in the event of the Company’s liquidation prior to the completion of
                                            an initial Business Combination; (g) by virtue of the laws of the State of Delaware or the
                                            Sponsor’s limited liability company agreement upon dissolution of the Sponsor, or (h)
                                            in the event of the Company’s liquidation, merger, capital stock exchange, reorganization
                                            or other similar transaction which results in all of the Company’s stockholders having
                                            the right to exchange their shares of common stock for cash, securities or other property
                                            subsequent to the completion of the Company’s initial Business Combination; provided,
                                            however, that in the case of clauses (a) through (e) or (g), these permitted transferees
                                            must enter into a written agreement with the Company agreeing to be bound by the transfer
                                            restrictions herein.

 

    	3

    	 

    

 

	8.	The
                                            Sponsor and each Insider represents and warrants that it, he or she has never been suspended
                                            or expelled from membership in any securities or commodities exchange or association or had
                                            a securities or commodities license or registration denied, suspended or revoked. Each Insider’s
                                            biographical information furnished to the Company (including any such information included
                                            in the Prospectus) is true and accurate in all respects and does not omit any material information
                                            with respect to the Insider’s background. Each Insider’s questionnaire furnished
                                            to the Company is true and accurate in all respects. Each Insider represents and warrants
                                            that: it, he or she is not subject to or a respondent in any legal action for, any injunction,
                                            cease-and-desist order or order or stipulation to desist or refrain from any act or practice
                                            relating to the offering of securities in any jurisdiction; it, he or she has never been
                                            convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial
                                            transaction or handling of funds of another person, or (iii) pertaining to any dealings in
                                            any securities and it, he or she is not currently a defendant in any such criminal proceeding.
	 	 
	9.	Except
                                            as disclosed in the Prospectus, neither the Sponsor nor any officer, director, advisor or
                                            affiliate of the Sponsor, nor any officer, director or advisor of the Company, shall receive
                                            from the Company any finder’s fee, reimbursement, consulting fee, monies in respect
                                            of any repayment of a loan or other compensation prior to, or in connection with any services
                                            rendered in order to effectuate, the consummation of the Company’s initial Business
                                            Combination (regardless of the type of transaction that it is).
	 	 
	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 or an advisor of the Company
                                            and hereby consents to being named in the Prospectus as an officer and/or director of the
                                            Company or an advisor 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) “Capital Stock”
                                            shall mean, collectively, the Common Stock and the Founder Shares; (iii) “Founder
                                            Shares” shall mean (a) the 2,875,000 shares of the Company’s Class B
                                            common stock, par value $0.0001 per share, initially issued to the Sponsor (up to 375,000
                                            Shares of which are subject to complete or partial forfeiture by the Sponsor if the over-allotment
                                            option is not exercised by the Underwriters) for an aggregate purchase price of $25,000,
                                            or $0.009 per share, prior to the consummation of the Public Offering; (iv) “Initial
                                            Stockholders” shall mean the Sponsor and any Insider that holds Founder Shares;
                                            (v) “Private Placement Units” shall mean 370,000 units (or 400,000
                                            units if the over-allotment option is exercised in full) that the Sponsor has agreed to purchase
                                            for an aggregate purchase price of $3,000,000 (or $4,000,000 if the over-allotment option
                                            is exercised in full) in the aggregate, or $10.00 per Unit, in a private placement that shall
                                            occur simultaneously with the consummation of the Public Offering; (vi) “Private
                                            Rights” shall mean the rights underlying the Private Units, (vi) “Private
                                            Common Stock” shall mean the Ordinary Shares underlying the Private Units,
                                            (vii) “Public Stockholders” shall mean the holders of securities
                                            issued in the Public Offering; (viii) “Trust Account” shall mean
                                            the trust fund into which a portion of the net proceeds of the Public Offering shall be deposited;
                                            and (ix) “Transfer” shall mean the (a) sale of, offer to sell,
                                            contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise
                                            dispose of or agreement to dispose of, directly or indirectly, or establishment or increase
                                            of a put equivalent position or liquidation with respect to or decrease of a call equivalent
                                            position within the meaning of Section 16 of the 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).
	 	 
	12.	The
                                            Company will maintain an insurance policy or policies providing directors’ and officers’
                                            liability insurance, and each director of the Company 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.

 

    	4

    	 

    

 

	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; provided, however, that the
                                            Representatives on behalf of the Underwriters are third party beneficiaries of this Letter
                                            Agreement.
	 	 
	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 and closed by
                                            December 31, 2021; provided further that paragraph 4 of this Letter Agreement shall survive
                                            such liquidation.

 

    	5

    	 

    

 

	 	Sincerely,
	 	 
	 	SAGALIAM
    SPONSOR LLC
	 	 	 
	 	By:	/s/ Barry
    Kostiner
	 	Name:	Barry
    Kostiner
	 	Title:	Managing
    Member
	 	 	 
	 	 	/s/ Barry
    Kostiner
	 	Name:	Barry
    Kostiner
	 	 	 
	 	 	/s/ Thomas
    Neukranz
	 	Name:	Thomas
    Neukranz
	 	 	 
	 	 	/s/ Jane
    Liu
	 	Name:	Jane
    Liu
	 	 	 
	 	 	/s/ George
    Caruolo
	 	Name:	George
    Caruolo
	 	 	 
	 	 	/s/ Gabriel
    Del Virginia
	 	Name:	Gabriel
    Del Virginia
	 	 	 
	 	 	/s/ Glauco
    Lolli-Ghetti
	 	Name:	Glauco
    Lolli-Ghetti

 

Acknowledged
and Agreed:

 

	SAGALIAM
    ACQUISITION CORP.	 
	 	 	 
	By:	/s/ Barry
    Kostiner	 
	Name:	Barry
    Kostiner	 
	Title:	Chief
    Executive Officer	 

 

[Signature
Page to Letter Agreement]

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