Document:

Exhibit
10.2

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Investment Management Trust Agreement (this “Agreement”) is made effective as of December 20, 2021, by and
between Sagaliam 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, File No. 333-256473 (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 “Common
Stock”), and one right to receive one-eighth (1/8) of one share of 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 EF Hutton, a division
of Benchmark Investments, LLC, as representative (the “Representative”) of the several underwriters (the “Underwriters”)
named therein; and

 

WHEREAS,
as described in the Prospectus, $100,000,000 of the gross proceeds of the Offering and sale of the Private Placement Units (as defined
in the Underwriting Agreement) (or $115,000,000, if the Underwriters’ over-allotment option is exercised in full; or subject to
our sponsor, Sagaliam Sponsor LLC, depositing additional funds into the trust account as decribed in more detail in this prospectus in
order to extend the time available for the Company to consummate initial business combination) 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 the 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 $3,500,000, or $4,025,000 if the Underwriters’ over-allotment
option is exercised in full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company to
the Underwriters upon and concurrently with the consummation of the Business Combination (as defined below) (the “Deferred
Discount”); 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 JPMorgan Chase Bank
                                            N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100 billion
                                            or more) 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
                                            solely 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 Rule 2a-7(d) 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; it being understood that the
                                            Trust Account will earn no interest while account funds are uninvested awaiting the Company’s
                                            instructions hereunder; and while account funds are invested or univested, the Trustee may
                                            earn bank credits or other consideration;

 

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		(d)	Collect
                                            and receive, when due, all 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 Representative 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 at least two of its Chief Executive
                                            Officer, Chief Financial Officer, President, Executive Vice President, Vice President, Secretary
                                            or Chairman of the board of directors of the Company (the “Board”)
                                            or other authorized officer of the Company, and, in the case of a Termination Letter in a
                                            form substantially similar to the attached hereto as Exhibit A, acknowledged and agreed
                                            to by the Representative, and complete the liquidation of the Trust Account and distribute
                                            the Property in the Trust Account, including interest not previously released to the Company
                                            to pay its taxes (less up to $150,000 of interest that may be released to the Company to
                                            pay dissolution expenses), only as directed in the Termination Letter and the other documents
                                            referred to therein, or (y) the date which is the later of (1) 18 months after the closing
                                            of the Offering and (2) such later date as may be approved by the Company’s stockholders
                                            in accordance with the Company’s amended and restated certificate of incorporation
                                            (“Charter”) 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 taxes (less up to $150,000 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;

 

		(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, 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 tax obligation 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; 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 per share initially deposited in the Trust Account; provided,
                                            further, 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 (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;

 

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		(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, the Trustee shall distribute on behalf
                                            of the Company the amount requested by the Company to be used to redeem shares of Common
                                            Stock from Public Stockholders properly submitted in connection with a stockholder vote to
                                            approve an amendment to the Charter to modify the substance or timing of the ability of Public
                                            Stockholders to seek redemption in connection with an initial Business Combination or amendments
                                            to the Charter prior thereto or the Company’s obligation to redeem 100% of its public
                                            shares of Common Stock if the Company has not consummated an initial Business Combination
                                            within such time as is described in clause (y) of Section 1(i) of the Agreement. The written
                                            request of the Company referenced above shall constitute presumptive evidence that the Company
                                            is entitled to distribute said funds, and the Trustee shall have no responsibility to look
                                            beyond said request; 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 at least two of the Company’s
                                            Chairman of the Board, Chief Executive Officer, Chief Financial Officer, President, Executive
                                            Vice President, Vice President or Secretary. In addition, except with respect to its duties
                                            under Sections 1(i), 1(j) and 1(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 the closing of the Business Combination
                                            (defined below). 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 a 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)	Provide
                                            the Representative 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;

 

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		(f)	Unless
                                            otherwise agreed between the Company and the Representative, ensure that any Instruction
                                            Letter (as defined in Exhibit A) delivered in connection with a Termination Letter
                                            in the form of Exhibit A expressly provides that the Deferred Discount is paid directly
                                            to the account or accounts directed by the Representative on behalf of the Underwriters prior
                                            to any transfer of the funds held in the Trust Account to the Company or any other person;

 

		(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; and

 

		(h)	Within
                                            four (4) business days after the Underwriters exercise the over-allotment option (or any
                                            unexercised portion thereof) or such over-allotment expires, provide the Trustee with a notice
                                            in writing of the total amount of the Deferred Discount, which shall in no event be less
                                            than $3,500,000.

 

		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 third 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 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)	Refund
                                            any depreciation in principal of any Property;

 

		(e)	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;

 

		(f)	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;

 

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

 

		(h)	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;

 

		(i)	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;

 

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		(j)	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

 

		(k)	Verify
                                            calculations, qualify or otherwise approve the Company’s written requests for distributions
                                            pursuant to Sections 1(i), 1(j) or 1(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
                                            Section 2(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 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 (which section may not be
                                            amended under any circumstances) 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; provided, however, that no such change, amendment or modification
                                            to Section 1(i), 2(f) or Exhibit A may be made without the prior written consent of
                                            the Representative.

 

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		(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. 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
                                            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 (“DGCL”)
                                            (or any successor rule), who hold sixty-five percent (65%) or more of all then outstanding
                                            shares of the Common Stock and Class B common stock, par value $0.0001 per share, of the
                                            Company voting together as a single class, have voted in favor of such change, amendment
                                            or modification. No such amendment will affect any Public Stockholder who has otherwise indicated
                                            his election to redeem his shares of Common Stock in connection with a stockholder vote sought
                                            to amend this Agreement to modify the substance or timing of the Company’s obligation
                                            to redeem 100% of the Common Stock if the Company does not complete its initial Business
                                            Combination within the time frame specified in the Charter. 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, NY 10004

Attn:
Francis Wolf and Celeste Gonzalez

Email:
fwolf@continentalstock.com; cgonzalez@continentalstock.com

 

if
to the Company, to:

 

Sagaliam
Acquisition Corp.

Barry
Kostiner

Chief
Executive Officer

1800
Avenue of the Stars, Suite 1475

Los
Angeles, CA 90067

 

in
each case, with copies to:

 

Mayer
Brown LLP

1221
Avenue of the Americas

New
York, NY 10020

Attn:
Thomas Kollar, Esq. and Brian Hirshberg, Esq.

Telephone:
(212) 370-1300

 

and

 

EF
Hutton

division
of Benchmark Investments, LLC

590
Madison Avenue, 39th Floor

New
York, NY 10022

 

Attn.:
Edward Tsuker, Head of Capital Markets

 

and

 

Loeb
& Loeb LLP

345
Park Avenue

New
York, NY 10154

Attn:
Mitchell S. Nussbaum, Esq. and David J. Levine, Esq.

Telephone:
(212) 407-4000

 

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		(g)	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.

 

		(h)	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.

 

		(i)	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.

 

		(j)	Each
                                            of the Company and the Trustee hereby acknowledges and agrees that EF Hutton, a division
                                            of Benchmark Investments, LLC, on behalf of the Underwriters, is a third party beneficiary
                                            of this Agreement.

 

		(k)	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]

 

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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:	/s/
    Francis Wolf
	 	Name:	Francis Wolf
	 	Title:	Vice President
	 	 	 
	 	SAGALIAM
    ACQUISITION CORP.
	 	 
	 	By:	/s/
    Barry Kostiner
	 	Name:	Barry Kostiner
	 	Title:	Chief Executive Officer

 

    	 

    	 

    

 

SCHEDULE
A

 

	Fee
    Item	 	Time
    and method of payment	 	Amount

    

    $

	Initial
    set-up fee.	 	Initial
    closing of Offering by wire transfer.	 	3,500.00
	Trustee
    administration fee	 	Payable
    annually. First year fee payable, at initial closing of Offering by wire transfer, thereafter by wire transfer or check.	 	10,000.00
	Transaction
    processing fee for disbursements to Company under Sections 1(i) and (j)	 	Billed
    to Company following disbursement made to Company under Section 1	 	250.00
	Paying
    Agent services as required pursuant to Sections 1(i) and 1(k)	 	Billed
    to Company upon delivery of service pursuant to Section 1(i) and 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:
Francis Wolf and Celeste Gonzalez

 

	Re:	Trust
  Account - Termination Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Sagaliam 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 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 transfer the proceeds to a segregated account held by you on behalf of the Beneficiaries to the effect that, on the Consummation
Date, all of the funds held in the Trust Operating Account at JPMorgan Chase Bank N.A. will be immediately available for transfer to
the account or accounts that the Company shall direct on the Consummation Date (including as directed to it by the Representative on
behalf of the Underwriters (with respect to the Deferred Discount)). It is acknowledged and agreed that while the funds are on deposit
in the trust operating account at JPMorgan 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 by 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) a joint written instruction signed by the
Company and the Representative 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 Representative
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 such notice as soon thereafter as possible.

 

	 	Very
    truly yours,
	 	Sagaliam
    Acquisition Corp.
	 	 
	 	By:	        
	 	Name:	 
	 	Title:	 

 

Acknowledged
& Agreed by: EF Hutton, a division of Benchmark Investments, LLC

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	 

    	 

    

 

EXHIBIT
B

[Letterhead
of Company]

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

	Re:	Trust Account - Termination Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Sagaliam 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 Section 1(i) of the Trust Agreement. 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 and to
transfer the total proceeds into a segregated account held by you on behalf of the Beneficiaries to await distribution to the Public
Stockholders. The Company has selected (1) as the effective date for the purpose of determining when the Public Stockholders
will be entitled to receive their share of the liquidation proceeds. 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.

 

	(1)	18 months from the closing of the Offering, or at a later date, if extended.

 

	 	Very
    truly yours,
	 	Sagaliam
    Acquisition Corp.
	 	 
	 	By:	         
	 	Name:	 
	 	Title:	 

 

	cc:	EF Hutton, a division of Benchmark Investments, LLC

 

    	 

    	 

    

 

EXHIBIT
C

[Letterhead
of Company]

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

	Re:	Trust Account - Withdrawal Instruction

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(j) of the Investment Management Trust Agreement between Sagaliam Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2021 (the “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,
	 	Sagaliam Acquisition Corp.
	 	 
	 	By:	 
	 	Name:	       
	 	Title:	 

 

	cc:	EF Hutton, a division of Benchmark
    Investments, LLC

 

    	 

    	 

    

 

EXHIBIT
D

[Letterhead
of Company]

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

	Re:	Trust Account - Stockholder Redemption Withdrawal Instruction

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(k) of the Investment Management Trust Agreement between Sagaliam Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2021 (the “Trust
Agreement”), the Company hereby requests that you deliver to the redeeming Public Stockholders of the Company $ of the
principal and interest income earned on the Property as of the date hereof to a segregated account held by you on behalf of the Beneficiaries
for distribution to the Stockholders who have requested redemption of their Common Stock. Capitalized terms used but not defined herein
shall have the meanings set forth in the Trust Agreement.

 

The
Company needs such funds to pay its Public Stockholders who have properly elected to have their shares of Common Stock redeemed by the
Company in connection with a stockholder vote to approve an amendment to the Company’s Amended and Restated Certificate of Incorporation
to modify the substance or timing of the Company’s obligation to redeem 100% of public shares of Common Stock if the Company has
not consummated an initial Business Combination within such time as is described in Section 1(i) of the Trust Agreement. As such, you
are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter.

 

	 	Very truly yours,
	 	Sagaliam Acquisition Corp.
	 	 	 
	 	By:	        
	 	Name:	 
	 	Title:	 

 

	cc:	EF Hutton, a division of Benchmark Investments, LLCExhibit 10.3

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of December 20, 2021, is made and entered into by
and among Sagaliam Acquisition Corp., a Delaware corporation (the “Company”) and Sagaliam Sponsor LLC, a Delaware
limited liability company (the “Sponsor,” together with any person or entity who hereafter becomes a party
to this Agreement pursuant to Section 5.2 of this Agreement, a “Holder” and collectively the “Holders”).

 

RECITALS

 

WHEREAS,
on April 7, 2021, the Sponsor purchased an aggregate of 2,875,000 Founder Shares outstanding, up to 375,000 of which would be forfeited
to the Company for no consideration depending on the extent to which the underwriters of the Company’s initial public offering
exercise their over-allotment option;

 

WHEREAS,
the Founder Shares are convertible into shares of the Company’s Class A common stock, par value $0.0001 per share (the “Common
Stock”), on the terms and conditions provided in the Company’s amended and restated certificate of incorporation;

 

WHEREAS,
on December 20, 2021, the Company and the Sponsor entered into that certain Private Placement Units Purchase Agreement, pursuant to which
the Sponsor agreed to purchase 370,000 units (or 400,000 units if the over-allotment option is exercised in full) at a price of $10.00
per unit (the “Private Placement Units”), in a private placement transaction occurring simultaneously with
the closing of the Company’s initial public offering;

 

WHEREAS,
each Private Unit consisting of one share of Common Stock (“Private Common Stock”), and one right (the “Private
Right”). Each Right entitles the holder thereof to receive one-eighth (1/8) of one ordinary share upon the consummation
of the Company’s it initial business combination;

 

WHEREAS,
in order to finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined below)
the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may loan to the Company funds as
the Company may require, of which up to $1,500,000 of such loans may be convertible into private placement units (“Working
Capital Units”) at a price of $10.00 per unit; and

 

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

 

NOW,
THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby
agree as follows:

 

ARTICLE
I

DEFINITIONS

 

	1.1	Definitions.
                                            The terms defined in this Article I shall, for all purposes of this Agreement,
                                            have the respective meanings set forth below:

“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.

 

    	 

    	 

    

 

“Agreement”
shall have the meaning given in the Preamble.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Business
Combination” shall mean any merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other
similar business combination with one or more businesses, involving the Company.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Common
Stock” shall have the meaning given in the Recitals hereto.

 

“Company”
shall have the meaning given in the Preamble.

 

“Demand
Registration” shall have the meaning given in subsection 2.1.1.

 

“Demanding
Holder” shall have the meaning given in subsection 2.1.1.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Form
S-1” shall have the meaning given in subsection 2.1.1.

 

“Form
S-3” shall have the meaning given in subsection 2.3.

 

“Founder
Shares” shall have the meaning given in the Recitals hereto and shall be deemed to include the shares of Common Stock issuable
upon conversion thereof.

 

“Founder
Shares Lock-up Period” shall mean, with respect to the Founder Shares, the period ending on the earlier of (A) one year
after the completion of the Company’s initial Business Combination or (B) subsequent to the Business Combination, (x) if the last
sale price 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, reorganization or
other similar transaction that results in all of the Company’s 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.

 

“Insider
Letter” shall mean that certain letter agreement, dated as of December 20, 2021, by and among the Company, the Sponsor
and each of the Company’s officers, directors, director nominees and advisors.

 

“Maximum
Number of Securities” shall have the meaning given in subsection 2.1.4.

 

“Misstatement”
shall mean 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 in a Registration Statement or Prospectus (in the light of the circumstances under
which they were made) not misleading.

 

“Permitted
Transferees” shall mean any person or entity to whom a Holder of Registrable Securities is permitted to transfer such 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, this Agreement and any other applicable agreement between such Holder and the Company, and to any transferee thereafter.

 

    	2

    	 

    

 

“Piggyback
Registration” shall have the meaning given in subsection 2.2.1.

 

“Private
Placement Lock-up Period” shall mean, with respect to Private Placement Units that are held by the initial purchasers of
such Private Placement Units or their Permitted Transferees, and any of the securities underlying the Private Placement Units, including
the Private Units issued or issuable upon the conversion of any such Private Rights), that are held by the initial purchasers of the
Private Placement Units or their Permitted Transferees, the period ending 30 days after the completion of the Company’s initial
Business Combination.

 

“Private
Placement Units” shall have the meaning given in the Recitals hereto.

 

“Pro
Rata” shall have the meaning given in subsection 2.1.4.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable
Security” shall mean (a) the Founder Shares and the shares of Common Stock issued or issuable upon the conversion of any
Founder Shares, (b) the Private Placement Units and the Common Stock issued or issuable upon the exercise of the Private Placement Units,
(c) any outstanding share of the Common Stock or any other equity security (including the shares of Common Stock issued or issuable upon
the exercise of any other equity security) of the Company held by a Holder as of the date of this Agreement, (d) any Working Capital
Units (including the Common Stock issued or issuable upon the exercise of the Working Capital Units), and (e) any other equity security
of the Company issued or issuable with respect to any such share of the Common Stock by way of a stock dividend or stock split or in
connection with a combination of shares, recapitalization, merger, consolidation or reorganization; provided, however,
that, as to any particular Registrable Security, 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 such Registration Statement; (B) such securities shall have been otherwise
transferred, new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the
Company and subsequent public distribution of such securities shall not require registration under the Securities Act; (C) such securities
shall have ceased to be outstanding; (D) such securities may be sold without registration pursuant to Rule 144 promulgated under the
Securities Act (or any successor rule promulgated thereafter by the Commission) (but with no volume or other restrictions or limitations);
or (E) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities
transaction.

 

“Registration”
shall 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.

 

“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

	 	(A)	all
    registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority,
    Inc.) and any securities exchange on which the Common Stock is then listed;
	 	 	 
	 	(B)	fees
    and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters
    in connection with blue sky qualifications of Registrable Securities);
	 	 	 
	 	(C)	printing,
    messenger, telephone and delivery expenses;
	 	 	 
	 	(D)	reasonable
    fees and disbursements of counsel for the Company;
	 	 	 
	 	(E)	reasonable
    fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with such
    Registration; and
	 	 	 
	 	(F)	reasonable
    fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand Registration
    to be registered for offer and sale in the applicable Registration.

 

    	3

    	 

    

 

“Registration
Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this
Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements
to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

 

“Requesting
Holder” shall have the meaning given in subsection 2.1.1.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

 

“Sponsor”
shall have the meaning given in the Recitals hereto.

 

“Underwriter”
shall mean 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.

 

“Underwritten
Registration” or “Underwritten Offering” shall mean a Registration in which securities of the
Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

 

“Working
Capital Units” shall have the meaning given in the Recitals hereto.

 

ARTICLE
II

REGISTRATIONS

 

	2.1	Demand
                                            Registration.

		2.1.1	Request
                                            for Registration. Subject to the provisions of subsection 2.1.4 and Section 2.4
                                            hereof, at any time and from time to time on or after the date the Company consummates the
                                            Business Combination, the Holders of at least a majority in interest of the then-outstanding
                                            number of Registrable Securities (the “Demanding Holders”) may
                                            make a written demand for Registration of all or part of their Registrable Securities, which
                                            written demand shall describe the amount and type of securities to be included in such Registration
                                            and the intended method(s) of distribution thereof (such written demand a “Demand
                                            Registration”). The Company shall, within ten (10) days of the Company’s
                                            receipt of the Demand Registration, notify, in writing, all other Holders of Registrable
                                            Securities of such demand, and each Holder of Registrable Securities who thereafter wishes
                                            to include all or a portion of such Holder’s Registrable Securities in a Registration
                                            pursuant to a Demand Registration (each such Holder that includes all or a portion of such
                                            Holder’s Registrable Securities in such Registration, a “Requesting Holder”)
                                            shall so notify the Company, in writing, within five (5) days after the receipt by the Holder
                                            of the notice from the Company. Upon receipt by the Company of any such written notification
                                            from a Requesting Holder(s) to the Company, such Requesting Holder(s) shall be entitled to
                                            have their Registrable Securities included in a Registration pursuant to a Demand Registration
                                            and the Company shall effect, as soon thereafter as practicable, but not more than forty
                                            five (45) days immediately after the Company’s receipt of the Demand Registration,
                                            the Registration of all Registrable Securities requested by the Demanding Holders and Requesting
                                            Holders pursuant to such Demand Registration. Under no circumstances shall the Company be
                                            obligated to effect more than an aggregate of three (3) Registrations pursuant to a Demand
                                            Registration under this subsection 2.1.1 with respect to any or all Registrable Securities;
                                            provided, however, that a Registration shall not be counted for such purposes
                                            unless a Form S-1 or any similar long-form registration statement that may be available at
                                            such time (“Form S-1”) has become effective and all of the Registrable
                                            Securities requested by the Requesting Holders to be registered on behalf of the Requesting
                                            Holders in such Form S-1 Registration have been sold, in accordance with Section 3.1
                                            of this Agreement.

    	4

    	 

    

 

		2.1.2	Effective
                                            Registration. Notwithstanding the provisions of subsection 2.1.1 above or any
                                            other part of this Agreement, a Registration pursuant to a Demand Registration shall not
                                            count as a Registration unless and until (i) the Registration Statement filed with the Commission
                                            with respect to a Registration pursuant to a Demand Registration has been declared effective
                                            by the Commission and (ii) the Company has complied with all of its obligations under this
                                            Agreement with respect thereto; provided, further, that if, after such Registration
                                            Statement has been declared effective, an offering of Registrable Securities in a Registration
                                            pursuant to a Demand Registration is subsequently interfered with by any stop order or injunction
                                            of the Commission, federal or state court or any other governmental agency the Registration
                                            Statement with respect to such Registration shall 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 initiating such Demand Registration
                                            thereafter affirmatively elect to continue with such Registration and accordingly notify
                                            the Company in writing, but in no event later than five (5) days, of such election; and provided,
                                            further, that the Company shall not be obligated or required to file another Registration
                                            Statement until the Registration Statement that has been previously filed with respect to
                                            a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated.
	 	 	 
		2.1.3	Underwritten
                                            Offering. Subject to the provisions of subsection 2.1.4 and Section 2.4
                                            hereof, if a majority-in-interest of the Demanding Holders so advise the Company as part
                                            of their Demand Registration that the offering of the Registrable Securities pursuant to
                                            such Demand Registration shall be in the form of an Underwritten Offering, then the right
                                            of such Demanding Holder or Requesting Holder (if any) 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
                                            such Underwritten Offering to the extent provided herein. All such Holders proposing to distribute
                                            their Registrable Securities through an Underwritten Offering under this subsection 2.1.3
                                            shall enter into an underwriting agreement in customary form with the Underwriter(s)
                                            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
                                            Registration pursuant to a Demand Registration, in good faith, advises the Company, the Demanding
                                            Holders and the Requesting Holders (if any) in writing that the dollar amount or number of
                                            Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire
                                            to sell, taken together with all other Common Stock or other equity securities that the Company
                                            desires to sell and the Common Stock, if any, as to which a Registration has been requested
                                            pursuant to separate written contractual piggy-back registration rights held by any other
                                            stockholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity
                                            securities that can be sold in the 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 such securities, as applicable,
                                            the “Maximum Number of Securities”), then the Company shall include
                                            in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding
                                            Holders and the Requesting Holders (if any) (pro rata based on the respective number of Registrable
                                            Securities that each Demanding Holder and Requesting Holder (if any) has requested be included
                                            in such Underwritten Registration and the aggregate number of Registrable Securities that
                                            the Demanding Holders and Requesting Holders have requested be included in such Underwritten
                                            Registration (such proportion is referred to herein as “Pro Rata”))
                                            that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the
                                            extent that the Maximum Number of Securities has not been reached under the foregoing clause
                                            (i), the Registrable Securities of Holders (Pro Rata, based on the respective number of Registrable
                                            Securities that each Holder has so requested) exercising their rights to register their Registrable
                                            Securities pursuant to subsection 2.2.1 hereof, without exceeding the Maximum Number
                                            of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not
                                            been reached under the foregoing clauses (i) and (ii), the Common Stock or other equity securities
                                            that the Company desires to sell, which can be sold without exceeding the Maximum Number
                                            of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not
                                            been reached under the foregoing clauses (i), (ii) and (iii), the Common Stock or other equity
                                            securities 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 Securities.

    	5

    	 

    

 

		2.1.5	Demand
                                            Registration Withdrawal. A majority-in-interest of the Demanding Holders initiating a
                                            Demand Registration or a majority-in-interest of the Requesting Holders (if any), pursuant
                                            to a Registration under subsection 2.1.1 shall have the right to withdraw from a Registration
                                            pursuant to such Demand Registration for any or no reason whatsoever upon written notification
                                            to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw
                                            from such Registration prior to the effectiveness of the Registration Statement filed with
                                            the Commission with respect to the Registration of their Registrable Securities pursuant
                                            to such Demand Registration. Notwithstanding anything to the contrary in this Agreement,
                                            the Company shall be responsible for the Registration Expenses incurred in connection with
                                            a Registration pursuant to a Demand Registration prior to its withdrawal under this subsection
                                            2.1.5.

	2.2	Piggyback
                                            Registration.

		2.2.1	Piggyback
                                            Rights. If, at any time on or after the date the Company consummates 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, 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 hereof), 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 give written notice of such proposed
                                            filing to all of the Holders of Registrable Securities as soon as practicable but not less
                                            than ten (10) days before the anticipated filing date of such Registration Statement, which
                                            notice shall (A) 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, in such offering, and (B) offer to all of the Holders of Registrable
                                            Securities the opportunity to register the sale of such number of Registrable Securities
                                            as such Holders may request in writing within five (5) days after receipt of such written
                                            notice (such Registration a “Piggyback Registration”). The Company
                                            shall, in good faith, cause such Registrable Securities to be included in such Piggyback
                                            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 Piggyback 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 such Holders proposing
                                            to distribute their Registrable Securities through an Underwritten Offering under this subsection
                                            2.2.1 shall enter into an underwriting agreement in customary form with the Underwriter(s)
                                            selected for such Underwritten Offering by the Company.
	 	 	 
		2.2.2	Reduction
                                            of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten
                                            Registration that is to be a Piggyback Registration, in good faith, advises the Company and
                                            the Holders of Registrable Securities participating in the Piggyback Registration in writing
                                            that the dollar amount or number of the Common Stock that the Company desires to sell, taken
                                            together with (i) the 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
                                            of Registrable Securities hereunder (ii) the Registrable Securities as to which registration
                                            has been requested pursuant to Section 2.2 hereof, and (iii) the Common Stock, if
                                            any, as to which Registration has been requested pursuant to separate written contractual
                                            piggy-back registration rights of other stockholders of the Company, exceeds the Maximum
                                            Number of Securities, then:

		(a)	If
                                            the Registration is undertaken for the Company’s account, the Company shall include
                                            in any such Registration (A) first, the Common Stock or other equity securities that the
                                            Company desires to sell, which can be sold without exceeding the Maximum Number of Securities;
                                            (B) second, to the extent that the Maximum Number of Securities has not been reached under
                                            the foregoing clause (A), the Registrable Securities of Holders exercising their rights to
                                            register their Registrable Securities pursuant to subsection 2.2.1 hereof, Pro Rata,
                                            which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the
                                            extent that the Maximum Number of Securities has not been reached under the foregoing clauses
                                            (A) and (B), the Common Stock, if any, as to which Registration has been requested pursuant
                                            to written contractual piggy-back registration rights of other stockholders of the Company,
                                            which can be sold without exceeding the Maximum Number of Securities;

    	6

    	 

    

 

		(b)	If
                                            the Registration is pursuant to a request by persons or entities other than the Holders of
                                            Registrable Securities, then the Company shall include in any such Registration (A) first,
                                            the Common Stock or other equity securities, if any, of such requesting persons or entities,
                                            other than the Holders of Registrable Securities, which can be sold without exceeding the
                                            Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities
                                            has not been reached under the foregoing clause (A), the Registrable Securities of Holders
                                            exercising their rights to register their Registrable Securities pursuant to subsection
                                            2.2.1, pro rata based on the number of Registrable Securities that each Holder has requested
                                            be included in such Underwritten Registration and the aggregate number of Registrable Securities
                                            that the Holders have requested to be included in such Underwritten Registration, which can
                                            be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that
                                            the Maximum Number of Securities has not been reached under the foregoing clauses (A) and
                                            (B), the Common Stock or other equity securities that the Company desires to sell, which
                                            can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent
                                            that the Maximum Number of Securities has not been reached under the foregoing clauses (A),
                                            (B) and (C), the Common Stock or other equity securities for the account of other persons
                                            or entities that the Company is obligated to register pursuant to separate written contractual
                                            arrangements with such persons or entities, which can be sold without exceeding the Maximum
                                            Number of Securities.

		2.2.3	Piggyback
                                            Registration Withdrawal. Any Holder of Registrable Securities shall have the right to
                                            withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification
                                            to the Company and the Underwriter or Underwriters (if any) of his, her or its intention
                                            to withdraw from such Piggyback Registration prior to the effectiveness of the Registration
                                            Statement filed with the Commission with respect to such Piggyback Registration. The Company
                                            (whether on its own good faith determination or as the result of a request for withdrawal
                                            by persons pursuant to separate written contractual obligations) may withdraw a Registration
                                            Statement filed with the Commission in connection with a Piggyback Registration at any time
                                            prior to the effectiveness of such Registration Statement. Notwithstanding anything to the
                                            contrary in this Agreement, the Company shall be responsible for the Registration Expenses
                                            incurred in connection with the Piggyback Registration prior to its withdrawal under this
                                            subsection 2.2.3.
	 	 	 
		2.2.4	Unlimited
                                            Piggyback 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. Any Holder of Registrable Securities may at any time, and from time to time,
                                            request in writing that the Company, pursuant to Rule 415 under the Securities Act (or any
                                            successor rule promulgated thereafter by the Commission), register the resale of any or all
                                            of their Registrable Securities on Form S-3 or any similar short form registration statement
                                            that 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. Within five (5) days of the Company’s receipt of a written request
                                            from a Holder or Holders of Registrable Securities for a Registration on Form S-3, the Company
                                            shall promptly give written notice of the proposed Registration on Form S-3 to all other
                                            Holders of Registrable Securities, and each Holder of Registrable Securities who thereafter
                                            wishes to include all or a portion of such Holder’s Registrable Securities in such
                                            Registration on Form S-3 shall so notify the Company, in writing, within ten (10) days after
                                            the receipt by the Holder of the notice from the Company. As soon as practicable thereafter,
                                            but not more than twelve (12) days after the Company’s initial receipt of such written
                                            request for a Registration on Form S-3, the Company shall register all or such portion of
                                            such Holder’s Registrable Securities as are specified in such written request, together
                                            with all or such portion of Registrable Securities of any other Holder or Holders joining
                                            in such request as are specified in the written notification given by such Holder or Holders;
                                            provided, however, that the Company shall not be obligated to effect any such
                                            Registration pursuant to Section 2.3 hereof if (i) a Form S-3 is not available for
                                            such offering; or (ii) the Holders of Registrable Securities, together with the Holders of
                                            any other equity securities of the Company entitled to inclusion in such Registration, propose
                                            to sell the Registrable Securities and such other equity securities (if any) at any aggregate
                                            price to the public of less than $1,000,000.

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	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, a Company initiated
                                            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 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. 

ARTICLE
III

COMPANY PROCEDURES

 

	3.1	General
                                            Procedures. If at any time on or after the date the Company consummates a Business Combination
                                            the Company is required to effect the Registration of Registrable Securities, the Company
                                            shall use its best efforts to effect such Registration to permit the sale of such Registrable
                                            Securities in accordance with the intended plan of distribution thereof, and pursuant thereto
                                            the Company shall, as expeditiously as possible:

		3.1.1	prepare
                                            and file with the Commission as soon as practicable a Registration Statement with respect
                                            to such Registrable Securities and use its reasonable best efforts to cause such Registration
                                            Statement to become effective and remain effective until all Registrable Securities covered
                                            by such Registration Statement have been sold;
	 	 	 
		3.1.2	prepare
                                            and file with the Commission such amendments and post-effective amendments to the Registration
                                            Statement, and such supplements to the Prospectus, as may be requested by any Holder or any
                                            Underwriter of Registrable Securities or as may be required by the rules, regulations or
                                            instructions applicable to the registration form used by the Company or by the Securities
                                            Act or rules and regulations thereunder to keep the Registration Statement effective until
                                            all Registrable Securities covered by such Registration Statement are sold in accordance
                                            with the intended plan of distribution set forth in such Registration Statement or supplement
                                            to the Prospectus;
	 	 	 
		3.1.3	prior
                                            to filing a Registration Statement or prospectus, or any amendment or supplement thereto,
                                            furnish without charge to the Underwriters, if any, and each Holder of Registrable Securities
                                            included in such Registration, and each such Holder’s 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 the Underwriters and each Holder of Registrable
                                            Securities included in such Registration or the legal counsel for any such Holders may request
                                            in order to facilitate the disposition of the Registrable Securities owned by such Holders;

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		3.1.4	prior
                                            to any public offering of Registrable Securities, 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 any Holder of
                                            Registrable Securities 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 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 of Registrable Securities 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 taxation in any such jurisdiction
                                            where it is not then otherwise so subject;
	 	 	 
		3.1.5	cause
                                            all such Registrable Securities to be listed on each securities exchange or automated quotation
                                            system on which similar securities issued by the Company are then listed;
	 	 	 
		3.1.6	provide
                                            a transfer agent or warrant agent, as applicable, and registrar for all such Registrable
                                            Securities no later than the effective date of such Registration Statement;
	 	 	 
		3.1.7	advise
                                            each seller of such Registrable Securities, promptly after it shall receive notice or obtain
                                            knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness
                                            of such Registration Statement or the initiation or threatening of any proceeding for such
                                            purpose and promptly use its reasonable best efforts to prevent the issuance of any stop
                                            order or to obtain its withdrawal if such stop order should be issued;
	 	 	 
		3.1.8	at
                                            least five (5) days prior to the filing of any Registration Statement or Prospectus or any
                                            amendment or supplement to such Registration Statement or Prospectus or any document that
                                            is to be incorporated by reference into such Registration Statement or Prospectus, furnish
                                            a copy thereof to each seller of such Registrable Securities and its counsel, including,
                                            without limitation, providing copies promptly upon receipt of any comment letters received
                                            with respect to any such Registration Statement or Prospectus;
	 	 	 
		3.1.9	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 a Misstatement,
                                            and then to correct such Misstatement as set forth in Section 3.4 hereof;
	 	 	 
		3.1.10	permit
                                            a representative of the Holders (such representative to be selected by a majority of the
                                            participating Holders), the Underwriters, if any, and any attorney or accountant retained
                                            by such Holders or Underwriter to participate, at each such person’s own expense, in
                                            the preparation of the Registration Statement, and cause the Company’s officers, directors
                                            and employees to supply all information reasonably requested by any such representative,
                                            Underwriter, attorney or accountant in connection with the Registration; provided,
                                            however, that such representatives or Underwriters enter into a confidentiality agreement,
                                            in form and substance reasonably satisfactory to the Company, prior to the release or disclosure
                                            of any such information; and provided further, the Company may not include the name
                                            of any Holder or Underwriter or any information regarding any Holder or Underwriter in any
                                            Registration Statement or Prospectus, any amendment or supplement to such Registration Statement
                                            or Prospectus, any document that is to be incorporated by reference into such Registration
                                            Statement or Prospectus, or any response to any comment letter, without the prior written
                                            consent of such Holder or Underwriter and providing each such Holder or Underwriter a reasonable
                                            amount of time to review and comment on such applicable document, which comments the Company
                                            shall include unless contrary to applicable law;

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		3.1.11	obtain
                                            a “cold comfort” letter from the Company’s independent registered public
                                            accountants in the event of an Underwritten Registration which the participating Holders
                                            may rely on, 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;
	 	 	 
		3.1.12	on
                                            the date the Registrable Securities are delivered for sale pursuant to such Registration,
                                            obtain an opinion, dated such date, of counsel representing the Company for the purposes
                                            of such Registration, addressed to the Holders, 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 the 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;
	 	 	 
		3.1.13	in
                                            the event of any Underwritten Offering, enter into and perform its obligations under an underwriting
                                            agreement, in usual and customary form, with the managing Underwriter of such offering;
	 	 	 
		3.1.14	make
                                            available to its security holders, as soon as reasonably practicable, an earnings statement
                                            covering the period of at least twelve (12) months beginning with the first day of the Company’s
                                            first full calendar quarter after the effective date of the Registration Statement which
                                            satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder
                                            (or any successor rule promulgated thereafter by the Commission);
	 	 	 
		3.1.15	if
                                            the Registration involves the Registration of Registrable Securities involving gross proceeds
                                            in excess of $10,000,000, use its reasonable efforts to make available senior executives
                                            of the Company to participate in customary “road show” presentations that may
                                            be reasonably requested by the Underwriter in any Underwritten Offering; and
	 	 	 
		3.1.16	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	Registration
                                            Expenses. The Registration Expenses of all Registrations shall be borne by the Company.
                                            It is acknowledged by the Holders that the Holders shall bear all incremental selling expenses
                                            relating to the sale of Registrable Securities, such as Underwriters’ commissions and
                                            discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the
                                            definition of “Registration Expenses,” all reasonable fees and expenses of any
                                            legal counsel representing the Holders.
	 	 
	3.3	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,
                                            underwriting agreements and other customary documents as may be reasonably required under
                                            the terms of such underwriting arrangements.
	 	 
	3.4	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 or would require the inclusion in such Registration 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 thirty (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 3.4.

 

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	3.5	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 shares of the 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 (or any successor rule promulgated thereafter
                                            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.

 

ARTICLE
IV

INDEMNIFICATION AND CONTRIBUTION

 

		4.1	Indemnification.

		4.1.1	The
                                            Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities,
                                            its officers and directors and each person who controls such Holder (within the meaning of
                                            the Securities Act) against all losses, claims, damages, liabilities and expenses (including
                                            attorneys’ fees) caused by any untrue or alleged untrue statement of material fact
                                            contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment
                                            thereof or supplement thereto or any omission or alleged omission of a material fact required
                                            to be stated therein or necessary to make the statements therein not misleading, except insofar
                                            as the same are caused by or contained in any information furnished in writing to the Company
                                            by such Holder expressly for use therein. The Company shall indemnify the Underwriters, their
                                            officers and directors and each person who controls such Underwriters (within the meaning
                                            of the Securities Act) to the same extent as provided in the foregoing with respect to the
                                            indemnification of the Holder.
	 	 	 
		4.1.2	In
                                            connection with any Registration Statement in which a Holder of Registrable Securities is
                                            participating, such Holder shall furnish to the Company in writing such information and affidavits
                                            as the Company reasonably requests for use in connection with any such Registration Statement
                                            or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors
                                            and officers and agents and each person who controls the Company (within the meaning of the
                                            Securities Act) against any losses, claims, damages, liabilities and expenses (including
                                            without limitation reasonable attorneys’ fees) resulting from any untrue statement
                                            of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus
                                            or any amendment thereof or supplement thereto or any omission of a material fact required
                                            to be stated therein or necessary to make the statements therein not misleading, but only
                                            to the extent that such untrue statement or omission is contained in any information or affidavit
                                            so furnished in writing by such Holder expressly for use therein; provided, however,
                                            that the obligation to indemnify shall be several, not joint and several, among such Holders
                                            of Registrable Securities, and the liability of each such Holder of Registrable Securities
                                            shall be in proportion to and limited to the net proceeds received by such Holder from the
                                            sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable
                                            Securities shall indemnify the Underwriters, their officers, directors and each person who
                                            controls such Underwriters (within the meaning of the Securities Act) to the same extent
                                            as provided in the foregoing with respect to indemnification of the Company.
	 	 	 
		4.1.3	Any
                                            person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying
                                            party of any claim with respect to which it seeks indemnification (provided that the failure
                                            to give prompt notice shall not impair any person’s right to indemnification hereunder
                                            to the extent such failure has not materially prejudiced the indemnifying party) and (ii)
                                            unless in such indemnified party’s reasonable judgment a conflict of interest between
                                            such indemnified and indemnifying parties may exist with respect to such claim, permit such
                                            indemnifying party to assume the defense of such claim with counsel reasonably satisfactory
                                            to the indemnified party. If such defense is assumed, the indemnifying party shall not be
                                            subject to any liability for any settlement made by the indemnified party without its consent
                                            (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled
                                            to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees
                                            and expenses of more than one counsel (plus local counsel) for all parties indemnified by
                                            such indemnifying party with respect to such claim, unless in the reasonable judgment of
                                            any indemnified party a conflict of interest may exist between such indemnified party and
                                            any other of such indemnified parties with respect to such claim. No indemnifying party shall,
                                            without the consent of the indemnified party, consent to the entry of any judgment or enter
                                            into any settlement which cannot be settled in all respects by the payment of money (and
                                            such money is so paid by the indemnifying party pursuant to the terms of such settlement)
                                            or which settlement does not include as an unconditional term thereof the giving by the claimant
                                            or plaintiff to such indemnified party of a release from all liability in respect to such
                                            claim or litigation.

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		4.1.4	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.
                                            The Company and each Holder of Registrable Securities participating in an offering also agrees
                                            to make such provisions as are reasonably requested by any indemnified party for contribution
                                            to such party in the event the Company’s or such Holder’s indemnification is
                                            unavailable for any reason.
	 	 	 
		4.1.5	If
                                            the indemnification provided under Section 4.1 hereof from the indemnifying party
                                            is unavailable or insufficient to hold harmless an indemnified party in respect of any losses,
                                            claims, damages, liabilities and expenses referred to herein, then the indemnifying party,
                                            in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable
                                            by the indemnified party as a result of such losses, claims, damages, liabilities and expenses
                                            in such proportion as is appropriate to reflect the relative fault of the indemnifying party
                                            and the indemnified party, as well as any other relevant equitable considerations. The relative
                                            fault of the indemnifying party and indemnified party shall be determined by reference to,
                                            among other things, whether any action in question, including any untrue or alleged untrue
                                            statement of a material fact or omission or alleged omission to state a material fact, was
                                            made by, or relates to information supplied by, such indemnifying party or indemnified party,
                                            and the indemnifying party’s and indemnified party’s relative intent, knowledge,
                                            access to information and opportunity to correct or prevent such action; provided,
                                            however, that the liability of any Holder under this subsection 4.1.5 shall
                                            be limited to the amount of the net proceeds received by such Holder in such offering giving
                                            rise to such liability. The amount paid or payable by a party as a result of the losses or
                                            other liabilities referred to above shall be deemed to include, subject to the limitations
                                            set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or
                                            other fees, charges or expenses reasonably incurred by such party in connection with any
                                            investigation or proceeding. The parties hereto agree that it would not be just and equitable
                                            if contribution pursuant to this subsection 4.1.5 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 this subsection 4.1.5. No person guilty of fraudulent misrepresentation
                                            (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
                                            pursuant to this subsection 4.1.5 from any person who was not guilty of such fraudulent
                                            misrepresentation. 

ARTICLE
V

MISCELLANEOUS

 

		5.1	Notices.
                                            Any notice or communication under this Agreement must be in writing and given by (i) deposit
                                            in the United States mail, addressed to the party to be notified, postage prepaid and registered
                                            or certified with return receipt requested, (ii) delivery in person or by courier service
                                            providing evidence of delivery, or (iii) transmission by hand delivery, or facsimile. Each
                                            notice or communication that is mailed, delivered, or transmitted in the manner described
                                            above shall be deemed sufficiently given, served, sent, and received, in the case of mailed
                                            notices, on the third business day following the date on which it is mailed and, in the case
                                            of notices delivered by courier service, hand delivery, or facsimile, at such time as it
                                            is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or
                                            at such time as delivery is refused by the addressee upon presentation. Any notice or communication
                                            under this Agreement must be addressed, if to the Company, to: 1800 Avenue of the Stars,
                                            Suite 1475, Los Angeles, CA 90067, and, if to any Holder, at such Holder’s address
                                            or contact information as set forth in the Company’s books and records. Any party may
                                            change its address for notice at any time and from time to time by written notice to the
                                            other parties hereto, and such change of address shall become effective thirty (30) days
                                            after delivery of such notice as provided in this Section 5.1.

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		5.2	Assignment;
                                            No Third Party Beneficiaries.

		5.2.1	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.
	 	 	 
		5.2.2	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.
	 	 	 
		5.2.3	This
                                            Agreement and the provisions hereof shall be binding upon and shall inure to the benefit
                                            of each of the parties and its successors and the permitted assigns of the Holders, which
                                            shall include Permitted Transferees.
	 	 	 
		5.2.4	This
                                            Agreement shall not confer any rights or benefits on any persons that are not parties hereto,
                                            other than as expressly set forth in this Agreement and Section 5.2 hereof.
	 	 	 
		5.2.5	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 as provided in Section 5.1 hereof 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 5.2 shall be null and void.

		5.3	Counterparts.
                                            This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts),
                                            each of which shall be deemed an original, and all of which together shall constitute the
                                            same instrument, but only one of which need be produced.
	 	 	 
		5.4	Governing
                                            Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF
                                            THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT (I) THIS AGREEMENT SHALL BE GOVERNED
                                            BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW
                                            YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD
                                            TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION AND (II) THE VENUE FOR ANY ACTION
                                            TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW YORK COUNTY
                                            IN THE STATE OF NEW YORK.
	 	 	 
		5.5	Amendments
                                            and Modifications. Upon the written consent of the Company and the Holders of at least
                                            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 of the shares of capital
                                            stock of the Company, 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 Holder 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.
	 	 	 
		5.6	Other
                                            Registration Rights. The Company represents and warrants that no person, other than a
                                            Holder of Registrable Securities, has any right to require the Company to register any securities
                                            of the Company for sale or to include such securities of the Company in any Registration
                                            filed by the Company for the sale of securities 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.
	 	 	 
		5.7	Term.
                                            This Agreement shall terminate upon the earlier of (i) the tenth anniversary of the date
                                            of this Agreement or (ii) the date as of which (A) all of the Registrable Securities have
                                            been sold pursuant to a Registration Statement (but in no event prior to the applicable period
                                            referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor
                                            rule promulgated thereafter by the Commission)) or (B) the Holders of all Registrable Securities
                                            are permitted to sell the Registrable Securities under Rule 144 (or any similar provision)
                                            under the Securities Act without limitation on the amount of securities sold or the manner
                                            of sale. The provisions of Section 3.5 and Article IV shall survive
                                            any termination.

[Signature
Page Follows]

 

    	13

    	 

    

 

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

 

	 	COMPANY:
	 	 
	 	SAGALIAM
    ACQUISITION CORP., a Delaware corporation
	 	 
	 	By:	/s/ Barry
    Kostiner
	 	Name:	Barry
    Kostiner
	 	Title:	Chief
    Executive Officer

 

	 	HOLDER:
	 	 
	 	SAGALIAM
    SPONSOR LLC, a Delaware limited liability company
	 	 
	 	By:	/s/ Barry
    Kostiner
	 	Name:	Barry
    Kostiner
	 	Title:	Managing
    Member

 

[Signature
Page to Registration Rights Agreement]

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