Document:

Exhibit 10.4 

 

 GOVERNANCE AGREEMENT

 

THIS GOVERNANCE AGREEMENT,
dated as of September 21, 2022, is entered into by and among (i) Presto Automation Inc., a Delaware corporation (the “Company”),
(ii) the REMUS Stockholders (as defined herein), (iii) Rajat Suri (“Chief Executive Officer”), (iv) Presto CA LLC,
a Delaware limited liability company (“CA,” and together with the REMUS Stockholders and the Chief Executive Officer, collectively,
the “Principal Stockholders” and each a “Principal Stockholder”) and (v) solely for purposes Section
2.3, Section 2.5 and Article III, I2BF Global Investments Ltd., a Cayman Islands exempted company (“I2BF”).
Capitalized terms used herein without definition shall have the meanings set forth in Section 1.1.

 

WITNESSETH:

 

WHEREAS, E La Carte, Inc. entered
into that certain Agreement and Plan of Merger, dated as of November 10, 2021 (as amended or supplemented from time to time, the “Merger
Agreement”), with Ventoux CCM Acquisition Corp. (“Ventoux”), Ventoux Merger Sub Inc., a Delaware corporation
and a direct, wholly-owned subsidiary of Ventoux, and Ventoux Merger Sub II LLC, a Delaware limited liability company and a direct, wholly-owned
subsidiary of Ventoux;

 

WHEREAS, on the date hereof,
the parties to the Merger Agreement consummated the transactions contemplated by the Merger Agreement (the “Merger”),
and the Principal Stockholders received shares of common stock, par value $0.0001 per share, of the Company (“Common Stock”);

 

WHEREAS, immediately after
the completion of the Merger, the Principal Stockholders will own approximately 54.4% of the issued and outstanding Company Shares (as
defined below); and

 

WHEREAS, the parties hereto
desire to provide for certain governance rights and other matters for the period on and after the effective time of the Merger.

 

NOW, THEREFORE, in consideration
of the mutual agreements and understandings set forth herein, the parties hereto hereby agree as follows:

 

Article
I

certain DEFINITIONS

 

Section 1.1 
Definitions. As used in this Agreement, the following terms shall have the following respective meanings:

 

“Affiliate”
shall mean, with respect to any Person, any Person directly or indirectly controlling, controlled by or under common control with such
first Person. For these purposes, (i) “control” means the possession, direct or indirect, of the power to direct or cause
the direction of the management and policies of such Person, whether through ownership of voting securities, by contract or otherwise,
and (ii) a Person shall be deemed to be an Affiliate of another Person if such Person has formed a “group” (within the meaning
of Section 13(d) of the Securities Exchange Act of 1934, as amended) for the purpose of acquiring, holding, voting or disposing of
voting securities of the Company.

 

“Agreement”
shall mean this Governance Agreement as in effect on the date hereof and as hereafter from time to time amended, modified or supplemented
in accordance with the terms hereof.

 

“Board Designees”
shall mean the directors designated by the Principal Stockholders pursuant to Section 2.1.

 

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

 

     

     

    

 

“Bylaws”
shall have the meaning set forth in Section 2.2(a).

 

“Chief Executive Officer”
shall have the meaning set forth in the preamble.

 

“Chief Executive Officer
Designee” shall have the meaning set forth in Section 2.1(f).

 

“CA” shall
have the meaning set forth in the preamble.

 

“CA Designee”
shall have the meaning set forth in Section 2.1(e).

 

“Common Stock”
shall have the meaning set forth in the recitals.

 

“Company”
shall have the meaning set forth in the preamble.

 

“Company Shares”
means (i) all shares of Common Stock that are not then subject to vesting (including shares that were at one time subject to vesting to
the extent they have vested), (ii) all shares of Common Stock issuable upon exercise, conversion or exchange of any option, warrant or
convertible security that are not then subject to vesting (including shares that were at one time subject to vesting to the extent they
have vested) and (iii) all shares of Common Stock directly or indirectly issued or issuable with respect to the securities referred to
in clauses (i) or (ii) above by way of unit or stock dividend or unit or stock split, or in connection with a combination of units or
shares, recapitalization, merger, consolidation or other reorganization.

 

“Merger”
shall have the meaning set forth in the preamble.

 

“Merger Agreement”
shall have the meaning set forth in the preamble.

 

“Necessary Action”
means, with respect to a specified result, all commercially reasonable actions required to cause such result that are within the power
of a specified Person, including (i) voting or providing a written consent or proxy with respect to the Company Shares, (ii) causing the
adoption of stockholders’ resolutions and amendments to the organizational documents of the Company, (iii) executing agreements
and instruments, (iv) making, or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations
or similar actions that are required to achieve such result and (v) causing members of the Board of Directors, subject to any fiduciary
duties that such members may have as directors of the Company (including pursuant to Section 2.1(e)), to act in a certain manner,
including causing members of the Board of Directors or any nominating or similar committee of the Board of Directors to recommend the
appointment or nomination of any Board Designees as provided by this Agreement.

 

“Person”
shall mean an individual, corporation, company, limited liability company, association, partnership, joint venture, organization, business,
trust or any other entity or organization, including a government or any subdivision or agency thereof.

 

“Principal Stockholders”
shall have the meaning set forth in the preamble.

 

“REMUS Designee”
shall have the meaning set forth in Section 2.1(d).

 

“REMUS Stockholders”
means, collectively, those entities set forth under the heading “REMUS Stockholders” on the signature pages hereto.

 

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Article
II

CORPORATE GOVERNANCE

 

Section 2.1 
Board of Directors.

 

(a) Composition of Initial Board. The Company and the Principal Stockholders shall take all Necessary Action to cause the Board
of Directors to be comprised of eight directors. The initial seven members of the Board of Directors shall be (i) Krishna Gupta, whom
shall be deemed to have been designated by the REMUS Stockholders, (ii) Rajat Suri, whom shall be deemed to have been designated by the
Chief Executive Officer, and (iii) Keith Kravcik, Ed Scheetz, Gail Zauder, Ilya Golubovich, and Kim Axel Lopdrup, with the vacancy to
be filled after the date of this Agreement by an individual proposed by the Company’s Nominating and Governance Committee and approved
by the Board of Directors. Krishna Gupta shall initially serve as the Chairperson of the Board of Directors and shall continue in such
role after the 2023 annual meeting of stockholders until the earlier of (1) such time as he is no longer a director of the Company, and
(2) the succeeding annual meeting of stockholders of the Company at which the class of directors of which he is a member is subject to
reelection. The foregoing directors shall be divided into three classes of directors, each of whose members shall serve for staggered
three-year terms as follows:

 

		(i)	the Class I directors shall initially be Krishna Gupta, Keith
Kravcik and Ed Scheetz;

 

		(ii)	the Class II directors shall initially be Ilya Golubovich
and the Chief Executive Officer; and

 

		(iii)	the Class III directors shall initially be Kim Axel Lopdrup
and Gail Zauder.

 

(b) 
Board Size. Any change to the size of the Board of Directors must be authorized by the affirmative vote of a majority of
the entire Board of Directors.

 

(c) 
Each of the initial Class I directors, other than Mr. Scheetz, shall be nominated for reelection by stockholders at the 2023 annual
meeting of stockholders and, subject to Section 2.1(e), shall hold office until the annual meeting of stockholders in 2026 or until their
earlier resignation, removal or death. Class II directors shall be nominated for reelection by the stockholders at the 2024 annual meeting
of stockholders and shall hold office until the annual meeting of stockholders in 2027 or until their earlier resignation, removal or
death. Class III directors shall be nominated for reelection by the stockholders at the 2025 annual meeting of stockholders and shall
and shall hold office until the annual meeting of stockholders in 2028 or until their earlier resignation, removal or death.

 

(d) 
REMUS Representation.

 

(i) 
In the event that Gail Zauder resigns or is removed within the 12 months following the consummation of the Merger, the REMUS Stockholders
shall have the exclusive right to designate a successor for appointment. Thereafter, any successor to Ms. Zauder shall be determined and
designated for election or appointment by the Company’s Nominating and Governance Committee with approval by the Board of Directors.
For the avoidance of doubt, any successor director designated by the REMUS Stockholders pursuant to this Section 2.1(d)(i) shall
not be considered a REMUS Designee for purposes of the REMUS Stockholders’ right to nominate a Class I director pursuant to Section
2.1(d)(ii).

 

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(ii) 
For so long as the REMUS Stockholders and any of their respective Affiliates hold, in the aggregate, not less than five percent
of the Company’s outstanding voting securities, the REMUS Stockholders shall be entitled (but not obligated) to nominate for election
and require the Company and the Principal Stockholders to take Necessary Action to include a single Class I director (a “REMUS
Designee”) in the slate of nominees recommended by the Board of Directors for election as directors at each applicable annual
or special meeting of stockholders at which directors are to be elected.

 

(e)  CA
Representation. For so long as CA and its Affiliates hold, in the aggregate, not less than 75.0%, collectively, of the shares of
Common Stock they hold immediately following the consummation of the transactions contemplated by the Merger Agreement, CA shall be
entitled (but not obligated) to nominate for election and require the Company and the Principal Stockholders to take Necessary
Action to include a single Class I director (a “CA Designee”) in the slate of nominees recommended by the Board
of Directors for election as directors at each applicable annual or special meeting of stockholders at which directors are to be
elected; provided, that any provision of this Agreement to the contrary notwithstanding, within three business days of the
date on which CA and its Affiliates hold, in the aggregate, less than 75.0%, collectively, of the shares of Common Stock they hold
immediately following the consummation of the transactions contemplated by the Merger Agreement, CA shall notify the Company and,
promptly following the written request of the Nominating and Governance Committee of the Board of Directors, shall cause the CA
Designee to execute and deliver an irrevocable written resignation from the Board of Directors and any committees on which he or she
then sits.

 

(f) 
Chief Executive Officer Representation. For so long as the Chief Executive Officer and his Affiliates hold, in the aggregate,
not less than five percent of the Company’s outstanding voting securities, the Chief Executive Officer shall be entitled (but not
obligated) to nominate for election and require the Company and the Principal Stockholders to take Necessary Action to include a single
Class II director (a “Chief Executive Officer Designee”) in the slate of nominees recommended by the Board of Directors
for election as directors at each applicable annual or special meeting of stockholders at which directors are to be elected.

 

(g) 
Additional Obligations. An individual designated by a Principal Stockholder for election (including pursuant to Sections
2.1(d), (e) or (f)) as a director shall comply with the requirements of the charter for, and related guidelines of,
the Company’s Nominating and Governance Committee. Notwithstanding anything to the contrary in this Article II, in the event
that the Board of Directors determines in good faith, after consultation with outside legal counsel, that its nomination, appointment
or election of a particular Board Designee pursuant to this Section 2.1 or Section 2.2 would constitute a breach of its
fiduciary duties to the Company’s stockholders or does not otherwise comply with any requirements of the charter for, or related
guidelines of, the Nominating and Governance Committee, then the Board of Directors shall inform such Principal Stockholder of such determination
in writing and explain in reasonable detail the basis for such determination and shall designate another individual designated for nomination,
election or appointment to the Board of Directors by such Principal Stockholder, and the Board of Directors and the Company shall take
all of the actions required by this Article II with respect to the election of such substitute Board Designee. It is hereby acknowledged
and agreed that the fact that a particular Board Designee is an Affiliate, director, professional, partner, member, manager, employee
or agent of a Principal Stockholder or is not an independent director shall not in and of itself constitute an acceptable basis for such
determination by the Board of Directors.

 

(h) 
Replacement of Board Designees. Except as provided in Sections 2.1(d), (e) and (f), as applicable,
with respect to decreases in ownership of the Principal Stockholders, (i) each Principal Stockholder shall have the exclusive right to
request the resignation of its Board Designee from the Board of Directors and (ii) each Principal Stockholder shall have the exclusive
right to designate a replacement director to fill the vacancy (for the remainder of the then current term) created by reason of death,
disability, removal or resignation of its Board Designee, and, subject to the provisions of Section 2.1(g), the Company and the
Principal Stockholders shall take all Necessary Action to cause any such vacancies to be filled by the replacement director designated
by such designating Principal Stockholder as promptly as reasonably practicable.

 

(i)  Other
Nominations; Vacancies. Notwithstanding anything contained in this Agreement to the contrary, other than the Principal
Stockholders’ rights to (i) nominate individuals for election as specifically set forth in Sections 2.1(d), (e)
and (f) and (ii) designate replacement directors in accordance with Section 2.1(h), no Principal Stockholder shall
have any right nominate or designate any individual for election or appointment to the Board of Directors, or to fill any vacancy on
the Board of Directors, whether such vacancy is caused by a change to the size of the Board of Directors or by the resignation,
removal or death of a director.

 

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Section 2.2 
Committees of the Board of Directors.

 

(a) 
The Company and the Principal Stockholders acknowledge and agree that the Board of Directors may, by resolution, designate from
among the directors one or more committees, each of which shall be comprised of one or more directors. Any such committee, to the extent
provided in the resolution forming such committee, shall have and may exercise the authority of the Board of Directors, subject to the
limitations set forth in the charter, bylaws (as they may be amended from time to time, the “Bylaws”) and applicable
law. The Board of Directors may dissolve any committee or remove any member of a committee at any time.

 

(b) 
The Board of Directors shall constitute and charter an Audit Committee, a Compensation Committee and a Nominating and Governance
Committee, comprised solely of independent directors and with an initial constitution as follows:

 

		(i)	the members of the Audit Committee shall initially be Gail
Zauder (Chair), Ilya Golubovich and Keith Kravcik;

 

		(ii)	the members of the Compensation Committee shall initially
be Kim Axel Lopdrup (Chair), Ilya Golubovich and Gail Zauder; and

 

		(iii)	the members of the Nominating and Governance Committee shall
initially be Ilya Golubovich (Chair), Krishna Gupta and Keith Kravcik.

 

(c) 
The members of each committee shall be appointed by the Board of Directors in accordance with the Bylaws based on recommendations
from the Nominating and Governance Committee of the Board of Directors, and shall serve at the discretion of the Board of Directors. The
Board of Directors may remove any member of any committee at any time with or without cause, and vacancies occurring on the committee
shall be filled by the Board of Directors. The Board of Directors shall appoint a Chairperson of each committee to preside at all meetings
of such committee. If a Chairperson is not designated or present at a meeting of a committee, the members of the committee may designate
a Chairperson by majority vote of the committee membership.

 

Section 2.3 
Voting Agreement. Each Principal Stockholder agrees, in person or by proxy, to cast all votes to which such Principal Stockholder
is entitled in respect of its Company Shares, whether at any annual or special meeting, by written consent or otherwise, so as to cause
to be elected to the Board of Directors those individuals designated in accordance with Section 2.1 and 2.2 and to otherwise effect the
intent of this Article II.

 

Section 2.4 
Agreement of Company. The Company hereby agrees that it will take all Necessary Actions to cause the matters addressed by
this Article II to be carried out in accordance with the provisions thereof. Without limiting the foregoing, the Secretary of the
Company or such other officer or employee of the Company who may be fulfilling the duties of the Secretary, shall not record any vote
or consent or other action contrary to the terms of this Article II.

 

Section 2.5 
Restrictions on Other Agreements. No Principal Stockholder shall grant any proxy or enter into or agree to be bound by any
voting trust, agreement or arrangement of any kind with any Person with respect to its Company Shares if and to the extent the terms thereof
conflict with the provisions of this Agreement (whether or not such proxy, voting trust, agreements or arrangements are with other Principal
Stockholders, I2BF, holders of Company Shares that are not parties to this Agreement or otherwise).

 

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Article
III

REPRESENTATIONS And Warranties

 

Each of the parties
to this Agreement hereby represents and warrants to each other party to this Agreement, severally on behalf of itself and not jointly,
that as of the date such party executes this Agreement:

 

Section 3.1 
Existence; Authority; Enforceability. Such party has the power and authority to enter into this Agreement and to carry out
its obligations hereunder. If such party is an entity, it is duly organized and validly existing under the laws of its jurisdiction of
organization, and the execution of this Agreement, and the consummation of the transactions contemplated herein, have been authorized
by all necessary action, and no other act or proceeding on its part is necessary to authorize the execution of this Agreement or the consummation
of any of the transactions contemplated hereby. If such party is a natural person, such person has full capacity to contract. This Agreement
has been duly executed by each of the parties hereto and constitutes his or its legal, valid and binding obligation, enforceable against
him or it in accordance with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent transfer and similar laws relating to or affecting creditors’ rights generally, or by the general principles of equity.
No representation is made by any party with respect to the regulatory effect of this Agreement, and each of the parties has had an opportunity
to consult with counsel as to his or its rights and responsibilities under this Agreement. No party makes any representation to any other
party as to future law or regulation or the future interpretation of existing laws or regulations by any governmental authority or self-regulatory
organization.

 

Section 3.2 
Absence of Conflicts. The execution and delivery by such party of this Agreement and the performance of its obligations
hereunder does not and will not (i) conflict with, or result in the breach of, any provision of the constitutive documents of such party,
if any; (ii) result in any violation, breach, conflict, default or event of default (or an event which with notice, lapse of time, or
both, would constitute a default or event of default), or give rise to any right of acceleration or termination or any additional payment
obligation, under the terms of any contract, agreement or permit to which such party is a party or by which such party’s assets
or operations are bound or affected; or (iii) violate any law applicable to such party.

 

Section 3.3 
Consents. Other than any consents which have already been obtained, no consent, waiver, approval, authorization, exemption,
registration, license or declaration is required to be made or obtained by such party in connection with the execution, delivery or performance
of this Agreement.

 

Article
IV

miscellaenous

 

Section 4.1 
Termination. This Agreement shall terminate and be of no further force and effect (a) solely with respect to a party hereto,
in the event that such party ceases to own any shares of Common Stock, (b) upon the written agreement of the Principal Stockholders to
terminate this Agreement or (c) subject to the final sentence of Section 4.7 of this Agreement, if its provisions become illegal
or are interpreted by any governmental authority to be illegal, or any exchange on which the Common Stock are traded asserts in writing
that its existence will threaten the continued listing of the Common Stock on such exchange. In the event of a circumstance contemplated
by clause (a) of this Section 4.1, this Agreement shall remain in full force and effect with respect to the remaining parties hereto,
and for purposes of this Agreement, the party ceasing to own any shares of Common Stock shall have no further rights or benefits hereunder.

 

Section 4.2 
Successors and Assigns; Beneficiaries. Except as otherwise provided herein, all of the terms and provisions of this Agreement
shall be binding upon, shall inure to the benefit of and shall be enforceable by the respective successors and permitted assigns of the
parties hereto. This Agreement may not be assigned without the express prior written consent of the other parties hereto, and any attempted
assignment, without such consents, will be null and void; provided that each Principal Stockholder (from time to time party hereto)
shall be entitled to assign (solely in connection with a transfer of Common Stock) to any of its Affiliates, without such prior written
consent, any of its rights and obligations hereunder; provided, further, that any such Affiliate agrees be bound by the
obligations hereunder.

 

Section 4.3 
Amendment and Modification; Waiver of Compliance.

 

(a) 
This Agreement may be amended only by a written instrument duly executed by the Company and the Principal Stockholders.

 

(b) 
Except as otherwise provided in this Agreement, any failure of any of the parties to comply with any obligation, covenant, agreement
or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting
such waiver, but such waiver or failure to insist upon strict compliance with such obligation, covenant, agreement or condition shall
not operate as a waiver of, or estoppel with respect to, any subsequent or other failure.

 

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Section 4.4 
Notices. Any notice, request, claim, demand, document and other communication hereunder to any party shall be effective
upon receipt (or refusal of receipt) and shall be in writing and delivered personally or sent by electronic mail, facsimile, or first
class mail, or by Federal Express, United Parcel Service or other similar courier or other similar means of communication, as follows:

 

(a) 
If to the Company, addressed to:

 

Presto Automation Inc.

985 Industrial Road

San Carlos, CA 94070

Attn: Ashish Gupta

E-mail: ashish@presto.com

  

(b) 
If to the REMUS Stockholders, addressed to;

 

Romulus Capital II, L.P.

307 Harvard Street

Cambridge, MA 02139

Attn: Krishna Gupta

E-mail: kkg@romulusgroup.com

 

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

 

Goodwin Procter LLP

100 Northern Avenue

Boston, MA 0221

Attn: William Schnoor

E-mail: wschnoor@goodwin.com 

 

(c) 
If to I2BF, addressed to:

 

Ilya Golubovich

c/o I2BF LLC

115 E 23rd Street,
Suite 507

New York, NY 10010

E-mail: ilyag@i2bf.com

 

(d) 
If to CA, addressed to:

 

Presto CA LLC

222 N. Canal Street, Third Floor

Chicago, IL 60606

Attn: Keith Kravcik

E-mail: kkravcik@clevelandave.com

 

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

 

Riley Safer Holmes & Cancila

70 W. Madison Street, Suite
2900

Chicago, Illinois 60602

Attn: Jeff Larry

E-mail: jlarry@rshc-law.com

 

(e) 
If to the Chief Executive Officer, addressed to:

 

Rajat Suri

c/o Presto Automation Inc.

985 Industrial Road

San Carlos, CA 94070

Attn: Rajat Suri

E-mail: raj@presto.com

 

or, in each case, to such other
address or electronic mail address as such party may designate in writing to each Principal Stockholder by written notice given in the
manner specified herein.

 

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All such communications shall
be deemed to have been given, delivered or made when so delivered by hand or sent by electronic mail or facsimile (with confirmed receipt
or transmission), on the next business day if sent by overnight courier service (with confirmed delivery) or when received if sent by
first class mail.

 

Section 4.5 
Specific Performance. Each party hereto acknowledges and agrees that in the event of any breach of this Agreement by any
of them, the other parties hereto would be irreparably harmed and could not be made whole by monetary damages. Each party accordingly
agrees to waive the defense in any action for specific performance that a remedy at law would be adequate and agrees that the parties,
in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to specific performance of this Agreement
without the posting of bond.

 

Section 4.6 
Entire Agreement. The provisions of this Agreement and the other writings referred to herein or delivered pursuant hereto
which form a part hereof contain the entire agreement among the parties hereto with respect to the subject matter hereof and supersede
all prior oral and written agreements and memoranda and undertakings
among the parties hereto with regard to such subject matter.

 

Section 4.7 
Severability. If any provision of this Agreement, or the application of such provision to any Person or circumstance or
in any jurisdiction, shall be held to be invalid or unenforceable to any extent, (i) the remainder of this Agreement shall not be affected
thereby, and each other provision hereof shall be valid and enforceable to the fullest extent permitted by law, (ii) as to such Person
or circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest extent permitted by
law and (iii) the application of such provision to other Persons or circumstances or in other jurisdictions shall not be affected thereby.
If this Agreement would be required to be terminated pursuant to clause (c) of Section 4.1 of this Agreement, the parties to this
Agreement shall use their respective reasonable best efforts to cause the provisions of this Agreement to be reformed, prior to any such
termination, to the fullest extent possible to both effectuate the intent of the parties to this Agreement (as of the date of this Agreement)
and not cause the termination of this Agreement pursuant to Section 4.1 of this Agreement.

 

Section 4.8 
CHOICE OF LAW AND VENUE; WAIVER OF RIGHT TO JURY TRIAL. THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED, APPLIED AND ENFORCED
IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE. IN THE EVENT ANY PARTY TO THIS AGREEMENT COMMENCES ANY LITIGATION, PROCEEDING
OR OTHER LEGAL ACTION IN CONNECTION WITH OR RELATING TO THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY MATTERS DESCRIBED OR CONTEMPLATED
HEREIN OR THEREIN, THE PARTIES TO THIS AGREEMENT HEREBY (1) AGREE UNDER ALL CIRCUMSTANCES ABSOLUTELY AND IRREVOCABLY TO INSTITUTE ANY
LITIGATION, PROCEEDING OR OTHER LEGAL ACTION IN A COURT OF COMPETENT JURISDICTION LOCATED WITHIN THE STATE OF DELAWARE, WHETHER A STATE
OR FEDERAL COURT; (2) AGREE THAT IN THE EVENT OF ANY SUCH LITIGATION, PROCEEDING OR ACTION, SUCH PARTIES WILL CONSENT AND SUBMIT TO THE
PERSONAL JURISDICTION OF ANY SUCH COURT DESCRIBED IN CLAUSE (1) OF THIS SECTION AND TO SERVICE OF PROCESS UPON THEM IN ACCORDANCE WITH
THE RULES AND STATUTES GOVERNING SERVICE OF PROCESS (IT BEING UNDERSTOOD THAT NOTHING IN THIS SECTION SHALL BE DEEMED TO PREVENT ANY PARTY
FROM SEEKING TO REMOVE ANY ACTION TO A FEDERAL COURT IN THE STATE OF DELAWARE); (3) AGREE TO WAIVE TO THE FULL EXTENT PERMITTED BY LAW
ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH LITIGATION, PROCEEDING OR ACTION IN ANY SUCH COURT OR THAT
ANY SUCH LITIGATION, PROCEEDING OR ACTION WAS BROUGHT IN ANY INCONVENIENT FORUM; (4) AGREE, AFTER CONSULTATION WITH COUNSEL, TO WAIVE
ANY RIGHTS TO A JURY TRIAL TO RESOLVE ANY DISPUTES OR CLAIMS RELATING TO THIS AGREEMENT; (5) AGREE TO SERVICE OF PROCESS IN ANY LEGAL
PROCEEDING BY MAILING OF COPIES THEREOF TO SUCH PARTY AT ITS ADDRESS SET FORTH HEREIN FOR COMMUNICATIONS TO SUCH PARTY; (6) AGREE THAT
ANY SERVICE MADE AS PROVIDED HEREIN SHALL BE EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (7) AGREE THAT NOTHING HEREIN SHALL AFFECT
THE RIGHTS OF ANY PARTY TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

Section 4.9 
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument.

 

Section 4.10 
Further Assurances. At any time or from time to time after the date hereof, the parties hereto agree to cooperate with each
other, and at the request of any other party, to execute and deliver any further instruments or documents
and to take all such further action as any other party may reasonably request in order to evidence or effectuate the provisions of this
Agreement and to otherwise carry out the intent of the parties hereunder.

 

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IN WITNESS WHEREOF, each of
the undersigned has signed this Governance Agreement as of the date first above written.

 

	 	PRESTO AUTOMATION INC.
	 	 
	 	By:	/s/ Rajat Suri
	 	Name: 	 Rajat Suri
	 	Title:	 Chief Executive Officer

   

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	 	REMUS STOCKHOLDERS:
	 	 
	 	ROMULUS CAPITAL I, L.P.
	 	 
	 	By:  	Romulus Capital Partners I, LLC, its General Partner
	 	 
	 	By:	/s/ Krishna Gupta
	 	 	Name: 	Krishna Gupta
	 	 	Title:	 Managing Partner
	 	 	 
	 	ROMULUS CAPITAL II, L.P.
	 	 
	 	By:  	Romulus Capital Partners II, LLC, its General Partner
	 	 
	 	By:	/s/ Krishna Gupta
	 	 	Name:	 Krishna Gupta
	 	 	Title: 	Managing Partner
	 	 	 
	 	ROMULUS CAPITAL III, L.P.
	 	 
	 	By:  	Romulus Capital Partners II, LLC, its General Partner
	 	 
	 	By:	/s/ Krishna Gupta
	 	 	Name: 	Krishna Gupta
	 	 	Title: 	Managing Partner
	 	 	 
	 	ROMULUS ELC B3 SPECIAL OPPORTUNITY, L.P.
	 	 
	 	By:	/s/ Krishna Gupta
	 	 	Name:	 Krishna Gupta
	 	 	Title: 	Managing Partner
	 	 	 
	 	ZAFFRAN SPECIAL OPPORTUNITIES LLC
	 	 
	 	By:	/s/ Krishna Gupta
	 	 	Name:	 Krishna Gupta
	 	 	Title: 	Managing Partner

  

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	 	I2BF GLOBAL INVESTMENTS LTD.
	 	 	 
	 	By:	/s/ Ilya Golubovich
	 	Name: 	Ilya Golubovich          
	 	Title:	Director
	 	 	 
	 	PRESTO CA LLC
	 	 	 
	 	By:	/s/ Joseph McCoy
	 	Name: 	Joseph McCoy
	 	Title:	Authorized Signatory
	 	 	 
	 	RAJAT SURI
	 	 	 
	 	By:	/s/ Rajat Suri

  

 

11Exhibit 10.5

 

[FORM OF] INDEMNITY AGREEMENT

 

THIS INDEMNITY AGREEMENT (this
“Agreement”) is made as of [●], 202[●], by and between Presto Automation Inc., a Delaware corporation
(the “Company”), and [●] (“Indemnitee”).

 

RECITALS

 

WHEREAS, the Company believes
that, in order to attract and retain highly qualified persons to serve as directors or in other capacities, including as officers, it
must provide such persons with adequate protection through indemnification against the risk of claims and actions against them arising
out of their services to and activities on behalf of the Company;

 

WHEREAS, the Certificate of
Incorporation (as amended and/or restated from time to time, the “Charter”) and the Bylaws (as amended and/or
restated from time to time, the “Bylaws”) of the Company require indemnification of the officers and directors
of the Company;

 

WHEREAS, Indemnitee may also
be entitled to indemnification pursuant to applicable provisions of the Delaware General Corporation Law (as may be amended from time
to time, “DGCL”);

 

WHEREAS, the Charter, 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 of the Company (the “Board”),
officers and other persons with respect to indemnification, hold harmless, advancement and reimbursement rights;

 

WHEREAS, the Company desires
and has requested Indemnitee to serve as a [director] [officer] of the Company and, in order to induce Indemnitee to serve as a [director]
[officer] of the Company, the Company is willing to grant Indemnitee the indemnification provided for herein;

 

WHEREAS, Indemnitee is willing
to so serve on the basis that such indemnification be provided; and

 

WHEREAS, the parties by this
Agreement desire to set forth their agreement regarding indemnification and the advancement of expenses.

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements set forth below, and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

TERMS AND CONDITIONS

 

1. SERVICES TO THE
COMPANY. In consideration of, among other things, the Company’s covenants and obligations hereunder, Indemnitee will serve
or continue to serve as an officer, director, advisor, key employee or in any other capacity of the Company, as applicable, for so long
as Indemnitee is duly elected or appointed or retained or until Indemnitee tenders Indemnitee’s resignation or until Indemnitee
is removed. Notwithstanding anything in the foregoing to the contrary, this Agreement shall continue in full force and effect after Indemnitee
has ceased to serve as a director, officer, advisor, key employee or in any other capacity of the Company, as provided in Section 14.
This Agreement, however, shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company
beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

 

     

     

    

 

2. DEFINITIONS.
As used in this Agreement:

 

(a)  References to “agent”
shall mean any person who is or was a director, officer or employee of the Company or a subsidiary of the Company or any other person
authorized by the Company to act for the Company, including such person serving in such capacity as a director, officer, employee, fiduciary
or other official of another corporation, partnership, limited liability company, joint venture, trust or other enterprise at the request
of, for the convenience of, or to represent the interests of the Company or a subsidiary of the Company.

 

(b)(i) A
“change in control” shall be deemed to occur upon the earliest to occur after the date of this Agreement
of any of the following: (A) any Person (as defined below) is or becomes the beneficial owner (as defined below), directly or
indirectly, of securities of the Company representing twenty percent (20%) or more of the combined voting power of the
Company’s then outstanding securities, (B) during any period of two (2) consecutive years (not including any period prior to
the execution of this Agreement), individuals who at the beginning of such period constitute the Board of Directors of the Company,
and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a
transaction described in Sections 2(b)(i)(A), 2(b)(i)(C) or 2(b)(i)(D) or a director whose initial nomination for, or assumption of
office as, a member of the Board of Directors of the Company occurs as a result of an actual or threatened solicitation of proxies
or consents for the election or removal of one or more directors by any person or group other than a solicitation for the election
of one or more directors by or on behalf of the Board of Directors of the Company) whose election by the Board of the Directors of
the Company or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the
directors then still in office who either were directors at the beginning of the period or whose election or nomination for election
was previously so approved, cease for any reason to constitute at least a majority of the total number of directors constituting the
Board of Directors of the Company, (C) the effective date of a merger or consolidation of the Company with any other entity, other
than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such
merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity (or the parent entity of such surviving entity)) at least 50% of the combined voting power of the voting securities
of the surviving entity (or such parent entity) outstanding immediately after such merger or consolidation and with the power to
elect at least a majority of the board of directors or other governing body of such surviving entity or such parent entity; (D) the
approval by the stockholders of the Company of a dissolution or complete liquidation of the Company or an agreement for the sale,
lease, exchange or other disposition by the Company of all or substantially all of the assets of the Company and its subsidiaries,
taken as a whole, and (E) there occurs any other event of a nature that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange
Act (as defined below), whether or not the Company is then subject to such reporting requirement.

 

    2

     

    

 

For purposes of this Section
2(b)(i), the following terms shall have the following meanings:

 

(I) “person”
shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that person shall exclude (a)
the Company, (b) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (c) any corporation
owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of
the Company.

 

(II) “beneficial
owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act.

 

(c)  “Corporate
Status” describes the status of a person who is or was a director, officer, trustee, general partner, manager, managing
member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is or was serving
at the request of the Company.

 

(d)  “Delaware
Court” shall mean the Court of Chancery of the State of Delaware.

 

(e)
“Enterprise” shall mean the Company and any other corporation, constituent entity (including any
constituent of a constituent) absorbed in a consolidation, merger or division transaction to which the Company (or any of its wholly
owned subsidiaries) is a party, limited liability company, partnership, joint venture, trust, employee benefit plan or other
enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner,
managing member, fiduciary, employee or agent, including as a deemed fiduciary thereto.

 

(f)  “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(g)  “Expenses”
shall be broadly construed and shall include, without limitation, all direct and indirect costs, fees and expenses of any type or nature
whatsoever, including, without limitation, all reasonable attorneys’ fees and costs, retainers, court costs, transcript costs, fees
and cost of experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs, printing
and binding costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements,
obligations or expenses in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing
to be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding (as defined below), including reasonable compensation
for time spent by Indemnitee for which he or she is not otherwise compensated by the Company or any third party. Expenses also shall include
Expenses incurred in connection with any appeal resulting from any Proceeding (as defined below), including without limitation the principal,
premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. “Expenses,”
however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

    3

     

    

 

(h)  References to “fines”
shall include, without limitation, any excise tax assessed on Indemnitee with respect to any employee benefit plan or related trust or
funding mechanism (whether in the form of ERISA excise taxes or other excise taxes assessed by the United States Internal Revenue Service,
penalties assessed by the United States Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant
or beneficiary of such plan, trust or other funding mechanism or otherwise); references to “serving at the request of the
Company” shall include any service as a director, officer, employee, agent or fiduciary of the Company which imposes duties
on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants
or beneficiaries, including as a deemed fiduciary thereto; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably
believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed
to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.

 

(i)  “Independent
Counsel” shall mean a law firm or a member of a law firm with significant experience in matters of corporation law and that
neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material
to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar
indemnification agreements); or (ii) any other party to the Proceeding (as defined below) 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.

 

(j)  The term “Person”
shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect on the date hereof; provided,
however, that “Person” shall exclude: (i) the Company; (ii) any subsidiaries (as defined below) of the Company;
(iii) any employment benefit plan of the Company or of a subsidiary (as defined below) of the Company or of any entity owned, directly
or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company; and
(iv) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a subsidiary (as defined
below) of the Company or of an entity owned directly or indirectly by the stockholders of the Company in substantially the same proportions
as their ownership of stock of the Company.

 

(k)  The term “Proceeding”
shall include any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation
(whether formal or informal), inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought
by or in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal,
administrative or investigative or related nature, in which Indemnitee was, is, will or might be involved as a party or as a participant
(including as a witness, deponent or otherwise) by reason of the fact that Indemnitee is or was a director or officer of the Company,
by reason of any action (or failure to act) taken by Indemnitee or of any action (or failure to act) on Indemnitee’s part while
acting as a director or officer of the Company, or by reason of the fact that Indemnitee is or was serving at the request of the Company
as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent of any other 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.

 

    4

     

    

 

(l)  The term “subsidiary,”
with respect to any Person, shall mean any corporation, limited liability company, partnership, joint venture, trust or other entity of
which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by that Person.

 

3. INDEMNITY IN THIRD-PARTY
PROCEEDINGS. To the fullest extent permitted by applicable law, the Company shall indemnify and hold harmless Indemnitee in accordance
with the provisions of this Section 3 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness,
deponent or otherwise) in any Proceeding (other than a Proceeding by or in the right of the Company to procure a judgment in its favor,
which is addressed in Section 4 below) by reason of Indemnitee’s Corporate Status. Pursuant to this Section 3, Indemnitee
shall be indemnified and held harmless to the fullest extent permitted by applicable law against all Expenses, judgments, liabilities,
fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with
or in respect of such Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement) actually and reasonably incurred
by Indemnitee or on Indemnitee’s 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 Indemnitee’s conduct was unlawful.

 

4. INDEMNITY IN PROCEEDINGS
BY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable law, the Company shall indemnify and hold harmless
Indemnitee in accordance with the provisions of this Section 4 if Indemnitee was, is, or is threatened to be made, a party to or
a participant (as a witness, deponent or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor
by reason of Indemnitee’s Corporate Status. Pursuant to this Section 4, Indemnitee shall be indemnified and held harmless
to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee
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 or any other court in which the Proceeding
was brought 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 which the Delaware Court or such other court shall deem proper.

 

    5

     

    

 

5. INDEMNIFICATION
FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions of this Agreement to the contrary,
to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and is successful,
on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall,
to the fullest extent permitted by applicable law, indemnify and hold harmless Indemnitee against all Expenses actually and reasonably
incurred by Indemnitee in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits
or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent
permitted by applicable law, indemnify and hold harmless Indemnitee against all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful
in such Proceeding, the Company also shall, to the fullest extent permitted by applicable law, indemnify and hold harmless Indemnitee
against all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue, or matter on which Indemnitee
was successful. For purposes of this Section 5 and without limitation, the termination of any claim, issue or matter in such a Proceeding
by dismissal (with or without prejudice), motion for summary judgment, settlement (with or without court approval), or upon a plea of
nolo contendere or its equivalent shall be deemed, to the fullest extent permitted by law, to be a successful result as to such claim,
issue or matter.

 

6. INDEMNIFICATION
FOR EXPENSES OF A WITNESS. Notwithstanding any other provision of this Agreement to the contrary, to the extent that Indemnitee is,
by reason of Indemnitee’s Corporate Status, a witness or deponent in any Proceeding (including, without limitation, any Proceeding
to which Indemnitee was or is not a party or threatened to be made a party), Indemnitee shall, to the fullest extent permitted by applicable
law, be indemnified and held harmless against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf
in connection therewith.

 

7. ADDITIONAL INDEMNIFICATION
AND HOLD HARMLESS RIGHTS. Notwithstanding any limitation in Sections 3, 4 or 5, the Company shall, to the fullest extent permitted
by applicable law, indemnify and hold harmless Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding
(including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, liabilities,
fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with
or in respect of such Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement) actually and reasonably incurred
by Indemnitee in connection with the Proceeding.

 

8. CONTRIBUTION IN
THE EVENT OF JOINT LIABILITY.

 

(a)  To the fullest extent
permissible under applicable law, if the indemnification or hold harmless rights provided for in this Agreement are unavailable to Indemnitee
in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying, holding harmless or exonerating Indemnitee, shall
pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts paid
or to be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee to contribute to such
payment.

 

    6

     

    

 

(b)  Without the prior
consent of Indemnitee, the Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee
(or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against
Indemnitee without any admission of liability or other wrongdoing on the part of Indemnitee.

 

(c)  The Company hereby
agrees, to the fullest extent permissible under applicable law, to fully indemnify and hold harmless Indemnitee from any claims for contribution
which may be brought by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee
with respect to such claim.

 

9. EXCLUSIONS.
Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification,
advance expenses or hold harmless payment in connection with any claim made against Indemnitee:

 

(a)  for which payment
has actually been received by or on behalf of Indemnitee under any insurance policy, contract, agreement or other indemnity or advancement
provision, except with respect to any excess beyond the amount actually received under any such insurance policy, contract, agreement,
other indemnity or advancement provision or otherwise; provided, however, that payment made to Indemnitee pursuant to an
insurance policy purchased and maintained by Indemnitee at his or her own expense of any amounts otherwise indemnifiable or obligated
to be made pursuant to this Agreement shall not reduce the Company’s obligations to Indemnitee pursuant to this Agreement;

 

(b)  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 Exchange Act (or any successor rule) or similar provisions of state statutory law or common law; or

 

(c)  in connection
with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding)
initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees (including any agent), unless (i) such
indemnification is expressly required to be made by law or (ii) the Proceeding (or part thereof) was authorized in the first instance
by the Board of Directors of the Company. Indemnitee shall seek payments or advances from the Company in connection with a Proceeding
initiated by Indemnitee only to the extent that such payments or advances are unavailable from any insurance policy of the Company covering
Indemnitee.

 

10. ADVANCES OF EXPENSES;
DEFENSE OF CLAIM.

 

To the fullest extent permitted
by the DGCL, the Company shall pay the Expenses incurred by Indemnitee in connection with any Proceeding within thirty (30) days
after the receipt by the Company of a statement or statements requesting such advances from time to time, prior to the final disposition
of any Proceeding. Advances shall, to the fullest extent permitted by law, be unsecured and interest free. Advances shall be made without
regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to be indemnified
or held harmless under the other provisions of this Agreement. Advances shall, to the fullest extent permitted by law, include any and
all reasonable Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses incurred preparing and
forwarding statements to the Company to support the advances claimed. To the fullest extent permitted by law, such payments of Expenses
in advance of the final disposition of the Proceeding shall be made only upon the Company’s receipt of an undertaking, by or on
behalf of Indemnitee, to repay the advanced amounts to the extent that it is ultimately determined that Indemnitee is not entitled to
be indemnified or held harmless by the Company under the provisions of this Agreement, the Charter, the Bylaws, applicable law or otherwise.
The execution and delivery by Indemnitee of this Agreement shall constitute such undertaking and no further undertaking shall be required.
The Company agrees that for the purposes of any advancement of Expenses for which Indemnitee has made a written demand in accordance with
this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee’s counsel as being reasonable
shall be presumed conclusively to be reasonable. This Section 10(a) shall not apply to any claim made by Indemnitee for which
an indemnification or hold harmless payment is excluded pursuant to Section 9.

 

    7

     

    

 

11. PROCEDURE FOR
NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.

 

(a) Promptly after receipt by
Indemnitee of notice of the commencement of any Proceeding, Indemnitee shall, if a claim in respect thereof is to be made against the
Company hereunder, notify the Company in writing of the commencement thereof. The failure to promptly notify the Company of the commencement
of the Proceeding, or of Indemnitee’s request for indemnification, will not relieve the Company from any liability that it may have
to Indemnitee hereunder, except to the extent the Company is actually and materially prejudiced in its defense of such Proceeding as a
result of such failure; provided, however, provided, further, that notice will be deemed to have been given without any action
on the part of Indemnitee in the event the Company is a party to the same Proceeding. To obtain indemnification under this Agreement,
Indemnitee shall submit to the Company a written request therefor including such documentation and information as is reasonably available
to Indemnitee and is reasonably necessary to enable the Company to determine whether and to what extent Indemnitee is entitled to indemnification.

 

(b) With respect to any Proceeding
as to which Indemnitee notifies the Company of the commencement thereof, the Company will be entitled to participate in the Proceeding
at its own expense and except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with
counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any
Proceeding, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently incurred by
Indemnitee in connection with the defense of such Proceeding other than reasonable costs of investigation or as otherwise provided below.
Indemnitee shall have the right to employ legal counsel in such Proceeding, but all Expenses related thereto incurred after notice from
the Company of its assumption of the defense shall be at Indemnitee’s expense unless: (i) the employment of legal counsel by
Indemnitee has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest
between Indemnitee and the Company in the defense of the Proceeding, (iii) the fees and expenses are non-duplicative and reasonably
incurred in connection with Indemnitee’s role in the Proceeding despite the Company’s assumption of the defense, (iv) after
a Change in Control, the employment of counsel by Indemnitee has been approved by the Independent Counsel or (v) the Company shall
not in fact have employed counsel to assume the defense of such Proceeding, in each of which cases all Expenses of the Proceeding shall
be borne by the Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company,
or as to which Indemnitee shall have made the determination provided for in (ii) above or under the circumstances provided for in (iii)
and (iv) above. Indemnitee agrees that any such separate counsel retained by indemnitee will be a member of any approved list of panel
counsel under the Company’s applicable directors’ and officers’ liability insurance policy, should the applicable policy
provide for a panel of approved counsel and should such approved panel list comprise law firms with well-established reputations in the
type of litigation at issue. (For clarity, the fact of a firm’s being part of a panel shall not be evidence of a firm’s having
a well-established national reputation for the type of litigation at issue).

 

    8

     

    

 

(c) To the fullest extent permitted
by the DGCL, the Company’s assumption of the defense of a Proceeding in accordance with Section 11(b) will constitute an irrevocable
acknowledgement by the Company that any loss and liability suffered by Indemnitee and Expenses (including attorneys’ fees), judgments,
fines and amounts paid in settlement by or for the account of Indemnitee incurred in connection therewith are indemnifiable by the Company
under this Agreement.

 

(d) The determination whether
to grant Indemnitee’s indemnification request shall be made promptly and in any event within sixty (60) days following the Company’s
receipt of a request for indemnification in accordance with Section 11(a). If the Company determines that Indemnitee is entitled to such
indemnification or, as contemplated by paragraph 11(c) the Company has acknowledged such entitlement, the Company will make payment to
Indemnitee of the indemnifiable amount within such sixty (60) day period. If the Company is not deemed to have so acknowledged such entitlement
or the Company’s determination of whether to grant Indemnitee’s indemnification request shall not have been made within such
sixty (60) day period, the requisite determination of entitlement to indemnification shall, subject to Section 9, nonetheless be deemed
to have been made and Indemnitee shall be entitled to such indemnification, 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 the DGCL.

 

(e) In the event that (i) the
Company determines that Indemnitee is not entitled to indemnification under this Agreement, (ii) the Company denies a request for indemnification,
in whole or in part, or fails to respond or make a determination of entitlement to indemnification within sixty (60) days following receipt
of a request for indemnification as described above, (iii) payment of indemnification is not made within such sixty (60) day period, (iv)
advancement of Expenses is not timely made in accordance with Section 10, or (v) the Company or any other person takes or threatens to
take any action to declare this Agreement void or unenforceable, or institutes any litigation or other Proceeding designed to deny, or
to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to
an adjudication in any court of competent jurisdiction of his or her entitlement to such indemnification or advancement of Expenses. Indemnitee’s
Expenses (including attorneys’ fees) incurred in connection with successfully establishing Indemnitee’s right to indemnification
or advancement of Expenses, in whole or in part, in any such Proceeding or otherwise shall also be indemnified by the Company to the fullest
extent permitted by the DGCL.

 

    9

     

    

 

(f) Indemnitee shall be presumed
to be entitled to indemnification under this Agreement upon submission of a request therefor in accordance with Section 11 of this Agreement.
The Company shall have the burden of proof in overcoming such presumption, and such presumption shall be used as a basis for a determination
of entitlement to indemnification unless the Company overcomes such presumption by clear and convincing evidence.

 

(g) If there is a change in
control of the Company, upon written request by Indemnitee for indemnification pursuant to Section 11(a), any determination, if required
by the DGCL, with respect to Indemnitee’s entitlement thereto shall be made by Independent Counsel selected by Indemnitee with the
consent of the Company (such consent not to be unreasonably withheld, conditioned or delayed) in a written opinion, a copy of which shall
be delivered to the Company and Indemnitee, and the Company agrees to pay the fees and expenses of the Independent Counsel.

 

12. SECURITY.
Notwithstanding anything herein to the contrary, to the extent requested by Indemnitee and approved by the Board, the Company may at any
time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line
of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the
prior written consent of Indemnitee.

 

13.  NON-EXCLUSIVITY;
SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION.

 

(a)  The rights of Indemnitee
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 Proceeding (regardless of when such Proceeding is first threatened, commenced or completed) or claim, issue or matter
therein arising out of, or related to, any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to
such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision, permits
greater indemnification, hold harmless rights or advancement of Expenses than would be afforded currently under the Charter, the Bylaws
or 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)  The DGCL permits the
Company to purchase and maintain insurance on behalf of Indemnitee against any liability asserted against Indemnitee or incurred by or
on behalf of Indemnitee or in such capacity as a director, officer or employee of the Company or as an agent of another Enterprise, or
arising out of Indemnitee’s status as such, whether or not the Company would have the power to indemnify Indemnitee against such
liability under the DGCL, as it may then be in effect. The purchase, establishment, and maintenance of any such insurance shall not in
any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein,
and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations
of the Company or the other party or parties thereto with respect to any such insurance. The Company shall use commercially reasonable
efforts to obtain and maintain in effect during the entire period for which the Company is obligated to indemnify Indemnitee under this
Agreement, one or more policies of insurance with reputable insurance companies to provide the officers/directors of the Company with
coverage for losses from wrongful acts and omissions and to ensure the Company’s performance of its indemnification obligations
under this Agreement. In the event of a change in control or the Company’s becoming insolvent, the Company shall maintain in force
any and all insurance policies then maintained by the Company in providing insurance--directors’ and officers’ liability,
fiduciary, employment practices or otherwise--in respect of the individual directors and officers of the Company, for a fixed period of
six years thereafter (a “Tail Policy”). Such coverage shall be non-cancellable and shall be placed and serviced for the duration
of its term by the Company’s incumbent insurance broker. Such broker shall place the Tail Policy with the incumbent insurance carriers
using the policies that were in place at the time of the event giving rise to the change in control (unless the incumbent carriers will
not offer such policies, in which case the Tail Policy placed by the Company’s insurance broker shall be substantially comparable
in scope and amount as the expiring policies, and the insurance carriers for the Tail Policy shall have an AM Best rating that is the
same or better than the AM Best ratings of the expiring policies).

 

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(c)  To the extent that
the Company maintains an insurance policy or policies providing liability insurance for directors, officers, or employees of the Company
or agents 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, officer, or employee of the Company or any agent of any such other
Enterprise under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee
is a party or a participant (as a witness, deponent or otherwise), the Company has director and officer liability or similar insurance
in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the
respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee,
all amounts payable as a result of such Proceeding in accordance with the terms of such policies. Further, if requested by Indemnitee,
within two (2) business days of such request the Company will instruct the insurance carriers and the Company’s insurance broker
that they may communicate directly with Indemnitee regarding such claim. In the event of a change in control or the Company’s becoming
insolvent, the Company shall maintain in force a Tail Policy. Such coverage shall be non-cancellable and shall be placed and serviced
for the duration of its term by the Company’s incumbent insurance broker. Such broker shall place the Tail Policy with the incumbent
insurance carriers using the policies that were in place at the time of the event giving rise to the change in control (unless the incumbent
carriers will not offer such policies, in which case the Tail Policy placed by the Company’s insurance broker shall be substantially
comparable in scope and amount as the expiring policies, and the insurance carriers for the Tail Policy shall have an AM Best rating that
is the same or better than the AM Best ratings of the expiring policies).

 

(d)  In the event of any
payment under this Agreement, the Company, to the fullest extent permitted by law, 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 indemnify, hold harmless, or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company
as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other Enterprise shall be reduced
by any amount Indemnitee has actually received as indemnification or hold harmless payments or advancement of expenses from such Enterprise.
Notwithstanding any other provision of this Agreement to the contrary, (i) Indemnitee shall have no obligation to reduce, offset,
allocate, pursue or apportion any indemnification, hold harmless, advancement, contribution or insurance coverage among multiple parties
possessing such duties to Indemnitee prior to the Company’s satisfaction and performance of all its obligations under this Agreement,
and (ii) the Company shall perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue
or has pursued any indemnification, advancement, hold harmless, contribution or insurance coverage rights against any person or entity
other than the Company.

 

14. SECTION 409A OF
THE CODE. If Indemnitee’s right to payment or reimbursement of indemnification or expenses pursuant to this Agreement would
not be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) pursuant
to Treasury Regulation Section 1.0409A-1(b)(10), then (a) the payment or reimbursement of indemnification and expenses provided
or advanced to or for Indemnitee pursuant to this Agreement in one taxable year shall not affect the amount of indemnification and expenses
provided or advanced to or for Indemnitee in any other taxable year, (b) any reimbursement to Indemnitee of expenses under this Agreement
shall be paid to Indemnitee on or before the last day of Indemnitee’s taxable year following the taxable year in which the expense
was incurred and (c) the right to advancement, reimbursement or payment of indemnification and expenses under this Agreement may
not be liquidated or exchanged for any other benefit. In addition, to the extent that this Agreement is subject to Section 409A of
the Code, this Agreement shall be interpreted and enforced so as to avoid any tax, penalty or interest under Section 409A of
the Code. For purposes of this Section 14, “Expenses” shall be deemed to include, in addition to those items included
in the definition thereof in Section 2, any liability, loss, judgment, fine and amounts paid in settlement.

 

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15. DURATION OF AGREEMENT.
All agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or officer
of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other corporation,
partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the request of the Company and
shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding by reason of Indemnitee’s Corporate
Status, whether or not Indemnitee is acting in any such capacity at the time any liability or expense is incurred for which indemnification
or advancement can be provided under this Agreement.

 

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, paragraph or sentence 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, paragraph or sentence 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.

 

17. ENFORCEMENT AND
BINDING EFFECT.

 

(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, officer or key employee of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement
in serving as a director, officer or key employee of the Company or as an agent of another Enterprise.

 

(b)  Without limiting any
of the rights of Indemnitee under the Charter or Bylaws (which rights shall continue in full force and effect and shall be in addition
to the rights provided hereunder), 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.

 

(c)  The indemnification,
hold harmless, and advancement of expenses rights provided by or granted pursuant to this Agreement shall be binding upon and be enforceable
by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation,
division or otherwise to all or substantially all of the business and/or assets of the Company), shall continue as to an Indemnitee who
has ceased to be a director, officer, or employee of the Company or agent of any other Enterprise, and shall inure to the benefit of Indemnitee
and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

 

(d)  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 to the fullest extent permitted by law.

 

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(e)  The Company and Indemnitee
agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of
proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee
may, to the fullest extent permitted by law, enforce this Agreement by seeking, among other things, injunctive relief and/or specific
performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific
performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. The
Company and Indemnitee further agree that Indemnitee shall, to the fullest extent permitted by law, be entitled to such specific performance
and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity
of posting bonds or other undertaking in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking
may be required of Indemnitee by a court of competent jurisdiction. The Company hereby waives any such requirement of such a bond or undertaking
to the fullest extent permitted by law.

 

18.   MODIFICATION
AND WAIVER. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Company
and Indemnitee. 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.

 

19. NOTICES. All
notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given
(i) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed
by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on which it is so mailed:

 

(a)  If to Indemnitee,
at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide in writing to
the Company.

 

(b)  If to the Company,
to:

 

Presto Automation Inc.

985 Industrial Rd Suite 205

San Carlos, CA 94070

Attention: [●]

Email: [●]

  

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

 

20. NOTICE BY THE COMPANY.
If the Indemnitee is the subject of, or is, to the knowledge of the Company, implicated in any way during an investigation, whether formal
or informal, that is related to Indemnitee’s Corporate Status and that reasonably could lead to a Proceeding for which indemnification
can be provided under this Agreement, the Company shall notify the Indemnitee of such investigation and shall share (to the extent legally
permissible) with Indemnitee any information it has provided to any third parties concerning the investigation (“Shared Information”).
By executing this Agreement, Indemnitee agrees that such Shared Information may be material non-public information and that Indemnitee
is thus obligated to hold such information in confidence and not disclose it publicly; provided, however, that Indemnitee may use the
Shared Information and disclose such Shared Information to Indemnitee’s legal counsel and third parties, in each case solely in
connection with defending Indemnitee from legal liability.

 

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21. 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. To the fullest extent permitted by
law, the Company and Indemnitee hereby irrevocably and unconditionally: (a) 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; (b) 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; (c) waive any objection to the laying of
venue of any such action or proceeding in the Delaware Court; and (d) 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, or is subject (in whole
or in part) to a jury trial. To the fullest extent permitted by law, the parties hereby agree that the mailing of process and other papers
in connection with any such action or proceeding in the manner provided by Section 19 or in such other manner as may be permitted
by law, shall be valid and sufficient service thereof.

 

22. 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.

 

23. MISCELLANEOUS.
Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. 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.

 

24. ADDITIONAL ACTS.
If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required to the fullest
extent permitted by law, the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted
in a manner that will enable the Company to fulfill its obligations under this Agreement.

 

[Signature Page Follows]

 

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

 

	PRESTO AUTOMATION INC.	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 
	INDEMNITEE

	 
	 	 	 
	By:	            	 
	Name:	 	 
	Address:	 	 

 

[Signature page to Indemnity Agreement]

 

 

15

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