Document:

Exhibit 4.4

  

  
    

    

    WARRANT AGREEMENT

    

    

  

  
    This agreement (“Agreement”) is made as of
      [●], 2021 between PROOF Acquisition Corp I, a Delaware corporation, with offices at 11911 Freedom Drive, Suite 1080, Reston, VA 20190 (“Company”), and
      Continental Stock Transfer & Trust Company, a limited purpose trust company, with offices at 1 State Street, 30th Floor, New York, New York 10004, as warrant agent (the “Warrant
          Agent”, also referred to herein as the “Transfer Agent”).

    

    

    WHEREAS, the Company is engaged in a public offering (“Public
          Offering”) of up to 20,000,000 units (including up to 23,000,000 units subject to the Over-allotment Option (as defined below)) (“Public Units”),
      each Public Unit comprised of one share of Class A common stock of the Company, par value $0.0001 per share (“Common Stock”), and one-half of one warrant,
      where each warrant entitles the holder to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment as described herein, and, in connection therewith, will issue and deliver up to 10,000,000 warrants (including up to
      11,500,000 warrants subject to the Over-allotment Option) (the “Public Warrants”) to the public investors in connection with the Public Offering; and

    

    

    WHEREAS, the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, File No. 333-261015 (“Registration Statement”), and a prospectus (the “Prospectus”) for the registration, under the Securities Act of 1933, as amended (“Act”),
      of the Public Units, the Public Warrants and the Common Stock included in the Public Units; and

    

    

    WHEREAS, the Company has received binding commitments from PROOF Acquisition Sponsor I, LLC (the “Sponsor”) to purchase up to an aggregate of 11,500,000 warrants (including up to 13,225,000 warrants subject to the Over-allotment Option) (the “Private Warrants”) bearing the legend set forth in Exhibit B hereto, in a private placement transaction to occur simultaneously with the consummation of the Public Offering; and

    

    

    WHEREAS, the Company may issue up to an additional 1,500,000 warrants (“Working Capital Warrants”) at the price of $1.00 per warrant in satisfaction of certain working capital loans the Sponsor or the Company’s officers, directors, initial stockholders (as defined in the Prospectus) or
      their affiliates may, but are not obligated to, make to the Company; and

    

    

    WHEREAS, following consummation of the Public Offering, the Company may issue additional warrants (“Post IPO Warrants” and together with the Public Warrants, Private Warrants and Working Capital Warrants, the “Warrants”)
      in connection with, or following the consummation by the Company of, a Business Combination (defined below); and

    

    

    WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in
      connection with the issuance, registration, transfer, exchange, redemption, and exercise of the Warrants; and

    

    

    WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and
      exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

    

    

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

    

    

  

  
    

    
      

    

  

  

  

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

    

    

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

    

    

    2.       Warrants.

    

    

  

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

    

    

    2.2.       Uncertificated Warrants.
      Notwithstanding anything herein to the contrary, any Warrant, or portion thereof, may be issued as part of, and be represented by, a Public Unit, and any Warrant may be issued in uncertificated or book-entry form through the Warrant Agent and/or the
      facilities of The Depository Trust Company or other book-entry depositary system, in each case as determined by the Board of Directors of the Company or by an authorized committee thereof. Any Warrant so issued shall have the same terms, force and
      effect as a certificated Warrant that has been duly countersigned by the Warrant Agent in accordance with the terms of this Agreement.

    

    

    2.3.       Effect of Countersignature.
      Except with respect to uncertificated Warrants as described above, unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

    

    

    2.4.       Registration.

    

    

  

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

    

    

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

    

    

  

  
    2.5.       Detachability of Warrants. The
      securities comprising the Public Units will not be separately transferable until the 90th day following the date of the Prospectus or, if such 90th day is not on a day, other than Saturday, Sunday or federal holiday, on which banks in New York City
      are generally open for normal business (a “Business Day”), then on the immediately succeeding Business Day following such date, or earlier with the consent of
      Bank of America, N.A.  (the “Underwriter”), but in no event will the Underwriter allow separate trading of the securities comprising the Public Units until (i)
      the Company has filed a Current Report on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering including the proceeds received by the Company from the exercise of the
      underwriters’ over-allotment option in the Public Offering (the “Over-allotment Option”), if the Over-allotment Option is exercised prior to the filing of the
      Form 8-K, and (ii) the Company has issued a press release announcing when such separate trading shall begin (the “Detachment Date”); provided that no
      fractional Warrants will be issued upon separation of the Public Units and only whole Warrants will trade.

    

    

  

  
    

    
      

    

  

  

  

  
    2.6.       Private Warrant and Working Capital Warrant
          Attributes. The Private Warrants and Working Capital Warrants will be issued in the same form as the Public Warrants.

    

    

    2.7.       Post IPO Warrants. The Post IPO
      Warrants, when and if issued, shall have the same terms and be in the same form as the Public Warrants except as may be agreed upon by the Company.

    

    

  

  
    3.       Terms and Exercise of Warrants

    

    

  

  
    3.1.       Warrant Price. Each whole Warrant
      shall, when countersigned by the Warrant Agent (except with respect to uncertificated Warrants), entitle the registered holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of shares
      of Common Stock stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement refers to the price per share
      at which the shares of Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty
      (20) Business Days; provided, that the Company shall provide at least twenty (20) days’ prior written notice of such reduction to registered holders of the Warrants and, provided further that any such reduction shall be applied consistently to all of
      the Warrants.

    

    

    3.2.       Duration of Warrants. A Warrant
      may be exercised only during the period commencing on the later of 30 days after the consummation by the Company of a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination
      with one or more businesses or entities (“Business Combination”) (as described more fully in the Registration Statement) or 12 months from the closing of the
      Public Offering, and terminating at 5:00 p.m., New York City time on the earlier to occur of (i) five years from the consummation of a Business Combination, (ii) the Redemption Date as provided in Section 6.2 of this Agreement and (iii) the
      liquidation of the Company (“Expiration Date”). The period of time from the date the Warrants will first become exercisable until the expiration of the
      Warrants shall hereafter be referred to as the “Exercise Period.” Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), as applicable, each Warrant not exercised on or before the Expiration Date shall
      become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m., New York City time, on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying
      the Expiration Date; provided, however, that the Company will provide at least twenty (20) days’ prior written notice of any such extension to registered holders and, provided further that any such extension shall be applied consistently to all of
      the Warrants.

    

    

    3.3.       Exercise of Warrants.

    

    

  

  
    3.3.1.       Payment. Subject to the
      provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant
      Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed, and by paying in full the Warrant Price for each full share of Common Stock as to which the Warrant is exercised
      and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the shares of Common Stock and the issuance of such shares of Common Stock, as follows:

    

    

  

  
    (a) in lawful money of the United States, by good certified check or wire payable to the Warrant Agent; or

    

    

    (b) in the event of redemption pursuant to Section 6 hereof in which the Company’s management has elected to force all holders of
      Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the
      Warrants, multiplied by the difference between the Warrant Price and the “Fair Market Value” (defined below) by (y) the Fair Market Value. Solely for purposes of this Section 3.3.1(b), the “Fair Market Value” shall mean the average reported last sale
      price of the Common Stock for the five (5) trading days ending on the third trading day prior to the date on which the notice of redemption is sent to holders of the Warrants pursuant to Section 6 hereof; or

    

    

  

  
    

    
      

    

  

  

  

  
    (c) in the event the registration statement required by Section 7.4 hereof is not effective and current within sixty (60) Business Days
      after the closing of a Business Combination, by surrendering such Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants,
      multiplied by the difference between the exercise price of the Warrants and the “Fair Market Value” by (y) the Fair Market Value; provided, however, that no cashless exercise shall be permitted unless the Fair Market Value is equal to or higher than
      the exercise price. Solely for purposes of this Section 3.3.1(d), the “Fair Market Value” shall mean the average reported last sale price of the Common Stock for the five (5) trading days ending on the trading day prior to the date of exercise.

    

    

  

  
    3.3.2.       Issuance of Shares of Common Stock.
      As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a certificate or certificates, or book entry position,
      for the number of shares of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant, or book entry
      position, for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, in no event will the Company be required to net cash settle the Warrant exercise. No Warrant shall be exercisable for cash and
      the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the Common Stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of
      residence of the registered holder of the Warrants. In the event that the condition in the immediately preceding sentence is not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant for cash
      and such Warrant may have no value and expire worthless, in which case the purchaser of a Public Unit containing such Public Warrants shall have paid the full purchase price for the Public Unit solely for the shares of Common Stock underlying such
      Public Unit. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such exercise would be unlawful.

    

    

    3.3.3.       Valid Issuance. All shares of
      Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and nonassessable.

    

    

    3.3.4.       Date of Issuance. Each person
      in whose name any book entry position or certificate for shares of Common Stock is issued shall for all purposes be deemed to have become the holder of record of such shares on the date on which the Warrant, or book entry position representing such
      Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when the share transfer books of the Company or book entry
      system of the Warrant Agent are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the share transfer books or book entry system are open.

    

    

    3.3.5       Maximum Percentage. A holder of
      a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election.
      If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person
      (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8% (the “Maximum Percentage”) of the
      shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such person and its affiliates shall include the number
      of shares of Common Stock issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining, unexercised
      portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates
      (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for
      purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
          Act”). For purposes of the Warrant, in determining the number of outstanding shares of Common Stock, the holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent annual report on
      Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the SEC as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting
      forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of
      shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since
      the date as of which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other
      percentage specified in such notice; provided, however, that any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

    

    

  

  
    

    
      

    

  

  

  

  
    4.       Adjustments.

    

    

  

  
    4.1.       Stock Dividends; Split Ups. If
      after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split up of shares of Common Stock, or other
      similar event, then, on the effective date of such stock dividend, split up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares of Common
      Stock.

    

    

    4.2.       Aggregation of Shares. If after
      the date hereof, the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such
      consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock.

    

    

    4.3.       Extraordinary Dividends. If the
      Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to the holders of the shares of Common Stock or other shares of the Company’s capital stock into
      which the Warrants are convertible (an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of
      such Extraordinary Dividend, by the amount of cash and the fair market value (as determined by the Company’s Board of Directors, in good faith) of any securities or other assets paid in respect of such Extraordinary Dividend divided by all
      outstanding shares of the Company at such time (whether or not any shareholders waived their right to receive such dividend); provided, however, that none of the following shall be deemed an Extraordinary Dividend for purposes of this provision: (a)
      any adjustment described in subsection 4.1 above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid on the Common Stock during the 365-day period ending on
      the date of declaration of such dividend or distribution does not exceed $0.50 per share (taking into account all of the outstanding shares of the Company at such time (whether or not any shareholders waived their right to receive such dividend) and
      as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of shares of Common
      Stock issuable on exercise of each Warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50, (c) any payment to satisfy the conversion rights of the holders of the shares of Common
      Stock in connection with a proposed initial Business Combination or certain amendments to the Company’s Amended and Restated Certificate of Incorporation (as described in the Registration Statement) or (d) any payment in connection with the Company’s
      liquidation and the distribution of its assets upon its failure to consummate a Business Combination. Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding and unexpired, pays a cash dividend of $0.35 and
      previously paid an aggregate of $0.40 of cash dividends and cash distributions on the Common Stock during the 365-day period ending on the date of declaration of such $0.35 dividend, then the Warrant Price will be decreased, effectively immediately
      after the effective date of such $0.35 dividend, by $0.25 (the absolute value of the difference between $0.75 (the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period, including such $0.35 dividend) and
      $0.50 (the greater of (x) $0.50 and (y) the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period prior to such $0.35 dividend)). Furthermore, solely for the purposes of illustration, if following the
      closing of the Company’s initial Business Combination, there were total shares outstanding of 100,000,000 and the Company paid a $1.00 dividend to 17,500,000 of such shares (with the remaining 82,500,000 shares waiving their right to receive such
      dividend), then no adjustment to the Warrant Price would occur as a $17.5 million dividend payment divided by 100,000,000 shares equals $0.175 per share which is less than $0.50 per share.

    

    

  

  
    

    
      

    

  

  

  

  
    4.4.       Adjustments in Exercise Price.
      Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in Sections 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price
      immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be
      the number of shares of Common Stock so purchasable immediately thereafter.

    

    

    4.5.       Replacement of Securities upon
          Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common Stock (other than a change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of the Common Stock),
      or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization
      of the outstanding Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is
      dissolved, the Warrant holders shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore
      purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or
      upon a dissolution following any such sale or transfer, that the Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event. If any reclassification also results in a change in
      the Common Stock covered by Section 4.1, 4.2 or 4.3, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive reclassifications,
      reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant.

    

    

    4.6.       Issuance in connection with a Business
          Combination. If, in connection with a Business Combination, the Company (a) issues additional shares of Common Stock or equity-linked securities at an issue price or effective issue price of less than $9.20 per share (with such issue
      price or effective issue price as determined by the Company’s Board of Directors, in good faith, and in the case of any such issuance to the Sponsor, the initial stockholders or their affiliates, without taking into account any shares of the
      Company’s Class B common stock, par value $0.0001 per share (the “Class B Common Stock”), issued prior to the Public Offering and held by the initial
      stockholders or their affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (b) the aggregate gross proceeds from such issuances
      represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Business Combination on the date of the consummation of such Business Combination (net of redemptions), and (c) the Market Value (as defined
      below) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the Market Value or (ii) Newly Issued Price, and the Redemption Trigger Price (as defined below)
      will be adjusted (to the nearest cent) to be equal to 180% of the greater of (i) the Market Value or (ii) the Newly Issued Price. Solely for purposes of this Section 4.6, the “Market Value” shall mean the volume weighted average trading price of the Common Stock during the twenty (20) trading day period starting on the trading day prior to the date of the consummation of the Business Combination

    

    

    4.7.       Notices of Changes in Warrant.
      Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and
      the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence
      of any event specified in Sections 4.1, 4.2, 4.3, 4.4, 4.5, or 4.6, then, in any such event, the Company shall give written notice to each Warrant holder, at the last address set forth for such holder in the Warrant Register, of the record date or
      the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

    

    

  

  
    

    
      

    

  

  

  

  
    4.8.       No Fractional Warrants or Shares.
      Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be
      entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round up to the nearest whole number of shares of Common Stock to be issued to the Warrant holder.

    

    

    4.9.       Form of Warrant. The form of
      Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this
      Agreement. However, the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned,
      whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

    

    

    4.10.     Other Events. In case any event
      shall occur affecting the Company as to which none of the provisions of preceding subsections of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the
      Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which
      shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of such
      adjustment. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

    

    

    4.11.    No Adjustment. For the avoidance of
      doubt, no adjustment shall be made to the terms of the Warrants solely as a result of an adjustment to the conversion ratio of the Class B Common Stock into shares of Common Stock or the conversion of the shares of Class B Common Stock into shares of
      Common Stock, in each case, pursuant to the Company’s Amended and Restated Certificate of Incorporation, as further amended from time to time.

    

    

  

  
    5.       Transfer and Exchange of Warrants.

    

    

  

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

    

    

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

    

    

    5.3.       Fractional Warrants. The Warrant
      Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of a warrant certificate or book-entry position for a fraction of a warrant, except as part of the Public Units.

    

    

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

    

    

    5.5.       Warrant Execution and Countersignature.
      The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant
      Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

    

    

  

  
    

    
      

    

  

  

  

  
    5.6.       Private Warrants and Working Capital
          Warrants. The Warrant Agent shall not register any transfer of Private Warrants or Working Capital Warrants until after the consummation by the Company of an initial Business Combination, except for transfers (i) among the initial
      stockholders or to the Company’s or the initial stockholders’ members, officers, directors, consultants or their affiliates, (ii) to a holder’s stockholders or members upon the holder’s liquidation, in each case if the holder is an entity, (iii) by
      bona fide gift to a member of the holder’s immediate family or to a trust, the beneficiary of which is the holder or a member of the holder’s immediate family, in each case for estate planning purposes, (iv) by virtue of the laws of descent and
      distribution upon death, (v) pursuant to a qualified domestic relations order, (vi) to the Company for no value for cancellation in connection with the consummation of a Business Combination, (vii) in connection with the consummation of a Business
      Combination at prices no greater than the price at which the Warrants were originally purchased, (viii) in the event of the Company’s liquidation prior to its consummation of an initial Business Combination or (ix) in the event that, subsequent to
      the consummation of an initial Business Combination, the Company completes a liquidation, merger, capital stock exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their Common Stock
      for cash, securities or other property, in each case (except for clauses (vi), (viii) or (ix) or with the Company’s prior written consent) on the condition that prior to such registration for transfer, the Warrant Agent shall be presented with
      written documentation pursuant to which each transferee (each, a “Permitted Transferee”) or the trustee or legal guardian for such Permitted Transferee agrees
      to be bound by the transfer restrictions contained in this Agreement and any other applicable agreement the transferor is bound by.

    

    

  

  5.7.       Transfers prior to Detachment.
    Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Public Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Public
    Unit. Furthermore, each transfer of a Public Unit on the register relating to such Public Units shall operate also to transfer the Warrants included in such Public Unit. Notwithstanding the foregoing, the provisions of this Section 5.7 shall have no
    effect on any transfer of Warrants on or after the Detachment Date.

  

  

  6.       Redemption.

  

  

  6.1.       Redemption. Not less than all of
    the outstanding Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price of $0.01 per Warrant (“Redemption Price”), provided that the last sales price of the Common Stock equals or exceeds $18.00 per share (subject to adjustment in accordance with Section 4 hereof) (the “Redemption Trigger Price”), on each of twenty (20) trading days within any thirty (30) trading day period commencing after the Warrants become exercisable and ending
    on the third trading day prior to the date on which notice of redemption is given and provided that there is an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, and a current prospectus
    relating thereto, available throughout the 30-day redemption or the Company has elected to require the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1(b); provided, however, that if and when the Public Warrants become
    redeemable by the Company, the Company may not exercise such redemption right if the issuance of shares of Common Stock upon exercise of the Public Warrants is not exempt from registration or qualification under applicable state blue sky laws or the
    Company is unable to effect such registration or qualification.

  

  

  
    6.2.       Date Fixed for, and Notice of, Redemption.
      In the event the Company shall elect to redeem all of the Warrants that are subject to redemption, the Company shall fix a date for the redemption (the “Redemption Date”).
      Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date to the registered holders of the Warrants to be redeemed at their last addresses as they shall
      appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the registered holder received such notice.

    

    

    6.3.       Exercise After Notice of Redemption.
      The Public Warrants may be exercised, for cash (or on a “cashless basis” in accordance with Section 3 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the
      Redemption Date. In the event the Company determines to require all holders of Public Warrants to exercise their Warrants on a “cashless basis” pursuant to Section 3.3.1(b), the notice of redemption will contain the information necessary to calculate
      the number of shares of Common Stock to be received upon exercise of the Warrants, including the “Fair Market Value” in such case. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive,
      upon surrender of the Warrants, the Redemption Price.

    

    

  

  
    

    
      

    

  

  

  

  
    7.       Other Provisions Relating to Rights of Holders
          of Warrants.

    

    

  

  
    7.1.       No Rights as Stockholder. A
      Warrant does not entitle the registered holder thereof to any of the rights of a stockholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent
      or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter.

    

    

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

    

    

    7.3.       Reservation of Shares of Common Stock.
      The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

    

    

    7.4.       Registration of Shares of Common Stock.
      The Company agrees that as soon as practicable after the closing of its initial Business Combination, it shall use its best efforts to file with the SEC a registration statement for the registration, under the Act, of the shares of Common Stock
      issuable upon exercise of the Warrants, and it shall use its best efforts to take such action as is necessary to register or qualify for sale, in those states in which the Warrants were initially offered by the Company and in those states where
      holders of Warrants then reside, the shares of Common Stock issuable upon exercise of the Warrants, to the extent an exemption is not available. The Company will use its best efforts to cause the same to become effective and to maintain the
      effectiveness of such registration statement until the expiration of the Warrants in accordance with the provisions of this Agreement. If any such registration statement has not been declared effective by the 60th Business Day following the closing
      of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the 61st Business Day after the closing of the Business Combination and ending upon such registration statement being declared effective by the
      SEC, and during any other period when the Company shall fail to have maintained an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis” as
      determined in accordance with Section 3.3.1(d). The Company shall provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants
      on a cashless basis in accordance with this Section 7.4 is not required to be registered under the Act and (ii) the shares of Common Stock issued upon such exercise will be freely tradable under U.S. federal securities laws by anyone who is not an
      affiliate (as such term is defined in Rule 144 under the Act) of the Company and, accordingly, will not be required to bear a restrictive legend. For the avoidance of any doubt, unless and until all of the Warrants have been exercised on a cashless
      basis, the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this Section 7.4. The provisions of this Section 7.4 may not be modified, amended, or deleted without the prior written
      consent of the Underwriter.

    

    

  

  
    8.       Concerning the Warrant Agent and Other Matters.

    

    

  

  
    8.1.       Payment of Taxes. The Company
      will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall not be obligated
      to pay any transfer taxes in respect of the Warrants or such shares.

    

    

  

  
    

    
      

    

  

  

  

  
    8.2.       Resignation, Consolidation, or Merger of
          Warrant Agent.

    

    

  

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

    

    

    8.2.2.       Notice of Successor Warrant Agent.
      In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the Transfer Agent for the shares of Common Stock not later than the effective date of any such appointment.

    

    

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

    

    

  

  
    8.3.       Fees and Expenses of Warrant Agent.

    

    

  

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

    

    

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

    

    

  

  
    8.4.       Liability of Warrant Agent.

    

    

  

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

    

    

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

    

    

  

  
    

    
      

    

  

  

  

  
    8.4.3.       Exclusions. The Warrant Agent
      shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant
      or condition contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the
      ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued
      pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock will, when issued, be valid and fully paid and nonassessable.

    

    

  

  
    8.5.       Acceptance of Agency. The Warrant
      Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and
      concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of shares of Common Stock through the exercise of Warrants.

    

    

  

  
    9.       Miscellaneous Provisions.

    

    

  

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

    

    

    9.2.       Notices. Any notice, statement or
      demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private
      courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows:

    

    

  

  
    PROOF Acquisition Corp I

    11911 Freedom Drive, Suite 1080

    Reston, VA 20190

    Attn: Michael W. Zarlenga, General Counsel and Corporate Secretary

    

    

  

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

    

    

  

  
    Continental Stock Transfer & Trust Company

    1 State Street, 30th Floor

    New York, New York 10004

    Attn: Compliance Department

    

    

  

  
    with a copy in each case to:

    

    

  

  
    Steptoe & Johnson LLP

    1114 Avenue of the Americas

    New York, New York 10036

    Attn: Scott D. Fisher, Esq.

    

    

  

  
    and

    

    

  

  
    Freshfields Bruckhaus Deringer US LLP

    2710 Sand Hill Road

    Menlo Park, CA 94025

    Attn: Sarah K. Solum, Esq. and Pamela L. Marcogliese, Esq.

    

    

  

  
    

    
      

    

  

  

  

  
    and

    

    

  

  
    BofA Securities, Inc.

    One Bryant Park

    New York, New York 10036

    Attn: [ ]

    

    

  

  
    9.3.       Applicable Law and Exclusive Forum.
      The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of
      the substantive laws of another jurisdiction. Subject to applicable law, the Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement, including under the Act, shall be brought and
      enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive forum for any such action, proceeding or
      claim. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any
      liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum.

    

    

    Any person or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have
      consented to the forum provisions in this Section 9.3. If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court other than a court located within the State of New York or the United States
      District Court for the Southern District of New York (a “foreign action”) in the name of any warrant holder, such warrant holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located within the
      State of New York or the United States District Court for the Southern District of New York in connection with any action brought in any such court to enforce the forum provisions (an “enforcement action”), and (y) having service of process made upon
      such warrant holder in any such enforcement action by service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder.

    

    

    9.4.       Persons Having Rights under this Agreement.
      Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders
      of the Warrants any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement
      shall be for the sole and exclusive benefit of the parties hereto (and the Underwriter with respect to Sections 7.4, 9.4, 9.8 hereof) and their successors and assigns and of the registered holders of the Warrants.

    

    

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

    

    

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

    

    

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

    

    

    9.8.       Amendments. This Agreement may be
      amended by the parties hereto without the consent of any registered holder for the purpose of (i) curing any ambiguity or to correct any mistake, including to conform the provisions hereof to the description of the terms of the Warrants and this
      Agreement set forth in the Prospectus, or curing, correcting or supplementing any defective provision contained herein, or (ii) adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties
      may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the registered holders. All other modifications or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period,
      shall require the written consent or vote of the registered holders of at least 50% of the then outstanding Public Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant
      to Sections 3.1 and 3.2, respectively, without the consent of the registered holders. The provisions of this Section 9.8 may not be modified, amended or deleted without the prior written consent of the Underwriter.

    

    

  

  
    

    
      

    

  

  

  

  
    9.9.       Trust Account Waiver. The Warrant
      Agent acknowledges and agrees that it shall not make any claims or proceed against the trust account established by the Company in connection with the Public Offering (as more fully described in the Registration Statement) (“Trust Account”), including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. In the event that the Warrant Agent has a claim
      against the Company under this Agreement, the Warrant Agent will pursue such claim solely against the Company and not against the property held in the Trust Account.

    

    

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

    

    

  

  
    

    
      

    

  

  

  

  Exhibit A – Form of Warrant Certificate

  

  

  Exhibit B – Legend

  
    

    

  

  
    [Signature Page Follows]

  

  

  

  
    

    
      

    

  

  

  

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

    

    

  

  	 	
          PROOF ACQUISITION CORP I

        
	 	 	 	 
	 	 	 	 
	 	
          By:

        	 	 
	 	 	
          Name:

        	 
	 	 	
          Title:

        	 
	 	 	 	 
	 	 	 	 
	 	
          CONTINENTAL STOCK TRANSFER

        
	 	
          & TRUST COMPANY, as Warrant Agent

        
	 	 	 	 
	 	 	 	 
	 	
          By:

        	 	 
	 	 	
          Name:

        	 
	 	 	
          Title:

        	 

  
    

    

  

  [Signature Page to Warrant Agreement]Exhibit 10.1

    

    

    INVESTMENT MANAGEMENT TRUST AGREEMENT

    

    

    THIS INVESTMENT MANAGEMENT TRUST AGREEMENT is made effective as of [ ], 2021 (as amended, supplemented or otherwise modified from time to
      time, this “Agreement”), by and between PROOF Acquisition Corp I, a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York limited purpose trust company (the “Trustee”).

    

    

    WHEREAS, the Company’s registration statement on Form S-1, File No. 333-261015 (the “Registration Statement”) and prospectus (the “Prospectus”)
      for the initial public offering (the “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-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Common Stock, has been declared effective as of
      the date hereof by the U.S. Securities and Exchange Commission;

    

    

    WHEREAS, the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”) with BofA Securities, Inc., as representative (the “Representative”)
      of the several underwriters (the “Underwriters”) named therein;

    

    

    WHEREAS, if a Business Combination (as defined herein) is not consummated within the initial 18 month period following the closing of the
      Offering, upon the request of the Company’s sponsor (the “Sponsor”), the Company may extend such period up to two times, each
      by an additional three months for a total of up to 24 months, subject to the Sponsor or its affiliates or permitted designees depositing $1,000,000 (or up to $1,150,000 if the Underwriters’ over-allotment option is exercised in full) into the Trust
      Account (as defined below) no later than the 18 month and the 21 month anniversary of the Offering (each, an “Applicable Deadline”)
      for each three month extension (each, an “Extension”), in exchange for which the Sponsor will receive a non-interest bearing,
      unsecured promissory note for each Extension payable upon consummation of a Business Combination;

    

    

    WHEREAS, as described in the Prospectus, $204,000,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants (as
      defined in the Underwriting Agreement) (or $234,600,000 if the Underwriter’s option to purchase additional units is exercised in full) and the proceeds from any loans in connection with an Extension will be delivered to the Trustee to be deposited
      and held in a segregated trust account located at all times in the United States (the “Trust Account”) for the benefit of the
      Company and the holders of shares of 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 shareholders for whose benefit the Trustee shall hold the Property are referred to herein as the “Public Shareholders” and the Public Shareholders and the Company are referred to herein together as the “Beneficiaries”); and

    

    

    WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property equal to $7,000,000 (or $8,050,000 if the Underwriter’s option
      to purchase additional units is exercised in full) is attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters upon the consummation of the Business Combination (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:

    

    

    (i) 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 Bank of America, N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100 billion or more) in the United States, maintained by the Trustee and at a brokerage institution selected by the Trustee that is
      reasonably satisfactory to the Company;

    

    

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

    

    

    
      

      
        

      

    

    

    

    (iii) In a timely manner, upon the written instruction of the Company, invest and reinvest the Property only in United States government securities within the
      meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the
      Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations, as determined by the Company; it being understood that the Trust Account will earn no interest while account funds
      are uninvested awaiting the Company’s instructions hereunder and while the account funds are invested or uninvested, the Trustee may earn bank credits or other consideration;

    

    

    (iv) 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;

    

    

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

    

    

    (vi) 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;

    

    

    (vii) 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;

    

    

    (viii) 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;

    

    

    (ix) Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the
      Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive
      Officer, Chief Financial Officer or other authorized officer of the Company, and, in the case of the Termination Letter 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 earned on the funds held in the Trust Account and not previously released to the
      Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein, or (y) upon the date which is the later of (1) eighteen (18) months after
      the closing of the Offering, (2) such later date upon an Extension effectuated pursuant to the terms hereof and (3) such later date as may be approved by the Company’s shareholders in accordance with the Company’s amended and restated certificate of
      incorporation and bylaws, 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 hereto as Exhibit B and the Property in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay
      its taxes (less up to $100,000 of interest to pay dissolution expenses), shall be distributed to the Public Shareholders of record as of such date. It is acknowledged and agreed that there should be no reduction in the principal amount per share
      initially deposited in the Trust Account;

    

    

    (x) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C (a “Tax Payment Withdrawal
        Instruction”), withdraw from the Trust Account and distribute to the Company the amount of interest earned on the Property requested by the Company to cover any 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, so
      long as there is no reduction in the principal amount per share initially deposited in the Trust Account; 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 (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); 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 relevant taxing authority for the Company. 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;

    

    

    
      

      
        

      

    

    

    

    (xi) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D (a “Shareholder Redemption
        Withdrawal Instruction”), the Trustee shall distribute to the remitting brokers on behalf of Public Shareholders redeeming shares of Common Stock the amount required to pay redeemed shares of Common Stock from Public Shareholders properly
      submitted in connection with a shareholder vote to approve an amendment to the amended and restated certificate of incorporation and bylaws (A) to modify the substance or timing of the Company’s obligation to provide holders of the shares of Common
      Stock the right to have their shares redeemed in connection with the Company’s initial Business Combination or to redeem 100% of the shares of Common Stock if the Company does not complete its initial Business Combination within the time period set
      forth therein or (B) with respect to any other provision relating to the rights of holders of the shares of Common Stock; and

    

    

    (xii) Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(ix), (x) or (xi) above.

    

    

    (xiii) Upon receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit E hereto at least five business days prior to the Applicable Deadline, signed on behalf
      of the Company by an executive officer, and receipt of the dollar amount specified in the Extension Letter on or prior to the Applicable Deadline, follow the instructions set forth in the Extension Letter.

    

    

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

    

    

    (i) Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chief Executive Officer, Chief Financial Officer or other authorized
      officer of the Company. In addition, except with respect to its duties under Sections 1(ix), (x) or (xi), 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;

    

    

    (ii) Subject to Section 4, 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(ii), it shall notify the Company in writing of such claim (an “Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; provided, however, 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;

    

    

    (iii) Pay the Trustee the fees set forth on Schedule A hereto,
      including an initial acceptance fee, annual administration fee and transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property shall not be used to pay such
      fees unless and until it is distributed to the Company pursuant to Sections 1(ix) through 1(xi). 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(iii) and as may be provided in Section
          2(ii);

    

    

    (iv) In connection with any vote of the Company’s shareholders regarding a merger, share exchange, asset acquisition, share 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 general meeting verifying the vote of such shareholders regarding such Business Combination;

    

    

    (v) Provide the Representative with a copy of any Termination Letter(s), Tax Payment Withdrawal Instruction(s), Shareholder Redemption Withdrawal
      Instruction(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;

    

    

    
      

      
        

      

    

    

    

    (vi) 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;

    

    

    (vii) 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

    

    

    (viii) Within five (5) business days after the Underwriters exercise their option to purchase additional units (or any unexercised portion thereof) or such
      option to purchase additional units expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount.

    

    

    (ix) If applicable, issue a press release at least three days prior to the Applicable Deadline announcing that, at least five days prior to the Applicable
      Deadline, the Company received notice from the Sponsor that the Sponsor intends to deposit funds into the Trust Account for extending the Applicable Deadline and the Board has approved such Extension.

    

    

    (x) Promptly following the Applicable Deadline, disclose whether or not the deadline for the Company to consummate a Business Combination has been extended.

    

    

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

    

    

    (i) 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;

    

    

    (ii) Take any action with respect to the Property, other than as directed in Section
          1, 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;

    

    

    (iii) 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;

    

    

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

    

    

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

    

    

    (vi) 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;

    

    

    (vii) 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;

    

    

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

    

    

    (ix) 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;

    

    

    (x) 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;

    

    

    
      

      
        

      

    

    

    

    (xi) 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, tax obligations, except pursuant to Section
          1(x); or

    

    

    (xii) Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(ix), 1(x) or 1(xi).

    

    

    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(ii) or Section 2(iii), 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:

    

    

    (i) 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

    

    

    (ii) 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(ix) and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 2(ii).

    

    

    6. Miscellaneous.

    

    

    (i) The Company and the Trustee each acknowledge that the Trustee shall 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.

    

    

    (ii) This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. 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.

    

    

    This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for Section 1(ix), 1(x) and 1(xi) (which sections may not be modified, amended or deleted without the affirmative vote of sixty-five percent (65%) of the then outstanding shares of Common Stock and Class B common stock, par
      value approximately $0.0001 per share, of the Company, voting together as a single class; provided, however, that no such amendment will affect any Public Shareholder who

    

    

    (iii) has properly elected to redeem his or her shares of Common Stock in connection with a shareholder vote to amend this Agreement to modify the substance
      or timing of the Company’s obligation to provide for the redemption of the Public Shares in connection with an initial Business Combination or an Amendment or to redeem 100% of its shares of Common Stock if the Company does not complete its initial
      Business Combination within the time frame specified in the Company’s amended and restated certificate of incorporation and bylaws), 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.

    

    

    
      

      
        

      

    

    

    

    (iv) 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.

    

    

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

    

    

    if to the Trustee, to:

    

    

    Continental Stock Transfer & Trust Company

    1 State Street, 30th Floor

    New York, New York 10004

    Attention: [ ]

    E-mail: [ ]@continentalstock.com

    

    

    if to the Company, to:

    

    

    PROOF Acquisition Corp I

    11911 Freedom Drive, Suite 1080

    Reston, VA 20190

    Attention: Michael W. Zarlenga, General Counsel & Corporate Secretary

    E-mail: michael@proof.vc

    

    

    in each case, with copies to:

    

    

    Steptoe & Johnson LLP

    1114 Avenue of the Americas

    New York, New York 10036

    Attention: Scott D. Fisher

    E-mail: sfisher@steptoe.com

    

    

    and

    

    

    BofA Securities, Inc.

    One Bryant Park

    New York, New York 10036

    Attention: [ ]

    

    

    and

    

    

    Freshfields Bruckhaus

    Deringer US LLP

    2710 Sand Hill Road

    Menlo Park, CA 94025

    Attention: Sarah K. Solum

    E-mail: Sarah.Solum@freshfields.com

    

    

    (vi) 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.

    

    

    (vii) 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.

    

    

    
      

      
        

      

    

    

    

    (viii) 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.

    

    

    (ix) Each of the Company and the Trustee hereby acknowledges and agrees that each of the Representative on behalf of the Underwriters is a third-party
      beneficiary of this Agreement.

    

    

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

    

    

    [Signature Page Follows]

    

    

    
      

      
        

      

    

    

    

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

    	 	 
	 	
            CONTINENTAL STOCK TRANSFER & TRUST COMPANY,

          
	 	
            as Trustee

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          	
            Francis Wolf

          
	 	 	
            Title:

          	
            Vice President

          
	 	 
	 	
            PROOF ACQUISITION CORP I

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          	
            John C. Backus, Jr.

          
	 	 	
            Title:

          	
            Chief Executive Officer & Director

          

    

    

    [Signature Page to Investment Management Trust
        Agreement—PROOF Acquisition Corp I]

    

    

    
      

      
        

      

    

    

    

    SCHEDULE A

    TRUSTEE’S FEES

    

    

    	 	 	 	 	 
	
            Fee Item

          	 	
            Time and method of

            payment

          	 	
            Amount

          
	
            Initial acceptance fee

          	 	
            Initial closing of the Offering by wire transfer

          	 	
            $3,500.00

          
	 	 	 
	
            Annual fee

          	 	
            First year, initial closing of the Offering by wire transfer; thereafter on the anniversary of the closing date of the Offering by wire transfer or
              check

          	 	
            $10,000.00

          
	 	 	 
	
            Transaction processing fee for disbursements to the Company pursuant to Sections 1(ix), (x) and (xi)

          	 	
            Billed by the Trustee to the Company pursuant to Section 1

          	 	
            $250.00

          
	 	 	 
	
            Paying Agent services as required pursuant to Sections 1(ix), (x) and (xi)

          	 	
            Billed to the Company upon delivery of service pursuant to Sections 1(ix), (x) and (xi)

          	 	
            Prevailing rates

          

    

    

    
      

      
        

      

    

    

    

    EXHIBIT A

    

    

    [Letterhead of the Company]

    

    

    [Insert date]

    

    

    Continental Stock Transfer & Trust Company

    1 State Street, 30th Floor

    New York, New York 10004

    Attention: [ ]

    

    

    Re: Trust Account No. [ ] – Termination Letter

    

    

    Dear [ ]:

    

    

    Pursuant to Section 1(ix) of the Investment Management Trust Agreement, dated as of [ ], 2021 (as amended, supplemented or otherwise modified from time to
      time, the “Trust Agreement”), by and between PROOF Acquisition Corp I (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), this is to advise you that the Company has entered into an agreement with [insert name] (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 (or such shorter period as you may agree) 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 the liquidation of all of the assets of the Trust Account and to
      transfer the proceeds to the trust operating account at Bank of America, N.A. to the effect that, on the Consummation Date, all of the funds held in the Trust Account will be immediately available for transfer to the account or accounts that the
      Company shall direct on the Consummation Date (including as directed to it by the Representative with respect to the Deferred Discount). It is acknowledged and agreed that, while the funds are on deposit in the trust operating account at Bank of
      America, 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) [an affidavit] [a certificate] of the Chief Executive Officer or the Chief Financial Officer of the Company, which verifies that the Business Combination has been approved by a vote of the Company’s shareholders,
      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 shareholders who have properly
      exercised their redemption rights and payment of Deferred Discount to the account or accounts directed by 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 the Company has 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(iii) of the Trust
      Agreement on the business day immediately following the Consummation Date as set forth in such written instruction as soon thereafter as possible.

    

    

    

    

    	 	 
	 	
            Very truly yours,

          
	 	 
	 	
            PROOF ACQUISITION CORP I

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	
            Agreed and acknowledged:

          	 	 
	 	 	 
	
            BOFA SECURITIES, INC.

          	 	 
	 	 	 	 
	
            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

    Attention: [ ]

    

    

    Re: Trust Account No. [ ] – Termination Letter

    

    

    Dear [ ]:

    

    

    Pursuant to Section 1(ix) of the Investment Management Trust Agreement, dated as of [ ], 2021 (as amended, supplemented or otherwise modified from time to
      time, the “Trust Agreement”), by and between PROOF Acquisition Corp I (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), this is to advise you that the Company has been unable to effect a Business Combination with a Target Business within the time frame specified in the Company’s amended and restated certificate of incorporation and bylaws,
      as described in the Company’s Prospectus relating to the Offering. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

    

    

    In accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to transfer the total
      proceeds into a segregated account held by you on behalf of the Beneficiaries to await distribution to the Public Shareholders. The Company has selected [insert completion deadline] as the effective date for the purpose of determining when the Public
      Shareholders 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 Public Shareholders in
      accordance with the terms of the Trust Agreement and the amended and restated certificate of incorporation and bylaws 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(ix) of the Trust Agreement.

    

    

    * * * * *

    

    

    

    

    	 
	 	
            Very truly yours,

          
	 	 
	 	 
	 	
            PROOF ACQUISITION CORP I

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    cc: BOFA SECURITIES, INC.

    

    

    
      

      
        

      

    

    

    

    EXHIBIT C

    

    

    [Letterhead of Company]

    

    

    [Insert date]

    

    

    Continental Stock Transfer & Trust Company

    

    

    1 State Street, 30th Floor

    

    

    New York, New York 10004

    

    

    Attention: [ ]

    

    

    Re: Trust Account No. [ ] – Tax Payment Withdrawal Instruction

    

    

    Dear [ ]:

    

    

    Pursuant to Section 1(x) of the Investment Management Trust Agreement, dated as of [ ], 2021 (as amended, supplemented or otherwise modified from time to
      time, the “Trust Agreement”), by and between PROOF Acquisition Corp I (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), 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,

          
	 	 
	 	
            PROOF ACQUISITION CORP I

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    cc: BOFA SECURITIES, INC.

    

    

    
      

      
        

      

    

    

    

    EXHIBIT D

    

    

    [Letterhead of Company]

    

    

    [Insert date]

    

    

    Continental Stock Transfer & Trust Company

    

    

    1 State Street, 30th Floor

    

    

    New York, New York 10004

    

    

    Attention: [ ]

    

    

    Re: Trust Account No. [ ] – Redemption Withdrawal Instruction

    

    

    Dear [ ]:

    

    

    Pursuant to Section 1(xi) of the Investment Management Trust Agreement, dated as of [ ], 2021 (as amended, supplemented or otherwise modified from time to
      time, the “Trust Agreement”), by and between PROOF Acquisition Corp I (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), the Company hereby requests that you deliver to the redeeming Public Shareholders 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 Public Shareholders who have requested redemption of their shares of 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 Shareholders who have properly elected to have their shares of Common Stock redeemed by the Company in
      connection with a shareholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation and bylaws (A) to modify the substance or timing of the Company’s obligation to provide holders of the shares of Common
      Stock the right to have their shares redeemed in connection with the Company’s initial Business Combination or to redeem 100% of the shares of Common Stock if the Company does not complete its initial Business Combination within the time period set
      forth therein or (B) with respect to any other provision relating to the rights of holders of the shares of Common Stock. As such. 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 trust account at:

    

    

    [WIRE INSTRUCTION INFORMATION]

    

    

    * * * * *

    

    

    

    

    	 	 
	 	
            Very truly yours,

          
	 	 
	 	
            PROOF ACQUISITION CORP I

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    cc: BOFA SECURITIES, INC.

    

    

    
      

      
        

      

    

    

    

    EXHIBIT E

    

    

    [Letterhead of Company]

    

    

    [Insert date]

    

    

    Continental Stock Transfer & Trust Company

    

    

    1 State Street, 30th Floor

    

    

    New York, New York 10004

    

    

    Attention: [ ]

    

    

    Re: Trust Account No. [ ] – Extension Letter

    

    

    Dear [ ]:

    

    

    Pursuant to Section 1(xiii) of the Investment Management Trust Agreement, dated as of [ ], 2021 (as amended, supplemented or otherwise modified from time to
      time, the “Trust Agreement”), by and between PROOF Acquisition Corp I (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), this is to advise you that the Company is extending the time available to consummate a Business Combination for an additional three (3) months, from to (the “Extension”).

    

    

    This Extension Letter shall serve as the notice required with respect to the Extension prior to the Applicable Deadline. Capitalized words used herein and not
      otherwise defined shall have the meanings ascribed to them in the Trust Agreement

    

    

    In accordance with the terms of the Trust Agreement, we hereby authorize you to deposit $1,000,000 [(or up to $1,150,000 if the underwriters’ over-allotment
      option was exercised in full)], which will be wired to you, into the Trust Account investments upon receipt.

    

    

    This is the of up to two Extension Letters.

    

    

    * * * * *

    

    

    	 	 
	 	
            Very truly yours,

          
	 	 
	 	
            PROOF ACQUISITION CORP I

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    cc: BOFA SECURITIES, INC.

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