Document:

Exhibit 10.7

 

PRIVATE PLACEMENT
 SHARES PURCHASE AGREEMENT

 

THIS PRIVATE PLACEMENT  SHARES AGREEMENT,
dated as of [●], 2021 (this “Agreement”), is entered into by and between AltC Acquisition Corp., a Delaware
corporation (the “Company”), and AltC Sponsor LLC, a Delaware limited liability company (the “Purchaser”).

 

WHEREAS, the Company intends to consummate an initial
public offering (the “Public Offering”), of the Company’s Class A common stock, par value $0.0001 per share
(each, a “Share”), as set forth in the Company’s registration statement on Form S-1 related to the Public Offering
(the “Registration Statement”); and

 

WHEREAS, the Purchaser now wishes to purchase an
aggregate of 1,250,000 Shares (or 1,370,000 Shares if the underwriters’ over-allotment option is exercised in full) (the “Private
Placement Shares”).

 

NOW THEREFORE, in consideration of the mutual promises
contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

AGREEMENT

 

Section 1.               
Authorization, Purchase and Sale; Terms of the Private Placement Shares.

 

A.               
Authorization of the Private Placement Shares. The Company has duly authorized the issuance and sale of the Private Placement
Shares to the Purchaser.

 

B.                
Purchase and Sale of the Private Placement Shares.

 

(i)                
As payment in full for the 1,250,000 Private Placement Shares being purchased under this Agreement, the Purchaser shall pay $12,500,000
(the “Purchase Price”), by wire transfer of immediately available funds in accordance with the Company’s wiring
instructions, at least one (1) business day prior to the effective date of the Registration Statement, or on such other date as the Company
and the Purchaser may agree.

 

(ii)             
In the event that the underwriters’ over-allotment option is exercised in full, the Purchaser shall purchase up to an additional
120,000 Private Placement Shares (the “Additional Private Placement Shares”), in the same proportion as the amount
of the over-allotment option that is exercised, and simultaneously with such purchase of Additional Private Placement Shares, as payment
in full for the Additional Private Placement Shares being purchased hereunder, and at least one (1) business day prior to the closing
of all or any portion of the over-allotment option, or on such other date as the Company and the Purchaser may agree, the Purchaser shall
pay $10.00 per Additional Private Placement Share, up to an aggregate amount of $1,200,000, by wire transfer of immediately available
funds in accordance with the Company’s wiring instructions.

 

     

     

    

 

(iii)           
The closing of the purchase and sale of the Private Placement Shares shall take place simultaneously with the closing of the Public
Offering (the “Initial Closing Date”). The closing of the purchase and sale of the Additional Private Placement Shares,
if applicable, shall take place simultaneously with the closing of all or any portion of the over-allotment option (such closing date,
together with the Initial Closing Date, the “Closing Dates” and each, a “Closing Date”). The closing
of the purchase and sale of each of the Private Placement Shares and the Additional Private Placement Shares shall take place at the
offices of Weil, Gotshal & Manges LLP, 767 Fifth Avenue, New York, New York, 10153, or such other place as may be agreed upon by
the parties hereto.

 

C.                
Terms of the Private Placement Shares.

 

(i)               The
Private Placement Shares are substantially identical to the Shares to be offered in the Public Offering except: (a) as provided in that
letter agreement, dated as of the date hereof (the “Letter Agreement”), by and among the Company, the Purchaser and each
of the Company’s officers, directors and director nominees, and (b) the Private Placement Shares are being purchased pursuant to
an exemption from the registration requirements of the Securities Act and will become freely tradable only after the expiration of the
lockup described above in the Letter Agreement and they are registered pursuant to the Registration Rights Agreement (as defined below)
or an exemption from registration is available, and the restrictions described above in clause (a) have expired.

 

(ii)             
At or prior to the time of the Initial Closing Date, the Company and the Purchaser shall enter into a registration rights agreement
(the “Registration Rights Agreement”) pursuant to which the Company will grant certain registration rights to the
Purchaser relating to the Private Placement Shares.

 

Section 2.               
Representations and Warranties of the Company. As a material inducement to the Purchaser to enter into this Agreement and
purchase the Private Placement Shares, the Company hereby represents and warrants to the Purchaser (which representations and warranties
shall survive the Closing Dates) that:

 

A.               
Organization and Corporate Power. The Company is a corporation duly organized, validly existing and in good standing under
the laws of the State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably
be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses
all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement.

 

B.                
Authorization; No Breach.

 

(i)                
The execution, delivery and performance of this Agreement and the Private Placement Shares have been duly authorized by the Company
as of the Closing Dates. This Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance with its
terms. Upon issuance in accordance with, and payment pursuant to, the terms of the this Agreement, the Private Placement Shares will
constitute valid and binding obligations of the Company, enforceable in accordance with their terms as of the Closing Dates.

 

(ii)             
The execution and delivery by the Company of this Agreement and the Private Placement Shares, the issuance and sale of the Private
Placement Shares and the fulfillment of, and compliance with, the respective terms hereof and thereof by the Company, do not and will
not as of the Closing Dates (a) conflict with or result in a breach of the terms, conditions or provisions of, (b) constitute a default
under, (c) result in the creation of any lien, security interest, charge or encumbrance upon the Company’s capital stock or assets
under, (d) result in a violation of, or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration
to, or filing with, any court or administrative or governmental body or agency pursuant to the certificate of incorporation or the bylaws
of the Company (in effect on the date hereof or as may be amended prior to completion of the contemplated Public Offering), or any material
law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is
subject, except for any filings required after the date hereof under federal or state securities laws.

 

    2

     

    

 

C.                 Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Private Placement Shares will be
duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof,
the Purchaser will have good title to the Private Placement Shares, free and clear of all liens, claims and encumbrances of any
kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions
under federal and state securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser.

 

D.               
Governmental Consents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental
authority is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation
by the Company of any other transactions contemplated hereby.

 

E.                
Regulation D Qualification. Neither the Company nor, to its knowledge, any of its affiliates, officers, directors or beneficial
stockholders of 20% or more of its outstanding securities, has experienced a disqualifying event as enumerated pursuant to Rule 506(d)
of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”).

 

Section 3.               
Representations and Warranties of the Purchaser. As a material inducement to the Company to enter into this Agreement and
issue and sell the Private Placement Shares to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations
and warranties shall survive the Closing Dates) that:

 

A.               
Organization and Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry out
the transactions contemplated by this Agreement.

 

B.                
Authorization; No Breach.

 

(i)                
This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject
to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting
creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).

 

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(ii)             
 The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by
the Purchaser does not and shall not as of the Closing Dates conflict with or result in a breach by the Purchaser of the terms, conditions
or provisions of any agreement, instrument, order, judgment or decree to which the Purchaser is subject.

 

C.                
Investment Representations.

 

(i)                
The Purchaser is acquiring the Private Placement Shares for the Purchaser’s own account, for investment purposes only and
not with a view towards, or for resale in connection with, any public sale or distribution thereof.

 

(ii)             
The Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D under the Securities
Act and the Purchaser has not experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities
Act.

 

(iii)           
The Purchaser understands that the Private Placement Shares are being offered and will be sold to it in reliance on specific exemptions
from the registration requirements of the United States federal and state securities laws and that the Company is relying upon the truth
and accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth herein in order
to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Private Placement Shares.

 

(iv)            
The Purchaser did not enter into this Agreement as a result of any general solicitation or general advertising within the meaning
of Rule 502(c) under the Securities Act.

 

(v)              
The Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and materials
relating to the offer and sale of the Private Placement Shares which have been requested by the Purchaser. The Purchaser has been afforded
the opportunity to ask questions of the executive officers and directors of the Company. The Purchaser understands that its investment
in the Private Placement Shares involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered
necessary to make an informed investment decision with respect to the acquisition of the Private Placement Shares.

 

(vi)            
The Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed
on or made any recommendation or endorsement of the Private Placement Shares or the fairness or suitability of the investment in the
Private Placement Shares by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Private
Placement Shares.

 

(vii)         
The Purchaser understands that: (a) the Private Placement Shares have not been and are not being registered under the Securities
Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder
or (2) sold in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement, neither
the Company nor any other person is under any obligation to register the Private Placement Shares under the Securities Act or any state
securities laws or to comply with the terms and conditions of any exemption thereunder.

 

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(viii)       
The Purchaser has such knowledge and experience in financial and business matters, knowledge of the high degree of risk associated
with investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and
risks of an investment in the Private Placement Shares and is able to bear the economic risk of an investment in the Private Placement
Shares in the amount contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current
financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the
investment in the Private Placement Shares. The Purchaser can afford a complete loss of its investments in the Private Placement Shares.

 

Section 4.               
Conditions of the Purchaser’s Obligations. The obligations of the Purchaser to purchase and pay for the Private Placement
Shares are subject to the fulfillment, on or before the Closing Dates, of each of the following conditions:

 

A.               
Representations and Warranties. The representations and warranties of the Company contained in Section 2 shall be
true and correct at and as of the Closing Dates as though then made.

 

B.                
Performance. The Company shall have performed and complied with all agreements, obligations and conditions contained in
this Agreement that are required to be performed or complied with by it on or before the Closing Dates.

 

C.                
No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been
enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated
by this Agreement or the Warrant Agreement.

 

D.               Registration
Rights Agreement. The Company shall have entered into a Registration Rights Agreement on terms satisfactory to the
Purchaser.

 

Section 5.               
Conditions of the Company’s Obligations. The obligations of the Company to the Purchaser under this Agreement are
subject to the fulfillment, on or before the Closing Dates, of each of the following conditions:

 

A.               
Representations and Warranties. The representations and warranties of the Purchaser contained in Section 3 shall
be true and correct at and as of the Closing Dates as though then made.

 

B.                
Performance. The Purchaser shall have performed and complied with all agreements, obligations and conditions contained
in this Agreement that are required to be performed or complied with by the Purchaser on or before the Closing Dates.

 

C.                
No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been
enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated
by this Agreement.

 

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Section 6.               
Termination. This Agreement may be terminated at any time after [●], [2021] upon the election by either the Company
or the Purchaser upon written notice to the other parties if the closing of the Public Offering does not occur prior to such date.

 

Section 7.               
Survival of Representations and Warranties. All of the representations and warranties contained herein shall survive the
Closing Dates.

 

Section 8.               
Definitions. Terms used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the
Registration Statement.

 

Section 9.               
Miscellaneous.

 

A.               
Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement
by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether
so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement, other
than assignments by the Purchaser to affiliates thereof.

 

B.                
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such
provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

C.                
Counterparts. This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the
signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement.

 

D.               
Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and
do not constitute a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way
of example rather than by limitation.

 

E.                
Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance
with and governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect
to the conflict of law principles thereof. The parties hereto irrevocably submit to the exclusive jurisdiction of any federal court sitting
in the Southern District of New York or any state court located in New York County, State of New York, over any suit, action or proceeding
arising out of or relating to this Agreement. To the fullest extent they may effectively do so under applicable law, the parties hereto
irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that they are not subject to the jurisdiction
of any such court, any objection that they may now or hereafter have to the laying of the venue of any such suit, action or proceeding
brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient
forum.

 

    6

     

    

 

F.                 
Amendments. This letter agreement may not be amended, modified or waived as to any particular provision, except by a written
instrument executed by all parties hereto.

 

[Signature page follows]

 

    7

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	ALTC ACQUISITION CORP.
	 	 
	 	By:	          
	 	 	Name:
	 	 	Title:
	 	 
	 	ALTC SPONSOR LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Private Placement Shares
Purchase Agreement]Exhibit 10.10

 

Surrender of Shares and 

Amendment No. 2 to the 

Securities Subscription Agreement 

 

This Surrender of Shares and Amendment No.2 to the Securities Subscription
Agreement, dated May 7, 2021 (this “Agreement”), is made by and between AltC Acquisition Corp., a Delaware corporation
(the “Company”), and AltC Sponsor LLC, a Delaware limited liability company (the “Subscriber”).

 

WHEREAS, the Company and the Subscriber have entered into that
certain Securities Subscription Agreement, dated as of March 4, 2021 (the “Subscription Agreement”), pursuant to which
the Subscriber subscribed for an aggregate of 43,125,000 shares of Class B common stock, par value $0.0001 per share of the Company (“Class
B Shares”), for an aggregate purchase price of $25,000, and up to 5,625,000 of such Class B Shares were subject to complete
or partial forfeiture by the Subscriber if the underwriters of the Company’s initial public offering (the “IPO”)
did not fully exercise their over-allotment option as described therein;

 

WHEREAS, the Company and the Subscriber have entered into that
certain Surrender of Shares and Amendment No. 1 to the Securities Subscription Agreement, dated March 9, 2021 (“Amendment No.
1”) pursuant to which the Subscriber surrendered for no consideration 14,375,000 Class B Shares, resulting in an aggregate of
28,750,000 Class B shares outstanding, up to 3,750,000 of which were subject to complete or partial forfeiture by the Subscriber if the
underwriters of the Company’s IPO did not fully exercise their over-allotment option as described in the Subscription Agreement;
and

 

WHEREAS, the Company and the Subscriber desire to amend the
Subscription Agreement to modify the number of Class B Shares subject to forfeiture in connection with the IPO and the Subscriber desires
to provide an irrevocable notice of surrender of certain Class B Shares to the Company in connection with the pricing of the IPO.

 

NOW, THEREFORE, in consideration of the mutual conditions and
agreements set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows:

 

		1.	Surrender of Shares.

 

		(a)	Immediately following the pricing of the IPO, the Subscriber
hereby irrevocably surrenders to the Company for no consideration a number of Class B Shares so that the number of Class B Shares outstanding
following such surrender will equal, in the aggregate, 25% of the total number of all shares of Class A common stock, par value $0.0001
per share, of the Company (the “Class A Shares”) (including any Class A Shares issuable upon exercise of by the underwriters
of the over-allotment option but excluding any Class A Shares issued to Subscriber in connection with a private placement at the time
of the IPO).

 

		(b)	The Subscriber confirms that the Company has not, as at the
date of this letter, issued any share certificates to it.

 

		2.	Amendment to Subscription Agreement. Section 3.1 of the Subscription Agreement is hereby amended and restated in its entirety
as follows: “In the event the Over-allotment Option granted to the representative of the underwriters of the IPO is not exercised
in full, the Subscriber acknowledges and agrees that it (and, if applicable, any transferee of Shares) shall forfeit any and all rights
to such number of Shares (pro rata based upon the percentage of the Over-allotment Option exercised) such that immediately following such
forfeiture, the Subscriber (and any such transferees) will own an aggregate number of Shares (not including any Common Stock purchased
by Subscriber in any private placement, the IPO or in the aftermarket) equal to 20% of the issued and outstanding Common Stock immediately
following the IPO.”

 

		3.	Agreement Remains Effective. Except as modified herein or amended hereby, the terms and conditions contained in the Subscription
Agreement shall continue in full force and effect.

 

     

     

    

 

		4.	Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with
and governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect
to the conflict of law principles thereof.

 

		5.	Headings and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference
only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

		6.	Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party,
it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose
behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have caused this Agreement
to be executed as of the date first written above.

 

	 	
     ALTC ACQUISITION CORP.

	 	 	 
	 	By:	
    /s/ Jay Taragin 

	 	Name:	Jay Taragin
	 	Title:	Chief Financial Officer

 

	ALTC SPONSOR LLC	 
	 	 	 	 
	 	By:	
    /s/ Jay Taragin 
	 
	      	Name:	Jay Taragin	 
	 	Title:	Authorized Person	 

 

[Signature Page to Surrender of Shares and 

Amendment No. 2 to the Securities Subscription
Agreement]

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