Document:

Exhibit
10.3

 

February
8, 2022

 

Evergreen
Corporation

15-04,
The Pinnacle

Persiaran
Lagoon, Bandar Sunway

Petaling
Jaya, Selangor, Malaysia

 

Re:
Form of Placement Unit Purchase Agreement

 

Ladies
and Gentlemen:

 

Evergreen
Corporation (the “Company”), a blank check company formed for the purpose of acquiring one or more businesses or entities
(a “Business Combination”), intends to register its securities under the Securities Act of 1933, as amended (“Securities
Act”), in connection with its initial public offering (“IPO”), pursuant to a registration statement on Form S-1 (“Registration
Statement”).

 

The
undersigned hereby commits that it will purchase 480,000 units of the Company (“Private Units”), each Private Unit consisting
of one Class A ordinary share of the Company, par value $0.0001 per share (the “Class A Ordinary Shares”), and one warrant
(the “Warrants”), with each warrant entitling its holder to purchase one (1) Class A ordinary share at an exercise price
of $11.50 per share, for a purchase price of $4,800,000 (the “Private Unit Purchase Price”).

 

The
undersigned hereby agrees that it will purchase an additional amount of units of the Company (“Over-Allotment Units”), up
to a maximum of 52,500 Over-Allotment Units, for a purchase price of $525,000 (“Over-Allotment Unit Purchase Price”, together
with the Private Unit Purchase Price, the “Purchase Price”), in the event EF Hutton, division of Benchmark Investments, LLC
(“EF Hutton”) exercises its over-allotment option, such that the amount held in the trust account (as described in the Registration
Statement) does not fall below $10.15 per unit sold by the Company in the IPO.

 

At
least twenty-four (24) hours prior to the effective date of the Registration Statement, the undersigned will cause the Purchase Price
to be delivered to Continental Stock Transfer & Trust (“CSTT”), by wire transfer for CSTT to hold in a non-interest bearing
account until the Company consummates the IPO.

 

The
consummation of the purchase and issuance of the Private Units shall occur simultaneously with the consummation of the IPO and the consummation
of the purchase and issuance of the Over-Allotment Units shall occur simultaneously with the closing of any exercise of the underwriters’
over-allotment option in connection with the IPO. Simultaneously with the consummation of the IPO, CSTT shall deposit the Purchase Price,
without interest or deduction, into the trust fund (“Trust Fund”) established by the Company for the benefit of the Company’s
public shareholders as described in the Registration Statement. If the Company does not complete the IPO within ten (10) days from the
date of this letter, the Purchase Price (without interest or deduction) will be returned to the undersigned.

 

Each
of the Company, and the undersigned acknowledges and agrees that CSTT is serving hereunder solely as a convenience to the parties to
facilitate the purchase of the Private Units and CSTT’s sole obligation under this letter agreement is to act with respect to holding
and disbursing the Purchase Price as described above. CSTT shall not be liable to the Company, EF Hutton or the undersigned or any other
person or entity in respect of any act or failure to act hereunder or otherwise in connection with performing its services hereunder
unless CSTT has acted in a manner constituting gross negligence or willful misconduct. The Company and the undersigned shall indemnify
CSTT against any claim made against it (including reasonable attorney’s fees) by reason of it acting or failing to act in connection
with this letter agreement except as a result of its gross negligence or willful misconduct. CSTT may rely and shall be protected in
acting or refraining from acting upon any written notice, instruction or request furnished to it hereunder and believed by it to be genuine
and to have been signed or presented by the proper party or parties.

 

    	1

    	 

    

 

The
Private Units and Over-Allotment Units will be identical to the units sold by the Company in the IPO, except as described in the Registration
Statement. Additionally, the undersigned agrees:

 

	 	●	to
    vote the Class A Ordinary Shares included in the Private Units and Over-Allotment Units in favor of any proposed Business Combination;
	 	 	 
	 	●	not
    to propose, or vote in favor of, an amendment to the Company’s Amended and Restated Memorandum and articles of association
    that would affect the substance or timing of the Company’s obligation to redeem 100% of the Company’s Class A Ordinary
    Shares sold in the IPO if the Company does not complete an initial Business Combination within 12 months from the closing of the
    IPO (or up to 18 months from the closing of the IPO if the Company extends the period of time to consummate an initial Business Combination
    as described in more detail in the prospectus included in the Registration Statement), unless the Company provides the holders of
    Class A Ordinary Shares sold in the IPO with the opportunity to redeem their Class A Ordinary Shares upon approval of any such amendment
    at a per-share price, payable in cash, equal to the aggregate amount of the Trust Fund, including interest earned on Trust Fund and
    not previously released to the Company to pay the Company’s franchise and income taxes, divided by the number of then outstanding
    Class A Ordinary Shares sold in the IPO;
	 	 	 
	 	●	not
    to convert any Class A Ordinary Shares included in the Private Units and Over-Allotment Units into the right to receive cash from
    the Trust Fund in connection with a shareholder vote to approve either a Business Combination or an amendment to the provisions of
    the Company’s Amended and Restated Memorandum and articles of association , and not to tender the Private Units and Over-Allotment
    Units in connection with a tender offer conducted prior to the closing of a Business Combination;
	 	 	 
	 	●	the
    undersigned will not participate in any liquidation distribution with respect to the Private Units and Over-Allotment Units (but
    will participate in liquidation distributions with respect to any units or Class A Ordinary Shares purchased by the undersigned in
    the IPO or in the open market) if the Company fails to consummate a Business Combination;
	 	 	 
	 	●	that
    the Private Units, Over-Allotment Units and underlying securities will not be transferable until 30 days after the consummation of
    a Business Combination permitted (a) to the Company’s officers or directors, any affiliates or family members of any of the
    Company’s officers or directors, any members or partners of the undersigned or their affiliates, any affiliates of the undersigned,
    or any employees of such affiliates; (b) in the case of an individual, by gift to a member of such individual’s immediate family
    or to a trust, the beneficiary of which is a member of such individual’s immediate family, an affiliate of such individual
    or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of such
    individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers
    made in connection with the completion of a Business Combination at prices no greater than the price at which the securities were
    originally purchased; (f) by virtue of the laws of the Cayman Islands or the undersigned’s organizational documents upon liquidation
    or dissolution of the undersigned; (g) as distributions to limited partners or members of the undersigned; (h) to the Company for
    no value for cancellation in connection with the consummation of an initial Business Combination; (i) in the event of the Company’s
    liquidation prior to the consummation of an initial Business Combination; or (j) in the event of the Company’s completion of
    a liquidation, merger, capital share exchange or other similar transaction which results in all of the Company’s shareholders
    having the right to exchange their Class A Ordinary Shares for cash, securities or other property subsequent to the Company’s
    completion of an initial Business Combination; provided, however, that in the case of clauses (a) through (g), these permitted transferees
    must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions herein and the other restrictions
    applicable to holders of the Private Units; and
	 	 	 
	 	●	the
    Private Units and Over-Allotment Units will include any additional terms or restrictions as is customary in other similarly structured
    blank check company offerings or as may be reasonably required by the underwriters in the IPO in order to consummate the IPO, each
    of which will be set forth in the Registration Statement.

 

    	2

    	 

    

 

The
undersigned acknowledges and agrees that the purchaser of the Private Units and Over-Allotment Units will execute agreements in form
and substance typical for transactions of this nature necessary to effectuate the foregoing agreements and obligations prior to the consummation
of the IPO as are reasonably acceptable to the undersigned.

 

The
undersigned hereby represents and warrants that:

 

	 	(a)	it
    has been advised that the Private Units and Over-Allotment Units have not been registered under the Securities Act;
	 	 	 
	 	(b)	it
    will be acquiring the Private Units and Over-Allotment Units for its account for investment purposes only;
	 
	 	(c)	it
    has no present intention of selling or otherwise disposing of the Private Units and Over-Allotment Units in violation of the securities
    laws of the United States;
	 	 	 
	 	(d)	it
    is an “accredited investor” as defined by Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended
    (the “Securities Act”);
	 	 	 
	 	(e)	it
    has had both the opportunity to ask questions and receive answers from the officers and directors of the Company and all persons
    acting on its behalf concerning the terms and conditions of the offer made hereunder;
	 	 	 
	 	(f)	it
    is familiar with the proposed business, management, financial condition and affairs of the Company;
	 	 	 
	 	(g)	it
    is an exempted company, validly existing and in good standing under the laws of the Cayman Islands and possesses all requisite power
    and authority necessary to carry out the transactions contemplated by this Agreement.
	 	 	 
	 	(h)	this
    Agreement has been validly authorized, executed and delivered by the undersigned and is a valid and binding agreement enforceable
    in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance
    or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless
    of whether enforcement is sought in a proceeding at law or in equity).
	 	 	 
	 	(i)	the
    execution, delivery and performance of this Agreement and the consummation by the undersigned of the transactions contemplated hereby
    do not violate, conflict with or constitute a default under (i) the undersigned’s organizational documents, (ii) any agreement,
    indenture or instrument to which it is a party or (iii) any law, statute, rule or regulation to which the undersigned is subject,
    or any agreement, order, judgment or decree to which it is subject.
	 	 	 
	 	(j)	it
    has full power, authority and legal capacity to execute and deliver this letter and any documents contemplated herein or needed to
    consummate the transactions contemplated in this letter;
	 	 	 
	 	(k)	it
    understands the securities are being offered and sold to it in reliance on exemptions from the registration requirements under the
    Securities Act, and analogous provisions in the laws and regulations of various states, and that the Company is relying upon the
    truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of the undersigned set forth
    in this Agreement in order to determine the applicability of such provisions;
	 	 	 
	 	(l)	it
    acknowledges and agrees the certificates evidencing the Private Units, the Over-Allotment Units, the Class A Ordinary Shares, and
    the Warrants (collectively, the “Securities”) shall bear a customary restrictive legend prohibiting the offer, sale,
    pledge or transfer of the securities, except (i) pursuant to an effective registration statement covering these securities under
    the Securities Act or (ii) pursuant to any other exemptions from the registration requirements under the Securities Act and such
    laws which, in the opinion of counsel for the Company, is available;
	 	 	 
	 	(m)	it
    is (i) sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Securities and
    (ii) able to bear the economic risk of his investment in the Securities for an indefinite period of time because the Securities have
    not been registered under the Securities Act and therefore cannot be sold unless subsequently registered under the Securities Act
    or an exemption from such registration is available. It has substantial experience in evaluating and investing in transactions of
    securities in companies similar to the Company so that it is capable of evaluating the merits and risks of its investment in the
    Company and has the capacity to protect its own interests.

 

    	3

    	 

    

 

	 	(n)	it
    acknowledges and understands the Securities are being offered in a transaction not involving a public offering in the United States
    within the meaning of the Securities Act; the Securities have not been registered under the Securities Act, and, if in the future,
    it decides to offer, resell, pledge or otherwise transfer the Securities, such Securities may be offered, resold, pledged or otherwise
    transferred only (A) pursuant to an effective registration statement filed under the Securities Act, (B) pursuant to an exemption
    from registration under Rule 144 promulgated under the Securities Act (“Rule 144”), if available, or (C)
    pursuant to any other available exemption from the registration requirements of the Securities Act, and in each case in accordance
    with any applicable securities laws of any state or any other jurisdiction. The undersigned further acknowledges that because the
    Company is a shell company, Rule 144 may not be available to it for the resale of the Securities until the one year anniversary following
    consummation of the initial Business Combination (as described in the Registration Statement) of the Company, and the release or
    waiver of any contractual transfer restrictions. In addition to the foregoing, the undersigned acknowledges and agrees that it will
    be executing an insider letter and lockup agreement with the Company further restricting its ability and rights to transfer any Securities.

 

In
connection with the Securities purchased pursuant to this Agreement, the undersigned hereby waives any and all right, title, interest
or claim of any kind in or to any distributions from the Trust Fund and agrees not to seek recourse against the Trust Fund for any reason
whatsoever in connection with its purchase of the Securities or any claim that may arise now or in the future. Except as expressly provided
in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written
instrument signed by the party against whom enforcement of any such amendment, waiver, discharge or termination is sought.

 

This
letter agreement constitutes the entire agreement between the undersigned and the Company with respect to the purchase of the Private
Units and Over-Allotment Units, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties,
both written and oral, with respect to the same.

 

    	4

    	 

    

 

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

 

	   	 COMPANY: 
	   	   
	   	 EVERGREEN CORPORATION  
	   	   
	   	 By: 	 /s/
    Liew Choon Lian 
	   	 Name: 	 Liew
    Choon Lian 
	   	 Title: 	 Chief Executive
    Officer 

 

	   	 EVERGREEN
    LLC  
	   	   	          
	   	 By: 	 /s/
    Liew Choon Lian 
	   	 Name: 	 Liew
    Choon Lian 
	   	 Title: 	 Manager 

 

    	5Exhibit
10.4

 

February
8, 2022

 

Evergreen
Corporation

15-04,
The Pinnacle

Persiaran
Lagoon, Bandar Sunway

Petaling
Jaya, Selangor, Malaysia

 

	Re:	Initial
    Public Offering

 

Ladies
and Gentlemen:

 

This
letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the
“Underwriting Agreement”) entered into by and between Evergreen Corporation, a Cayman Islands exempted company
(the “Company”), and EF Hutton, division of Benchmark Investments, LLC, as representative of the several
underwriters (the “Underwriter”), relating to an underwritten initial public offering (the “Public
Offering”), of up to 11,500,000 of the Company’s units (including up to 1,500,000 units that may be purchased
to cover over-allotments, if any) (the “Units”), each comprised of one Class A ordinary share of the Company,
par value $0.0001 per share (the “Class A ordinary shares”), and one redeemable warrant. Each warrant
(each, a “Public Warrant”) entitles the holder thereof to purchase one Class A ordinary share at a price of
$11.50 per share, subject to adjustment as described in the Prospectus (as defined below). The Units will be sold in the Public Offering
pursuant to a registration statement on Form S-1 (File No. 333-262109) and prospectus (the “Prospectus”) filed
by the Company with the U.S. Securities and Exchange Commission (the “Commission”) and the Company has applied
to have the Units listed on the Nasdaq Capital Market. Certain capitalized terms used herein are defined in paragraph 12 hereof.

 

In
order to induce the Company and the Underwriter to enter into the Underwriting Agreement and to proceed with the Public Offering and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of Evergreen LLC, a Cayman
Islands limited liability company (the “Sponsor”), and the undersigned individuals, each of whom is a member
of the Company’s board of directors and/or management team (each of the undersigned individuals, an “Insider”
and collectively, the “Insiders”), hereby agrees with the Company as follows:

 

1.
The Sponsor and each Insider agrees that if the Company seeks shareholder approval of a proposed Business Combination, then in connection
with such proposed Business Combination, it, he or she shall (i) vote any Ordinary Shares (as defined below) owned by it, him or her
in favor of any proposed Business Combination and (ii) not redeem any Ordinary Shares owned by it, him or her in connection with such
shareholder approval. If the Company seeks to consummate a proposed Business Combination by engaging in a tender offer, the Sponsor and
each Insider agrees that it, he or she will not sell or tender any Ordinary Shares owned by it, him or her in connection therewith.

 

2.
The Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within 12 months
from the closing of the Public Offering (or up to 18 months from the closing of the Public Offering at the election of the Company in
two separate three month extensions subject to satisfaction of certain conditions), or such later period approved by the Company’s
shareholders in accordance with the Company’s memorandum and articles of association (as it may be amended and/or restated from
time to time, the “Charter”), the Sponsor and each Insider shall take all reasonable steps to cause
the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than
ten business days thereafter, redeem 100% of the Class A ordinary shares sold as part of the Units in the Public Offering (the “Offering
Shares”), at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account
(as defined below), including interest earned on the funds held in the Trust Account and not previously released to the Company to pay
its taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Offering Shares, which
redemption will completely extinguish all Public Shareholders’ (as defined below) rights as shareholders (including the right to
receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to
the approval of the Company’s remaining shareholders and the Company’s board of directors, liquidate and dissolve, subject
in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and other requirements of
applicable law. The Sponsor and each Insider agrees to not propose any amendment to the Charter to modify the substance or timing of
the Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within the
required time period set forth in the Charter or with respect to any other material provisions relating to shareholders’ rights
or pre-initial business combination activity, unless the Company provides its Public Shareholders with the opportunity to redeem their
Offering Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit
in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to
pay its taxes, divided by the number of then outstanding Offering Shares.

 

    	1

     

    

 

The
Sponsor and each Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies held
in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares
(as defined below) or Private Placement Shares (as defined below) held by it, him or her. The Sponsor and each Insider hereby further
waives, with respect to any Ordinary Shares held by it, him or her, if any, any redemption rights it, he or she may have in connection
with (A) the consummation of a Business Combination, including, without limitation, any such rights available in the context of a shareholder
vote to approve such Business Combination, or (B) a shareholder vote to approve an amendment to the Charter to modify the substance or
timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company has not consummated a Business Combination
within the time period set forth in the Charter or with respect to any other material provisions relating to shareholders’ rights
or pre-initial business combination activity or in the context of a tender offer made by the Company to purchase Offering Shares (although
the Sponsor, the Insiders and their respective affiliates shall be entitled to redemption and liquidation rights with respect to any
Offering Shares it or they hold if the Company fails to consummate a Business Combination within the time period set forth in the Charter).

 

3.
Notwithstanding the provisions set forth in paragraphs in 8(a) and 8(b), during the period commencing on the effective date of the Underwriting
Agreement and ending 180 days after such date, the Sponsor and each Insider shall not, without the prior written consent of the Underwriter,
(i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree
to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent
position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and the rules and regulations of the Commission promulgated thereunder, with respect to, any Units, Ordinary Shares (including, but
not limited to, Founder Shares), Warrants (as defined below) or any securities convertible into, or exercisable, or exchangeable for,
Class A ordinary shares owned by it, him or her, (ii) enter into any swap or other arrangement that transfers to another, in whole or
in part, any of the economic consequences of ownership of any Units, Ordinary Shares (including, but not limited to, Founder Shares),
Warrants or any securities convertible into, or exercisable, or exchangeable for, Ordinary Shares owned by it, him or her, whether any
such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention to effect
any transaction specified in clause (i) or (ii); provided, however, all of the foregoing does not apply to the forfeiture of any Founder
Shares pursuant to their terms or any transfer of Founder Shares to any current or future independent director of the Company (as long
as such current or future independent director transferee is subject to this Letter Agreement or executes an agreement substantially
identical to the terms of this Letter Agreement, as applicable to directors and officers at the time of such transfer; and as long as,
to the extent any Section 16 reporting obligation is triggered as a result of such transfer, any related Section 16 filing includes a
practical explanation as to the nature of the transfer). Each of the Insiders and the Sponsor acknowledges and agrees that, prior to
the effective date of any release or waiver, of the restrictions set forth in this paragraph 3 or paragraph 8 below, the Company shall
announce the impending release or waiver by press release through a major news service at least two business days before the effective
date of the release or waiver. Any release or waiver granted shall only be effective two business days after the publication date of
such press release. The provisions of this paragraph will not apply if the release or waiver is effected solely to permit a transfer
not for consideration and the transferee has agreed in writing to be bound by the same terms described in this Letter Agreement to the
extent and for the duration that such terms remain in effect at the time of the transfer.

 

    	2

     

    

 

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

 

5.
To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 1,500,000 Units in full
within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at no cost,
a number of Founder Shares in the aggregate equal to 375,000 multiplied by a fraction, (i) the numerator of which is 1,500,000 minus
the number of Units purchased by the Underwriter upon the exercise of their over-allotment option, and (ii) the denominator of which
is 1,500,000. The forfeiture will be adjusted to the extent that the over-allotment option is not exercised in full by the Underwriter
so that the Sponsor will be required to forfeit only that number of Founder Shares as is necessary so that the Initial Shareholders will
own an aggregate of at least 20.0% of the Company’s issued and outstanding Class A ordinary shares after the Public Offering (not
including the Private Placement Shares).

 

6.
Immediately after the consummation of the Public Offering (assuming no exercise of the underwriter’s over-allotment option and
the forfeiture by our sponsor of an aggregate of 375,000 founder shares) we will have 12,980,000 Ordinary Shares issued and outstanding
(or 14,907,500 Ordinary Shares if the underwriters’ over-allotment option is exercised in full). Of these shares, the Class A ordinary
shares sold in the Public Offering (10,000,000 Class A ordinary shares if the underwriters’ over-allotment option is not exercised
and 11,500,000 Class A ordinary shares if the underwriters’ over-allotment option is exercised in full) will be freely tradable
without restriction or further registration under the Securities Act, except for any Class A ordinary shares purchased by one of our
affiliates within the meaning of Rule 144 under the Securities Act. Immediately after the consummation of the Public Offering, there
will be no preferred shares issued and outstanding. The Founder Shares are convertible into our Class A ordinary shares initially at
a one-for-one ratio but subject to adjustment as set forth herein, including in certain circumstances in which we issue Class A ordinary
shares or equity-linked securities related to our initial business combination. All of the outstanding Founder Shares and all of the
outstanding Private Placement Shares will be restricted securities under Rule 144, in that they were issued in private transactions not
involving a public offering, including the Class A ordinary shares underlying the Private Placement Warrants (as defined below).

 

7.
The Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriter and the Company would be irreparably injured in
the event of a breach by such Sponsor or an Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 6, 8(a), 8(b) and
10, as applicable, of this Letter Agreement, (ii) monetary damages may not be an adequate remedy for such breach, and (iii) the non-breaching
party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event
of such breach.

 

8.
(a) The Sponsor and each Insider agrees that it, he or she shall not Transfer (as defined below) any Founder Shares (or any Class A ordinary
shares issuable upon conversion thereof) until the earlier of (A) six months after the completion of the Company’s Business Combination
and (B) subsequent to the Business Combination, (x) if the closing price of the Class A ordinary shares equals or exceeds $12.00 per
share (as adjusted for share subdivisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days
within any 30-trading day period, or (y) the date on which the Company completes a liquidation, merger, capital share exchange, reorganization
or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A ordinary
shares for cash, securities or other property (the “Founder Shares Lock-up Period”).

 

    	3

     

    

 

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

 

(c)
Notwithstanding the provisions set forth in paragraphs 8(a) and 8(b), Transfers of the Founder Shares, Private Placement Units, Private
Placement Shares, Private Placement Warrants and Class A ordinary shares issued or issuable upon the exercise or conversion of the Private
Placement Warrants or the Founder Shares that are held by the Sponsor, any Insider or any of their permitted transferees (that have complied
with this paragraph 8(c)), are permitted (a) to the Company’s officers or directors, any affiliates or family members of any of
the Company’s officers or directors, any members or partners of the Sponsor or their affiliates, any affiliates of the Sponsor,
or any employees of such affiliates; (b) in the case of an individual, by gift to a member of such individual’s immediate family
or to a trust, the beneficiary of which is a member of such individual’s immediate family, an affiliate of such individual or to
a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of such individual;
(d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection
with the completion of a Business Combination at prices no greater than the price at which the securities were originally purchased;
(f) by virtue of the laws of the Cayman Islands or the Sponsor’s organizational documents upon liquidation or dissolution of the
Sponsor; (g) as distributions to limited partners or members of the Sponsor; (h) to the Company for no value for cancellation in connection
with the consummation of an initial Business Combination; (i) in the event of the Company’s liquidation prior to the consummation
of an initial Business Combination; or (j) in the event of the Company’s completion of a liquidation, merger, capital share exchange
or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Class A ordinary
shares for cash, securities or other property subsequent to the Company’s completion of an initial Business Combination; provided,
however, that in the case of clauses (a) through (g), these permitted transferees must enter into a written agreement with the
Company agreeing to be bound by the transfer restrictions herein and the other restrictions contained in this Agreement (including provisions
relating to voting, the Trust Account and liquidating distributions).

 

9.
The Sponsor and each Insider represents and warrants that it, he or she has never been suspended or expelled from membership in any securities
or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. Each
Insider’s biographical information furnished to the Company (including any such information included in the Prospectus) is true
and accurate in all respects and does not omit any material information with respect to such Insider’s background. The Sponsor
and each Insider represents and warrants that the questionnaire it, he or she furnished to the Company is true and accurate in all respects.
The Sponsor and each Insider represents and warrants that: it, he or she is not subject to or a respondent in any legal action for, any
injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of
securities in any jurisdiction; it, he or she has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii)
relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and
it, he or she is not currently a defendant in any such criminal proceeding.

 

10.
Except as disclosed in the Prospectus, neither the Sponsor nor any officer or director of the Company, nor any affiliate of the Sponsor
or any officer or director of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting fee, non-cash
payments, monies in respect of any repayment of a loan or other compensation prior to, or in connection with any services rendered in
order to effectuate, the consummation of the Company’s initial Business Combination (regardless of the type of transaction that
it is), other than the following, none of which will be made from the proceeds held in the Trust Account prior to the completion of the
initial Business Combination: repayment of a loan and advances up to an aggregate of $300,000 made to the Company by the Sponsor; reimbursement
for any reasonable out-of-pocket expenses related to identifying, investigating, negotiating and completing an initial Business Combination;
and repayment of loans, if any, and on such terms as to be determined by the Company from time to time, made by the Sponsor or an affiliate
of the Sponsor or any of the Company’s officers or directors to finance transaction costs in connection with an intended initial
Business Combination, provided, that, if the Company does not consummate an initial Business Combination, a portion of the working capital
held outside the Trust Account may be used by the Company to repay such loaned amounts so long as no proceeds from the Trust Account
are used for such repayment. Up to $1,500,000 of such loans may be convertible into units of the post-Business Combination entity at
a price of $10.00 per unit at the option of the lender. Such units would be identical to the Private Placement Units.

 

    	4

     

    

 

11.
The Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including, without limitation,
any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and, as
applicable, to serve as an officer and/or director on the board of directors of the Company and hereby consents to being named in the
Prospectus as an officer and/or director of the Company.

 

12.
As used herein, (i) “Business Combination” shall mean a merger, capital share exchange, asset acquisition,
share purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Ordinary
Shares” shall mean the Class A ordinary shares and Class B ordinary shares, par value $0.0001 per share, of the Company
(“Class B Ordinary Shares”); (iii) “Founder Shares” shall mean the 2,875,000 Class
B Ordinary Shares issued and outstanding immediately prior to the consummation of the Public Offering (up to 375,000 shares of which
are subject to complete or partial forfeiture by the Sponsor if the over-allotment option is not exercised by the Underwriter); (iv)
“Initial Shareholders” shall mean the Sponsor and any Insider that holds Founder Shares; (v) “Private
Placement Shares” shall mean the 480,000 Ordinary Shares (or up to 532,500 Ordinary Shares if the over-allotment option
is exercised in full) included in the Private Placement Units (as defined below) (vi) “Private Placement Units”
shall mean the 480,000 units (or up to 532,500 units if the over-allotment option is exercised in full) that the Sponsor and certain
Insiders have agreed to purchase for an aggregate purchase price of $4,800,000 (or $5,325,000 if the over-allotment option is exercised
in full), each unit comprised of one Private Placement Share and one Private Placement Warrant, or $10.00 per unit, in a private placement
that shall occur simultaneously with the consummation of the Public Offering; (vii) “Private Placement Warrants”
shall mean the warrants to purchase up to 480,000 Ordinary Shares (or up to 532,500 Ordinary Shares if the over-allotment option is exercised
in full) included in the Private Placement Units; (viii) “Public Shareholders” shall mean the holders of securities
issued in the Public Offering; (vii) “Trust Account” shall mean the trust fund into which a portion of the
net proceeds of the Public Offering and the sale of the Private Placement Units shall be deposited; (viii) “Transfer”
shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise
dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation
with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations
of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled
by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified
in clause (a) or (b); and (ix) “Warrants” shall mean the Private Placement Warrants and Public Warrants.

 

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

 

14.
This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof
and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent
they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed,
amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument
executed by all parties hereto.

 

15.
No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written
consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate
to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the Sponsor and each
Insider and their respective successors, heirs and assigns and permitted transferees.

 

16.
Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto
any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement
hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall be for the sole and
exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns and permitted transferees.

 

    	5

     

    

 

17.
This Letter Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

18.
This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Letter Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

19.
This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. The parties
hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement shall
be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and venue,
which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or that such courts
represent an inconvenient forum.

 

20.
Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery
or facsimile transmission.

 

21.
This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods and (ii) the liquidation of the Company;
provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated and closed
by July 31, 2022; provided further that paragraph 4 of this Letter Agreement shall survive such liquidation.

 

22.
The Company, the Sponsor and each Insider hereby acknowledges and agrees that the Underwriter is a third party beneficiary of this Letter
Agreement.

 

[Signature
Page Follows]

 

    	6

     

    

 

	   	 Sincerely, 
	   	   
	   	 EVERGREEN
    CORPORATION 
	   	   
	   	 By: 	 /s/
    Liew Choon Lian 
	   	 Name: 	 Liew
    Choon Lian 
	   	 Title: 	 Chief
    Executive Officer 
	   	   	   
	   	 EVERGREEN
    LLC 
	   	   	   
	   	 By: 	 /s/
    Liew Choon Lian 
	   	 Name: 	 Liew
    Choon Lian 
	   	 Title: 	 Manager 
	   	   	   
	   	 OFFICERS
    AND DIRECTORS 
	   	   
	   	 /s/
    Liew Choon Lian 
	   	 Liew
    Choon Lian 
	   	   
	   	 /s/
    Izmet Iskandar Bin Mohd Ramli 
	   	 Izmet
    Iskandar Bin Mohd Ramli 
	   	   
	   	 /s/
    Lim Wai Loong 
	   	 Lim
    Wai Loong 
	   	   
	   	 /s/
    Dr. Mohamad Zabidi Bin Ahmad 
	   	 Dr.
    Mohamad Zabidi Bin Ahmad 
	   	   
	   	 /s/
    Alberto Coronado Santos 
	   	 Alberto
    Coronado Santos 

 

    	7

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