Document:

Exhibit 10.1

 

 

 

THIS PROMISSORY NOTE (“NOTE”) HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT
ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN
OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

UNSECURED PROMISSORY NOTE

 

	Principal Amount: $216,667	Dated as of September 23, 2022

 

Mana Capital Acquisition Corp., a Delaware corporation (the “Maker”),
promises to pay to the order of Cardio Diagnostics, Inc., a Delaware corporation, or its registered assignee or successor in interest
(the “Payee”), the principal sum of Two Hundred and Sixteen Thousand and Six Hundred and Sixty Seven U.S. dollars ($216,667)
in lawful money of the United States of America, on the terms and conditions described below. This Note is being issued by the Maker in
consideration of a loan in the amount of $216,667 made by the Payee to the Maker on the date first set forth above. All payments
on this Note (unless the full principal is converted pursuant to Section 14 below) shall be made by check or wire transfer of immediately
available funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by written notice
in accordance with the provisions of this Note.

 

1. Principal. The principal balance of this Note shall be payable
below, on the earlier of (such date, the “Maturity Date”), subject to Section 11
of this Note, (a) the date that Maker consummates the Maker’s Business Combination (as that term is defined in the Merger Agreement,
which is defined in Section 11 herein) and (b) the termination of the Merger Agreement, subject to the provisions of
Section 11.5 thereof. Under no circumstances shall any individual, including, but not limited to,
any officer, director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

 

2. Interest. No interest shall accrue on the outstanding principal
balance of this Note.

 

3. Application of Payments. All
payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without
limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid
principal balance of this Note.

 

4. Events of Default. The following shall constitute an event
of default (“Event of Default”):

 

(a) Failure to Make Required Payments. Failure
by the Maker to pay the principal amount due pursuant to this Note on the Maturity Date.

 

(b) Voluntary Bankruptcy, Etc. The
commencement by the Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar
law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator
(or other similar official) of the Maker or for any substantial part of its property, or the making by it of any assignment for the benefit
of creditors, or the failure of the Maker generally to pay its debts as such debts become due, or the taking of corporate action by the
Maker in furtherance of any of the foregoing.

  

(c) Involuntary Bankruptcy, Etc. The
entry of a decree or order for relief by a court having jurisdiction in the premises in respect of the Maker in an involuntary case under
any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
(or similar official) of the Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs,
and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

5. Remedies. Upon the occurrence of an Event of Default specified
in Section 4(a) hereof, the unpaid principal amount of this Note shall become immediately due and payable without presentment, demand,
protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing
the same to the contrary notwithstanding. Upon the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal
balance of this Note shall automatically and immediately become due and payable, in all cases without any action on the part of the Payee.

 

    	 

    	 

    

 

6. Waivers. The Maker and all endorsers and guarantors of,
and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the
Note, all errors, defects and imperfections in any proceedings instituted by the Payee under the terms of this Note, and all benefits
that might accrue to the Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds
arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption
from civil process, or extension of time for payment. The Maker agrees that any real estate that may be levied upon pursuant to a judgment
obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired
by the Payee.

 

7. Unconditional Liability. The Maker hereby waives all notices
in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability
shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence,
extension of time, renewal, waiver or modification granted or consented to by the Payee, and consents to any and all extensions of time,
renewals, waivers, or modifications that may be granted by the Payee with respect to the payment or other provisions of this Note, and
agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to the Maker or affecting the
Maker’s liability hereunder.

 

8. Notices. All notices, statements or other documents which are
required or contemplated by this Note shall be: (i) in writing and delivered personally or sent by first class registered or certified
mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the
number most recently provided to such party or such other address or fax number as may be designated in writing by such party, and (iii)
by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be
designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of
delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission,
one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

9. Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

10. Severability. Any provision contained in this Note which
is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

11. Trust Waiver.  Notwithstanding anything herein to the contrary,
the Payee hereby waives any and all right, title, interest or claim of any kind (a “Claim”) in or to any distribution
of or from the trust account (the “Trust Account”) established in which the proceeds of the initial public offering
(the “IPO”) conducted by the Maker (including the deferred underwriters’ discounts and commissions) and the proceeds
of the sale of the warrants issued in a private placement that occurred prior to the closing of the IPO were deposited, as described in
greater detail in the Maker’s Registration Statement on Form S-1 and prospectus filed with the Securities and Exchange Commission
in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust
account for any reason whatsoever. The provisions of this Section 11 shall be in addition to, and not in limitation of, any releases of
Claims provided by the Payee pursuant to any other agreement between the Payee and the Maker, including, without limitation, that certain
Merger Agreement and Plan of Reorganization, dated as of May 27, 2022 (as may be amended or supplemented from time to time) among the
Maker, the Payee, Mana Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of the Maker, and Meeshanthini (Meesha)
Dogan, in her capacity as the representative of the shareholders of Payee (the “Merger Agreement”), for the purposes
set forth therein.

 

12. Amendment. Any amendment hereto or waiver of any provision hereof
may be made with, and only with, the written consent of the Maker and the Payee.

 

 

    	 

    	 

    

 

13. Assignment. No assignment or transfer of this Note or any
rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of
the other party hereto and any attempted assignment without the required consent shall be void.

 

14. Conversion.

 

(a) Notwithstanding anything contained in this Note
to the contrary, upon consummation of the Business Combination, the entire principal balance of this Note shall be converted into that
number of shares of the Common Stock of Maker (the “Conversion Shares”), equal to: (x) the principal amount of this Note being
converted pursuant to this Section 14, divided by (y) $10.00.

 

(b) Upon any conversion of the principal amount of
this Note, (i) such principal amount shall be so converted and such converted portion of this Note shall become fully paid and satisfied,
(ii) Payee shall surrender and deliver this Note, duly endorsed, to Maker or such other address which Maker shall designate against delivery
of the Conversion Shares, and (iii) in exchange for the surrendered Note, Maker shall, at the direction of Payee, cause to be delivered
to Payee (or its members or their respective affiliates) (Payee or such other persons, the “Holders”) the Conversion
Shares, which shall bear such legends as are required, in the opinion of counsel to Maker or by any other agreement between Maker and
Payee and applicable state and federal securities laws. The Holders shall pay any and all issue and other taxes that may be payable with
respect to any issue or delivery of the Conversion Shares upon conversion of this Note pursuant hereto. The Conversion Shares shall not
be issued upon conversion of this Note unless such issuance and conversion complies with all applicable provisions of law

 

[signature page follows]

 

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties hereto, intending
to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the date first above written.

 

	 	MANA CAPITAL ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Jonathan Intrater 
	 	Name:	Jonathan Intrater  
	 	Title:	Chief Executive Officer

 

  

 

	 	CARDIO DIAGNOSTICS, INC.
	 	 	 
	 	By:	 /s/ Meeshanthini (Meesha) Dogan  
	 	Name:	Meeshanthini (Meesha) Dogan  
	 	Title:	Chief Executive OfficerExhibit 10.3

 

ONS Acquisition Corp.

407 N. Maple Drive, Ground Floor

Beverly Hills, CA 90210

 

	 	Re:	Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered
into by and between ONS Acquisition Corp., a Cayman Islands exempted company (the “Company”) and Ladenburg Thalmann
& Co. Inc. as the representative (the “Representative”) of the underwriters (the “Underwriters”),
relating to an underwritten initial public offering (the “Public Offering”) of 17,250,000 of the Company’s
units (including 2,250,000 units that may be purchased pursuant to the Underwriters’ option to purchase additional units, the “Units”),
each comprising of one of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”)
and one redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase
one Ordinary Share at a price of $11.50 per share, subject to adjustment. The Units will be sold in the Public Offering pursuant to a
registration statement on Form S-1 and a prospectus (the “Prospectus”) filed by the Company with the U.S. Securities
and Exchange Commission (the “Commission”). Certain capitalized terms used herein are defined in paragraph 1 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, ONS Acquisition Management LLC (the “Sponsor”) and each of
the undersigned (each, an “Insider” and, collectively, the “Insiders”) hereby agree
with the Company as follows:

 

1. Definitions. As used herein, (i)
“Business Combination” shall mean a merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses or entities; (ii) “Founder Shares” shall mean the
4,312,500 Class B ordinary shares of the Company, par value $0.0001 per share, outstanding prior to the consummation of the Public
Offering; (iii) “Private Placement Warrants” shall mean the units that will be acquired by the Sponsor for an
aggregate purchase price of $12,500,000 in a private placement that shall close simultaneously with the consummation of the Public Offering
(including the Ordinary Shares and private placement warrants underlying such units and the Ordinary Shares issuable upon exercise of
such private placement units thereof); (iv) “Public Shareholders” shall mean the holders of Ordinary Shares
included in the Units issued in the Public Offering; (v) “Public Shares” shall mean the Ordinary Shares included
in the Units issued in the Public Offering; (vi) “Trust Account” shall mean the trust account into which a portion
of the net proceeds of the Public Offering and the sale of the Private Placement Warrants shall be deposited; (vii) “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 Securities Exchange
Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any
security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement
of any intention to effect any transaction specified in clause (a) or (b); and (viii) “Charter” shall mean
the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time.

 

2. Representations and Warranties.

 

(a) The Sponsor and each Insider, with respect
to itself, herself or himself, represent and warrant to the Company that it, she or he has the full right and power, without violating
any agreement to which it, she or he is bound (including, without limitation, any non-competition or non-solicitation agreement with any
employer or former employer), to enter into this Letter Agreement, as applicable, and to serve as an officer of the Company and/or a director
on the Company’s Board of Director (the “Board”), as applicable, and each Insider hereby consents to being
named in the Prospectus, road show and any other materials as an officer and/or director of the Company, as applicable.

 

     

     

    

 

(b) Each Insider represents and warrants, with
respect to herself or himself, that such Insider’s biographical information furnished to the Company (including any such information
included in the Prospectus) is true and accurate in all material respects and does not omit any material information with respect to such
Insider’s background. The Insider’s questionnaire furnished to the Company is true and accurate in all material respects.
Each Insider represents and warrants that such Insider 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;
such Insider 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 such Insider is not
currently a defendant in any such criminal proceeding; and such Insider 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.

 

3. Business Combination Vote. It is
acknowledged and agreed that the Company shall not enter into a definitive agreement regarding a proposed Business Combination without
the prior consent of the Sponsor. The Sponsor and each Insider, with respect to itself or herself or himself, agrees that if the
Company seeks shareholder approval of a proposed initial Business Combination, then in connection with such proposed initial Business
Combination, it, she or he, as applicable, shall vote all Founder Shares and any Public Shares (to the extent consistent with the requirements
of Rule 14e-5 promulgated under the Exchange Act of 1934) held by it, her or him, as applicable, in favor of such proposed initial Business
Combination (including any proposals recommended by the Board in connection with such Business Combination) and not redeem any Public
Shares held by it, her or him, as applicable, in connection with such shareholder approval.

 

4. Failure to Consummate a Business Combination;
Trust Account Waiver.

 

(a) The Sponsor and each Insider hereby agree,
with respect to itself, herself or himself, that in the event that the Company fails to consummate its initial Business Combination within
the time period set forth in 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,
redeem 100% of the Public Shares, 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 the Company’s
taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares,
which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further
liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval
of the Company’s remaining shareholders and the Board, liquidate and dissolve, subject in the case of clauses (ii) and (iii)
to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements
of applicable law. The Sponsor and each Insider agree not to propose any amendment to the Charter (i) that would modify the substance
or timing of the Company’s obligation to provide holders of the Public Shares the right to have their shares redeemed in connection
with an initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete an initial Business Combination
within the required time period set forth in the Charter or (ii) with respect to any provision relating to the rights of holders
of Public Shares unless the Company provides its Public Shareholders with the opportunity to redeem their Public Shares upon approval
of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including
interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes, if any, divided by the
number of then-outstanding Public Shares.

 

(b) The Sponsor and each Insider, with respect
to itself, herself or himself, acknowledges that it, she or he has no right, title, interest or claim of any kind in or to any monies
held in the Trust Account as a result of any liquidation of the Company with respect to the Founder Shares held by it, her or him, if
any. The Sponsor and each of the Insiders hereby further waive, with respect to any Founder Shares and Public Shares held by it, her or
him, as applicable, any redemption rights it, she or he may have in connection with the consummation of a Business Combination, including,
without limitation, any such rights available in the context of a shareholder vote to approve such Business Combination or a shareholder
vote to approve an amendment to the Charter (i) that would modify the substance or timing of the Company’s obligation to provide
holders of the Public Shares the right to have their shares redeemed in connection with an initial Business Combination or to redeem 100%
of the Public Shares if the Company has not consummated an initial Business Combination within the time period set forth in the Charter
or (ii) with respect to any provision relating to the rights of holders of Public Shares (although the Sponsor and the Insiders shall
be entitled to liquidation rights with respect to any Public Shares they hold if the Company fails to consummate a Business Combination
within the required time period set forth in the Charter).

 

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5. Lock-up; Transfer Restrictions.

 

(a) The Sponsor and the Insiders agree that
they shall not Transfer any Founder Shares (the “Founder Shares Lock-up”) until the earliest of (A) one
year after the completion of an initial Business Combination and (B) the date following the completion of an initial Business Combination
on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Company’s
shareholders having the right to exchange their Ordinary Shares for cash, securities or other property (the “Founder Shares
Lock-up Period”). Notwithstanding the foregoing, if, subsequent to a Business Combination, the closing price of the Ordinary
Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, share consolidations, reorganizations,
recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing at least 150 days after the Company’s
initial Business Combination, the Founder Shares shall be released from the Founder Shares Lock-up.

 

(b) Subject to the provisions set forth in paragraph
5(c), the Sponsor and Insiders agree that they shall not effectuate any Transfer of Private Placement Warrants or the private placement
shares and private placement warrants underlying such Private Placement Warrants until 30 days after the completion of an initial Business
Combination.

 

(c) Notwithstanding the provisions set forth
in paragraphs 5(a) and (b), Transfers of the Founder Shares, Private Placement Warrants and the private
placement shares and private placement warrants underlying the Private Placement Warrants are permitted: (a) to the Company’s
officers or directors, any affiliate or family member of any of the Company’s officers or directors, any members or partners of
the Sponsor or their affiliates, any affiliates of the Sponsor, or any employees of such affiliates; (b) in the case of an individual,
by gift to a member of one of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s
immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws
of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations
order; (e) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement or in connection
with the consummation of a Business Combination at prices no greater than the price at which the Founder Shares, Private Placement Warrants,
private placement shares and private placement warrants underlying the Private Placement Units or Ordinary Shares, as applicable, were
originally purchased; (f) by virtue of the Sponsor’s organizational documents upon liquidation or dissolution of the Sponsor;
(g) to the Company for no value for cancellation in connection with the consummation of an initial Business Combination; (h) in
the event of the Company’s liquidation prior to the completion of a Business Combination; or (i) in the event of completion
of a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s Public Shareholders
having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of an initial Business
Combination; provided, however, that in the case of clauses (a) through (f) these permitted transferees must
enter into a written agreement agreeing to be bound by the transfer restrictions set forth in this Agreement.

 

(d) During the period commencing on the effective
date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall not, without the prior written
consent of the Representative, Transfer any Units, Ordinary Shares, Warrants or any other securities convertible into, or exercisable
or exchangeable for, Ordinary Shares held by it, her or him, as applicable, subject to certain exceptions enumerated in Section 5(g)
of the Underwriting Agreement.

 

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6. Remedies. The Sponsor and each of
the Insiders hereby agree and acknowledge that (i) the Underwriters and the Company would be irreparably injured in the event of a breach
by the Sponsor or such Insider of its, her or his obligations, as applicable under paragraphs 3, 4, 5, 7, 10 and 11,
(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. Payments by the Company. Except
as disclosed in the Prospectus, neither the Sponsor nor any affiliate of the Sponsor nor any director or officer of the Company nor any
affiliate of the officers shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any
payment 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).

 

8. Director and Officer Liability Insurance.
The Company will use commercially reasonable efforts to maintain an insurance policy or policies providing directors’ and officers’
liability insurance, and the Insiders 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.

 

9. Termination. This Letter Agreement
shall terminate on the earlier of (i) the expiration of the Founder Shares Lock-up Period and (ii) the liquidation of the Company.

 

10. Indemnification. In the event of
the liquidation of the Trust Account upon the failure of the Company to consummate its initial Business Combination within the time period
set forth in the Charter, the Sponsor (the “Indemnitor”) agrees to indemnify and hold harmless the Company against
any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses
reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened) to which the Company
may become subject as a result of any claim by (i) any third party for services rendered or products sold to the Company (except
for the Company’s independent auditors) or (ii) any prospective target business with which the Company has discussed entering
into a transaction agreement (a “Target”); provided, however, that such indemnification
of the Company by the Indemnitor (x) shall apply only to the extent necessary to ensure that such claims by a third party for services
rendered or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below the lesser of (i)
$10.20 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of
the Trust Account if less than $10.20 per Public Share due to reductions in the value of the trust assets, in each case net of interest
that may be withdrawn to pay the Company’s tax obligations, (y) shall not apply to any claims by a third party or Target who
executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) and (z) shall
not apply to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under
the Securities Act of 1933, as amended. The Indemnitor shall have the right to defend against any such claim with counsel of its choice
reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the Indemnitor, the Indemnitor
notifies the Company in writing that it shall undertake such defense.

 

11. Forfeiture of Founder Shares. To
the extent that the Underwriters do not exercise its option to purchase additional Units within 45 days from the date of the Prospectus
in full (as further described in the Prospectus), the Sponsor agrees to automatically surrender to the Company for no consideration, for
cancellation at no cost, an aggregate number of Founder Shares so that the number of Founder Shares will equal of 20% of the sum of the
total number of Ordinary Shares and Founder Shares outstanding at such time. The Sponsor and Insiders further agree that to the extent
that the size of the Public Offering is increased or decreased, the Company will effect a share capitalization or a share repurchase,
as applicable, with respect to the Founder Shares immediately prior to the consummation of the Public Offering in such amount as to maintain
the number of Founder Shares at 20% of the sum of the total number of Ordinary Shares and Founder Shares outstanding at such time.

 

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

 

13. Assignment. 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, each of the Insiders
and each of their respective successors, heirs, personal representatives and assigns and permitted transferees.

 

14. Counterparts. This Letter Agreement
may be executed in any number of original, electronic 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.

 

15. Effect of Headings. The paragraph
headings herein are for convenience only and are not part of this Letter Agreement and shall not affect the interpretation thereof.

 

16. Severability. 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.

 

17. Governing Law. 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, (ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent an
inconvenient forum and (iii) waive any right to a trial by jury in any action, suit or proceeding to enforce or defend any right under
this Letter Agreement, and agree that any such action, suit or proceeding will be tried before a court and not before a jury.

 

18. Notices. 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.

 

[Signature Pages Follow]

 

    5

     

    

 

	 	Sincerely,
	 	 
	 	ONS ACQUISITION SPONSOR LLC
	 	 
	 	By:	 
	 	 	Name: Alexander Crutchfield
	 	 	Title: Chief Executive Officer

 

[Signature Page to Letter Agreement]

 

    6

     

    

 

	 	 
	 	[__]

 

[Signature Page to Letter Agreement]

 

    7

     

    

 

Acknowledged and Agreed:

 

	 	ONS ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name: Alexander Crutchfield
	 	 	Title: Chief Executive Officer

 

 

[Signature Page to Letter Agreement]

 

8

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