Document:

ex_321062.htm

Exhibit 4.1

 

NEITHER THIS SECURITY NOR THE SECURITIES AS TO WHICH THIS SECURITY MAY BE EXERCISED HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER DEALER OR OTHER LOAN SECURED BY SUCH SECURITIES WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT.

 

WARRANT MODIFICATION AGREEMENT

 

This Warrant Modification Agreement (this “Agreement”), effective as of December 1, 2021, is made pursuant to the terms of that certain Common Stock Purchase Warrant (“Warrant” or “Warrant Agreement”, attached as Form of Warrant) dated October 5, 2020, by and between Nuo Therapeutics Inc., a Delaware corporation, (the “Company”) and the undersigned holder(s) (the “Holder”) of warrants to purchase shares of the Company’s common stock, par value $0.001 per shares (the “Common Stock”), issued by the Company, as set forth on Schedule A (collectively, the “Warrants”).

 

 

WITNESSETH:

 

WHEREAS, in order to induce the Warrant Holders (including the Holder) to forfeit their rights to exercise the Warrants for the remaining term until the respective expiration dates and to exercise the Warrants on or prior to January 31, 2022 (“Payment Forfeiture”), the Company proposes to amend and reduce the exercise price of the Warrants to the amounts as set forth below in this Agreement (the “Price Adjustments,” and, together with Term Forfeiture, the “Warrant Adjustments”);

 

WHEREAS, the Board of Directors of the Company and a special committee of the Board of Directors of the Company have both determined that the Warrant Adjustments are in the best interests of the Company and its shareholders;

 

WHEREAS, the Company and the Holder(s) desire to amend certain terms of the Warrant Agreement by means of this Agreement to reflect the Warrant Adjustments; and

 

WHEREAS, pursuant to the terms of Section 9 of the Warrant Agreement, the Company and the Holder have the power to amend and modify the terms of the Warrant Agreement; and

 

WHEREAS, the Holder’s Warrants are exercisable into a number of shares of Common Stock as set forth on Schedule A (the “Warrant Shares”); and

 

WHEREAS, the existing exercise price of Warrants is $0.40 (zero dollars and forty cents) with a maturity and expiration date of October 5, 2025: and

 

 

 

 

NOW, THEREFORE, in consideration of the above premises and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Holders hereby agree as follows:

 

1.         Exercise of Warrants. The Company and the Holder hereby agree that the Holder shall exercise the Warrants at the Price Adjustment of $0.20 (zero dollars and twenty cents) per share, equal to fifty percent (50%) of the original exercise price, for aggregate cash proceeds to the Company set forth on Schedule A, otherwise pursuant to the terms of the Warrants. The Warrant Shares as set forth on Schedule A will be delivered to the Holder upon the Closing to the name and address set forth on the signature page hereof.

 

1.1         Forfeiture of Warrants.         Any and all Warrants not exercised prior to the Payment Forfeiture date above, shall be forfeited and deemed expired or otherwise cancelled.

 

2.         Closing.

 

2.1         Acceptance - Prior to the Expiration Date of December 15, 2021, Holder shall execute this Agreement and deliver same to:

 

                               Nuo Therapeutics, Inc.

Attn. David Jorden, CEO

by mail at: 8285 El Rio, Suite 150. Houston, TX. 77054 or

by email at xxxxxxx.xxx

 

2.2         Exercise and

              Payment                Execute and deliver as in 2.1, Exhibit A - Exercise Notice of the Warrant, Payment: and immediately wire the aggregate cash exercise price for such Warrants to the following bank account on or before January 31, 2022:

 

Bank Name:       Chase Bank

Account:            Nuo Therapeutics, Inc.

ABA Number:    xxxxxxxx

A/C Number:      xxxxxxxx

FBO:                  See Schedule A

 

2.3         Assignment:         If Holder assigns any or all of Holder’s Warrants subsequent to acceptance and execution of this Agreement, Holder covenants they shall deliver a copy of this Agreement to the Assignee together with the full Warrant Agreement.

 

The closing of the exercise of the Warrants and the issuance of the Common Stock shares (the “Closing”) shall occur upon execution by the Company and delivery to the Holder of an executed copy of this Agreement, against receipt of such aggregate cash exercise price by January 31, 2022.

 

3.         Accredited Investor. The Holder represents and warrants that it is an “accredited investor” as defined in Rule 501 under the Securities Act of 1933, as amended. The Holder, either alone or together with its representatives, has such knowledge, sophistication, and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Warrant Shares, and has so evaluated the merits and risks of such investment.

 

 

 

 

3.1        Risks. Holder acknowledges the current status of Nuo Therapeutics, Inc. is “non reporting” with the Securities and Exchange Commission and the various risks have been disclosed to Holder by virtue of the Company’s latest SEC Filings, including the Company’s Forms 8-K, Annual Report on Form 10-K, and Quarterly Reports on Form 10-Q filings during the most recent 24 month period, which is incorporated herein by reference and which are accessible at https://sec.report/Ticker/AURX .

 

4.          Reliance. The Holder acknowledges and that the Company has agreed to the terms of this Agreement in reliance upon the Holder’s representations, warranties and covenants made herein.

 

5.          Modification. This Agreement shall not be modified or waived except by an instrument in writing signed by the party against whom any such modification or waiver is sought.

 

6.         Entire Agreement. All other terms of the Warrant remain in full force and effect and together with this Agreement contains the entire understanding of the parties with respect to the subject matter hereof, and supersede all, understandings, discussions and representations whether oral or written.

 

7.          Governing Law. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Delaware, without giving effect to the principles of conflicts of law that would require the application of the laws of any other jurisdiction.

 

8.          Severability. In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.

 

9.          Successors; Third-Party Beneficiary. This Agreement shall be binding upon and inure to the benefit of the Holder and the Company and the respective successors and permitted assigns.

 

10.        Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but all of which, when taken together, shall constitute but one instrument, and shall become effective when one or more counterparts have been signed by each party hereto and delivered to the other parties.

 

11.         EXPIRATION DATE. THIS OFFER IS FOR A LIMITED TIME ONLY AND SHALL EXPIRE IF THE SIGNATURE PAGE TO THIS AGREEMENT IS NOT COMPLETED, EXECUTED BY THE HOLDER AND RETURNED TO THE COMPANY ON OR BEFORE 5:00 P.M. ET ON DECEMBER 15, 2021.

 

 

 

 

AGREED AND ACCEPTED:

 

	
			NUO THERAPEUTICS, INC.

				
			HOLDER:

			
	 	 
	
			By: /s/ David Jorden_____________

				
			CHARLES SHEEDY

			
	Name:________________________	 
	
			Title: CEO/CFO________________

				
			By: /s/ Charles Sheedy___________________

			
	 	
			Print Name:   __________________________

			
	 	
			Title:              __________________________

			
	 	 
	 	TIM CONN
	 	 
	 	By: /s/ Tim Conn___________________
	 	Name:____________________________
	 	Title:_____________________________
	 	 
	 	
			PAUL ANTHONY JACOBS AND NANCY 

			E. JACOBS JOINT TRUST

			
	 	 
	 	By: /s/ Tony Jacobs___________________
	 	Name:_____________________________
	 	Title: Trustee________________________
	 	 
	 	By: /s/ Nancy Jacobs___________________
	 	Name:______________________________
	 	Title: Trustee_________________________
	 	 
	 	DAVID JORDEN
	 	 
	 	By: /s/ David Jorden______________________
	 	Name: _________________________________
	 	Title: __________________________________
	 	 
	 	SCOTT PITTMAN
	 	 
	 	By: /s/ Scott Pittman______________________
	 	Name: _________________________________
	 	Title: __________________________________
	 	 
	 	MOSKOVITS FAMILY TRUST
	 	 
	 	By: /s/ William Moskovits__________________
	 	Name:__________________________________
	 	Title: Trustee_____________________________

 

 

 

 

	 	WILLIAM K. KNOX
	 	 
	 	By: /s/ William Knox________________________
	 	Name: _________________________________
	 	Title: __________________________________
	 	 
	 	STEVE JAKUBOWSKI
	 	 
	 	By: /s/ Steve Jakubowski___________________
	 	Name: _________________________________
	 	Title: __________________________________
	 	 
	 	JOHN AND MARTINA STEED
	 	 
	 	By: /s/ John Steed /s/ Martina Steed__________
	 	Name: _________________________________
	 	Title: __________________________________

 

 

 

 

	
			EXHIBIT A

				 

 

	
			Warrant Holder

				 	
			Number of 

			Warrants

				 	 	
			Modified 

			Exercise Price

				 	 	
			Aggregate 

			Exercise 

			Proceeds to 

			Company

				 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
			Charles E. Sheedy

				 	 	1,431,615	 	 	$	0.20	 	 	$	286,323.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
			Tim Conn

				 	 	397,635	 	 	$	0.20	 	 	$	79,527.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
			Paul Anthony Jacobs and Nancy E. Jacobs Joint Trust

				 	 	318,948	 	 	$	0.20	 	 	$	63,789.60	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
			David E. Jorden

				 	 	1,297,635	 	 	$	0.20	 	 	$	259,527.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
			Scott M. Pittman

				 	 	1,222,635	 	 	$	0.20	 	 	$	244,527.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
			Moskovits Family Trust

				 	 	636,861	 	 	$	0.20	 	 	$	127,372.20	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
			John and Martina Steed

				 	 	194,871	 	 	$	0.20	 	 	$	38,974.20	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
			William K. Knox

				 	 	157,371	 	 	$	0.20	 	 	$	31,474.20	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
			Steve Jakubowski

				 	 	1,207,890	 	 	$	0.20	 	 	$	241,578.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	6,865,461	 	 	 	 	 	 	$	1,373,092.20EX-10.1

 Exhibit 10.1 

[●], 2022 
 10X Capital Venture Acquisition
Corp. II 
 1 World Trade Center, 85th Floor 

New York, NY 10007 
 Re: Initial Public Offering 

Ladies and Gentlemen: 
 This letter (this
“Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and among 10X Capital Venture Acquisition Corp. III, a Cayman
Islands exempted company (the “Company”), and Cantor Fitzgerald & Co. as representative (the “Representative”) of the several underwriters (each, an “Underwriter” and
collectively, the “Underwriters”), relating to an underwritten initial public offering (the “Public Offering”), of up to 25,000,000 of the Company’s units (including up to 3,750,000
units that may be purchased to cover over-allotments, if any) (the “Units”), each comprised of one Class A ordinary share, par value $0.0001 per share, of the Company (the
“Class A Ordinary Shares”), and one-half of one redeemable warrant. Each whole warrant (each, a “Warrant”) entitles the holder thereof to purchase one Class A
Ordinary Share at a price of $11.50 per share, subject to adjustment as described in the Prospectus (as defined below). The Units will be sold in the Public Offering pursuant to a registration statement on Form
S-1 and prospectus (the “Prospectus”) filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”) and the Company has applied to
have the Units listed on the New York Stock Exchange. Certain capitalized terms used herein are defined in paragraph 11 hereof. 
 In order
to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of 10X
Capital SPAC Sponsor III LLC (the “Sponsor”) and the undersigned individuals, each of whom is a member of the Company’s board of directors and/or management team (each of the undersigned individuals, an
“Insider” and collectively, the “Insiders”), hereby agrees with the Company as follows: 
 1.
The Sponsor and each Insider agrees that if the Company seeks shareholder approval of a proposed Business Combination, then in connection with such proposed Business Combination, it, he or she shall (i) vote any Ordinary Shares (as defined
below) owned by it, him or her in favor of any proposed Business Combination and (ii) not redeem any Ordinary Shares owned by it, him or her in connection with such shareholder approval. If the Company seeks to consummate a proposed Business
Combination by engaging in a tender offer, the Sponsor and each Insider agrees that it, he or she will not sell or tender any Ordinary Shares owned by it, him or her in connection therewith. 

2. The Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within 12 months
from the closing of the Public Offering, or such later period approved by the Company’s shareholders in accordance with the Company’s amended and restated memorandum and articles of association (as it may be amended from time to time, the
“Charter”), the Sponsor and each Insider shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more
than ten business days thereafter, redeem 100% of the Class A Ordinary Shares sold as part of the Units in the Public Offering (the “Offering Shares”), at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the Trust Account (as defined below), including interest earned on the funds held in the Trust Account (which interest shall be net of taxes payable and up to $100,000 of interest to
pay dissolution expenses), divided by the number of then outstanding Offering Shares, which redemption will completely extinguish all Public Shareholders’ (as defined below) rights as shareholders (including the right to receive further
liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, 

 
subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, liquidate and dissolve, subject in each case to the Company’s obligations
under Cayman Islands law to provide for claims of creditors and other requirements of applicable law. The Sponsor and each Insider agrees to not propose any amendment to the Charter to modify the substance or timing of the Company’s obligation
to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within the required time period set forth in the Charter or with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides its Public Shareholders with the opportunity to redeem their Offering Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (which interest shall be net of taxes payable),
divided by the number of then outstanding Offering Shares. 
 The Sponsor and each Insider acknowledges that it, he or she has no right,
title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it, him or her. The Sponsor and each
Insider hereby further waives, with respect to any Ordinary Shares held by it, him or her, if any, any redemption rights it, he or she may have in connection with (A) the consummation of a Business Combination, including, without limitation,
any such rights available in the context of a shareholder vote to approve such Business Combination, or (B) a shareholder vote to approve an amendment to the Charter to modify the substance or timing of the Company’s obligation to redeem
100% of the Offering Shares if the Company has not consummated a Business Combination within the time period set forth in the Charter or with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity or in the context of a tender offer made by the Company to purchase Offering Shares (although the Sponsor, the Insiders and their respective affiliates shall be entitled to
redemption and liquidation rights with respect to any Offering Shares it or they hold if the Company fails to consummate a Business Combination within the time period set forth in the Charter). 

3. During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each
Insider shall not, without the prior written consent of the Representative, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or
indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and the rules and regulations of the Commission promulgated thereunder, with respect to, any Units, Ordinary Shares (including, but not limited to, Founder Shares), Warrants or any securities convertible into, or exercisable, or exchangeable for,
Ordinary Shares owned by it, him or her, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Units, Ordinary Shares (including, but not limited to,
Founder Shares), Warrants or any securities convertible into, or exercisable, or exchangeable for, Ordinary Shares owned by it, him or her, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or
(iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii). Each of the Insiders and the Sponsor acknowledges and agrees that, prior to the effective date of any release or waiver, of the restrictions
set forth in this paragraph 3 or paragraph 7 below, the Company shall announce the impending release or waiver by press release through a major news service at least two business days before the effective date of the release or waiver. Any release
or waiver granted shall only be effective two business days after the publication date of such press release. The provisions of this paragraph will not apply if the release or waiver is effected solely to permit a transfer not for consideration and
the transferee has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer. 

  
 2 

 4. In the event of the liquidation of the Trust Account upon the failure of the Company to
consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor (the “Indemnitor”) agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage
and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened) to which the Company may become subject as
a result of any claim by (i) any third party for services rendered or products sold to the Company or (ii) any prospective target business with which the Company has entered into a written letter of intent, confidentiality or other
similar agreement or Business Combination agreement (a “Target”); provided, however, that such indemnification of the Company by the Indemnitor (x) shall apply only to the extent necessary to ensure
that such claims by a third party or a Target do not reduce the amount of funds in the Trust Account to below the lesser of (i) $10.15 per Offering Share and (ii) the actual amount per Offering Share held in the Trust Account as of the
date of the liquidation of the Trust Account, if less than $10.15 per Offering Share is then held in the Trust Account due to reductions in the value of the trust assets, less taxes payable, (y) shall not apply to any claims by a third
party or a Target which executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) and (z) shall not apply to any claims under the Company’s indemnity of the
Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended. The Indemnitor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if,
within 15 days following written receipt of notice of the claim to the Indemnitor, the Indemnitor notifies the Company in writing that it shall undertake such defense. 

5. To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 3,750,000 Units within 45
days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at no cost, a number of Founder Shares in the aggregate equal to 1,250,000 multiplied by a fraction, (i) the numerator of which is
9,583,333 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 1,250,000. The forfeiture will be adjusted to the extent that the over-allotment option is
not exercised in full by the Underwriters so that the Founder Shares will represent an aggregate of 25% of the Company’s issued and outstanding Class A Ordinary Shares after the Public Offering (not including Ordinary Shares underlying the
Warrants or Private Placement Units (as defined below)). The Sponsor further agrees that to the extent that the size of the Public Offering is increased or decreased, the Company will purchase or sell Units or effect a share repurchase or share
capitalization, as applicable, immediately prior to the consummation of the Public Offering in such amount as to maintain the ownership of the initial shareholders prior to the Public Offering at 25% of its issued and outstanding Capital Shares upon
the consummation of the Public Offering. In connection with such increase or decrease in the size of the Public Offering, then (A) the references to 1,250,000 in the numerator and denominator of the formula in the first sentence of this
paragraph shall be changed to a number equal to 15% of the number of Public Shares included in the Units issued in the Public Offering and (B) the reference to 1,250,000 in the formula set forth in the first sentence of this paragraph shall be
adjusted to such number of Founder Shares that the Sponsor would have to surrender to the Company in order for the initial shareholders to hold an aggregate of 25% of the Company’s issued and outstanding Class A Ordinary Shares after the
Public Offering (not including Class A Ordinary Shares underlying the Warrants or Private Placement Units). 
 6. The Sponsor and each
Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured in the event of a breach by such Sponsor or an Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 7(a), and 7(b),
as applicable, of this Letter Agreement (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to
any other remedy that such party may have in law or in equity, in the event of such breach. 
 7. (a) The Sponsor and each Insider
agrees that it, he or she shall not Transfer any Founder Shares (or any Class A Ordinary Shares issuable upon conversion thereof) until the consummation of the Company’s initial Business Combination (the “Founder Shares Lock-up Period”). 

  
 3 

 (b) The Sponsor and each Insider agrees that it, he or she shall not Transfer any Private
Placement Units (or any securities underlying the Private Placement Units, including the Class A Ordinary Shares and Private Placement Warrants (as defined below) included in the Private Placement Units and the Class A Ordinary Shares
issued or issuable upon the exercise of the Private Placement Warrants), until 30 days after the completion of a Business Combination (the “Private Placement Warrants Lock-up Period”,
together with the Founder Shares Lock-up Period, the “Lock-up Periods”). 

(c) Notwithstanding the provisions set forth in paragraphs 7(a) and (b), Transfers of the Founder Shares, Private Placement Units, component
securities of Private Placement Units and Class A Ordinary Shares issued or issuable upon the exercise or conversion of the Private Placement Warrants or the Founder Shares that are held by the Sponsor, any Insider or any of their
permitted transferees (that have complied with this paragraph 7(c)), are permitted (a) to the Company’s officers or directors, any affiliate or family member of any of the Company’s officers or directors, any members or partners of
the Company’s sponsor or their affiliates, any affiliates of the Company’s sponsor, or any employees of such affiliates; (b) in the case of an individual, by gift to a member of such individual’s immediate family or to a trust,
the beneficiary of which is a member of such individual’s immediate family, an affiliate of such individual or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of such
individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the consummation of an initial Business Combination at prices no greater than the
price at which the securities were originally purchased; (f) in the event of the Company’s liquidation prior to the completion of an initial Business Combination; (g) by virtue of the laws of the Cayman Islands or the Sponsor’s
limited liability company agreement upon dissolution of the Sponsor; or (h) in the event of the Company’s liquidation, merger, share exchange or other similar transaction which results in all of the Company’s shareholders having the
right to exchange their Class A Ordinary Shares for cash, securities or other property subsequent to the Company’s completion of an initial Business Combination; provided, however, that in the case of clauses (a) through
(e) or (g), these permitted transferees must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions herein and the other restrictions contained in this Agreement (including provisions relating to voting,
the Trust Account and liquidating distributions). 
 8. The Sponsor and each Insider represents and warrants that it, he or she has never
been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. Each Insider’s biographical information furnished to
the Company (including any such information included in the Prospectus) is true and accurate in all respects and does not omit any material information with respect to the Insider’s background. The Sponsor and each Insider’s questionnaire
furnished to the Company is true and accurate in all respects. The Sponsor and each Insider represents and warrants that: it, he or she is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; it, he or she has never been convicted of, or pleaded
guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and it, he or she is not currently a defendant in any such
criminal proceeding. 

  
 4 

 9. Except as disclosed in the Prospectus, neither the Sponsor nor any officer, nor any
affiliate of the Sponsor or any officer, nor any director of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting fee, non-cash payments, monies in respect of any
repayment of a loan or other compensation prior to, or in connection with any services rendered in order to effectuate, the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is), other
than the following, none of which will be made from the proceeds held in the Trust Account prior to the completion of the initial Business Combination: repayment of a loan and advances up to an aggregate of $300,000 made to the Company by the
Sponsor; payments to the Sponsor for certain office space, secretarial and administrative services as may be reasonably required by the Company of $37,500 per month; and repayment of loans, if any, and on such terms as to be determined by the
Company from time to time, made by the Sponsor or an affiliate of the Sponsor or any of the Company’s officers or directors to finance transaction costs in connection with an intended initial Business Combination, provided, that, if the Company
does not consummate an initial Business Combination, a portion of the working capital held outside the Trust Account may be used by the Company to repay such loaned amounts so long as no proceeds from the Trust Account are used for such repayment.
Up to $1,500,000 of such loans may be convertible into units at a price of $10.00 per unit at the option of the lender. Such units would be identical to the Private Placement Units, including as to exercise price, exercisability and exercise period.

 10. The Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including, without
limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and, as applicable, to serve as
an officer and/or director on the board of directors of the Company and hereby consents to being named in the Prospectus as an officer and/or director of the Company. 

11. As used herein, (i) “Business Combination” shall mean a merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Ordinary Shares” shall mean the Class A ordinary shares and Class B ordinary shares; (iii) “Founder
Shares” shall mean the 9,583,333 Class B ordinary shares issued and outstanding (up to 1,250,000 Shares of which are subject to complete or partial forfeiture if the over-allotment option is not exercised by the Underwriters); (iv)
“Initial Shareholders” shall mean the Sponsor and any Insider that holds Founder Shares; (v) “Private Placement Warrants” shall mean the warrants to purchase up to 528,000 Class A Ordinary Shares
of the Company underlying the units (the “Private Placement Units”) that the Sponsor and the Representative have agreed to purchase for an aggregate purchase price of $10,560,000, in a private placement that shall occur
simultaneously with the consummation of the Public Offering; (vi) “Public Shareholders” shall mean the holders of securities issued in the Public Offering; (vii) “Trust Account” shall mean the trust
fund into which a portion of the net proceeds of the Public Offering and the sale of the Private Placement Units shall be deposited; (viii) “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to
sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call
equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to
effect any transaction specified in clause (a) or (b); and (ix) “Warrants” shall mean the Private Placement Warrants and public warrants. 

  
 5 

 12. The Company will maintain an insurance policy or policies providing directors’ and
officers’ liability insurance, and each Director shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company’s directors or officers. 

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

14. No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be
binding on the Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees. 
 15. Nothing in this
Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or
agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns
and permitted transferees. 
 16. This Letter Agreement may be executed in any number of original or facsimile counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

17. This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this
Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

18. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. The parties
hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit
to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum. 

19. Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or facsimile transmission. 

20. This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up
Periods or (ii) the liquidation of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated and closed by June 30, 2022; provided further that paragraph 4 of
this Letter Agreement shall survive such liquidation. 
 [Signature Page Follows] 

  
 6 

 
			
	Sincerely,
	
	10X Capital SPAC Sponsor III LLC
		
	By:	 	 
		 	Name: Hans Thomas
		 	Title: Manager
	
	 
	Hans Thomas
	
	 
	David Weisburd
	
	 
	Guhan Kandasamy
	
	 
	Oliver Wriedt
	
	 
	Christopher Jurasek
	
	 
	Boris Silver
	
	 
	Woodrow H. Levin

  

			
	Acknowledged and Agreed:
	
	10X CAPITAL VENTURE ACQUISITION CORP. III
		
	By:	 	 
		 	Name: Hans Thomas
		 	Title: Chief Executive Officer

  
 [Signature Page to
Letter Agreement]

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