Document:

EX-4.6

 Exhibit 4.6 

RIGHTS AGREEMENT 
 This
Rights Agreement (this “Agreement”) is made as of [             ], 2022 between Embrace Change Acquisition Corp., a Cayman Islands exempted company with limited liability, with
offices at 5186 Carroll Canyon Rd, San Diego, CA 92121 (the “Company”), and Continental Stock Transfer & Trust Company, a New York limited liability trust company, with offices at 1 State Street, 30th Floor, New York, NY 10004
(the “Right Agent”). 
 WHEREAS, the Company has received a firm commitment from EF Hutton, division of Benchmark Investments, LLC
(“EF Hutton”), as representative of the several underwriters, to purchase up to an aggregate of 7,500,000 units, each unit (“Unit”) comprised of one ordinary share of the Company, par value $.0001 (“Ordinary Share”),
one warrant entitling the holder thereof to purchase one Ordinary Share at a price of $11.50 per share, and one right to receive one-eighth of one Ordinary Share (a “Public Right”) upon the happening
of the triggering event described herein, and in connection therewith, will issue and deliver up to an aggregate of 8,625,000 Public Rights upon consummation of such public offering, 1,125,000 of which are attributable to the over-allotment option
(“Public Offering”); 
 WHEREAS, simultaneously with the consummation of the Public Offering, the Company will issue and deliver
an aggregate up to 373,750 rights underlying private units (the “Private Rights”); 
 WHEREAS, the Company may issue up to an
additional 50,000 Rights, which will be identical to the Private Rights, under additional private units in consideration of certain working capital loans that may be made by Wuren Fubao Inc., the Company’s sponsor, or the Company’s
officers, directors or affiliates (together with the Public Rights, the Private Rights, and along with such other rights as the Company issues from time to time hereunder, the “Rights”); 

WHEREAS, the Company has filed with the Securities and Exchange Commission (the “SEC”) two Registration Statements on Form S-1, File Nos. 333-258221 and 333-[            ] (collectively “Registration Statement”), for the
registration, under the Securities Act of 1933, as amended (“Act”) of, among other securities, the Public Rights and the Ordinary Shares issuable to the holders of the Public Rights; 

WHEREAS, the Company desires the Right Agent to act on behalf of the Company, and the Right Agent is willing to so act, in connection with the
issuance, registration, transfer and exchange of the Rights; 
 WHEREAS, the Company desires to provide for the form and provisions of the
Rights, the terms upon which they shall be issued, and the respective rights, limitation of rights, and immunities of the Company, the Right Agent, and the holders of the Rights; and 

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

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

 

	1.	 Appointment of Right Agent. The Company hereby appoints the Right Agent to act as agent for the Company
for the Rights, and the Right Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement. 

 

	2.	 Rights. 

  

	 	2.1.	 Form of Right. Each Right shall be issued in registered form only, shall be in substantially the form of
Exhibit A hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board or Chief Executive Officer and Treasurer, Secretary or Assistant Secretary of the Company and
shall bear a facsimile of the Company’s seal. In the event the person whose facsimile signature has been placed upon any Right shall have ceased to serve in the capacity in which such person signed the Right before such Right is issued, it may
be issued with the same effect as if he or she had not ceased to be such at the date of issuance. 

	2.2.	 Effect of Countersignature. Unless and until countersigned by the Right Agent pursuant to this
Agreement, a Right shall be invalid and of no effect and may not be exchanged for Ordinary Shares. 

  

	2.3.	 Registration. 

 

	 	2.3.1.	 Right Register. The Right Agent shall maintain books (“Right Register”) for the registration of
original issuance and the registration of transfer of the Rights. Upon the initial issuance of the Rights, the Right Agent shall issue and register the Rights in the names of the respective holders thereof in such denominations and otherwise in
accordance with instructions delivered to the Right Agent by the Company. 

  

	 	2.3.2.	 Registered Holder. Prior to due presentment for registration of transfer of any Right, the Company and
the Right Agent may deem and treat the person in whose name such Right shall be registered upon the Right Register (“registered holder”) as the absolute owner of such Right and of each Right represented thereby (notwithstanding any
notation of ownership or other writing on the Right Certificate made by anyone other than the Company or the Right Agent), for the purpose of the exchange thereof, and for all other purposes, and neither the Company nor the Right Agent shall be
affected by any notice to the contrary. 

  

	 	2.4.	 Detachability of Rights. The securities comprising the Units, including the Rights, will not be
separately transferable until the fifty-second (52nd) day after the date hereof unless EF Hutton informs the Company of its decision to allow earlier separate trading, but in no event will
separate trading of the securities comprising the Units begin until (i) the Company files a Current Report on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the
gross proceeds of the Public Offering including the proceeds received by the Company from the exercise of the over-allotment option, if the over-allotment option is exercised on the date hereof, and (ii) the Company issues a press release and
files a Current Report on Form 8-K announcing when such separate trading shall begin. 

  

	3.	 Terms and Exchange of Rights. 

 

	 	3.1.	 Rights. Each Right shall entitle the holder thereof to receive
one-eighth of one Ordinary Share upon the happening of the Exchange Event (described below). No additional consideration shall be paid by a holder of Rights in order to receive his, her or its Ordinary Shares
upon the Exchange Event as the purchase price for such Ordinary Shares has been included in the purchase price for the Units. In no event will the Company be required to net cash settle the Rights or issue fractional Ordinary Shares.

  

	 	3.2.	 Exchange Event. The Exchange Event shall be the Company’s consummation of an initial Business
Combination (as defined in the Company’s Amended and Restated Memorandum and Articles of Association). 

  

	 	3.3.	 Exchange of Rights. 

 

	 	3.3.1.	 Issuance of Certificates. As soon as practicable upon the occurrence of the Exchange Event, the Company
shall direct holders of the Rights to return their Rights Certificates to the Right Agent. If the Company is not the surviving entity in a Business Combination, the holder of Rights must affirmatively elect to such conversion. Upon receipt of a
valid Rights Certificate, the Company shall issue to the registered holder of such Right(s) a certificate or certificates for the number of full Ordinary Shares to which he, she or it is entitled, registered in such name or names as may be directed
by him, her or it. Notwithstanding the foregoing, or any provision contained in this Agreement to the contrary, in no event will the Company be required to net cash settle the Rights. The Company shall not issue fractional shares upon exchange of
Rights. At the time of the Exchange Event, the Company will instruct the Right Agent to round up to the nearest whole Ordinary Share or otherwise inform it how fractional shares will be addressed in accordance with Cayman Islands law.

  
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	 	3.3.2.	 Valid Issuance. All Ordinary Shares issued upon an Exchange Event in conformity with this Agreement
shall be validly issued, fully paid and nonassessable. 

  

	 	3.3.3.	 Date of Issuance. Each person in whose name any such certificate for Ordinary Shares is issued shall for
all purposes be deemed to have become the holder of record of such shares on the date of the Exchange Event, irrespective of the date of delivery of such certificate. 

 

	 	3.3.4.	 Company Not Surviving Following Exchange Event. If the Exchange Event results in the Company not
continuing as a publicly held reporting entity, the definitive agreement will provide for the holders of Rights to receive the same per share consideration as the holders of the Ordinary Shares will receive in with the Exchange Event, for the number
of shares such holder is entitled to pursuant to Section 3.1 above. 

  

	 	3.4.	 Duration of Rights. If the Exchange Event does not occur within 12 months from the closing of the Public
Offering (or up to 18 months from the closing of the Public Offering if the Company extends the period of time to consummate a Business Combination, as described in the Registration Statement), and such Business Combination has not yet been
consummated within the applicable time period, the Rights shall expire and shall be worthless. 

  

	4.	 Transfer and Exchange of Rights. 

 

	 	4.1.	 Registration of Transfer. The Right Agent shall register the transfer, from time to time, of any
outstanding Right upon the Right Register, upon surrender of such Right for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Right representing an
equal aggregate number of Rights shall be issued and the old Right shall be cancelled by the Right Agent. The Rights so cancelled shall be delivered by the Right Agent to the Company from time to time upon request. 

 

	 	4.2.	 Procedure for Surrender of Rights. Rights may be surrendered to the Right Agent, together with a written
request for exchange or transfer, and thereupon the Right Agent shall issue in exchange therefor one or more new Rights as requested by the registered holder of the Rights so surrendered, representing an equal aggregate number of Rights; provided,
however, that in the event that a Right surrendered for transfer bears a restrictive legend, the Right Agent shall not cancel such Right and issue new Rights in exchange therefor until the Right Agent has received an opinion of counsel for the
Company stating that such transfer may be made and indicating whether the new Rights must also bear a restrictive legend. 

  

	 	4.3.	 Fractional Rights. The Right Agent shall not be required to effect any registration of transfer or
exchange which will result in the issuance of a Right Certificate for a fraction of a Right. 

  

	 	4.4.	 Service Charges. No service charge shall be made for any exchange or registration of transfer of Rights.

  

	 	4.5.	 Adjustments to Conversion Ratios. The number of Ordinary Shares that the holders of Rights are entitled
to receive as a result of the occurrence of an Exchange Event shall be equitably adjusted to reflect appropriately the effect of any share split, reverse share split, share dividend, reorganization, recapitalization, reclassification, combination,
exchange of shares or other like change with respect to the Ordinary Shares occurring on or after the date hereof and prior to the Exchange Event. 

  

	 	4.6.	 Right Execution and Countersignature. The Right Agent is hereby authorized to countersign and to
deliver, in accordance with the terms of this Agreement, the Rights required to be issued pursuant to the provisions of this Section 4, and the Company, whenever required by the Right Agent, will supply the Right Agent with Rights duly executed
on behalf of the Company for such purpose. 

  

	5.	 Other Provisions Relating to Rights of Holders of Rights. 

 

	 	5.1.	 No Rights as Stockholder. Until exchange of a Right for Ordinary Shares as provided for herein, a Right
does not entitle the registered holder thereof to any of the rights of a stockholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to
receive notice as stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter. 

  

  
 3 

	 	5.2.	 Lost, Stolen, Mutilated, or Destroyed Rights. If any Right is lost, stolen, mutilated, or destroyed, the
Company and the Right Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Right, include the surrender thereof), issue a new Right of like denomination, tenor, and date
as the Right so lost, stolen, mutilated, or destroyed. Any such new Right shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Right shall be at any time enforceable
by anyone. 

  

	 	5.3.	 Reservation of Ordinary Shares. The Company shall at all times reserve and keep available a number of
its authorized but unissued Ordinary Shares that will be sufficient to permit the exchange of all outstanding Rights issued pursuant to this Agreement. 

  

	6.	 Concerning the Right Agent and Other Matters. 

 

	 	6.1.	 Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be
imposed upon the Company or the Right Agent in respect of the issuance or delivery of Ordinary Shares upon the exchange of Rights, but the Company shall not be obligated to pay any transfer taxes in respect of the Rights or such shares.

  

	 	6.2.	 Resignation, Consolidation, or Merger of Right Agent. 

 

	 	6.2.1.	 Appointment of Successor Right Agent. The Right Agent, or any successor to it hereafter appointed, may
resign its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Right Agent becomes vacant by resignation or incapacity to act or
otherwise, the Company shall appoint in writing a successor Right Agent in place of the Right Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified in writing of such resignation or
incapacity by the Right Agent or by the holder of the Right (who shall, with such notice, submit his, her or its Right for inspection by the Company), then the holder of any Right may apply to the Supreme Court of the State of New York for the
County of New York for the appointment of a successor Right Agent at the Company’s cost. Any successor Right Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of
New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state
authority. After appointment, any successor Right Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Right Agent with like effect as if originally named as Right Agent hereunder,
without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Right Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Right Agent all the
authority, powers, and rights of such predecessor Right Agent hereunder; and upon request of any successor Right Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually
vesting in and confirming to such successor Right Agent all such authority, powers, rights, immunities, duties, and obligations. 

  

	 	6.2.2.	 Notice of Successor Right Agent. In the event a successor Right Agent shall be appointed, the Company
shall give notice thereof to the predecessor Right Agent and the transfer agent for the Ordinary Shares not later than the effective date of any such appointment. 

 

	 	6.2.3.	 Merger or Consolidation of Right Agent. Any corporation into which the Right Agent may be merged or with
which it may be consolidated or any corporation resulting from any merger or consolidation to which the Right Agent shall be a party shall be the successor Right Agent under this Agreement without any further act. 

  
 4 

	 	6.3.	 Fees and Expenses of Right Agent. 

 

	 	6.3.1.	 Remuneration. The Company agrees to pay the Right Agent reasonable remuneration for its services as such
Right Agent hereunder and will reimburse the Right Agent upon demand for all expenditures that the Right Agent may reasonably incur in the execution of its duties hereunder. 

 

	 	6.3.2.	 Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be
performed, executed, acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Right Agent for the carrying out or performing of the provisions of this Agreement.

  

	 	6.4.	 Liability of Right Agent. 

 

	 	6.4.1.	 Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Right
Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically
prescribed) may be deemed to be conclusively proved and established by a statement signed by the Chief Executive Officer or Chief Financial Officer and delivered to the Right Agent. The Right Agent may rely upon such statement for any action taken
or suffered in good faith by it pursuant to the provisions of this Agreement. 

  

	 	6.4.2.	 Indemnity. The Right Agent shall be liable hereunder only for its own gross negligence, willful
misconduct or bad faith. Subject to Section 6.6, the Company agrees to indemnify the Right Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted by the
Right Agent in the execution of this Agreement except as a result of the Right Agent’s gross negligence, willful misconduct, or bad faith. 

  

	 	6.4.3.	 Exclusions. The Right Agent shall have no responsibility with respect to the validity of this Agreement
or with respect to the validity or execution of any Right (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Right; nor shall it by any
act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Ordinary Shares to be issued pursuant to this Agreement or any Right or as to whether any Ordinary Shares will, when issued, be valid and
fully paid and nonassessable. 

  

	 	6.5.	 Acceptance of Agency. The Right Agent hereby accepts the agency established by this Agreement and agrees
to perform the same upon the terms and conditions herein set forth. 

  

	 	6.6.	 Waiver. The Right Agent hereby waives any right of set-off or
any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and
the Right Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. 

 

	7.	 Miscellaneous Provisions. 

 

	 	7.1.	 Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or
the Right Agent shall bind and inure to the benefit of their respective successors and assigns. 

  

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

 Embrace
Change Acquisition Corp. 
 5186 Carroll Canyon Rd. 

San Diego, CA 92121 
 Attn:
Yoann Delwarde, Chief Executive Officer 

  
 5 

 Any notice, statement or demand authorized by this Agreement to be given or made by the
holder of any Right or by the Company to or on the Right Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit of such notice,
postage prepaid, addressed (until another address is filed in writing by the Right Agent with the Company), as follows: 
 Continental
Stock Transfer & Trust Company 
 1 State Street, 30th Floor 

New York, NY 10004 
 Attn:
Compliance Department 
 and 

Loeb & Loeb LLP 
 35
Park Avenue 
 New York, New York 10154 

Attn: Giovanni Caruso, Esq. 

and 
 EF Hutton, division of
Benchmark Investments, LLC 
 590 Madison Avenue, 39th Floor 

New York, NY 10022 
 Attn: Ed
Tsuker, Head of Capital Markets 
 and 

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. 

666 Third Avenue 
 New York, NY
10017 
 Attn: Ivan K. Blumenthal, Esq. 
  

	 	7.3.	 Applicable Law. The validity, interpretation, and performance of this Agreement and of the Rights shall
be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action,
proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the
Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 7.2 hereof. Such mailing shall be deemed personal service and
shall be legal and binding upon the Company in any action, proceeding or claim. 

  

	 	7.4.	 Persons Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be
implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders of the Rights and, for the purposes of Sections 3.1, 3.2,
7.4 and 7.8 hereof, EF Hutton, any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. EF Hutton shall be deemed to be a third-party beneficiary of this Agreement
with respect to Sections 3.1, 3.2, 7.4 and 7.8 hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto (and EF Hutton with respect to
Sections 3.1, 3.2, 7.4 and 7.8 hereof) and their successors and assigns and of the registered holders of the Rights. 

  
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	 	7.5.	 Examination of this Agreement. A copy of this Agreement shall be available at all reasonable times at
the office of the Right Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Right. The Right Agent may require any such holder to submit his, her or its Right for inspection by it.

  

	 	7.6.	 Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and
each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

 

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

  

	 	7.8.	 Amendments. This Agreement may be amended by the parties hereto without the consent of any registered
holder for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this Agreement as the
parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the registered holders. All other modifications or amendments shall require the written consent or vote of the registered holders of a
majority of the then outstanding Rights. The provisions of this Section 7.8 may not be modified, amended or deleted without the prior written consent of EF Hutton. 

 

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

[Signature Page Follows] 

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

					
	 EMBRACE CHANGE ACQUISITION CORP.

		
	By:	 	 
		 	 Name:
	 	 Yoann Delwarde

		 	 Title:
	 	 Chief Executive Officer

	
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
		
	By:	 	 
		 	 Name:
	 	
		 	 Title:
	 	 Vice President

 [Signature Page to the Rights Agreement] 

  
 8 

 EXHIBIT A 

Form of Right 

  
 9EX-10.1

 Exhibit 10.1 
  

					
	 Embrace Change Acquisition Corp.
 5186 Carroll
Canyon Rd
 San Diego, CA 92121
	  		  	[*], 2022

 EF Hutton, division of Benchmark Investments, LLC 

590 Madison Avenue, 39th Floor 
 New York, NY 10022 

Attn: Joseph T. Rallo 

E-mail: jrallo@efhuttongroup.com 

Re:    Initial Public Offering  

Ladies and Gentlemen: 
 This letter
(“Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and between Embrace Change Acquisition Corp., a Cayman
Islands exempted company (the “Company”), and EF Hutton, division of Benchmark Investments, LLC as representative (the “Representative”) of the several underwriters named in Schedule I thereto (the
“Underwriters”), relating to an underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”), each Unit comprised of one ordinary share of the
Company, par value $0.0001 (the “Ordinary Shares”), one warrant, each whole warrant exercisable for one Ordinary Share (each, a “Warrant”), and one right to receive one-eighth (1/8) of one Ordinary
Share (each, a “Right”). Certain capitalized terms used herein are defined in paragraph 12 hereof. 
 In order to induce the
Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit that such IPO will confer upon the undersigned, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the undersigned hereby agrees, severally but not jointly, with the Company as follows: 
 1.
If the Company solicits approval of its shareholders of a Business Combination, the undersigned will (i) vote all Ordinary Shares beneficially owned by him, her, or it, whether acquired before, in, or after the IPO, in favor of such Business
Combination and (ii) not redeem any Ordinary Shares beneficially owned by him, her, or it in connection with such shareholder approval. 

2. (a) In the event that the Company fails to consummate a Business Combination within the time period set forth in the Company’s Amended
and Restated Memorandum and Articles of Association, as the same may be amended from time to time (the “Articles of Association”), the undersigned will, as promptly as possible, take all necessary actions to cause the Company
to (i) cease all operations except for the purpose of winding up, (ii) not more than five (5) business days thereafter, redeem the IPO shares, at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the Trust Account, including interest earned funds held in the Trust Account (less up to $50,000 to pay liquidation expenses and net of interest released to the Company to pay taxes as permitted pursuant to the
Trust Agreement), divided by the number of then outstanding IPO Shares, which redemption will extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and
(iii) following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) to the Company’s
obligations under Cayman Islands law to provide for claims of creditors and other requirements of applicable law. 
 (b) The undersigned
hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Account (“Claim”) with respect to the shares of Founders’ Ordinary Shares owned by the undersigned and hereby
waives any Claim the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever. The undersigned acknowledges and
agrees that there will be no distribution from the Trust Account with respect to any Warrants, all rights of which will terminate on the Company’s liquidation. 

 [(c) In the event of the liquidation of the Trust Account, Wuren Fubao Inc. agrees to
indemnify and hold harmless the Company for any debts and obligations to target businesses or vendors or other entities that are owed money by the Company for services rendered or contracted for or products sold to the Company, but only to the
extent necessary to ensure that such debt or obligation does not reduce the amount of funds in the Trust Account below $10.20 per share; provided that such indemnity shall not apply (i) if such vendor or prospective target business executed an
agreement waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account, or (ii) as to any claims under the Company’s obligation to indemnify the Underwriters against certain
liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”).] 1 

3.    The undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business
that is affiliated with any Insiders of the Company or their affiliates, such transaction must be approved by a majority of the Company’s disinterested independent directors and the Company must obtain an opinion from an independent investment
banking firm, or another independent entity that commonly renders valuation opinions, that such Business Combination is fair to the Company’s unaffiliated shareholders from a financial point of view. 

4.    Neither the undersigned nor any affiliate of the undersigned will be entitled to receive and will not accept any
compensation, finder fee or other cash payment prior to, or for services rendered in order to effectuate, the consummation of the Business Combination; provided that the Company shall be allowed to make the payments set forth in the Registration
Statement under the caption “Prospectus Summary – The Offering – Limited payments to insiders.” 

5.    (a) The undersigned agree that they shall not Transfer any Founders’ Ordinary Shares (the “Founder Shares Lock-up”) until the earlier of (A) six (6) months 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”). 
 (b)    The undersigned agree that they shall
not effectuate any Transfer of Private Securities or Ordinary Shares underlying the Private Warrants until thirty (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 Founders’ Ordinary
Shares, Private Securities and Ordinary Shares underlying the Private Securities are permitted (a) to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, any members or
partners of our sponsor, Wuren Fubao Inc. (the “Sponsor”), and the Representatives, or any of their affiliates 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 the consummation of a Business Combination at prices
no greater than the price at which the Founders’ Ordinary Shares, Private Securities or Ordinary Shares, as applicable, were originally purchased; (f) by virtue of the Sponsor’s or the Representatives’ organizational documents
upon liquidation or dissolution of the Sponsor or the Representatives, as applicable; (g) in the event of the Company’s liquidation prior to the completion of a Business Combination; or (h) in the event of completion of a liquidation,
merger, share exchange or other similar transaction which results in all of the Company’s 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 these Transfer restrictions and the other restrictions contained in this Letter
Agreement. 
 1 For Indemnifying Entity affiliate letter only. 

  
 2 

 (d) During the period commencing on the effective date of the Underwriting Agreement and
ending one hundred and eighty (180) days after such date, the undersigned shall not, without the prior written consent of the Representatives, 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, except as permitted hereunder. 

6.    (a) In order to minimize potential conflicts of interest that may arise from multiple corporate affiliations, the
undersigned hereby agrees that until the earlier of the Company’s initial Business Combination or liquidation, the undersigned shall present to the Company for its consideration, prior to presentation to any other entity, any suitable target
business, subject to any fiduciary or contractual obligations the undersigned might have. 
 (b) The undersigned hereby agrees and
acknowledges that (i) each of the Underwriters and the Company may be irreparably injured in the event of a breach of any of the obligations contained in 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.    The undersigned’s biographical information previously furnished to the Company and the Representatives is true
and accurate in all respects, does not omit any material information with respect to the undersigned’s background and contains all of the information required to be disclosed pursuant to Item 401 of Regulation
S-K, promulgated under the Securities Act. The undersigned’s FINRA Questionnaire previously furnished to the Company and the Representatives is true and accurate in all respects. The undersigned
represents and warrants that: 2 
  

	 	(a)	 he/she has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or
against (i) him/her or any partnership in which he/she was a general partner at or within two years before the time of filing; or (ii) any corporation or business association of which he/she was an executive officer at or within two years
before the time of such filing; 

  

	 	(b)	 he/she has never had a receiver, fiscal agent or similar officer been appointed by a court for his/her business
or property, or any such partnership; 

  

	 	(c)	 he/she has never been convicted of fraud in a civil or criminal proceeding; 

 

	 	(d)	 he/she has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding
(excluding traffic violations and minor offenses); 

  

	 	(e)	 he/she has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or
vacated, of any court of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting him/her from (i) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor
broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or
dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing any conduct or practice in connection with any such
activity; or (ii) engaging in any type of business practice; or (iii) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities or
federal commodities laws; 

 2 For officer, director, and promoter letter only. 

  
 3 

	 	(f)	 he/she has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or
vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days his/her right to engage in any activity described in 9(e)(i) above, or to be associated with persons engaged in any such activity;

  

	 	(g)	 he/she has never been found by a court of competent jurisdiction in a civil action or by the SEC to have
violated any federal or state securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or vacated; 

 

	 	(h)	 he/she has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have
violated any federal commodities law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated; 

 

	 	(i)	 he/she has never been the subject of, or a party to, any Federal or State judicial or administrative order,
judgment, decree or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal or State securities or commodities law or regulation, (ii) any law or regulation respecting financial
institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and desist
order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; 

  

	 	(j)	 he/she has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended
or vacated, or any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member; 

 

	 	(k)	 he/she has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale
of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor or paid solicitor of
purchasers of securities; 

  

	 	(l)	 he/she was never subject to a final order of a state securities commission (or an agency of officer of a state
performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking
agency; the Commodity Futures Trading Commission; or the National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct; 

 

	 	(m)	 he/she has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at
the time of such sale, restrained or enjoined him/her from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the
SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities; 

 

	 	(n)	 he/she has never been subject to any order of the SEC that orders him/her to cease and desist from committing
or causing a future violation of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section 206(1) of the Advisers Act or any other rule or regulation thereunder; or (ii) Section 5 of the Securities Act; 

 

	 	(o)	 he/she has never been named as an underwriter in any registration statement or Regulation A offering statement
filed with the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be
issued; 

  
 4 

	 	(p)	 he/she has never been subject to a United States Postal Service false representation order, or is currently
subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false
representations; 

  

	 	(q)	 he/she is not subject to a final order of a state securities commission (or an agency of officer of a state
performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking
agency; the Commodity Futures Trading Commission; or the National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission, authority, agency or officer; (ii) engaging in the
business of securities, insurance or banking; or (iii) engaging in savings association or credit union activities; 

  

	 	(r)	 he/she is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), or section 203(e) or 203(f) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), that: (i) suspends or revokes the
undersigned’s registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) places limitations on the activities, functions or operations of, or imposes civil money penalties on, such person; or (iii) bars
the undersigned from being associated with any entity or from participating in the offering of any penny stock; and 

  

	 	(s)	 he/she has never been suspended or expelled from membership in, or suspended or barred from association with a
member of, a securities self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated securities association) for any act or omission to act constituting conduct inconsistent with just and
equitable principles of trade. 

 8.    The undersigned has full right and power, without violating
any agreement by which he, she or it is bound, to enter into this Letter Agreement [and to serve as a director and/or officer of the Company]. 

9.    The undersigned hereby waives any right to exercise redemption rights with respect to any Ordinary Shares owned or
to be owned by the undersigned, directly or indirectly (or to sell such shares to the Company in a tender offer), whether such shares be part of the Founders’ Ordinary Shares or shares purchased by the undersigned in the IPO or in the
aftermarket, and agrees not to seek redemption with respect to such shares in connection with any vote to approve a Business Combination (or sell such shares to the Company in a tender offer in connection with such a Business Combination). 

10.    The undersigned hereby agrees to not propose, or vote in favor of, an amendment to the Company’s Amended and
Restated Memorandum and Articles of Association with respect to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company provides public shareholders with the opportunity to redeem
their Ordinary Shares for cash upon such approval in accordance with such Articles. 
 11.    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. Each of
the Company and the undersigned hereby (i) agrees that any action, proceeding or claim against him arising out of or relating in any way to this Letter Agreement (a “Proceeding”) shall be brought and enforced in the
courts of the State of New York of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive and (ii) waives any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum. 

  
 5 

 12.    As used herein, (i) a “Business
Combination” means a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders”
means all officers, directors and sponsors of the Company immediately prior to the IPO; (iii) “Founders’ Ordinary Shares” means all of the ordinary shares of the Company, par value $0.0001 per
share, outstanding prior to the consummation of the IPO; (iv) “IPO Shares” means the Ordinary Shares underlying the Units issued in the Company’s IPO; (v) “Private Securities” means the Private
Units, the Private Shares and the Private Warrants; (vi) “Private Units” means the Units that are being sold privately by the Company simultaneously with the consummation of the IPO; (vii) “Private
Shares” means the Ordinary Shares underlying the Private Units; (viii) “Private Warrants” means the Warrants underlying the Private Units; (ix) “Trust Agreement” means the Investment
Management Trust Agreement between the Company and Continental Stock Transfer & Trust Company being entered into in connection with the IPO and governing the use of funds held in the Trust Account; (x) “Trust
Account” means the trust account into which a portion of the net proceeds of the IPO and sale of Private Securities will be deposited; (xi) “Registration Statement” means the Company’s registration statement
on Form S-1 (SEC File No. 333-258221) filed with the Securities and Exchange Commission; and (xii) “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 Securities and Exchange 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). 

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

14.    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), except by a written instrument executed by all parties hereto. 

15.    Each of the undersigned acknowledges and understands that the Underwriters and the Company will rely upon the
agreements, representations and warranties set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render the Underwriters a representative of, or a fiduciary with respect to, the Company, its stockholders or any
creditor or vendor of the Company with respect to the subject matter hereof. 
 16.    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. 
 15. 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. 

[Signature Page Follows] 

  
 6 

 
	
	[            ]
	 Print Name of Insider
  

	Signature
	
	Acknowledged and Agreed:

 
			
	
	EMBRACE CHANGE ACQUISITION CORP.
		
	By:	 	
		 	Name: Yoann Delwarde
		 	Title: Chief Executive Officer

  
 7

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