Document:

Exhibit 10.5

 

EXECUTION
VERSION

 

UNIT
SUBSCRIPTION AGREEMENT

 

This
UNIT SUBSCRIPTION AGREEMENT (this “Agreement”) is made as of the 29th day of October 2020, by and between New
Beginnings Acquisition Corp., a Delaware corporation (the “Company”), having its principal place of business
at 800 1st Street, Unit 1, Miami, FL 33139, and New Beginnings Sponsor LLC, a Delaware limited liability company (the
“Subscriber”).

 

WHEREAS,
the Company desires to sell to the Subscriber on a private placement basis (the “Offering”) an aggregate of
500,000 units (or up to 545,000 units if the over-allotment option in connection with the IPO (as defined below) is exercised
in full) (the “Units”) of the Company, each Unit comprised of one share of common stock of the Company, par
value $0.0001 per share (“Common Stock”) and one warrant, each whole warrant exercisable to purchase one share
of Common Stock (“Warrant”), for a purchase price of $10.00 per Unit. The shares of Common Stock underlying
the Warrants are hereinafter referred to as the “Warrant Shares”. The shares of Common Stock underlying the
Units (excluding the Warrant Shares) are hereinafter referred to as the “Placement Shares.” The Warrants underlying
the Units are hereinafter referred to as the “Placement Warrants.” The Units, Placement Shares, Placement Warrants
and Warrant Shares, collectively, are hereinafter referred to as the “Securities.” Each whole Placement Warrant
is exercisable to purchase one share of Common Stock at an exercise price of $11.50 during the period commencing on the later
of (i) twelve (12) months from the date of the closing of the Company’s initial public offering of units (the “IPO”)
and (ii) 30 days following the consummation of the Company’s initial business combination (the “Business Combination”),
as such term is defined in the registration statement in connection with the IPO, as amended at the time it becomes effective
(the “Registration Statement”), and expiring on the fifth anniversary of the consummation of the Business Combination;
and

 

WHEREAS,
the Subscriber wishes to purchase 500,000 units (or up to 545,000 Units if the over-allotment option in connection with the IPO
is exercised in full), and the Company wishes to accept such subscription from Subscriber.

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and Subscriber hereby agree as follows:

 

1. Agreement
to Subscribe

 

1.1. Purchase
and Issuance of the Units. Upon the terms and subject to the conditions of this Agreement, the Subscriber hereby agrees
to purchase from the Company, and the Company hereby agrees to sell to the Subscriber, on the Initial Closing Date (as defined
below) 500,000 Units in consideration of the payment of the Purchase Price (as defined below). On the Initial Closing Date, the
Company shall, at its option, deliver to the Subscriber the certificates representing the Securities purchased or effect such
delivery in book-entry form.

  

     

     

    

 

1.2. Purchase
Price. The Subscriber shall pay $5,000,000 (the “Purchase Price”) by wire transfer of immediately
available funds or by such other method as may be reasonably acceptable to the Company, to the trust account (the “Trust
Account”) at a financial institution to be chosen by the Company, maintained by Continental Stock Transfer &
Trust Company, acting as trustee (“Continental”), one (1) business day prior to the date of effectiveness
of the Registration Statement.

 

1.3. Initial
Closing. The closing of the purchase and sale of 500,000 Units shall take place simultaneously with the closing of the
IPO (the “Initial Closing Date”). The closing of such Units shall take place at the offices of Greenberg
Traurig, P.A., 333 S.E. 2nd Avenue, Miami, Florida 33131, or such other place as may be agreed upon by the
parties hereto.

 

1.4. Purchase
and Issuance of Additional Units. Upon the terms and subject to the conditions of this Agreement, the Subscriber hereby agrees
to purchase from the Company, and the Company hereby agrees to sell to the Subscriber, on the Over-allotment Closing Date (as
defined below) up to an aggregate of 45,000 Units in consideration of the payments of the Over-allotment Purchase Price (as defined
below) and in the same proportion as the amount of the over-allotment option in connection with the IPO is exercised. On the Over-allotment
Closing Date, the Company shall, at its option, deliver to the Subscriber the certificates representing the Securities purchased
or effect such delivery in book-entry form.

 

1.5. Purchase
Price. The Subscriber shall pay up to $450,000 (if the over-allotment option in connection with the IPO is exercised in
full) (the “Over-allotment Purchase Price”) by wire transfer of immediately available funds or by such
other method as may be reasonably acceptable to the Company, to the Trust Account on the date of the consummation of the
closing of the over-allotment option, and concurrently with the consummation thereof, or on such earlier time and date as may
be mutually agreed by the Company and the Subscriber (each such date, an “Over-allotment Closing Date”;
together with the Initial Closing Date, the “Closing Dates” and each, a “Closing
Date”).

 

1.6. Over-Allotment
Closing. The Over-allotment Closing Date shall take place at the offices of Greenberg Traurig, P.A., 333 S.E. 2nd Avenue,
Miami, Florida 33131, or such other place as may be agreed upon by the parties hereto.

 

1.7. Termination.
This Agreement and each of the obligations of the undersigned shall be null and void and without effect if a Closing does not
occur prior to December 31, 2020.

 

2. Representations
and Warranties of Subscriber

 

Subscriber
represents and warrants to the Company that:

 

2.1. No
Government Recommendation or Approval. Subscriber understands that no federal or state agency has passed upon or made any
recommendation or endorsement of the Company or the Offering of the Securities.

 

2.2. Accredited
Investor. 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 that the
sale contemplated hereby is being made in reliance, among other things, on a private placement exemption to “accredited
investors” under the Securities Act and similar exemptions under state law.

 

    	2

     

    

 

2.3. Intent.
Subscriber is purchasing the Securities solely for investment purposes, for Subscriber’s own account (and/or for the account
or benefit of its members or affiliates, as permitted, pursuant to the terms of an agreement (the “Insider Letter”)
to be entered into with respect to the Securities between, among others, Subscriber and the Company, as described in the Registration
Statement), and not with a view to the distribution thereof and Subscriber has no present arrangement to sell the Securities to
or through any person or entity except as may be permitted under the Insider Letter. Subscriber shall not engage in hedging transactions
with regard to the Securities unless in compliance with the Securities Act.

 

2.4. Restrictions
on Transfer. Subscriber acknowledges and understands the Units are being offered in a transaction not involving a public offering
in the United States within the meaning of the Securities Act. The Securities have not been registered under the Securities Act
and, if in the future Subscriber decides to offer, resell, pledge or otherwise transfer the Securities, such Securities may be
offered, resold, pledged or otherwise transferred only (A) pursuant to an effective registration statement filed under the Securities
Act, (B) pursuant to an exemption from registration under Rule 144 promulgated under the Securities Act, if available, or
(C) pursuant to any other available exemption from the registration requirements of the Securities Act, and in each case in accordance
with any applicable securities laws of any state or any other jurisdiction. Notwithstanding the foregoing, Subscriber acknowledges
and understands the Securities are subject to transfer restrictions as described in Section 8 hereof. Subscriber agrees
that if any transfer of its Securities or any interest therein is proposed to be made, as a condition precedent to any such transfer,
Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company with respect to such transfer.
Absent registration or another available exemption from registration, Subscriber agrees it will not resell the Securities (unless
otherwise permitted pursuant to the Insider Letter, as described in the Registration Statement). Subscriber further acknowledges
that because the Company is a shell company, Rule 144 may not be available to Subscriber for the resale of the Securities until
the one year anniversary 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.

 

2.5. Sophisticated
Investor.

 

(i) Subscriber
is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Securities.

 

(ii) Subscriber
is aware that an investment in the Securities is highly speculative and subject to substantial risks because, among other things,
the Securities are subject to transfer restrictions and have not been registered under the Securities Act and therefore cannot
be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber
is able to bear the economic risk of its investment in the Securities for an indefinite period of time.

 

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2.6. Independent
Investigation. Subscriber, in making the decision to purchase the Units, has relied upon an independent investigation of the
Company and has not relied upon any information or representations made by any third parties or upon any oral or written representations
or assurances from the Company, its officers, directors or employees or any other representatives or agents of the Company, other
than as set forth in this Agreement. Subscriber is familiar with the business, operations and financial condition of the Company
and has had an opportunity to ask questions of, and receive answers from the Company’s officers and directors concerning
the Company and the terms and conditions of the offering of the Units and has had full access to such other information concerning
the Company as Subscriber has requested. Subscriber confirms that all documents that it has requested have been made available
and that Subscriber has been supplied with all of the additional information concerning this investment which Subscriber has requested.

 

2.7. Organization
and Authority. Subscriber is duly organized, validly existing and in good standing under the laws of the State of Delaware
and it possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.8. Authority.
This Agreement has been validly authorized, executed and delivered by Subscriber and is a valid and binding agreement enforceable
in accordance with its terms, subject to the general principles of equity and to bankruptcy or other laws affecting the enforcement
of creditors’ rights generally.

 

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

 

2.10. No
Legal Advice from Company. Subscriber acknowledges it has had the opportunity to review this Agreement and the transactions
contemplated by this Agreement and the other agreements entered into between the parties hereto with Subscriber’s own legal
counsel and investment and tax advisors. Except for any statements or representations of the Company made in this Agreement and
the other agreements entered into between the parties hereto, Subscriber is relying solely on such counsel and advisors and not
on any statements or representations of the Company or any of its representatives or agents for legal, tax or investment advice
with respect to this investment, the transactions contemplated by this Agreement or the securities laws of any jurisdiction.

 

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2.11. Reliance
on Representations and Warranties. Subscriber understands the Units are being offered and sold to Subscriber in reliance on
exemptions from the registration requirements under the Securities Act, and analogous provisions in the laws and regulations of
various states, and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments
and understandings of Subscriber set forth in this Agreement in order to determine the applicability of such provisions.

 

2.12. No
General Solicitation. Subscriber is not subscribing for the Units as a result of or subsequent to any general solicitation
or general advertising, including but not limited to any advertisement, article, notice or other communication published in any
newspaper, magazine, or similar media or broadcast over television or radio, or presented at any seminar or meeting or in a registration
statement with respect to the IPO filed with the Securities and Exchange Commission (“SEC”).

 

2.13. Legend.
Subscriber acknowledges and agrees the certificates evidencing each of the Securities shall bear a restrictive legend (the “Legend”),
in form and substance substantially as set forth in Section 4 hereof.

 

3. Representations,
Warranties and Covenants of the Company

 

The
Company represents and warrants to, and agrees with, Subscriber that:

 

3.1. Valid
Issuance of Capital Stock. The total number of shares of all capital stock which the Company has authority to issue is 100,000,000
shares of Common Stock and 1,000,000 shares of preferred stock, $0.0001 par value per share (“Preferred Stock”).
As of the date hereof, the Company has issued and outstanding 2,875,000 shares of Common Stock (of which up to 375,000 shares
are subject to forfeiture as described in the Registration Statement) and no shares of Preferred Stock. All of the issued shares
of capital stock of the Company have been duly authorized, validly issued, and are fully paid and non-assessable.

 

3.2. Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and that certain warrant agreement
to be entered into between the Company and Continental, as warrant agent (the “Warrant Agreement”), as the
case may be, each of the Units, Placement Shares, Placement Warrants and Warrant Shares will be duly and validly issued, fully
paid and non-assessable. On the date of issuance of the Units and Warrant Shares shall have been reserved for issuance. Upon issuance
in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, as the case may be, Subscriber will have
or receive good title to the Units, Placement Shares and Placement Warrants, free and clear of all liens, claims and encumbrances
of any kind, other than (i) transfer restrictions hereunder and pursuant to the Insider Letter and (ii) transfer restrictions
under federal and state securities laws.

 

3.3. Organization
and Qualification. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of
the State of Delaware and has the requisite corporate power to own its properties and assets and to carry on its business as now
being conducted.

 

    	5

     

    

 

3.4. Authorization;
Enforcement. (i) The Company has the requisite corporate power and authority to enter into and perform its obligations under
this Agreement and to issue the Securities in accordance with the terms hereof, (ii) the execution, delivery and performance of
this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by
all necessary corporate action, and no further consent or authorization of the Company or its Board of Directors or stockholders
is required, and (iii) this Agreement constitutes valid and binding obligations of the Company, enforceable against the Company
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance,
moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and
remedies or by equitable principles of general application and except as enforcement of rights to indemnity and contribution may
be limited by federal and state securities laws or principles of public policy.

 

3.5. No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not (i) result in a violation of the Company’s certificate of incorporation or by-laws, (ii) conflict
with, or constitute a default under any agreement or instrument to which the Company is a party or (iii) conflict with 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. Other than any SEC or state securities filings which may be required to be made by the Company subsequent to any Closing
Date, and any registration statement which may be filed pursuant thereto, the Company is not required under federal, state or
local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court
or governmental agency or self-regulatory entity in order for it to perform any of its obligations under this Agreement or issue
the Units, Placement Shares, Placement Warrants or Warrant Shares in accordance with the terms hereof.

 

4. Legends

 

4.1. Legend.
The Company will issue the Units, Placement Shares and Placement Warrants, and when issued, the Warrant Shares, purchased by the
Subscriber in the name of the Subscriber. The Securities will bear the following Legend and appropriate “stop transfer”
instructions:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
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 THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.”

 

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“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PURSUANT TO AN INSIDER LETTER BETWEEN, AMONG OTHERS, NEW BEGINNINGS
ACQUISITION CORP. AND NEW BEGINNINGS SPONSOR, LLC AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING
THE TERM OF THE LOCKUP PURSUANT TO THE TERMS SET FORTH IN THE INSIDER LETTER.”

 

4.2. Subscriber’s
Compliance. Nothing in this Section 4 shall affect in any way Subscriber’s obligations and agreements to comply
with all applicable securities laws upon resale of the Securities.

 

4.3. Company’s
Refusal to Register Transfer of the Securities. The Company shall refuse to register any transfer of the Securities, if in
the sole judgment of the Company such purported transfer would not be made (i) pursuant to an effective registration statement
filed under the Securities Act, or pursuant to an available exemption from the registration requirements of the Securities Act
and (ii) in compliance herewith and with the Insider Letter.

 

4.4. Registration
Rights. The Subscriber will be entitled to certain registration rights which will be governed by a registration rights agreement
(“Registration Rights Agreement”) to be entered into between, among others, the Subscriber and the Company,
on or prior to the effective date of the Registration Statement.

 

5. Waiver
of Liquidation Distributions.

 

In
connection with the Securities purchased pursuant to this Agreement, Subscriber hereby waives any and all right, title, interest
or claim of any kind in or to any distributions of the amounts in the Trust Account with respect to the Securities, whether (i)
in connection with the exercise of redemption rights if the Company consummates the Business Combination, (ii) in connection
with any tender offer conducted by the Company prior to a Business Combination, (iii) upon the Company’s redemption of shares
of Common Stock sold in the Company’s IPO upon the Company’s failure to timely complete the Business Combination or
(iv) in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of
incorporation (A) to modify the substance or timing of the Company’s obligation to redeem 100% of the Company’s public
shares if the Company does not timely complete the Business Combination or (B) with respect to any other provision relating to
stockholders’ rights or pre-Business Combination activity. In the event a Subscriber purchases shares of Common Stock in
the IPO or in the aftermarket, any additional shares so purchased shall be eligible to receive the redemption value of such shares
of Common Stock upon the same terms offered to all other purchasers of Common Stock in the IPO in the event the Company fails
to consummate the Business Combination; provided, for the avoidance of doubt, this sentence shall not apply to any founder shares
(as described in the Registration Statement) acquired by the Subscriber.

 

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6. Terms
of Placement Warrants. Each Placement Warrant shall have the terms set forth in the Warrant Agreement.

 

7. [Reserved].

 

8. Terms
of the Units and Placement Warrants

 

8.1. The
Units and their component parts are substantially identical to the units to be offered in the IPO except that: (i) the Units and
component parts will be subject to transfer restrictions described in the Insider Letter, (ii) the Placement Warrants will be
non-redeemable so long as they are held by the initial holder thereof (or any of its permitted transferees), and may be exercisable
on a “cashless” basis at the election of the holder if held by a Subscriber or its permitted transferees, as further
described in the Warrant Agreement and (iii) the Units and component parts are being purchased pursuant to an exemption from the
registration requirements of the Securities Act and will become freely tradable only after the expiration of the lockup described
above in clause (i) and they are registered pursuant to the Registration Rights Agreement to be signed on or before the date of
the Prospectus or an exemption from registration is available.

 

8.2. Subscriber
agrees to vote the Placement Shares in accordance with the terms of the Insider Letter and as otherwise described in the Registration
Statement.

 

9. Governing
Law; Jurisdiction; Waiver of Jury Trial

 

This
Agreement shall be governed by and construed in accordance with the laws of the State of New York for agreements made and to be
wholly performed within such state. The parties hereto hereby waive any right to a jury trial in connection with any litigation
pursuant to this Agreement and the transactions contemplated hereby.

 

10. Assignment;
Entire Agreement; Amendment

 

10.1. Assignment.
Neither this Agreement nor any rights hereunder may be assigned by any party to any other person other than by a Subscriber to
a person agreeing to be bound by the terms hereof.

 

10.2. Entire
Agreement. This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter thereof
and merges and supersedes all prior discussions, agreements and understandings of any and every nature among them.

 

10.3. Amendment.
Except as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged
or terminated other than by a written instrument signed by all of the parties hereto.

 

10.4. Binding
upon Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective
heirs, legal representatives, successors and permitted assigns.

 

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11. Notices

 

11.1. Notices.
Unless otherwise provided herein, any notice or other communication to a party hereunder shall be sufficiently given if in writing
and personally delivered or sent by facsimile or other electronic transmission with copy sent in another manner herein provided
or sent by courier (which for all purposes of this Agreement shall include Federal Express or other recognized overnight courier)
or mailed to said party by certified mail, return receipt requested, at its address provided for herein or such other address
as either may designate for itself in such notice to the other. Communications shall be deemed to have been received when delivered
personally, on the scheduled arrival date when sent by next day or 2nd-day courier service, or if sent by facsimile upon receipt
of confirmation of transmittal or, if sent by mail, then three days after deposit in the mail. If given by electronic transmission,
such notice shall be deemed to be delivered (a) if by electronic mail, when directed to an electronic mail address at which the
stockholder has consented to receive notice; (b) if by a posting on an electronic network together with separate notice to the
stockholder of such specific posting, upon the later of (1) such posting and (2) the giving of such separate notice; and (c) if
by any other form of electronic transmission, when directed to the stockholder.

 

12. 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
by e-mail delivery of a “pdf” format data file, 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 facsimile or “.pdf”
signature page were an original thereof.

 

13. Survival;
Severability

 

13.1. Survival.
The representations, warranties, covenants and agreements of the parties hereto shall survive the Closing Dates.

 

13.2. Severability.
In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall
be effective if it materially changes the economic benefit of this Agreement to any party.

 

14. Headings.

 

The
titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting
this Agreement.

 

[remainder
of page intentionally left blank]

  

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

 

	 	COMPANY
	 	 
	 	NEW BEGINNINGS ACQUISITION CORP.
	 	 
	 	By:	/s/ Michael S. Liebowitz
	 	 	Name: 	  Michael S. Liebowitz
	 	 	Title:	  Chief Executive Officer
	 	 
	 	SUBSCRIBER:
	 	 
	 	NEW BEGINNINGS Sponsor, LLC
	
         

         
	 
	 	By:	/s/ Michael S. Liebowitz
	 	 	Name: 	  Michael S. Liebowitz
	 	 	Title:	  Managing Member
	 	 

 

[Signature
Page of the Unit Subscription Agreement]Exhibit
10.6

 

October
29, 2020

New
Beginnings Acquisition Corp.

800
1st Street, Unit 1

Miami,
FL 33139

 

	Re:	Initial
    Public Offering

Ladies
and Gentlemen:

 

This
letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement
(the “Underwriting Agreement”) entered into by and among New Beginnings Acquisition Corp., a Delaware
corporation (the “Company”), and Ladenburg Thalmann & Co. Inc. and EarlyBirdCapital, Inc., as representatives
(the “Representatives”) of the several underwriters (each, an “Underwriter”
and collectively, the “Underwriters”), relating to an underwritten initial public offering (the “Public
Offering”), of 11,500,000 of the Company’s units (including up to 1,500,000 units that may be purchased to
cover over-allotments, if any) (the “Units”), each comprised of one share of the Company’s common
stock, par value $0.0001 per share (the “Common Stock”), and one redeemable warrant. Each warrant (each,
a “Warrant”) entitles the holder thereof to purchase one share of Common Stock at a price of $11.50
per share, subject to adjustment. The Units will be sold in the Public Offering pursuant to a registration statement on Form S-1
(File No. 333-248944) and prospectus (as amended, the “Prospectus”) filed by the Company with the U.S.
Securities and Exchange Commission (the “Commission”) and the Company has applied to have the Units
listed on the New York Stock Exchange. Certain capitalized terms used herein are defined in paragraph 11 hereof.

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

 

1.
The Sponsor and each Insider agrees that if the Company seeks stockholder approval of a proposed Business Combination, then in
connection with such proposed Business Combination, it, he or she shall (i) vote any shares of Capital Stock owned by it, him
or her in favor of any proposed Business Combination and (ii) not redeem any shares of Common Stock owned by it, him or her in
connection with such stockholder approval. If the Company engages in a tender offer in connection with any proposed Business Combination,
the Sponsor and each Insider agrees that it, he or she will not seek to sell its, his or her shares of Capital Stock to the Company
in connection with such tender offer.

 

2.
The Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within
12 months (or up to 18 months from the closing of the Public Offering if the Company extends the period of time to consummate
a Business Combination, as described in more detail in the Prospectus) from the closing of the Public Offering, or such later
period approved by the Company’s stockholders in accordance with the Company’s amended and restated certificate of
incorporation (the “Charter”), the Sponsor and each Insider shall take all reasonable steps to cause
the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not
more than ten (10) business days thereafter, subject to lawfully available funds therefor, redeem 100% of the Common Stock sold
as part of the Units in the Public Offering (the “Offering Shares”), at a per-share price, payable in
cash, equal to the aggregate amount then on deposit in the Trust Account (as defined below), including interest earned on the
funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to
pay dissolution expenses), divided by the number of then outstanding Offering Shares, which redemption will completely extinguish
all Public Stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any),
subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in the
case of clauses (ii) and (iii) to the Company’s obligations under Delaware law to provide for claims of creditors and other
requirements of applicable law. The Sponsor and each Insider agrees not to propose any amendment to the Charter to modify (i)
the substance or timing of the ability of holders of Offering Shares to seek redemption in connection with a Business Combination
or (ii) (A) the Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete a Business Combination
within such time set forth in the Charter or (B) any other provisions relating to stockholders’ rights or pre-initial Business
Combination activity, unless the Company provides all Public Stockholders with the opportunity to redeem their shares of Common
Stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit
in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company
to pay its taxes, divided by the number of then outstanding Offering Shares.

 

     

     

    

 

The
Sponsor and each Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies
held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the
Founder Shares or Private Placement Shares held by it, him or her. The Sponsor and each Insider hereby further waives, with respect
to any shares of Common Stock held by it, him or her, if any, whether acquired now or hereafter, any redemption rights it, he
or she may have in connection with the consummation of a Business Combination, including, without limitation, any such rights
available in the context of a stockholder vote to approve such Business Combination or a stockholder vote to approve an amendment
to the Charter to modify (i) the substance or timing of the ability of holders of Offering Shares to seek redemption in connection
with a Business Combination or (ii) (A) the Company’s obligation to redeem 100% of the Offering Shares if the Company does
not complete a Business Combination within the time period set forth in the Charter or (B) any other provisions relating to stockholders’
rights or pre-initial Business Combination activity, unless the Company provides all Public Stockholders with the opportunity
to redeem their shares of Common Stock upon approval of any such amendment at a per share price, payable in cash, equal to the
aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not
previously released to the Company to pay its taxes, divided by the number of then outstanding Offering Shares, or (ii) in the
context of a tender offer made by the Company to purchase shares of Common Stock (although the Sponsor, the Insiders and their
respective affiliates shall be entitled to redemption and liquidation rights with respect to any Offering Shares it or they hold
if the Company fails to consummate a Business Combination within the time period set forth in the Charter).

 

3.
During the period commencing on the date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each
Insider shall not, without the prior written consent of the Representatives, (i) sell, offer to sell, contract or agree to sell,
hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish
or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations
of the Commission promulgated thereunder, with respect to any Units, shares of Capital Stock, Warrants or any securities convertible
into, or exercisable, or exchangeable for, shares of Capital Stock owned by it, him or her, (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Units, shares
of Capital Stock, Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Capital Stock owned
by it, him or her, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii)
publicly announce any intention to effect any transaction specified in clause (i) or (ii).

 

4.
In the event of the liquidation of the Trust Account, the undersigned agrees that it will be liable to the Company if and to the
extent any claims by a third party (other than the Company’s independent registered public accounting firm) for services
rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into
a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.10 per Offering Share
and (ii) the actual amount per Offering Share held in the Trust Account as of the date of the liquidation of the Trust Account,
if less than $10.10 per Offering Share due to reductions in the value of the assets in the Trust Account, in each case less interest
that may be withdrawn to pay the Company’s tax obligations, if any; provided that such liability will not apply to
any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the
Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s obligation
to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended,
pursuant to the Underwriting Agreement. The undersigned acknowledges and agrees that there will be no distribution from the Trust
Account with respect to any Warrants, all rights of which will terminate on the Company’s liquidation.

 

    	 	2	 

     

    

 

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

 

6.
The Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured
in the event of a breach by such Sponsor or an Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 7(a), 7(b),
and 9, as applicable, of this Letter Agreement (ii) monetary damages may not be an adequate remedy for such breach and (iii) the
non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or
in equity, in the event of such breach.

 

7.
(a) The Sponsor and each Insider agrees that it, he or she shall not Transfer its, his or her Founder Shares until the earlier
of (1) one year after the completion of the Company’s initial Business Combination or (2) the date on which, subsequent
to the Company’s initial Business Combination, (x) the last reported sale price of Common Stock equals or exceeds $12.50
per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period or (y) the Company completes a liquidation, merger, capital stock exchange or other similar
transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock
for cash, securities or other property (the “Founder Shares Lock-up Period”).

 

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

 

(c)
Notwithstanding the provisions set forth in paragraphs 7(a) and (b), Transfers of the Founder Shares, Private Placement Units,
Private Placement Shares, Private Placement Warrants and shares of Common Stock issued or issuable upon the exercise or conversion
of the Private Placement Warrants or the Founder Shares that are held by the Sponsor, any Insider or any of their permitted transferees
(that have complied with this paragraph 7(c)), are permitted (a) to the Company’s officers or directors, any affiliate or
family member of any of the Company’s officers or directors or any affiliate of the Sponsor, any employee of the Sponsor
or to any member(s) of the Sponsor or any of their affiliates; (b) in the case of an individual, by gift to a member of such individual’s
immediate family or to a trust, the beneficiary of which is a member of such individual’s immediate family, an affiliate
of such individual or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution
upon death of any of the Company’s officers, directors, initial stockholders, or members of the Sponsor; (d) in the case
of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with
the consummation of an initial Business Combination at prices no greater than the price at which the shares or warrants were originally
purchased or otherwise with the consent of the Company; (f) in the event of the Company’s liquidation prior to the completion
of an initial Business Combination; (g) by virtue of the laws of the State of Delaware or the Sponsor’s limited liability
company agreement upon dissolution of the Sponsor; (h) to the Company for no value for cancellation in connection with the completion
of the Business Combination; or (i) in the event of completion of a liquidation, merger, share exchange or other similar transaction
which results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities
or other property subsequent to the completion of a Business Combination; provided, however, that in the case of
clauses (a) through (e) or (g), these permitted transferees must enter into a written agreement with the Company agreeing to be
bound by the transfer restrictions herein. For the avoidance of doubt, the transfers of Founder Shares, Private Placement Units,
Private Placement Shares, Private Placement Warrants and shares of Common Stock issued or issuable upon the exercise or conversion
of the Private Placement Warrants or the Founder Shares shall be permitted regardless of whether a filing under Section 16(a)
of the Exchange Act shall be required or shall be voluntarily made with respect to such transfers.

 

    	 	3	 

     

    

 

8.
The Sponsor and each Insider represents and warrants that it, he or she has never been suspended or expelled from membership in
any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended
or revoked. Each Insider’s biographical information furnished to the Company (including any such information included in
the Prospectus) is true and accurate in all respects and does not omit any material information with respect to the Insider’s
background. Each Insider’s questionnaire furnished to the Company is true and accurate in all respects. Each Insider represents
and warrants that: it, he or she is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order
or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction;
it, he or she has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial
transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and it, he or she is
not currently a defendant in any such criminal proceeding.

 

9.
Except as disclosed in the Prospectus, neither the Sponsor nor any officer, director, director nominee, advisor or any affiliate
of the Sponsor, officer, director, director nominee or advisor of the Company, shall receive from the Company any finder’s
fee, reimbursement, consulting fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection
with any services rendered in order to effectuate, the consummation of the Company’s initial Business Combination (regardless
of the type of transaction that it is).

 

10.
The Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including, without
limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter
Agreement and, as applicable, to serve as an officer and/or director on the board of directors of the Company and hereby consents
to being named in the Prospectus as an officer and/or director of the Company.

 

11.
As used herein, (i) “Business Combination” shall mean a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Capital
Stock” shall mean, collectively, the Common Stock and the Founder Shares; (iii) “Founder Shares”
shall mean (a) the 2,875,000 shares of the Company’s shares of common stock, par value $0.0001 per share, initially issued
to the Sponsor (up to 375,000 Shares of which are subject to complete or partial forfeiture by the Sponsor if the over-allotment
option is not exercised by the Underwriters) for an aggregate purchase price of $25,000, or $0.009 per share (as adjusted to give
effect to a stock dividend declared by the Company on October 20, 2020), prior to the consummation of the Public Offering; (iv)
“Initial Stockholders” shall mean the Sponsor and any Insider that holds Founder Shares; (v) “Private
Placement Shares” shall mean the 500,000 shares (or up to 545,000 shares if the over-allotment option is exercised
in full) of Common Stock comprising the Private Placement Units; (vi) “Private Placement Units” shall
mean the 500,000 units (or up to 545,000 units if the over-allotment option is exercised in full), each comprised of one share
of Common Stock and one-half of one warrant to purchase one share of Common Stock, that the Sponsor has agreed to purchase for
an aggregate purchase price of $5,000,000 in the aggregate (or up to $5,450,000 units if the over-allotment option is exercised
in full), or purchase price of $10.00 per Private Placement Unit, in a private placement that shall occur simultaneously with
the consummation of the Public Offering; (vii) “Private Placement Warrants” shall mean the Warrants
to purchase up to 500,000 shares of Common Stock (or up to 545,000 shares of Common Stock if the over-allotment option is exercised
in full) comprising the Private Placement Units; (viii) “Public Stockholders” shall mean the holders
of securities issued in the Public Offering; (ix) “Trust Account” shall mean the trust fund into which
a portion of the net proceeds of the Public Offering shall be deposited; and (x) “Transfer” shall mean
the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise
dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation
with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules
and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such
transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention
to effect any transaction specified in clause (a) or (b).

 

    	 	4	 

     

    

 

12.
The Company will maintain an insurance policy or policies providing directors’ and officers’ liability insurance,
and each officer and member of the Company’s board of directors shall be covered by such policy or policies, in accordance
with its or their terms, to the maximum extent of the coverage available for any of the Company’s directors or officers.

 

13.
This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter
hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral,
to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement
may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision,
except by a written instrument executed by all parties hereto.

 

14.
No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the
prior written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual
and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding
on the Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees.

 

15.
Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties
hereto any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise
or agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall
be for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns
and permitted transferees.

 

16.
This Letter Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

17.
This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall
not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu
of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this
Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and
enforceable.

 

18.
This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this
Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit
to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive
jurisdiction and venue or that such courts represent an inconvenient forum.

 

19.
Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be
in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested),
by hand delivery or facsimile transmission.

 

20.
This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation of the
Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated
and closed by December 31, 2020; provided further that paragraph 4 of this Letter Agreement shall survive such liquidation.

 

21.
The Company, the Sponsor and each Insider hereby acknowledges and agrees that the Representatives on behalf of the Underwriters
are third party beneficiaries of this Letter Agreement.

 

[Signature
Page Follows]

 

    	 	5	 

     

    

 

Sincerely,

 

	 	 	NEW BEGINNINGS SPONSOR, LLC
	 	 	 
	 	By:	/s/ Michael S.
    Liebowitz
	 	 	Name: Michael S. Liebowitz
	 	 	Title: Managing Member
	 	 	 
	 	By:	/s/ Michael S.
    Liebowitz
	 	 	Name: Michael S. Liebowitz
	 	 	 
	 	By:	/s/ Benjamin
    Garrett
	 	 	Name: Benjamin Garrett
	 	 	 
	 	By:	/s/ Frank A. Del Rio
	 	 	Name: Frank A. Del Rio
	 	 	 
	 	By:	/s/ Kate Walsh
	 	 	Name: Kate Walsh
	 	 	 
	 	By:	/s/ Russell W. Galbut
	 	 	Name: Russell W. Galbut
	 	 	 
	 	By:	/s/ Perry Weitz
	 	 	Name: Perry Weitz

 

	Acknowledged and Agreed:	 
	 	 
	NEW BEGINNINGS ACQUISITION CORP.	 
	 	 	 
	By:	/s/ Michael S. Liebowitz	 
	 	Name: Michael S. Liebowitz	 
	 	Title: Chief Executive Officer	 

 

[Signature Page to Letter Agreement]

 

 

6

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