Document:

Exhibit 10.8

 

Environmental Impact Acquisition Corp. 

99 High Street

Boston, MA 02110

 

September 4, 2020

 

HB Strategies LLC

c/o Hudson Bay Capital Management LP

777 Third Avenue, 30th Floor

New York, NY 10017

 

		RE:	Securities Subscription Agreement

 

 Ladies and Gentlemen:

 

This agreement (this
“Agreement”) is entered into on September 4, 2020 by and between HB Strategies LLC (the “Subscriber”
or “you”), and Environmental Impact Acquisition Corp., a Delaware corporation (the “Company,”
“we” or “us”). Pursuant to the terms hereof, the Company hereby accepts the offer the Subscriber
has made to purchase 5,031,250 shares (the “Shares”) of Class B common stock, $0.0001 par value per share (“Class
B Common Shares”), of which up to 656,250 Shares are subject to forfeiture by you if the underwriters of the initial
public offering (“IPO”) of units (“Units”) of the Company do not fully exercise their over-allotment
option (the “Over-allotment Option”). Class B Common Shares will automatically convert into shares of the Company’s
Class A common stock (“Class A Common Shares”) at the time of its initial business combination on a one-for-one
basis, subject to adjustment in certain circumstances. The Company and the Subscriber’s agreements regarding such Shares
are as follows:

 

1. Purchase
of Securities.

 

1.1. Purchase
of Shares. For the sum of $17,500 (the “Purchase Price”) the Company hereby agrees to issue the Shares to
the Subscriber, and the Subscriber hereby agrees to purchase the Shares from the Company, subject to forfeiture, on the terms and
subject to the conditions set forth in this Agreement.  Against payment in full of the
Purchase Price for the Shares, the Company shall deliver to Subscriber evidence, reasonably satisfactory to Subscriber, that a
book-entry representing the issuance of such aggregate number of Shares has been established on the books and records of the Company
at the Transfer Agent.

 

2. Representations,
Warranties and Agreements.

 

2.1. Subscriber’s
Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber hereby
represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1. No
Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon or made any
recommendation or endorsement of the offering of the Shares.

 

2.1.2. No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing documents of the
Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party or (iii) any law, statute, rule or regulation
to which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber is subject.

 

2.1.3. Organization
and Authority. The Subscriber is a limited liability company, validly existing and in good standing under the laws of Delaware
and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. Upon execution
and delivery by you, this Agreement is a legal, valid and binding agreement of Subscriber, enforceable against Subscriber in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar
laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless of
whether enforcement is sought in a proceeding at law or in equity).

 

     

     

    

 

2.1.4. Experience,
Financial Capability and Suitability. Subscriber is: (i) sophisticated in financial matters and is able to evaluate the risks
and benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares for an indefinite
period of time because the Shares have not been registered under the Securities Act (as defined below) and therefore cannot be
sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber is
capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests.
Subscriber must bear the economic risk of this investment until the Shares are sold pursuant to: (i) an effective registration
statement under the Securities Act or (ii) an exemption from registration available with respect to such sale. Subscriber is able
to bear the economic risks of an investment in the Shares and to afford a complete loss of Subscriber’s investment in the
Shares.

 

2.1.5. Access
to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity
to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as
the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify
the accuracy of all information so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s
own knowledge and understanding of the Company and its business based upon Subscriber’s own due diligence investigation and
the information furnished pursuant to this paragraph. Subscriber understands that no person has been authorized to give any information
or to make any representations which were not furnished pursuant to this Section 2 and Subscriber has not relied on any other representations
or information in making its investment decision, whether written or oral, relating to the Company, its operations and/or its prospects.

 

2.1.6. Regulation
D Offering. Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of
Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) and acknowledges the sale contemplated
hereby is being made in reliance on a private placement exemption to “accredited investors” within the meaning of Section
501(a) of Regulation D under the Securities Act or similar exemptions under state law.

 

2.1.7. Investment
Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account and
not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The
Subscriber did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the
meaning of Rule 502 under the Securities Act.

 

2.1.8. Restrictions
on Transfer; Shell Company. Subscriber understands the Shares are being offered in a transaction not involving a public offering
within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities” within
the meaning of Rule 144(a)(3) under the Securities Act, and Subscriber understands that the book-entries representing the Shares
will contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge or otherwise
transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant to: (i) registration under
the Securities Act, or (ii) an available exemption from registration. Absent registration or an exemption, the Subscriber agrees
not to resell the Shares. Subscriber further acknowledges that because the Company is a shell company, Rule 144 may not be available
to the Subscriber for the resale of the Shares until one year following consummation of the initial business combination of the
Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.1.9. No
Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary or
appropriate on the part of Subscriber in connection with the transactions contemplated by this Agreement.

 

    2

     

    

 

2.2. Company’s
Representations, Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby represents
and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1. Organization
and Corporate Power. The Company is a Delaware corporation and is qualified to do business in every jurisdiction in which the
failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results
or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

2.2.2. No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the Certificate of Incorporation or By Laws
of the Company, (ii) any agreement, indenture or instrument to which the Company is a party or (iii) any law, statute, rule or
regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3. Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly and validly
issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Subscriber
will have or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a)
transfer restrictions hereunder and other agreements to which the Shares may be subject which have been notified to the Subscriber
in writing, (b) transfer restrictions under federal and state securities laws, and (c) liens, claims or encumbrances imposed due
to the actions of the Subscriber.

 

2.2.4. No
Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company
which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement
or (ii) question the validity or legality of any transactions or seeks to recover damages or to obtain other relief in connection
with any transactions.

 

2.2.5    Registration
Rights Agreement. At or prior to the date of the consummation of the IPO, the Company and the Subscriber shall enter into a
registration rights agreement (the “Registration Rights Agreement”), in form and substance acceptable to the
Subscriber and which shall be no less favorable to the Subscriber than the registration rights granted to any other holder of Class
B Common Shares, pursuant to which the Company will grant certain registration rights to the Purchaser relating to, among other
things, Class A Common Shares that are issuable upon conversion of the Class B Common Shares, securities of the Company purchased
by the Subscriber through the IPO, and warrants of the Company to be purchased by the Subscriber through a private placement.

 

3. Forfeiture
of Shares.

 

3.1. Partial
or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters of the IPO
is not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees of Shares)
shall forfeit any and all rights to such number of Shares (up to an aggregate of 656,250 Shares and pro rata based upon the percentage
of the Over-allotment Option exercised) such that immediately following such forfeiture, the Subscriber (and all other initial
stockholders prior to the IPO, if any) will own an aggregate number of Class B Common Shares, not including Class A Common Shares
issuable upon exercise of any warrants or any Class A Common Shares (including as part of Units) purchased by Subscriber or other
initial stockholders in the IPO or in the aftermarket, representing 20% of the issued and outstanding common stock of the Company
immediately following the IPO.

 

3.2. Termination
of Rights as Stockholder. If any of the Shares are forfeited in accordance with this Section 3, then after such time the Subscriber
(or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such
action as is appropriate to cancel such forfeited Shares.

 

    3

     

    

 

4. Waiver
of Liquidation Distributions; Redemption Rights. Solely with respect to the Shares purchased pursuant to this Agreement, the
Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from
the trust account which will be established for the benefit of the Company’s public stockholders and into which substantially
all of the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the
Company upon the Company’s failure to timely complete an initial business combination. For purposes of clarity, in the event
the Subscriber purchases Class A Common Shares (including as part of Units) in the IPO or in the aftermarket, any Class A Common
Shares so purchased shall be eligible to receive any liquidating distributions by the Company. However, in no event will the Subscriber
have the right to redeem any Shares purchased pursuant to this Agreement into funds held in the Trust Account upon the successful
completion of an initial business combination.

 

5. Restrictions
on Transfer.

 

5.1. Securities
Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly known as an “Insider
Letter”) to be dated as of the closing of the IPO by and between Subscriber and the Company, Subscriber agrees not to
sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior thereto (a) a registration
statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the Shares proposed
to be transferred shall then be effective or (b) the Company has received an opinion from counsel reasonably satisfactory to the
Company, that such registration is not required because such transaction is exempt from registration under the Securities Act and
the rules promulgated by the Securities and Exchange Commission thereunder and with all applicable state securities laws. 

 

5.2. Lock-up.
Subscriber acknowledges that the Shares will be subject to lock-up provisions (the “Lock-up”) contained in the
Insider Letter.

 

5.3. Restrictive
Legends. Any certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

“THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES
NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL,
IS AVAILABLE.”

 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF
THE LOCKUP.”

 

5.4. Additional
Shares or Substituted Securities. In the event of the declaration of a share dividend, the declaration of an extraordinary
dividend payable in a form other than Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company’s outstanding Shares without receipt of consideration, any new, substituted
or additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject
to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5 and Section
3. Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number and/or class
of Shares subject to this Section 5 and Section 3.

 

5.5. Registration
Rights. Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant to
the Registration Rights Agreement to be entered into with the Company prior to the closing of the IPO.

 

6. Other
Agreements.

 

6.1. Further
Assurances. Subscriber agrees to execute such further instruments and to take such further action as may reasonably be necessary
to carry out the intent of this Agreement.

 

    4

     

    

 

6.2. Notices.
All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other
communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business
day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery
to an overnight courier service or five (5) days after mailing if sent by mail.

 

6.3. Entire
Agreement. This Agreement, together with the Insider Letter and the Registration Rights Agreement, each substantially in the
form to be filed as an exhibit to the Registration Statement on Form S-1 associated with the Company’s IPO, embodies the
entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes
all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty,
covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict,
the express terms and provisions of this Agreement. 

 

6.4. Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by
all parties hereto.

 

6.5. Waivers
and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only
by a written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall
be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether
or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was
given, and shall not constitute a continuing waiver or consent.

 

6.6. Assignment.
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of
the other party.

 

6.7. Benefit.
All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto
and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement
shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded
as a third-party beneficiary of this Agreement.

 

6.8. Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the
conflict of law principles thereof.

 

6.9. Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in
this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.

 

6.10. No
Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under
this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy
of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment
or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise
thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute
a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required
under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar
or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action
in any circumstances without such notice or demand.

 

6.11. Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any
other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof
and any investigations made by or on behalf of the parties.

 

    5

     

    

 

6.12. No
Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to
create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim or
demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

6.13. Headings
and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference only
and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14. Counterparts.
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

6.15. Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of
intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement.
The words “include,” “includes,” and “including” will be deemed to be
followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include
any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise
requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
“hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision
unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have
independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect,
the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the
relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party
hereto is in breach of the first representation, warranty, or covenant.

 

6.16. Mutual
Drafting. This Agreement is the joint product of the Subscriber 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.

 

7.   Voting
and Tender of Shares. Subscriber agrees to vote the Shares purchased pursuant to this Agreement in favor of an initial business
combination that the Company negotiates and submits for approval to the Company’s stockholders and shall not seek redemption
with respect to such Shares. Additionally, the Subscriber agrees not to tender any Shares purchased pursuant to this Agreement
in connection with a tender offer presented to the Company’s stockholders in connection with an initial business combination
negotiated by the Company.

 

8.    Indemnification.
Each party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s fees and expenses)
incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement.

 

9.   Most
Favored Nation. Without the prior written consent of Subscriber, the Company has not provided, and until the consummation of
the Company’s initial business combination shall not provide, to any existing or future investor, contract terms, rights
or benefits more favorable, in form or substance, than those provided to Subscriber by this Agreement and the terms of the Shares,
unless, in any such case, Subscriber has been provided with such rights and benefits.

 

[Signature Page Follows]

 

    6

     

    

 

If the foregoing accurately
sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.

 

	 	Very truly yours,
	 	 
	 	ENVIRONMENTAL IMPACT ACQUISITION CORP.
	 	 	 
	 	By:	 /s/
    Daniel Coyne
	 	 	Name: Daniel Coyne
	 	 	Title:   President and Chief Executive Officer 

 

	Accepted and agreed as of the date first written above.	 
	 	 
	HB Strategies LLC 	 
	 	 
	By:	 /s/
    George Antonopoulos	 
	 	
        Name: George Antonopoulos

        Title:  Authorized Signatory
	 

 

Authorized Signatory

Hudson Bay Capital Management LP

Not individually, but solely as Investment

Advisor to HB Strategies LLC

 

[Signature Page to Securities Subscription
Agreement]Exhibit 10.9

 

STOCK GRANT AGREEMENT

 

This Stock Grant Agreement
(this “Agreement”), dated as of [__], 2020, is made and entered into by and between Environmental Impact
Acquisition Corp., a Delaware corporation (the “Company”) and the person identified on the signature
page hereto (the “Recipient”).

 

  WHEREAS,
in order to induce the Recipient to serve in his or her capacity as a director of the Company, and on the terms and subject to
the conditions set forth in this Agreement, the Company wishes to issue such number of its shares of Class B common stock (“Shares”)
as set forth on Schedule A hereto (as such number of Shares may be reduced, as indicated on such Schedule A, if the
underwriters of the Company’s initial public offering do not exercise their over-allotment option in full) to the Recipient,
and the Recipient agrees to accept the Shares and be bound by the terms of this Agreement.

 

NOW, THEREFORE,
in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other
good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto, intending
to be legally bound, hereby agree as follows:

  

Section 1 
Issuance of Securities.    Company hereby agrees to issue the Shares to the Recipient as set forth
on Schedule A, subject to the terms and conditions of this Agreement. The Recipient and the Company agree that the Shares
are being issued to the Recipient as consideration for the services performed by the Recipient to the Company.

  

Section 2  No
Conflicts.    Each party represents and warrants that neither the execution and delivery of this Agreement
by such party, nor the consummation or performance by such party of any of the transactions contemplated hereby, will with or without
notice or lapse of time, constitute, create or result in a breach or violation of, default under, loss of benefit or right under
or acceleration of performance of any obligation required under any agreement to which it is a party.

 

Section 3
Representations.  The Recipient hereby acknowledges that an investment in the Shares involves certain significant
risks. The Recipient has no need for liquidity in his or her investment in the Shares for the foreseeable future and is able to
bear the risk of that investment for an indefinite period. The Recipient acknowledges and hereby agrees that the Shares will not
be transferable under any circumstances unless the Recipient either registers the Shares in accordance with federal and state securities
laws or finds and complies with an exemption under such laws and such transfer complies with all applicable lock-up restrictions
(described in the Section 5(i), below) that apply to the Shares. The Recipient further understands that any certificates evidencing
the Shares may bear a legend referring to the foregoing transfer restrictions. The Shares are being acquired solely for the Recipient's
own account, for investment purposes only, and are not being acquired with a view to or for the resale, distribution, subdivision
or fractionalization thereof; and the Recipient has no present plans to enter into any contract, undertaking, agreement or arrangement
for such resale, distribution, subdivision or fractionalization. The Recipient has been given the opportunity to (i) ask questions
of and receive answers from the Company concerning the terms and conditions of the Shares, and the business and financial condition
of the Company and (ii) obtain any additional information that the Company possesses or can acquire without unreasonable effort
or expense that is necessary to assist the Recipient in evaluating the advisability of the receipt of the Shares. The Recipient
is not relying on any oral representation made by any person as to the Company or its operations, financial condition or prospects.
The Recipient is an “accredited investor” as defined in Regulation D promulgated by the Securities and Exchange
Commission under the Securities Act of 1933.

 

Section 4  Intentionally
Omitted.    

 

     

     

    

 

Section 5  Recipient’s
Obligations. (i) The Recipient hereby agrees that the Shares are subject to certain restrictions and obligations, including
certain lockup periods as described in the Company’s Registration Statement on Form S-1, as amended, filed with the Securities
and Exchange Commission (the “Registration Statement”) that will be set forth in the letter agreement
described in the next sentence. The Recipient hereby agrees to be a party to that certain letter agreement between the Company
and the Recipient in the form anticipated to be filed with the Securities Exchange Commission. Recipient acknowledges that the
terms of such letter agreement will require the Recipient to waive his or her rights to liquidating distributions from the Company’s
trust account with respect to the Founder Shares if the Company fails to complete its initial business combination within 18 months
from the closing of its initial public offering (or up to 24 months if extended at the board’s discretion).

 

(ii) In the event the
over-allotment option granted to the underwriters of the initial public offering is not exercised in full, the Recipient acknowledges
and agrees that it (or, if applicable, it and any transferees of Shares) shall forfeit any and all rights to such number of Shares
as indicated on Schedule A hereto.

 

(iii) In the event
the Recipient’s status as a director of the Company terminates for any reason prior to the date of consummation of the Company’s
initial business combination as defined in the Registration Statement, 100% of such Recipient’s Shares shall be automatically
deemed forfeited to the Company and cancelled, without consideration therefor, unless the remaining members of the Company’s
board of directors determine otherwise. 

 

Section 6  Miscellaneous.    This
Agreement, together with the certificates, documents, instruments and writings that are delivered pursuant hereto, constitutes
the entire agreement and understanding of the parties hereto in respect of its subject matter. This Agreement may be executed in
two or more counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument.
This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by
all parties hereto. Except as otherwise provided herein, no party hereto may assign either this Agreement or any of its rights,
interests, or obligations hereunder without the prior written approval of the other party.

 

 

[The remainder of this
page has been intentionally left blank.]

 

     

     

    

 

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

 

	 	COMPANY: 
	 	 
	 	Environmental Impact Acquisition Corp.
	 	 
	 	By: 	                 
	 	Name:  	 
	 	Title:  	 

 

	 	RECIPIENT:
	 	 
	 	 
	 	 
	 	Name:

 

     

     

    

 

Schedule
A

 

	Recipient’s Name	 	Number of Shares of
 Class B Common Stock	 
	[______]	 	 	143,750	*

 

* Up to 18,750 of such Shares shall be forfeited if the underwriters
of the Company’s offering do not elect to exercise their over-allotment option in full.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]