Document:

Exhibit 10.1

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management Trust Agreement
(this “Agreement”) is made effective as of    , 2021 by and between Excolere Acquisition
Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company,
a New York corporation (the “Trustee”).

 

WHEREAS, the Company’s registration
statement on Form S-1, No. 333-252946 (the “Registration Statement”) and prospectus (the “Prospectus”)
for the initial public offering of the Company’s units (the “Units”), each of which consists of
one share of the Company’s Class A common stock, par value $0.0001 per share (the “Class A Common Stock”),
and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A Common
Stock (such initial public offering hereinafter referred to as the “Offering”), has been declared effective
as of the date hereof by the U.S. Securities and Exchange Commission; and

 

WHEREAS, the Company has entered into an
Underwriting Agreement (the “Underwriting Agreement”) with UBS Securities LLC, as the Underwriter (the
 “Underwriter”); and

 

WHEREAS, as described in the Prospectus,
$200,000,000 of the proceeds of the Offering and sale of the Private Placement Warrants (as defined below) (or $230,000,000 if
the Underwriter’s over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in
a segregated trust account located at all times in the United States (the “Trust Account”) for the benefit
of the Company and the holders of shares of Class A Common Stock included in the Units issued in the Offering as hereinafter
provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the
 “Property,” the stockholders for whose benefit the Trustee shall hold the Property will be referred to
as the “Public Stockholders,” and the Public Stockholders and the Company will be referred to together
as the “Beneficiaries”); and

 

WHEREAS, pursuant to the Underwriting Agreement,
a portion of the Property equal to $7,000,000, or $8,050,000 if the Underwriter’s over-allotment option is exercised in full,
is attributable to deferred underwriting discounts and commissions that may become payable by the Company to the Underwriter upon
completion of an initial business combination (as defined herein) (the “Deferred Discount”); and

 

WHEREAS, simultaneously with the Offering,
the Company’s sponsor will purchase 6,750,000 (“Private Placement Warrants”) from the Company for
an aggregate purchase price of $6,750,000 (and additional amounts of Private Placement Warrants from the Company if the Underwriter
exercises their over-allotment option, up to 7,350,000 Private Placement Warrants for an aggregate purchase price of $7,350,000
if the Underwriter’s over-allotment option is exercised in full); and

 

WHEREAS, the Company and the Trustee desire
to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.

 

NOW THEREFORE, IT IS AGREED:

 

1.            
Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a)          
Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established
by the Trustee in the United States at J.P. Morgan Chase Bank, N.A. and at a brokerage institution selected by the Trustee that
is reasonably satisfactory to the Company;

 

(b)          
Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c)          
In a timely manner, upon the written instruction of the Company, invest and reinvest the Property in United States government securities
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or
less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7
promulgated under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government
treasury obligations, as determined by the Company; the Trustee may not invest in any other securities or assets, it being understood
that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder
and the Trustee may earn bank credits or other consideration;

 

    	 	 	 

     

    

 

(d)          
Collect and receive, when due, all principal, interest or other income arising from the Property, which shall become part of the
 “Property,” as such term is used herein;

 

(e)          
Promptly notify the Company and the Underwriter of all communications received by the Trustee with respect to any Property requiring
action by the Company;

 

(f)           
Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with
the Company’s preparation of the tax returns relating to assets held in the Trust Account;

 

(g)          
Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when
instructed by the Company to do so;

 

(h)          
Render to the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all receipts
and disbursements of the Trust Account;

 

(i)           
Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms
of a letter from the Company (“Termination Letter”) in a form substantially similar to that attached
hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive
Officer, Chief Financial Officer, Secretary or Chairman of the Board of Directors of the Company (the “Board”)
or other authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the
Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay
its franchise and income taxes (and up to $100,000 of interest that may be released to the Company to pay dissolution expenses,
if applicable), only as directed in the Termination Letter and the other documents referred to therein, or (y) upon the date
which is 24 months after the closing of the Offering, if a Termination Letter has not been received by the Trustee prior to such
date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter
attached as Exhibit B and the Property in the Trust Account, including interest not previously released to the Company
to pay its franchise and income taxes (up to $100,000 of interest that may be released to the Company to pay dissolution expenses)
shall be distributed to the Public Stockholders of record as of such date; provided, however, that in the event the
Trustee receives a Termination Letter in a form substantially similar to Exhibit B hereto, or if the Trustee begins
to liquidate the Property because it has received no such Termination Letter by the date which is 24 months after the closing of
the Offering, the Trustee shall keep the Trust Account open until twelve (12) months following the date the Property has been distributed
to the Public Stockholders. It is acknowledged and agreed that there should be no reduction in the principal amount initially deposited
in the Trust Account;

 

(j)           
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C (a “Withdrawal Instruction”), withdraw from the Trust Account and distribute
to the Company the amount of interest earned on the Property requested by the Company to cover any franchise or income tax obligations
owed by the Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall
be delivered directly to the Company by electronic funds transfer or other method of prompt payment, and the Company shall forward
such payment to the relevant taxing authority, if such distribution is for a tax obligation; provided, however, that
to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets
held in the Trust Account as shall be designated by the Company in writing to make such distribution; so long as there is no reduction
in the principal amount initially deposited in the Trust Account; provided, however, that if the tax to be paid is
a franchise tax, the written request by the Company to make such distribution shall be accompanied by a copy of the franchise tax
bill from the State of Delaware for the Company and a written statement from the principal financial officer of the Company setting
forth the actual amount payable (it being acknowledged and agreed that any such amount in excess of interest income earned on the
Property shall not be payable from the Trust Account). The written request of the Company referenced above shall constitute presumptive
evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request;

 

    	 	 	 

     

    

 

(k)          
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit D (a “Shareholder Redemption Withdrawal Instruction”), the Trustee shall distribute
to the remitting brokers on behalf of Public Stockholders redeeming Class A Common Stock the amount required to pay redeemed
Class A Common Stock from Public Stockholders; and

 

(l)           
Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j) or
(k) above.

 

2.            
Agreements and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)          
Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Chief Executive
Officer, Chief Financial Officer or Secretary. In addition, except with respect to its duties under Sections 1(i), (j) and
(k) hereof, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic
advice or instruction which it, in good faith and with reasonable care, believes to be given by any one of the persons authorized
above to give written instructions, provided that the Company shall promptly confirm such instructions in writing;

 

(b)          
Subject to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all expenses,
including reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it
hereunder and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection
with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or
the Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence,
fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any
action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 2(b),
it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”).
The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; provided that the Trustee
shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld.
The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which such consent
shall not be unreasonably withheld. The Company may participate in such action with its own counsel;

 

(c)          
Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee,
and transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood
that the Property shall not be used to pay such fees unless and until it is distributed to, or on behalf of, the Company pursuant
to Sections 1(i) through 1(k) hereof. The Company shall pay the Trustee the initial acceptance fee and
the first annual administration fee at the consummation of the Offering. The Company shall not be responsible for any other fees
or charges of the Trustee except as set forth in this Section 2(c), Schedule A and as may be provided in Section 2(b) hereof;

 

(d)          
In connection with any vote of the Company’s stockholders regarding merger, capital stock exchange, asset acquisition, stock
purchase, reorganization or similar business combination involving the Company and one or more businesses (the “Business
Combination”), provide to the Trustee an affidavit or certificate of the inspector of elections for the stockholder
meeting verifying the vote of such stockholders regarding such Business Combination;

 

(e)          
In connection with the Trustee acting as Paying/Disbursing Agent pursuant to Exhibit B, the Company will not give the
Trustee disbursement instructions which would be prohibited under this Agreement;

 

(f)           
Provide the Underwriter with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee
with respect to any proposed withdrawal from the Trust Account promptly after it issues the same;

 

    	 	 	 

     

    

 

(g)          
Instruct the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the
Trustee to make any distributions that are not permitted under this Agreement;

 

(h)          
Expressly provide in any Instruction Letter (as defined in Exhibit A) delivered in connection with a Termination Letter
in a form substantially similar to that attached hereto as Exhibit A that the Deferred Discount be paid directly to
the account or accounts directed by the Underwriter prior to any transfer of the funds held in the Trust Account to the Company
or any other person;

 

(i)           
Instruct the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the
Trustee to make any distributions that are not permitted under this Agreement;

 

(j)           
Within five business days after the Underwriter exercises the over-allotment option (or any unexercised portion thereof) or such
over-allotment option expires, provide the Trustee with a notice in writing (with a copy to the Underwriter) of the total amount
of the Deferred Discount;

 

(k)           
In the event the Company is entitled to receive a tax refund on its income tax obligation, and promptly after the amount of such
refund is determined on a final basis, provide the Trustee with notice in writing (with a copy to the Underwriter) of the amount
of such income tax refund; and

 

(l)          
If the Company seeks to amend any provisions of its certificate of incorporation that would affect the substance or timing of the
Company’s Public Stockholders’ ability to convert or sell their shares to the Company in connection with a Business
Combination or which would adversely affect the rights of holders of the Class A Common Stock, (in each case, an “Amendment”),
the Company will provide the Trustee with a letter (an “Amendment Notification Letter”) in the form of
Exhibit D providing instructions for the distribution of funds to Public Stockholders who exercise their conversion
option in connection with such Amendment.

 

3.            
Limitations of Liability.  The Trustee shall have no responsibility or liability to:

 

(a)          
Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this
Agreement and that which is expressly set forth herein;

 

(b)          
Take any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have
no liability to any party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;

 

(c)          
Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding
of any kind with respect to, any of the Property unless and until it shall have received written instructions from the Company
given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses
incident thereto;

 

(d)          
Change the investment of any Property, other than in compliance with Section 1 hereof;

 

(e)          
Refund any depreciation in principal of any Property;

 

(f)           
Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless
provided otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the
Trustee;

 

(g)          
The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted,
in good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct.
The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice
of counsel (including counsel chosen by the Trustee, which counsel may be the Company’s counsel), statement, instrument,
report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also
as to the truth and acceptability of any information therein contained) which the Trustee believes, in good faith and with reasonable
care, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice
or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced
by a written instrument delivered to the Trustee, signed by the proper party or parties and, if the duties or rights of the Trustee
are affected, unless it shall give its prior written consent thereto;

 

    	 	 	 

     

    

 

(h)          
Verify the accuracy of the information contained in the Registration Statement;

 

(i)           
Provide any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as
contemplated by the Registration Statement;

 

(j)           
File information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic
written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned
on the Property;

 

(k)          
Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and
activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including,
but not limited to, franchise and income tax obligations, except pursuant to Section 1(j) hereof; or

 

(l)           
Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections
1(i), (j) and (k) hereof.

 

4.            
Trust Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including,
without limitation, under Section 2(b) or (c) hereof, the Trustee shall pursue such Claim solely against
the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.

 

5.            
Termination. This Agreement shall terminate as follows:

 

(a)          
If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such
time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become
subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee,
including but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this
Agreement shall terminate; provided, however, that in the event that the Company does not locate a successor trustee within ninety
(90) days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited
with any court in the State of New York or with the United States District Court for the Southern District of New York and upon
such deposit, the Trustee shall be immune from any liability whatsoever; or

 

(b)          
At such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions
of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter,
this Agreement shall terminate except with respect to Section 2(b).

 

6.            
Miscellaneous.

 

(a)          
The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect
to funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information
relating to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason
to believe unauthorized persons may have obtained access to such confidential information, or of any change in its authorized
personnel. In executing funds transfers, the Trustee shall rely upon all information supplied to it by the Company, including,
account names, account numbers, and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary
bank. Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee shall
not be liable for any loss, liability or expense resulting from any error in the information or transmission of the funds.

 

    	 	 	 

     

    

 

(b)          
This 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. This
Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together
shall constitute but one instrument.

 

(c)          
This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof.
This Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by
a writing signed by each of the parties hereto.

 

(d)          
This Agreement or any provision hereof may only be changed, amended or modified pursuant to Section 6(c) hereof
with the Consent of the Stockholders, it being the specific intention of the parties hereto that each of the Company’s stockholders
is, and shall be, a third party beneficiary of this Section 6(d) with the same right and power to enforce this
Section 6(d) as the other parties hereto. For purposes of this Section 6(d), the “Consent
of the Stockholders” means receipt by the Trustee of a certificate from the inspector of elections of the stockholder
meeting certifying that either (i) the Company’s stockholders of record as of a record date established in accordance
with Section 213(a) of the Delaware General Corporation Law, as amended (or any successor rule), who hold sixty-five
percent (65%) or more of all then outstanding voting power of the Class A Common Stock and Class B common stock, par
value $0.0001 per share (“Class B Common Stock”), of the Company voting together as a single class,
have voted in favor of such change, amendment or modification, or (ii) the Company’s stockholders of record as of the
record date who hold sixty-five percent (65%) or more of all then outstanding voting power of the Class A Common Stock and
Class B Common Stock voting together as a single class, have delivered to such entity a signed writing approving such change,
amendment or modification. No such amendment will affect any Public Stockholder who has otherwise indicated his election to redeem
his shares of Class A Common Stock in connection with a stockholder vote sought to amend this Agreement. Except for any liability
arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee may rely conclusively on the certification
from the inspector or elections referenced above and shall be relieved of all liability to any party for executing the proposed
amendment in reliance thereon.

 

(e)          
The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of
New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO
THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

(f)           
Any notice, consent or request to be given in connection with any of the terms or provisions of this 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 by electronic mail:

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn:     

E-mail:

 

if to the Company, to:

 

Excolere Acquisition Corp.

2029 Century Park East

Suite 400N

Los Angeles, CA 90067

Attn:      Anthony Miller

 

    	 	 	 

     

    

 

in each case, with copies to:

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, New York 10105

Attn: Douglas S. Ellenoff, Esq. & Benjamin S. Reichel, Esq.

Telephone: (212) 370-1300

 

and

 

UBS Securities LLC

1285 Avenue of The Americas

New York NY 10019

Attn: General Counsel

 

and

 

Matthew Pacey, P.C.

Kirkland & Ellis LLP

609 Main Street

Houston, Texas 77002

Tel: (713) 836-3600

 

and

 

Christian O. Nagler

Kirkland & Ellis LLP

601 Lexington Avenue

New York, New York 10022

Telephone: (212) 446-4800

 

(g)          
No party to this Agreement may assign its rights or delegate its obligations hereunder without the prior consent of the other person
or entity.

 

(h)          
Each of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized to enter
into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that
it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any
funds in the Trust Account under any circumstance.

 

(i)           
This Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject to the mutual consultation,
negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

(j)           
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic
transmission shall constitute valid and sufficient delivery thereof.

 

(k)          
Each of the Company and the Trustee hereby acknowledges and agrees that the Underwriter are a third party beneficiary of this Agreement.

 

(l)          
Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other
person or entity.

 

[Signature Page Follows]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, the parties have
duly executed this Investment Management Trust Agreement as of the date first written above.

 

	 	CONTINENTAL STOCK TRANSFER &
	 	TRUST COMPANY, as Trustee

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	EXCOLERE ACQUISITION CORP.

 

	 	By:	 
	 	 	Name: Anthony Miller
	 	 	Title: Chief Executive Officer

 

[Signature Page to Investment Management
Trust Agreement]

 

    	 	 	 

     

    

 

[SCHEDULE A]

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of the Offering by wire transfer	 	$	3,500.00	 
	Annual fee	 	First year, initial closing of Offering by wire transfer; thereafter on the anniversary of the effective date of the Offering by wire transfer or check	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Sections 1(i), (j) and (k)	 	Billed company following disbursement made to Company under Section 1	 	$	250.00	 
	Paying Agent services as required pursuant to Section 1(i) and Section 1(k)	 	Billed to Company upon delivery of service pursuant to Section 1(i) and Section 1(k)	 	Prevailing rates	 

 

    	 	 	 

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn:

 

Re: Trust Account No.                
Termination Letter

 

Dear     :

 

Pursuant to Section 1(i) of the
Investment Management Trust Agreement between Excolere Acquisition Corp. (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of [•], 2021 (the “Trust
Agreement”), this is to advise you that the Company has entered into an agreement with                   
(the “Target Business”) to consummate a business combination with the Target Business (the “Business
Combination”) on or about [insert date].  The Company shall notify you at least seventy-two (72) hours in advance
of the actual date of the consummation of the Business Combination (the “Consummation Date”).  Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account, and to transfer the proceeds
into the trust operating account at J.P. Morgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of funds held
in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on the
Consummation Date.  It is acknowledged and agreed that while the funds are on deposit in the trust operating account at J.P.
Morgan Chase Bank, N.A. awaiting distribution, the Company will not earn any interest or dividends.

 

On the Consummation Date (i) counsel
for the Company shall deliver to you written notification that the Business Combination has been consummated, or will be consummated
concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”)
and (ii) the Company shall deliver to you (a) a certificate of the Chief Executive Officer, which verifies that the Business
Combination has been approved by a vote of the Company’s stockholders, if a vote is held and (b) joint written instruction
signed by the Company and UBS Securities LLC with respect to the transfer of the funds held in the Trust Account, including payment
of amounts owed to public stockholders who have properly exercised their redemption rights and payment of the Deferred Discount
to the Underwriter from the Trust Account (the “Instruction Letter”).  You are hereby directed and
authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification and the Instruction
Letter, in accordance with the terms of the Instruction Letter.  In the event that certain deposits held in the Trust Account
may not be liquidated by the Consummation Date without penalty, you will notify the Company in writing of the same and the Company
shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to
the Company.  Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related
to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

In the event that the Business Combination
is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original
Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds
held in the Trust Account shall be reinvested as provided in Section 1(c) of the Trust Agreement on the business day
immediately following the Consummation Date as set forth in the notice as soon thereafter as possible.

 

    	 	 	 

     

    

 

	 	Very truly yours,
	 	 
	 	EXCOLERE ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 

cc:          
UBS Securities LLC

 

    	 	 	 

     

    

 

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn:

 

Re: Trust Account No.             
Termination Letter

 

Dear        :

 

Pursuant to Section 1(i) of the
Investment Management Trust Agreement between Excolere Acquisition Corp. (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of [•], 2021 (the “Trust
Agreement”), this is to advise you that the Company has been unable to effect a business combination with a Target
Business (the “Business Combination”) within the time frame specified in the Company’s Amended
and Restated Certificate of Incorporation, as described in the Company’s Prospectus relating to the Offering.  Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account on    , 20   
and to transfer the total proceeds into the trust operating account at J.P. Morgan Chase Bank, N.A. to await distribution to the
Public Stockholders.  The Company has selected [   ] as the effective date for the purpose of determining when the
Public Stockholders will be entitled to receive their share of the liquidation proceeds.  It is acknowledged that no interest
will be earned by the Company on the liquidation proceeds while on deposit in the trust operating account. You agree to be the
Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly to the Company’s
Public Stockholders in accordance with the terms of the Trust Agreement and the Amended and Restated Certificate of Incorporation
of the Company.  Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses
related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated, except to the extent
otherwise provided in Section 1(j) of the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	EXCOLERE ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc:          
UBS Securities LLC

 

    	 	 	 

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn:

 

Re: Trust Account No.                      
Tax Payment Withdrawal Instruction

 

Dear      :

 

Pursuant to Section 1(j) of the
Investment Management Trust Agreement between Excolere Acquisition Corp. (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of [•], 2021 (“Trust Agreement”),
the Company hereby requests that you deliver to the Company $             
of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the
meanings set forth in the Trust Agreement.

 

The Company needs such funds to pay for
the tax obligations as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement,
you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to
the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	EXCOLERE ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc:          
UBS Securities LLC

 

    	 	 	 

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn:

 

Re:         
Trust Account No.                  
Shareholder Redemption Withdrawal Instruction

 

Dear    :

 

Reference is made to the Investment Management
Trust Agreement between Excolere Acquisition Corp. (“Company”) and Continental Stock Transfer &
Trust Company (“Trustee”), dated as of [·], 2021 (“Trust
Agreement”). Capitalized words used herein and not otherwise defined shall have the meanings ascribed to them in
the Trust Agreement.

 

Pursuant to Section 1(k) of the
Trust Agreement, this is to advise you that the Company has sought an Amendment. Accordingly, in accordance with the terms of the
Trust Agreement, we hereby authorize you to liquidate a sufficient portion of the Trust Account and to transfer $[·]
of the proceeds of the Trust Account to the trust operating account at J.P. Morgan Chase Bank, N.A. for distribution to the stockholders
that have requested conversion of their shares in connection with such Amendment.

 

	 	Very truly yours,
	 	 
	 	EXCOLERE ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc:          
UBS Securities LLCExhibit 10.2

REGISTRATION AND STOCKHOLDER RIGHTS AGREEMENT

 

THIS REGISTRATION AND
STOCKHOLDERS RIGHTS AGREEMENT (this “Agreement”) is entered into as of [ ], 2021, by Excolere Acquisition Corp.,
a Delaware corporation (the “Company”), Excolere Acquisition Sponsor LLC, a Delaware limited liability company
(the “Sponsor”), and the additional undersigned parties listed under Holder on the signature page hereto
(each such party, together with the Sponsor and any person or entity who hereafter becomes a party to this Agreement pursuant to
Section 6.2 of this Agreement, a “Holder” and collectively the “Holders”).

 

WHEREAS, the Sponsor
owns an aggregate of 5,750,000 shares of the Company’s Class B common stock, par value $0.0001 per share (the “Founder
Shares”) of the Company;

 

WHEREAS, the Founder
Shares will automatically convert into shares of the Company’s Class A common stock, par value $0.0001 per share (the
 “Common Stock”), at the time of the initial Business Combination on a one-for-one basis, subject to adjustment,
on the terms and conditions provided in the Company’s amended and restated certificate of incorporation, as the same may
be amended from time to time;

 

WHEREAS, on [ ], 2021,
the Company and the Sponsor entered into that certain Private Placement Warrants Purchase Agreement, pursuant to which the Sponsor
agreed to purchase 6,750,000 Private Placement Warrants (or up to 7,350,000 Private Placement Warrants if the over-allotment option
in connection with the Company’s initial public offering is exercised in full) in a private placement transaction occurring
simultaneously with the closing of the Company’s initial public offering;

 

WHEREAS, in order to
finance the Company’s transaction costs in connection with an intended Business Combination, the Sponsor or certain of the
Company’s officers or directors may, but are not obligated to, loan the Company funds as the Company may require, of which
up to $1,500,000 of such loans may be convertible into warrants of the post-Business Combination entity at a price of $1.00 per
warrant (the “Working Capital Warrants”); and

 

WHEREAS, the Company
and the Sponsor desire to enter into this Agreement, pursuant to which the Company shall grant the Sponsor certain registration
rights with respect to certain securities of the Company, as set forth in this Agreement;

 

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

 

1             DEFINITIONS.
The following capitalized terms used herein have the following meanings:

 

“Adverse Disclosure”
is defined in Section 3.6.

 

“Agreement”
means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.

 

“Board”
is defined in Section 3.1.1.

 

“Business
Combination” means the acquisition of direct or indirect ownership through a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or other similar type of transaction, of one or more businesses or entities.

 

“Commission”
means the U.S. Securities and Exchange Commission, or any other federal agency then administering the Securities Act or the Exchange
Act.

 

“Common Stock”
is defined in the preamble to this Agreement.

 

    

     

    

 

“Company”
is defined in the preamble to this Agreement.

 

“Demand Registration”
is defined in Section 2.1.1.

 

“Demanding
Holder” is defined in Section 2.1.1.

 

“Demanding
Sponsor” is defined in Section 2.1.1.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.

 

“Form S-3”
is defined in Section 2.3.

 

“Founder Shares”
is defined in the preamble to this Agreement and include the shares of Common Stock issuable upon conversion thereof.

 

“Founder Shares
Lock-up Period” means, with respect to the Founder Shares, the period ending on the earliest of (A) one year after
the completion of the Company’s initial Business Combination or (B) subsequent to the Business Combination, (x) the
date on which the closing price of the shares of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits,
stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
at least 150 days after the Company’s initial Business Combination or (y) the date on which the Company completes a
liquidation, merger, capital stock exchange or other similar transaction that results in all of the Company’s public stockholders
having the right to exchange their shares of Common Stock for cash, securities or other property.

 

“Holders”
shall have the meaning given in the preamble.

 

“Holder Indemnified
Party” is defined in Section 4.1.

 

“Indemnified
Party” is defined in Section 4.3.

 

“Indemnifying
Party” is defined in Section 4.3.

 

“Insider Letter”
shall mean those certain letter agreements, dated as of [ ], 2021, by and among the Company, the Sponsor and each of the Company’s
officers, directors and director nominees.

 

“majority-in-interest
of the Demanding Holders” shall mean, if there is a Demanding Sponsor, the Demanding Sponsor and, otherwise, a majority
in interest of the Demanding Holders.

 

“Maximum Number
of Shares” is defined in Section 2.1.4.

 

“Misstatement”
is defined in Section 3.1.12.

 

“Nominee”
is defined in Section 5.1.1.

 

“Notices”
is defined in Section 6.3.

 

“Permitted
Transferees” means a person or entity to whom a Holder is permitted to transfer Registrable Securities prior to the expiration
of the Founder Shares Lock-up Period or Private Placement Lock-up Period, as the case may be, under the Insider Letter and any
other applicable agreement between such Holder and the Company, and to any transferee thereafter.

 

“Piggy-Back
Registration” is defined in Section 2.2.1.

 

“Private Placement
Lock-up Period” means, with respect to Private Placement Warrants that are held by the Sponsor or its Permitted Transferees,
and any of the shares of Common Stock issued or issuable upon the exercise or conversion of the Private Placement Warrants and
that are held by the Sponsor or its Permitted Transferees, the period ending 30 days after the completion of the Company’s
initial Business Combination.

 

    

     

    

 

“Private Placement
Warrants” means the warrants being purchased privately by the Sponsor simultaneously with the consummation of the Company’s
initial public offering (including to a certain extent in connection with the consummation of the Underwriters’ over-allotment
option related thereto).

 

“Pro Rata”
is defined in Section 2.1.4.

 

“Register,”
 “Registered” and “Registration” mean a registration effected by preparing and filing a Registration
Statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations
promulgated thereunder, and such Registration Statement becoming effective.

 

“Registrable
Securities” mean (i) all of the shares of Common Stock issued or issuable upon the conversion of any Founder Shares,
(ii) all of the Private Placement Warrants (and shares of Common Stock issuable upon exercise thereof) and (iii) all
of the Working Capital Warrants (and Common Stock issuable upon exercise thereof). Registrable Securities include any warrants,
shares of capital stock or other securities of the Company issued as a dividend or other distribution with respect to or in exchange
for or in replacement of such Registrable Securities. As to any particular Registrable Securities, such securities shall cease
to be Registrable Securities when: (a) a Registration Statement with respect to the sale of such securities shall have become
effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance
with and pursuant to such Registration Statement; (b) such securities shall have been otherwise transferred, new certificates
for them not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution
of them shall not require Registration under the Securities Act; or (c) such securities shall have ceased to be outstanding.

 

“Registration
Statement” means a registration statement filed by the Company with the Commission in compliance with the Securities
Act and the rules and regulations promulgated thereunder for a public offering and sale of Common Stock (other than a registration
statement on Form S-4 or Form S-8, or their successors, or any registration statement covering only securities proposed
to be issued in exchange for securities or assets of another entity).

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.

 

“Sponsor”
is defined in the preamble to this Agreement.

 

“Sponsor
Director” means an individual elected to the Board that has been nominated by the Sponsor pursuant to this Agreement.

 

“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of
such dealer’s market-making activities.

 

“Working Capital
Warrants” is defined in the preamble to this Agreement.

 

2             REGISTRATION
RIGHTS.

 

2.1            Demand
Registration.

 

2.1.1            Request
for Registration. At any time and from time to time on or after the date that the Company completes a Business Combination,
either Sponsor (the “Demanding Sponsor”) or the Holders of at least a majority in interest of the then issued
and outstanding of Registrable Securities (such Demanding Sponsor or Holders, as the case may be, the “Demanding Holders”)
may make a written demand for Registration under the Securities Act of all or part of their Registrable Securities (a “Demand
Registration”). Any demand for a Demand Registration shall specify the number of Registrable Securities proposed to be
included in such Registration and the intended method(s) of distribution thereof. The Company will within 10 days of the Company’s
receipt of the Demand Registration notify all Holders of the demand, and each Holder who wishes to include all or a portion of
such Holder’s Registrable Securities in a Registration pursuant to the Demand Registration (each such Holder including shares
of Registrable Securities in such Registration, a “Demanding Holder”) shall so notify the Company within 10
days after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such written notification,
the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration, subject to Section 2.1.4
and the provisos set forth in Section 3.1.1. The Company shall not be obligated to effect more than an aggregate of
three (3) Demand Registrations under this Section 2.1.1 in respect of all Registrable Securities.

 

    

     

    

 

2.1.2            Effective
Registration. A Registration will not count as a Demand Registration until the Registration Statement filed with the Commission
with respect to such Demand Registration has been declared effective by the Commission and the Company has complied with all of
its obligations under this Agreement with respect thereto; provided, however, that if, after such Registration Statement has been
declared effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order
or injunction of the Commission or any other governmental agency or court, the Registration Statement with respect to such Demand
Registration will be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed,
rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter affirmatively elect
to continue with such Registration and accordingly notify the Company in writing, but in no event later than five days of such
election; provided, further, that the Company shall not be obligated to file a second Registration Statement until the Registration
Statement that has been previously filed becomes effective or is subsequently terminated.

 

2.1.3            Underwritten
Offering. If a majority-in-interest of the Demanding Holders so elect and such Holders so advise the Company as part of their
written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall
be in the form of an underwritten offering. In such event, the right of any Holder to include its Registrable Securities in such
Registration shall be conditioned upon such Holder’s participation in such underwritten offering and the inclusion of such
Holder’s Registrable Securities in the underwriting to the extent provided herein. All Demanding Holders proposing to distribute
their securities through such underwritten offering shall enter into an underwriting agreement in customary form with the Underwriter
or Underwriters selected for such underwritten offering by the majority-in-interest of the Demanding Holders initiating the Demand
Registration.

 

2.1.4            Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an underwritten offering pursuant to a Demand Registration,
in good faith, advises the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable
Securities which the Demanding Holders desire to sell, taken together with all other shares of Common Stock or other securities
which the Company desires to sell and the shares of Common Stock, if any, as to which a Registration has been requested pursuant
to separate written contractual piggy-back registration rights held by other stockholders of the Company who desire to sell, exceeds
the maximum dollar amount or maximum number of shares that can be sold in such underwritten offering without adversely affecting
the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum
dollar amount or maximum number of shares, as applicable, the “Maximum Number of Shares”), then the Company
shall include in such underwritten offering, as follows: (i) the Registrable Securities as to which Demand Registration has
been requested by the Demanding Holders (pro rata based on the respective number of shares that each such Demanding Holder has
requested be included in such underwritten offering, regardless of the number of shares held by each such Demanding Holder (such
proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Shares;
(ii) to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (i), the shares of Common
Stock or other securities that the Company desires to sell for its own account that can be sold without exceeding the Maximum Number
of Shares; and (iii) to the extent that the Maximum Number of Shares have not been reached under the foregoing clauses (i) and
(ii), the shares of Common Stock or other securities for the account of other persons or entities that the Company is obligated
to register in a Registration pursuant to separate written contractual arrangements with such persons and that can be sold without
exceeding the Maximum Number of Shares.

 

2.1.5            Demand
Registration Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwritten offering
or are not entitled to include all of their Registrable Securities in any underwritten offering, such majority-in-interest of the
Demanding Holders may elect to withdraw from such Registration by giving written notice to the Company and the Underwriter or Underwriters
of their request to withdraw prior to the effectiveness of the Registration Statement filed with the Commission with respect to
such Demand Registration. If the majority-in-interest of the Demanding Holders withdraws from a proposed underwritten offering
relating to a Demand Registration, then such Registration shall not count as a Demand Registration provided for in this Section 2.1.

 

    

     

    

 

2.2            Piggy-Back
Registration.

 

2.2.1            Piggy-Back
Rights. If at any time on or after the date the Company completes a Business Combination the Company proposes to file a Registration
Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable
or exchangeable for, or convertible into, equity securities, by the Company for its own account or for the account of stockholders
of the Company (or by the Company and by the stockholders of the Company including, without limitation, pursuant to Section 2.1),
other than a Registration Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for
an exchange offer or offering of securities solely to the Company’s existing stockholders, (iii) for an offering of
debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company
shall (x) give written notice of such proposed filing to the Holders as soon as practicable but in no event less than seven
days before the anticipated filing date of such Registration Statement, which notice shall describe the amount and type of securities
to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter
or Underwriters, if any, of the offering, and (y) offer to the Holders in such notice the opportunity to register the sale
of such number of shares of Registrable Securities as such Holders may request in writing within five days following receipt of
such notice (such Registration, a “Piggy-Back Registration”). The Company shall, in good faith, cause such Registrable
Securities to be included in such Piggy-Back Registration and shall use its best efforts to cause the managing Underwriter or Underwriters
of a proposed underwritten offering to permit the Registrable Securities requested by the Holders pursuant to this Subsection
2.2.1 to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of the Company
included in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the
intended method(s) of distribution thereof. All Holders proposing to distribute their Registrable Securities through a Piggy-Back
Registration that involves an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with the
Underwriter or Underwriters selected for such Piggy-Back Registration.

 

2.2.2            Reduction
of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering
advises the Company and the Holders in writing that the dollar amount or number of shares of Common Stock which the Company desires
to sell, taken together with (i) the shares of Common Stock, if any, as to which Registration has been demanded pursuant to
separate written contractual arrangements with persons or entities other than the Holders hereunder, (ii) the Registrable
Securities as to which Registration has been requested under this Section 2.2, and (iii) the shares of Common
Stock, if any, as to which Registration has been requested pursuant to the written contractual piggy-back registration rights of
other stockholders of the Company, exceeds the Maximum Number of Shares, then the Company shall include in any such Registration:

 

(a)            If
the Registration is undertaken for the Company’s account: (A) the shares of Common Stock or other securities that the
Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (B) to the extent that the Maximum
Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock or other securities, if any, comprised
of Registrable Securities, as to which Registration has been requested pursuant to the applicable written contractual piggy-back
registration rights of such security holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (C) to
the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the shares of Common
Stock or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual
piggy-back registration rights with such persons and that can be sold without exceeding the Maximum Number of Shares; and

 

(b)            If
the Registration is a “demand” registration undertaken at the demand of persons or entities other than the Holders:
(A) the shares of Common Stock or other securities for the account of the demanding persons that can be sold without exceeding
the Maximum Number of Shares; (B) to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (A), collectively the shares of Common Stock or other securities comprised of Registrable Securities, Pro Rata, as to which
Registration has been requested pursuant to the terms hereof, as applicable, that can be sold without exceeding the Maximum Number
of Shares; (C) to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and
(B), the shares of Common Stock or other securities that the Company desires to sell for its own account that can be sold without
exceeding the Maximum Number of Shares; and (D) to the extent that the Maximum Number of Shares has not been reached under
the foregoing clauses (A), (B) and (C), the shares of Common Stock or other securities for the account of other persons that
the Company is obligated to register pursuant to written contractual arrangements with such persons, that can be sold without exceeding
the Maximum Number of Shares.

 

    

     

    

 

2.2.3            Withdrawal.
Any Holder may elect to withdraw such Holder’s request for inclusion of Registrable Securities in any Piggy-Back Registration
by giving written notice to the Company of such request to withdraw prior to the effectiveness of the Registration Statement filed
with the Commission with respect to such Piggy-Back Registration. The Company (whether on its own determination or as the result
of a request for withdrawal by persons making a demand pursuant to written contractual obligations) may withdraw a Registration
Statement filed with the Commission in connection with a Piggy-Back Registration at any time prior to the effectiveness of such
Registration Statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the Holders in connection
with such Piggy-Back Registration as provided in Section 3.3.

 

2.2.4            Unlimited
Piggy-Back Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2 hereof
shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof.

 

2.3            Registrations
on Form S-3. The Holders of at least 50% of the number of Registrable Securities may at any time and from time to time,
request in writing that the Company register the resale of any or all of such Registrable Securities on Form S-3 or any similar
short-form Registration Statement which may be available at such time (“Form S-3”); provided, however,
that the Company shall not be obligated to effect such request through an underwritten offering. Upon receipt of such written request,
the Company will promptly give written notice of the proposed Registration to all other Holders, and each Holder who thereafter
wishes to include all or a portion of such Holder’s Registrable Securities in such Registration shall so notify the Company,
in writing, within 5 days after the receipt by the Holder of the notice from the Company, and, as soon as practicable thereafter
but not more than 10 days after the Company’s initial receipt of such written request for a registration, effect the registration
of all or such portion of such Holder’s or Holders’ Registrable Securities as are specified in such request, together
with all or such portion of the Registrable Securities or other securities of the Company, if any, of any other Holder or Holders
joining in such request; provided, however, that the Company shall not be obligated to effect any such registration pursuant to
this Section 2.3 if: (i) Form S-3 is not available for such offering or the Company is not eligible to use
Form S-3; or (ii) the Holders, together with the holders of any other securities of the Company entitled to inclusion
in such registration, propose to sell Registrable Securities and such other securities (if any) at any aggregate price to the public
of less than $20,000,000. Registrations effected pursuant to this Section 2.3 shall not be counted as Demand Registrations
effected pursuant to Section 2.1.

 

2.4            Restrictions
on Registration Rights. If (A) during the period starting with the date sixty (60) days prior to the Company’s good
faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of,
the Company initiated a Registration and provided that the Company has delivered written notice to the Holders prior to receipt
of a Demand Registration pursuant to subsection 2.1.1 and it continues to actively employ, in good faith, all reasonable efforts
to cause the applicable Registration Statement to become effective; (B) the Holders have requested an underwritten Registration
and the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer; or (C) in
the good faith judgment of the Board such Registration would be seriously detrimental to the Company and the Board concludes as
a result that it is essential to defer the filing of such Registration Statement at such time, then in each case the Company shall
furnish to such Holders a certificate signed by the Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer
or Corporate Secretary of the Company stating that in the good faith judgment of the Board it would be seriously detrimental to
the Company for such Registration Statement to be filed in the near future and that it is therefore essential to defer the filing
of such Registration Statement. In such event, the Company shall have the right to defer such filing for a period of not more than
thirty (30) days; provided, however, that the Company shall not defer its obligation in this manner more than once in any 12-month
period.

 

    

     

    

 

3              REGISTRATION
PROCEDURES.

 

3.1            Filings;
Information. Whenever the Company is required to effect a Registration of any Registrable Securities pursuant to Section 2,
the Company shall use its best efforts to effect the registration and sale of such Registrable Securities in accordance with the
intended method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request:

 

3.1.1            Filing
Registration Statement. The Company shall, as expeditiously as possible and in any event within 60 days after receipt of a
request for a Demand Registration pursuant to Section 2.1, prepare and file with the Commission a Registration Statement
on any form for which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be
available for the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of
distribution thereof, and shall use its best efforts to cause such Registration Statement to become and remain effective for the
period required by Section 3.1.3; provided, however, that the Company shall have the right to defer any Demand Registration
for up to 90 days, and any Piggy-Back Registration for such period as may be applicable to deferment of any demand registration
to which such Piggy-Back Registration relates, in each case if the Company shall furnish to the Holders a certificate signed by
the Chief Executive Officer of the Company stating that, in the good faith judgment of the Board of Directors of the Company (the
 “Board”), it would be materially detrimental to the Company and its shareholders for such Registration Statement
to be effected at such time; provided further, however, that the Company shall not have the right to exercise the right set forth
in the immediately preceding proviso more than once in any 365-day period in respect of a Demand Registration hereunder.

 

3.1.2            Copies.
The Company shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without
charge to the Holders whose Registrable Securities are included in such Registration, and such Holders’ legal counsel, copies
of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case
including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such Registration Statement
(including each preliminary prospectus), and such other documents as such Holders or legal counsel for any such Holders may request
in order to facilitate the disposition of the Registrable Securities owned by such Holders.

 

3.1.3            Amendments
and Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective amendments,
and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such
Registration Statement effective and in compliance with the provisions of the Securities Act until all Registrable Securities and
other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s) of
distribution set forth in such Registration Statement (which period shall not exceed the sum of one hundred eighty (180) days plus
any period during which any such disposition is interfered with by any stop order or injunction of the Commission or any governmental
agency or court) or such securities have been withdrawn.

 

3.1.4            Notification.
After the filing of a Registration Statement, the Company shall promptly, and in no event more than two business days after such
filing, notify the Holders whose Registrable Securities are included in such Registration Statement of such filing, and shall further
notify such Holders promptly and confirm such advice in writing in all events within two business days of the occurrence of any
of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such
Registration Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of any stop order (and
the Company shall take all actions required to prevent the entry of such stop order or to remove it if entered); and (iv) any
request by the Commission for any amendment or supplement to such Registration Statement or any prospectus relating thereto or
for additional information or of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus
so that, as thereafter delivered to the purchasers of the securities covered by such Registration Statement, such prospectus will
not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading, and promptly make available to the Holders whose Registrable Securities are included
in such Registration Statement any such supplement or amendment; except that before filing with the Commission a Registration Statement
or prospectus or any amendment or supplement thereto, including documents incorporated by reference, the Company shall furnish
to the Holders whose Registrable Securities are included in such Registration Statement and to the legal counsel for any such Holders,
copies of all such documents proposed to be filed sufficiently in advance of filing to provide such Holders and legal counsel with
a reasonable opportunity to review such documents and comment thereon, and the Company shall not file any Registration Statement
or prospectus or amendment or supplement thereto, including documents incorporated by reference, to which such Holders or their
legal counsel shall reasonably object.

 

    

     

    

 

3.1.5            Securities
Laws Compliance. Prior to any public offering of Registrable Securities, the Company shall use its best efforts to (i) register
or qualify the Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws
of such jurisdictions in the United States as the Holders whose Registrable Securities are included in such Registration Statement
(in light of their intended plan of distribution) may request and (ii) take such action necessary to cause such Registrable
Securities covered by the Registration Statement to be registered with or approved by such other governmental authorities or securities
exchanges, including the New York Stock Exchange, as may be necessary by virtue of the business and operations of the Company and
do any and all other acts and things that may be necessary or advisable to enable the Holders whose Registrable Securities are
included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided,
however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise
be required to qualify or take any action to which it would be subject to general service of process or to taxation in any such
jurisdiction where it is not then otherwise so subject.

 

3.1.6            Agreements
for Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting agreement in
customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such
Registrable Securities. The representations, warranties and covenants of the Company in any underwriting agreement which are made
to or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of the Holders whose
Registrable Securities are included in such Registration Statement. No Holder whose Registrable Securities are included in such
Registration Statement shall be required to make any representations or warranties in the underwriting agreement except, if applicable,
with respect to such Holder’s organization, good standing, authority, title to Registrable Securities, lack of conflict of
such sale with such Holder’s material agreements and organizational documents, and with respect to written information relating
to such Holder that such Holder has furnished in writing expressly for inclusion in such Registration Statement.

 

3.1.7            Cooperation.
The principal executive officer of the Company, the principal financial officer of the Company, the principal accounting officer
of the Company and all other officers and members of the management of the Company shall cooperate fully in any offering of Registrable
Securities hereunder, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect
to such offering and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys,
accountants and potential investors.

 

3.1.8            Records.
The Company shall make available for inspection by the Holders whose Registrable Securities are included in such Registration Statement,
any Underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other
professional retained by any Holder whose Registrable Securities are included in such Registration Statement or any Underwriter,
all financial and other records, pertinent corporate documents and properties of the Company, as shall be reasonably necessary
to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees
to supply all information reasonably requested by any of them in connection with such Registration Statement.

 

3.1.9            Opinions
and Comfort Letters. (i) The Company shall, on the date the Registrable Securities are delivered for sale pursuant to
a Registration, obtain an opinion and negative assurance letter, dated such date, of counsel representing the Company for the purposes
of such Registration, addressed to the Holders thereof, the placement agent or sales agent, if any, and the Underwriters, if any,
covering such legal matters with respect to the Registration in respect of which such opinion is being given as such Holders, placement
agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions and negative assurance
letters, and reasonably satisfactory to a majority-in-interest of the participating Holders. (ii) The Company shall obtain
a “cold comfort” letter from the Company’s independent registered public accountants in the event that a Registration
is an underwritten offering, in customary form and covering such matters of the type customarily covered by “cold comfort”
letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating
Holders.

 

    

     

    

 

3.1.10          Listing.
The Company shall use its best efforts to cause all Registrable Securities included in any Registration to be listed on such exchanges
or otherwise designated for trading in the same manner as similar securities issued by the Company are then listed or designated
or, if no such similar securities are then listed or designated, in a manner satisfactory to the Holders of a majority-in-interest
of the Registrable Securities included in such Registration.

 

3.1.11          Transfer
Agent. The Company shall provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities
no later than the effective date of the Registration Statement.

 

3.1.12          Misstatements.
The Company shall notify the Holders at any time when a prospectus relating to such Registration Statement is required to be delivered
under the Securities Act, of the happening of any event as a result of which the prospectus included in such Registration Statement,
as then in effect, includes an untrue statement of a material fact or an omission to state a material fact required to be stated
in a Registration Statement or prospectus, or necessary to make the statements therein in the light of the circumstances under
which they were made not misleading (a “Misstatement”), and then to correct such Misstatement.

 

3.1.13          Road
Show. If the Registration involves Registrable Securities involving gross proceeds in [excess of $50,000,000], use its reasonable
efforts to make available senior executives of the Company to participate in customary “road show” and analyst or investor
presentations and such other selling or other informational meetings organized by the Underwriter that may be reasonably requested
by the Underwriter in any underwritten offering, with all out-of-pocket costs and expenses incurred by the Company or such officers
in connection with such attendance and participation to be paid by the Company.

 

3.1.14          FINRA.
The Company shall cooperate with each Underwriter participating in the disposition of such Registrable Securities and Underwriters’
counsel in connection with any filings required to be made with The Financial Industry Regulatory Authority, Inc., including
using commercially reasonable efforts to obtain pre-clearance and pre-approval of the Registration Statement and applicable prospectus
upon filing with the Commission.

 

3.1.15          Certificated
Securities. The Company shall, in the case of certificated Registrable Securities, cooperate with the Holders and the managing
Underwriters to facilitate the timely preparation and delivery of certificates (not bearing any legends) representing Registrable
Securities to be sold after receiving written representations from the Holders participating in such offering that the Registrable
Securities represented by the certificates so delivered by such Holders will be transferred in accordance with the Registration
Statement, and enable such Registrable Securities to be in such denominations and registered in such names as such Holders or managing
Underwriters may reasonably request at least two business days prior to any sale of such Registrable Securities.

 

3.1.16          Further
Assurances. The Company shall otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably
be requested by the Holders, in connection with such Registration.

 

3.2            Obligation
to Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of the kind described in
Section 3.1.4(iv), or, in the case of a resale Registration on Form S-3 pursuant to Section 2.3 hereof,
upon any suspension by the Company, pursuant to a written insider trading compliance program adopted by the Board, of the ability
of all “insiders” covered by such program to transact in the Company’s securities because of the existence of
material non-public information, each Holder whose Registrable Securities are included in any Registration shall immediately discontinue
disposition of such Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such
Holder receives the supplemented or amended prospectus contemplated by Section 3.1.4(iv) or the restriction on
the ability of “insiders” to transact in the Company’s securities is removed, as applicable, and, if so directed
by the Company, each such Holder will deliver to the Company all copies, other than permanent file copies then in such Holder’s
possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice.

 

    

     

    

 

3.3            Registration
Expenses. The Company shall bear all costs and expenses incurred in connection with any Demand Registration pursuant to Section 2.1,
any Piggy-Back Registration pursuant to Section 2.2, and any Registration on Form S-3 effected pursuant to Section 2.3,
and all expenses incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration
Statement becomes effective, including, without limitation: (i) all Registration and filing fees and fees of any securities
exchange on which Registrable Securities are then listed; (ii) fees and expenses of compliance with securities or “blue
sky” laws (including fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications of
the Registrable Securities); (iii) printing, messenger, telephone and delivery expenses; (iv) the Company’s internal
expenses (including, without limitation, all salaries and expenses of its officers and employees); (v) the fees and expenses
incurred in connection with the listing of the Registrable Securities as required by Section 3.1.10; (vi) Financial
Industry Regulatory Authority fees; (vii) fees and disbursements of counsel for the Company and fees and expenses for independent
certified public accountants retained by the Company (including the expenses or costs associated with the delivery of any opinions
or comfort letters requested pursuant to Section 3.1.9); (viii) the fees and expenses of any special experts retained
by the Company in connection with such Registration; and (ix) the fees and expenses of one legal counsel selected by the Holders
of a majority-in-interest of the Registrable Securities included in such Registration. The Company shall have no obligation to
pay any underwriting discounts or selling commissions attributable to the Registrable Securities being sold by the Holders thereof,
which underwriting discounts or selling commissions shall be borne by such Holders. Additionally, in an underwritten offering,
all selling shareholders and the Company shall bear the expenses of the Underwriter pro rata in proportion to the respective amount
of shares each is selling in such offering.

 

3.4            Information.
The Holders shall provide such information as may reasonably be requested by the Company, or the managing Underwriter, if any,
in connection with the preparation of any Registration Statement, including amendments and supplements thereto, in order to effect
the Registration of any Registrable Securities under the Securities Act pursuant to Section 2 and in connection with
the Company’s obligation to comply with federal and applicable state securities laws.

 

3.5            Requirements
for Participation in Underwritten Offerings. No person may participate in any underwritten offering for equity securities of
the Company pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s
securities on the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes
all customary questionnaires, powers of attorney, indemnities, lock-up agreements, stock powers, underwriting agreements and other
customary documents as may be reasonably required under the terms of such underwriting arrangements.

 

3.6            Suspension
of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or prospectus contains
a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies
of a supplemented or amended prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare
and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing
by the Company that the use of the prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration
Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure (as defined below)
or would require the inclusion in such Registration the statement of financial statements that are unavailable to the Company for
reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the Holders, delay
the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but in
no event more than 30 days, determined in good faith by the Company to be necessary for such purpose. In the event the Company
exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred
to above, their use of the prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities.
The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this
Section 3.6. “Adverse Disclosure” shall mean any public disclosure of material non-public information,
which disclosure, in the good faith judgment of the Chief Executive Officer or principal financial officer of the Company, after
consultation with counsel to the Company, (i) would be required to be made in any Registration Statement or prospectus in
order for the applicable Registration Statement or prospectus not to contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements contained therein (in the case of any prospectus and any preliminary prospectus,
in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such
time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose for not making
such information public.

 

    

     

    

 

3.7            Reporting
Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting
company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable
grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of
the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings. The Company further covenants
that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable
such Holder to sell the shares of Common Stock held by such Holder without Registration under the Securities Act within the limitation
of the exemptions provided by Rule 144 promulgated under the Securities Act (to the extent such exemptions are applicable
to the Company), as such rules may be amended from time to time, or any similar rule or regulation hereafter adopted
by the Commission, including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder
a written certification of a duly authorized officer as to whether it has complied with such requirements.

 

4              INDEMNIFICATION
AND CONTRIBUTION.

 

4.1            Indemnification
by the Company. The Company agrees to indemnify and hold harmless each Holder, and each of their respective officers, employees,
affiliates, directors, partners, members, attorneys and agents, and each person, if any, who controls such Holder (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) (each, a “Holder Indemnified Party”),
from and against any expenses, losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or based
upon any untrue statement (or allegedly untrue statement) of a material fact contained in any Registration Statement under which
the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or
summary prospectus contained in the Registration Statement, or any amendment or supplement to such Registration Statement, or arising
out of or based upon any omission (or alleged omission) to state a material fact required to be stated therein or necessary to
make the statements therein not misleading, or any violation by the Company of the Securities Act or any rule or regulation
promulgated thereunder applicable to the Company and relating to action or inaction required of the Company in connection with
any such Registration; and the Company shall promptly reimburse the Holder Indemnified Party for any legal and any other expenses
reasonably incurred by such Holder Indemnified Party in connection with investigating and defending any such expense, loss, judgment,
claim, damage, liability or action; provided, however, that the Company will not be liable in any such case to the extent that
any such expense, loss, claim, damage or liability arises out of or is based upon any untrue statement or allegedly untrue statement
or omission or alleged omission made in such Registration Statement, preliminary prospectus, final prospectus, or summary prospectus,
or any such amendment or supplement, in reliance upon and in conformity with information furnished to the Company, in writing,
by such selling Holder expressly for use therein. The Company also shall indemnify any Underwriter of the Registrable Securities,
their officers, affiliates, directors, partners, members and agents and each person who controls such Underwriter on substantially
the same basis as that of the indemnification provided above in this Section 4.1.

 

4.2            Indemnification
by Holders. Each selling Holder will, in the event that any Registration is being effected under the Securities Act pursuant
to this Agreement of any Registrable Securities held by such selling Holder, indemnify and hold harmless the Company, each of its
directors and officers and each Underwriter (if any), and each other selling Holder and each other person, if any, who controls
another selling Holder or such Underwriter within the meaning of the Securities Act, against any losses, claims, judgments, damages
or liabilities, whether joint or several, insofar as such losses, claims, judgments, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or allegedly untrue statement of a material fact contained in any
Registration Statement under which the sale of such Registrable Securities was registered under the Securities Act, any preliminary
prospectus, final prospectus or summary prospectus contained in the Registration Statement, or any amendment or supplement to the
Registration Statement, or arise out of or are based upon any omission or the alleged omission to state a material fact required
to be stated therein or necessary to make the statement therein not misleading, if the statement or omission was made in reliance
upon and in conformity with information furnished in writing to the Company by such selling Holder expressly for use therein, and
shall reimburse the Company, its directors and officers, and each other selling Holder or controlling person for any legal or other
expenses reasonably incurred by any of them in connection with investigation or defending any such loss, claim, damage, liability
or action. Each selling Holder’s indemnification obligations hereunder shall be several and not joint and shall be limited
to the amount of any net proceeds actually received by such selling Holder. Each selling Holder shall indemnify any Underwriter
of the Registrable Securities, their officers, affiliates, directors, partners, members and agents and each person who controls
such Underwriter to the same extent as provided in the foregoing with respect to indemnification of the Company.

 

    

     

    

 

4.3            Conduct
of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or liability
or any action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such person (the “Indemnified
Party”) shall, if a claim in respect thereof is to be made against any other person for indemnification hereunder, notify
such other person (the “Indemnifying Party”) in writing of the loss, claim, judgment, damage, liability or action;
provided, however, that the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve the Indemnifying
Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent
the Indemnifying Party is actually prejudiced by such failure. If the Indemnified Party is seeking indemnification with respect
to any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such
claim or action, and, to the extent that it wishes, jointly with all other Indemnifying Parties, to assume control of the defense
thereof with counsel satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of
its election to assume control of the defense of such claim or action, the Indemnifying Party shall not be liable to the Indemnified
Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other
than reasonable costs of investigation; provided, however, that in any action in which both the Indemnified Party and the Indemnifying
Party are named as defendants, the Indemnified Party shall have the right to employ separate counsel (but no more than one such
separate counsel) to represent the Indemnified Party and its controlling persons who may be subject to liability arising out of
any claim in respect of which indemnity may be sought by the Indemnified Party against the Indemnifying Party, with the fees and
expenses of such counsel to be paid by such Indemnifying Party if, based upon the written opinion of counsel of such Indemnified
Party, representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests
between them. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, consent to entry of judgment
or effect any settlement of any claim or pending or threatened proceeding in respect of which the Indemnified Party is or could
have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment or settlement
includes an unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding.

 

4.4            Contribution.

 

4.4.1            If
the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified
Party in respect of any loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu
of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of
such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnified
Parties and the Indemnifying Parties in connection with the actions or omissions which resulted in such loss, claim, damage, liability
or action, as well as any other relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying
Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to information supplied by such Indemnified Party or such
Indemnifying Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.

 

4.4.2            The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined
by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred
to in the immediately preceding Section 4.4.1. The amount paid or payable by an Indemnified Party as a result of any
loss, claim, damage, liability or action referred to in the immediately preceding paragraph shall be deemed to include, subject
to the limitations set forth above, any legal or other expenses incurred by such Indemnified Party in connection with investigating
or defending any such action or claim. Notwithstanding the provisions of this Section 4.4, no Holder shall be required
to contribute any amount in excess of the dollar amount of the net proceeds (after payment of any underwriting fees, discounts,
commissions or taxes) actually received by such Holder from the sale of Registrable Securities which gave rise to such contribution
obligation. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

 

4.5            Survival.
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made
by or on behalf of the Indemnified Party or any officer, director or controlling person of such Indemnified Party and shall survive
the transfer of securities.

 

    

     

    

 

5              STOCKHOLDER
RIGHTS.

 

5.1            Director
Nomination Rights. Subject to the terms and conditions of this Agreement, at any time and from time to time on or after the
date that the Company consummates a Business Combination and for so long as the Sponsor holds any Registrable Securities:

 

5.1.1            The
Sponsor shall have the right, but not the obligation, to designate three individuals to be appointed or nominated, as the case
may be, for election to the Board (including any successor, each, a “Nominee”) by giving written notice to the
Company on or before the time such information is reasonably requested by the Board or the Nominating Committee of the Board, as
applicable, for inclusion in a proxy statement for a meeting of stockholders provided to the Sponsor.

 

5.1.2            The
Company will, as promptly as practicable, use its best efforts to take all necessary and desirable actions (including, without
limitation, calling special meetings of the Board and the stockholders and recommending, supporting and soliciting proxies) so
that there are three Sponsor Directors serving on the Board at all times.

 

5.1.3            The
Company shall, to the fullest extent permitted by applicable law, use its best efforts to take all actions necessary to ensure
that: (i) each Nominee is included in the Board’s slate of nominees to the stockholders of the Company for each election
of directors; and (ii) each Nominee is included in the proxy statement prepared by management of the Company in connection
with soliciting proxies for every meeting of the stockholders of the Company called with respect to the election of members of
the Board, and at every adjournment or postponement thereof, and on every action or approval by written consent of the stockholders
of the Company or the Board with respect to the election of members of the Board.

 

5.1.4             If
a vacancy occurs because of the death, disability, disqualification, resignation, or removal of a Sponsor Director or for any other
reason, the Sponsor shall be entitled to designate such person’s successor, and the Company will, as promptly as practicable
following such designation, use its best efforts to take all necessary and desirable actions, to the fullest extent permitted by
law, within its control such that such vacancy shall be filled with such successor Nominee.

 

5.1.5             If
a Nominee is not elected because of such Nominee’s death, disability, disqualification, withdrawal as a nominee or for any
other reason, the Sponsor shall be entitled to designate promptly another Nominee and the Company will take all necessary and desirable
actions within its control such that the director position for which such Nominee was nominated shall not be filled pending such
designation or the size of the Board shall be increased by one and such vacancy shall be filled with such successor Nominee as
promptly as practicable following such designation.

 

5.1.6            As
promptly as reasonably practicable following the request of any Sponsor Director, the Company shall enter into an indemnification
agreement with such Sponsor Director, in the form entered into with the other members of the Board. The Company shall pay the reasonable,
documented out-of-pocket expenses incurred by the Sponsor Director in connection with his or her services provided to
or on behalf of the Company, including attending meetings or events attended explicitly on behalf of the Company at the Company’s
request.

 

5.1.7            The
Company shall (i) purchase directors’ and officers’ liability insurance in an amount determined by the Board to
be reasonable and customary and (ii) for so long as a Sponsor Director serves as a director of the Company, maintain such
coverage with respect to such Sponsor Director; provided that upon removal or resignation of such Sponsor Director for
any reason, the Company shall take all actions reasonably necessary to extend such directors’ and officers’ liability
insurance coverage for a period of not less than six years from any such event in respect of any act or omission occurring at or
prior to such event.

 

5.1.8            For
so long as a Sponsor Director serves as a director of the Company, the Company shall not amend, alter or repeal any right to indemnification
or exculpation covering or benefiting any director nominated pursuant to this Agreement as and to the extent consistent with applicable
law, whether such right is contained in the Company’s certificate of incorporation or bylaws, each as amended, or another
document (except to the extent such amendment or alteration permits the Company to provide broader indemnification or exculpation
rights on a retroactive basis than permitted prior thereto).

 

    

     

    

 

5.1.9            Each
Nominee may, but does not need to qualify as “independent” pursuant to listing standards of the New York Stock Exchange
(or such other national securities exchange upon which the Company’s securities are then listed).

 

5.1.10          Any
Nominee will be subject to the Company’s customary due diligence process, including its review of a completed questionnaire
and a background check. Based on the foregoing, the Company may object to any Nominee provided (a) it does so in good faith,
and (b) such objection is based upon any of the following: (i) such Nominee was convicted in a criminal proceeding or
is a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses), (ii) such Nominee
was the subject of any order, judgment, or decree not subsequently reversed, suspended or vacated of any court of competent jurisdiction,
permanently or temporarily enjoining such proposed director from, or otherwise limiting, the following activities: (A) engaging
in any type of business practice, or (B) engaging in any activity in connection with the purchase or sale of any security
or in connection with any violation of federal or state securities laws, (iii) such Nominee was 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 the right of such person to engage in any activity described in clause (ii)(B), or to be associated
with persons engaged in such activity, (iv) such proposed director was found by a court of competent jurisdiction in a civil
action or by the Commission to have violated any federal or state securities law, and the judgment in such civil action or finding
by the Commission has not been subsequently reversed, suspended or vacated, or (v) such proposed director was 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 a violation of any federal or state securities laws or regulations. In the event the Board reasonably
finds the Nominee to be unsuitable based upon one or more of the foregoing clauses (i) through (v) and reasonably objects
to the identified director, Sponsor shall be entitled to propose a different nominee to the Board within 30 calendar days of the
Company’s notice to Sponsor of its objection to the Nominee and such replacement Nominee shall be subject to the review process
outlined above.

 

5.1.11          The
Company shall take all necessary action to cause a Nominee chosen by the Sponsor, at the request of such Nominee to be elected
to the board of directors (or similar governing body) of each material operating subsidiary of the Company. The Nominee, as applicable,
shall have the right to attend (in person or remotely) any meetings of the board of directors (or similar governing body or committee
thereof) of each subsidiary of the Company.

 

6              MISCELLANEOUS.

 

6.1            Other
Registration Rights. The Company represents and warrants that no person, other than a Holder, has any right to require the
Company to register any shares of the Company’s capital stock for sale or to include shares of the Company’s capital
stock in any Registration filed by the Company for the sale of shares of capital stock for its own account or for the account of
any other person. Further, the Company represents and warrants that this Agreement supersedes any other registration rights agreement
or agreement with similar terms and conditions and in the event of a conflict between any such agreement or agreements and this
Agreement, the terms of this Agreement shall prevail.

 

6.2            Assignment;
No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned
or delegated by the Company in whole or in part, other than with the written consent of Holders representing at least 50% of the
Registrable Securities. Prior to the expiration of the Founder Shares Lock-up Period or the Private Placement Lock-up Period, as
the case may be, no Holder may assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole
or in part, except in connection with a transfer of Registrable Securities by such Holder to a Permitted Transferee but only if
such Permitted Transferee agrees to become bound by the transfer restrictions set forth in this Agreement. This Agreement and the
provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and the permitted assigns of the
Holder or of any assignee of the Holder, which shall include Permitted Transferees. This Agreement is not intended to confer any
rights or benefits on any persons that are not party hereto other than as expressly set forth in Article 4 and this
Section 6.2. No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall
be binding upon or obligate the Company unless and until the Company shall have received (i) written notice of such assignment
and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms
and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer
or assignment made other than as provided in this Section 6.2 shall be null and void.

 

    

     

    

 

6.3            Notices.
All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”) required
or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be personally
served, delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery, addressed as set forth
below, or to such other address as such party shall have specified most recently by written notice. Notice shall be deemed given
on the date of service or transmission if personally served; provided, that if such service or transmission is not on a business
day or is after normal business hours, then such notice shall be deemed given on the next business day. Notice otherwise sent as
provided herein shall be deemed given on the next business day following timely delivery of such notice to a reputable air courier
service with an order for next-day delivery.

 

To the Company:

 

Excolere Acquisition Corp.

2029 Century Park East

Suite 400N

Los Angeles, CA 90067

 

To the Sponsor, to:

 

Excolere Acquisition Sponsor LLC

2029 Century Park East

Suite 400N

Los Angeles, CA 90067

Attn: Anthony Miller, Managing Member

 

To any other Holder, to such Holder’s
address as set forth in the books and records of the Company.

 

6.4            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 that is valid and enforceable.

 

6.5            Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which taken together
shall constitute one and the same instrument.

 

6.6            Entire
Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered
pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede
all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether
oral or written.

 

6.7            Modifications
and Amendments. Upon the written consent of the Company and the Holders of at a majority in interest of the Registrable Securities
at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived,
or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding the foregoing,
any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a Holder, in a manner that is
materially different from the other Holders (in such capacity) shall require the consent of the Holder so affected. No course of
dealing between any Holders or the Company and any other party hereto or any failure or delay on the part of a Holder or the Company
in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or
the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver
or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

    

     

    

 

6.8            Titles
and Headings. Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction
of any provision of this Agreement.

 

6.9            Waivers
and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive,
provided that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and
specifically refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default
waived has occurred. Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall
be deemed a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver
or extension of time for performance of any obligations or acts shall be deemed a waiver or extension of the time for performance
of any other obligations or acts.

 

6.10          Remedies
Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed
under this Agreement, the Holders may proceed to protect and enforce its rights by suit in equity or action at law, whether for
specific performance of any term contained in this Agreement or for an injunction against the breach of any such term or in aid
of the exercise of any power granted in this Agreement or to enforce any other legal or equitable right, or to take any one or
more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under this Agreement
shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any other right, power
or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or otherwise.

 

6.11           Governing
Law. This Agreement shall be governed by, interpreted under, and construed in accordance with the internal laws of the State
of New York applicable to agreements made and to be performed within the State of New York, without giving effect to any choice-of-law
provisions thereof that would compel the application of the substantive laws of any other jurisdiction.

 

6.12          Waiver
of Trial by Jury. Each party hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit,
counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this
Agreement, the transactions contemplated hereby, or the actions of the Sponsor in the negotiation, administration, performance
or enforcement hereof.

 

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BLANK]

 

    

     

    

 

IN WITNESS WHEREOF, the parties have
caused this Registration and Stockholder Rights Agreement to be executed and delivered by their duly authorized representatives
as of the date first written above.

 

	 	COMPANY:
	 	 
	 	EXCOLERE ACQUISITION CORP.
	 	 
	 	By:	 
	 	Name: Anthony Miller
	 	Title: Chief Executive Officer

 

Signature Page to Registration Rights
Agreement

 

	 	HOLDERS:
	 	 
	 	EXCOLERE ACQUISITION SPONSOR LLC
	 	 
	 	 
	 	By:	 
	 	Name: Anthony Miller
	 	Title: Managing Member

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