Document:

EXHIBIT 10.4

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CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED
FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. [***]
INDICATES THAT INFORMATION HAS BEEN REDACTED.

  

SUPPLY AGREEMENT

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This Supply Agreement
(the “Agreement”) is entered into by and between Forza X1, Inc. (“Buyer”), a Delaware corporation
whose mailing address and electronic mail address for notices is Attn: Joseph Visconti, 3101 South US Highway 1, Ft. Pierce, Florida
34982 (joseph@twinvee.com) and American Battery Systems, Inc. (“ABS”),
a Delaware corporation, with a place of business at 3768 South Lapeer Rd, Lake Orion, MI 48359, effective as of December 20, 2021
(the “Effective Date”). Buyer or ABS may be collectively referred to as the “Parties” or individually
as a “Party.”

 

RECITALS

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WHEREAS, Buyer
is a manufacturer of sport boats.

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WHEREAS, ABS
is willing to supply Batteries (as defined herein) for Buyer boats in accordance with this Agreement.

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WHEREAS, Buyer
is willing to purchase Batteries from ABS in accordance with this Agreement.

​

NOW, THEREFORE,
in consideration of the premises and the promises made herein, as well as other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Buyer and ABS agree to be legally bound as follows:

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AGREEMENT

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1.             Scope.
This Agreement sets forth the terms and conditions between Buyer and ABS including its Affiliates (as defined herein) regarding
the purchase and supply of automotive-grade batteries as described as the Proliance Intelligent Battery Series (“Packs”)
and the necessary battery management software (“BMS”), (the necessary cells, modules, packs and BMS together
as “Battery” or “Batteries,” as the case may be).

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2.             Term. This
Agreement shall commence on the Effective Date and, unless terminated as set forth herein, shall remain in effect until five (5)
years after the Effective Date. The effective period of this Agreement is referred to as the “Term”.

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3.             Minimum Quantity
Commitment. During the Term, Buyer shall purchase, and ABS shall deliver, the minimum monthly quantities in the attached Schedule
1(“Minimum Quantity”), subject to the other terms hereof. The Parties agree and acknowledge that the quoted
pricing is based on the Minimum Quantity and therefore the initial order for the 12-month period commencing June 1, 2022 and consisting
of [***] units of Batteries is a firm obligation of Buyer. Thereafter, Minimum Quantity orders shall be based on the rolling annual
Forecast below and for each quarter the Minimum Quantity may be reduced, but the entire quarterly obligation becomes firm on the
first day of each quarter.

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4.           
Forecast. Buyer shall provide on or about January 1 each year a written rolling annual forecasts indicating Buyer’s
projected demand for Batteries (each such forecast, a “Forecast”). ABS will accept each Forecast unless it
notifies Buyer in writing to the contrary within five (5) Business Days (as defined below) after receiving a Forecast. If ABS
rejects a Forecast, the parties hereto will promptly confer and mutually agree upon a revised Forecast. Subject to the Minimum
Quantity obligations, Buyer may reduce the Battery quantities one calendar quarter in advance without penalty for such reduction.

 

    	 

    	 

    

 

5.             Battery Pricing.
ABS shall provide Batteries, including the BMS, as detailed in the attached Schedule 2.

 

6.             Purchase Orders.

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(a)           Buyer shall issue
a rolling quarterly Purchase Order for Batteries. ABS will accept all Purchase Orders (as defined herein) that Buyer issues by
the delivery date requested in such Purchase Order so long as the number of Batteries indicated does not exceed the quantity specified
in the applicable accepted Forecast with respect to the relevant delivery period and Buyer is current on payment of past invoices.
“Purchase Order” means Buyer’s written or electronically transmitted instruction to ABS that ABS accepts
for deliver Batteries pursuant to applicable delivery or performance dates and locations.

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(b)           Unless mutually
agreed in writing otherwise, all Purchase Orders will be governed by the terms and conditions of this Agreement. As between Buyer
and ABS, any different or additional terms in any proposal, acknowledgement form or any other document will be of no force or effect
and will not become part of the agreement between the Parties.

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(c)           ABS may not invoice
for Batteries until title transfer, which will be deemed to occur when Buyer or its designee assumes the risk of loss or damage.
Payment terms are 30 days from the date of receipt of an invoice. All amounts payable will be stated and paid in United States
Dollars.

 

(d)          Buyer shall
pay interest on all late undisputed payments at the lesser of the rate of 1.0% per month or the highest rate permissible under
applicable law, calculated daily and compounded monthly. Buyer shall reimburse ABS for all costs incurred in collecting any late
undisputed payments, including, without limitation, attorneys’ fees. In addition to all other remedies available under the
Agreement or at law (which ABS does not waive by the exercise of any rights hereunder), ABS shall be entitled to suspend the delivery
of any Batteries if Buyer fails to pay any amounts when due hereunder and such failure continues for ten (10) days following written
notice thereof. Buyer shall not withhold payment of any amounts due and payable by reason of any set-off of any claim or dispute
with ABS, whether relating to Seller’s breach, bankruptcy or otherwise.

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7.            Manufacture
& Delivery. The Batteries will be delivered within a reasonable time after ABS receipt of Buyer’s Purchase Order,
subject to availability of Batteries but no later than six (6) weeks after receipt of Buyer’s Purchase Order. ABS shall not
be liable for any delays, loss or damage in transit. Unless otherwise agreed in writing by the parties: All Batteries will be shipped
FCA (Incoterms 2020) ABS’s premises at 50 Ovonic Way, Springboro, Ohio, 45066. For any international shipment, Buyer shall
be responsible for export clearance and shall, at its own risk and expense, obtain any import and export license or other official
authorization, and carry out all customs formalities, necessary for the exportation of the Batteries from the United States and
the importation of the Batteries into the country specified as the shipping destination. ABS may, in its sole discretion, without
liability or penalty, make partial shipments of Batteries to Buyer. Each shipment will constitute a separate sale, and Buyer shall
pay for the units shipped whether such shipment is in whole or partial fulfillment of Buyer’s purchase order.

 

8.             Supply Constraint.
If ABS’s ability to manufacture and deliver any Batteries in accordance with the then current accepted Forecast is constrained
for any reason (other than a Force Majeure Event), ABS will promptly notify Buyer of the supply constraint and ABS’s plan
to resolve it, and will provide Buyer reasonable periodic updates regarding the steps taken to resolve the supply constraint.

​​

    	 

    	 

    

 

9.             Acceptance.
Buyer shall inspect the Batteries within twenty (20) days of receipt (“Inspection Period”). Buyer will be deemed
to have accepted the Batteries unless it notifies ABS in writing of any Nonconforming Batteries during the Inspection Period and
furnishes such written evidence or other documentation as required by ABS. “Nonconforming Batteries “ means
only the following: (i) the Batteries shipped are different than identified in Buyer’s Purchase Order; (ii) the Batteries
are labeled or packaged incorrectly identifying their contents; (iii) the Batteries are damaged in transit or (iv) the Batteries
fail to meet their Specifications (as defined below). If Buyer timely notifies ABS of any Nonconforming Batteries, ABS shall replace
such Nonconforming Batteries with conforming Batteries within ten days of such notification. If requested by ABS, Buyer shall ship,
at ABS’s expense and risk of loss, the Nonconforming Batteries to ABS’s facility located at 50 Ovonic Way, Springboro,
Ohio, 45066, USA. ABS shall, after receiving Buyer’s shipment of Nonconforming Batteries, ship to Buyer the replaced Batteries
in accordance with the terms of Section 8. Acceptance testing and inspection of Batteries will be performed at Buyer’s facility
(or other applicable delivery destination specified in the Purchase Order) by ABS’s (as necessary) and Buyer’s personnel.
For avoidance of doubt, if acceptance is delayed with respect to any Purchase Order beyond the date that payment thereunder is
due, Buyer shall nevertheless make such payment when due, provided that Buyer shall be entitled to return (at ABS’s expense)
any Batteries that are rightfully rejected and promptly receive conforming replacement Batteries therefor.

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10.           Warranties.

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(a)          ABS represents
and warrants that: (a) it has the right to enter into this Agreement and its performance of this Agreement will be free and clear
of liens and encumbrances; (b) entering into this Agreement will not cause ABS to breach any other agreements to which it is a
party; (c) the Batteries will be new and comprised of new materials when delivered; (d) neither the Batteries nor any portion thereof
infringes any patent, copyright, trademark, trade secret, or other proprietary right (“Intellectual Property Right”)
of a third party; (e) when delivered to Buyer, the Batteries will conform to all applicable laws in the United States. ABS further
warrants (the “Product Limited Warranty” as more specifically defined in the attached Schedule 3) that the Batteries
will meet the Specifications and be free from any defects in material and workmanship or due to design. “Specifications”
means the specifications and requirements set forth in Schedules 4 and any relevant drawings consistent with such specifications
that ABS provides and Buyer approves in writing.

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(b)           Notwithstanding
the foregoing, the Product Warranty shall be void and of no force or effect if (i) the Battery is altered or repaired by any person
other than ABS or ABS’s authorized service representative, (ii) either Buyer or any person that subsequently obtains the
Battery shall fail in any material respect to install, operate, maintain, store and transport the Battery in accordance with any
guidelines or instructions provided by ABS, (iii) cell temperature is at any time outside the range set forth in the Specifications,
which temperature is not caused by or attributable to ABS, or (iv) the Battery is at any time exposed to ambient temperatures outside
the range set forth in the Specifications. Further, ABS shall have no liability or obligation under the Product Warranty, and no
Battery shall be deemed to violate the Product Warranty, as a result of any failure, condition or problem attributable to (i) accident,
(ii) fire, (iii) immersion in liquid, (iv) natural disasters, war, riot, terrorism, or other events or occurrences that are beyond
ABS’s reasonable control, or (v) if not attributable to ABS, electrical overloading or external electrical shorts, power
failure surges, inrush current or lightning.

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11.           Remedies for
Defective Batteries.

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(a)          “Defective
Battery” or “Defective Batteries” means any Battery that: (i) fails to comply with the applicable
Product Warranty or Specifications at any time during the applicable warranty period, or (ii) fails to comply with any applicable
law or regulation at time of delivery.

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(b)          If, after
acceptance, Buyer gives notice to ABS that more than two (2) percent of the Batteries delivered over the course of any calendar
quarter or two (2) percent during a calendar year are Defective Batteries, the Parties will promptly convene a quality control
committee (“QCC”) to determine the cause. Buyer and ABS may each designate three (3) of their respective qualified
personnel to participate in the QCC. ABS will provide a sufficient number of qualified manufacturing, materials and quality engineers
to effectively conduct the necessary analyses and to document the QCC findings. The QCC will conduct weekly meetings until the
cause has been determined and documented to Buyer’s reasonable satisfaction. Based on such determination of the QCC, ABS
will take appropriate remedial steps approved by the QCC to reduce the defect rate to less than two (2) percent per calendar quarter
or two (2) percent per calendar year.

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12.           Return of
Batteries. At its expense and provided ABS elects to have the Defective Batteries returned, ABS will accept the return of any
Defective Batteries that Buyer returns and will ship replacement Batteries as soon as reasonably practicable.

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13.           Support Services.
ABS will provide the support services set forth on Schedule 5.

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14.          Limits of
Liability. EXCEPT FOR ANY VIOLATION OF ANY OBLIGATION WITH RESPECT TO PAY AMOUNTS OWING UNDER ANY PURCHASE ORDER, (I) IN
NO EVENT WILL EITHER PARTY BE LIABLE UNDER THIS AGREEMENT FOR CONSEQUENTIAL OR EXEMPLARY DAMAGES, AND (II) IN NO EVENT WILL EITHER
PARTY’S LIABILITY TO THE OTHER ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT EXCEED, IN THE AGGREGATE, THE AMOUNTS
PAID OR PAYABLE BY BUYER TO ABS DURING THE TWELVE (12) MONTH PERIOD PRECEDING THE TIME THAT SUCH LIABILITY FIRST ACCRUES.

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15.           Indemnification.

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(a)           ABS’s
Obligations. ABS agrees to indemnify, defend and hold harmless, reimburse and compensate Buyer and each of their shareholders,
directors, officers, employees and agents (collectively “Buyer Indemnities”) from and against any and all costs,
fees, expenses, damages that any Buyer Indemnitee is obligated to pay to the Claimant (as hereinafter defined), and reasonable
attorneys’ fees (“Losses”) arising out of any claim brought by any third party (the “Claimant”)
against Buyer to the extent that such Losses arise from any actual or alleged:

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(i)            Noncompliance by ABS with
any of its representations, warranties or obligations under this Agreement (other than the Product Warranty);

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(ii)           Gross Negligence, recklessness
or willful misconduct of ABS;

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(iii)         Infringement of any
Intellectual Property Right (as defined herein) by the Batteries provided by ABS;

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(b)         Buyer’s
Obligations. Buyer agrees to indemnify, defend and hold harmless, reimburse and compensate ABS, ABS’s Affiliates, and
each of their shareholders, directors, officers, employees and agents (collectively “ABS Indemnities”) from
and against any and all Losses (“Losses”) arising out of any claim brought by the Claimant against ABS to the
extent that such Losses arise from any actual or alleged:

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(i)            Gross Negligence,
recklessness or willful misconduct of Buyer; or

 

(ii)           Noncompliance by Buyer
with any of its representations, warranties or obligations under this Agreement.

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(c)           Process.
The indemnified party shall tender sole control of the defense and settlement of any indemnified claim to the indemnifying party
and shall reasonably cooperate with the indemnifying party in such defense; provided that the indemnifying party shall not settle
any claim without the indemnified party’s consent, not to be unreasonably withheld, delayed or conditioned. The indemnified
party may at its option participate in the defense of any claim with its own counsel, at its expense.

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16.           Duty to Correct.
If a third-party claims that any Batteries infringe such third party’s Intellectual Property Right, ABS will, in addition
to its obligations in this Agreement, promptly notify Buyer in writing and, at its own expense, keep Buyer informed of ABS’s
defenses. If a third party obtains a final non-appealable judgment against ABS arising out of a claim by such party alleging that
the Batteries infringe an Intellectual Property Right(s) of such third party, ABS will exercise the first of the following remedies
that is practicable: (a) obtain from such third party the right for Buyer to use, import and sell such Batteries in Buyer products;
(b) modify the Batteries so they are non-infringing and in compliance with this Agreement; or (c) replace the Batteries with non-infringing
versions that comply with the requirements of any Specifications and this Agreement.

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17.           Termination.

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(a)            Termination
by Buyer for Cause. Subject to Section 19(b), Buyer may terminate for cause, effective upon delivery of a termination notice.
Subject to Section 19(b), Cause for Buyer means:

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(i)            A material breach
of any warranty or other term of this Agreement that is not cured in accordance with Section 17 (b); or

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(ii)          ABS’s
assignment for the benefit of creditors, voluntary bankruptcy or involuntary bankruptcy or insolvency proceedings that are not
dismissed within ninety (90) days.

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(b)           Cure.
If ABS breaches any warranty or other term of this Agreement, if such breach is reasonably capable of being cured ABS may cure
such breach within thirty (30) days of ABS’s receipt of written notice thereof from Buyer.

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(c)          Termination
by ABS for Cause. ABS may terminate this Agreement for non-payment of an undisputed Purchase Order when due or other material
breach of this Agreement by Buyer, if:

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(i)            ABS first provides
Buyer written notice specifying the undisputed amounts past due or other breach hereof and ABS’s intent to terminate this
Agreement if the past due amount is not paid or other breach cured; and

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(ii)            Buyer does
not either:

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(1)          pay the past
due amounts within ten (10) days of notice of such default, in the event of a payment default; or

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(2)          if such breach
is reasonably capable of being cured, cure such breach within thirty (30) days of Buyer’s receipt of written notice thereof
from ABS.

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(d)           ABS’s
Obligations Following Termination For Any Reason. Notwithstanding any claimed or actual breach by Buyer (but provided that
Buyer is current in its payment obligations), ABS shall cooperate during the transition to a successor supplier (“Transition
Support”), which consists of the following: (i) ABS shall continue production and delivery of all Batteries ordered
by Buyer consistent with the accepted Forecast, at the prices and other terms stated in this Agreement, without premium or other
condition, during the entire period reasonably needed by Buyer to complete the transition to the alternate supplier(s) (but not
exceeding one hundred twenty (120) days); (ii) If the transition occurs for reasons other than Buyer’s termination for
cause, Buyer will, at the end of the transition period, pay the reasonable, actual cost of any of ABS’s assistance provided
that ABS has advised Buyer prior to incurring such amounts of its estimate of such costs. If the parties disagree on the cost of
Transition Support, Buyer will pay the agreed portion to ABS without prejudice to ABS’s right to seek to recover any disputed
amounts.

 

(e)          Mutual
Termination Without Cause.Either Party may terminate this Agreement without cause by providing the other party no less
than twelve (12) months prior written notice of its intent to terminate. In the event of a termination under this Section, there
shall be no continued Transition Support and the Agreement shall terminate at the end of the 12-month notice period.

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18.         
Intellectual Property. Ownership of ABS’s patents, trademarks, copyrights, and other proprietary intellectual property
rights in any way related to the Batteries (collectively, the “ABS Intellectual Property”), including, without
limitation, all proprietary rights, trade secrets, United States domestic patents and foreign patents (provisional and non-provisional)
and patent applications (together with all patents issuing therefrom or claiming the benefit or priority thereof) in all countries
of the world, all reissues, reexams, divisional, continuation, and continuation-in-part applications, and improvements of any
of the foregoing, and all derivative and other works in any way relating to or arising out of the ABS Intellectual Property, shall
be and at all times remain the sole and exclusive property of ABS. Buyer, on behalf of itself and each of its employees, agents
and contractors (the “Representatives”), agrees that it will not challenge the validity of, or claim any right
to an ownership interest in, any portion of the ABS Intellectual Property.

 

    	 

    	 

    

 

19.           Miscellaneous.

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(a)           Incorporation
by Reference. The terms and conditions in the Recitals and the Schedules hereto are incorporated herein by this reference.

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(b)           Relationship
of Parties. Nothing in this Agreement creates a joint venture, partnership, franchise, employment or agency relationship or
fiduciary duty of any kind. Neither Party will have the power to, nor will it hold itself out as having the power to, act for or
in the name of or to bind the other Party. Except as expressly provided, this Agreement is not for the benefit of any third parties.

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(c)           No Waiver;
Governing Law. The failure of either Party to enforce any right resulting from breach of any provision of this Agreement shall
not be deemed a waiver of any right relating to a subsequent breach of such provision or of any other right hereunder. This Agreement
shall be governed by, construed in accordance with, and the rights and obligations of the Parties determined under, the laws of
the State of Michigan, without regard to its conflicts of law principles. The Parties agree that any and all claims, actions, causes
of action, suits and similar proceedings relating to this Agreement shall be filed and maintained only in the courts of the State
of Michigan sitting in Oakland County or the United States District Court for the Eastern District of Michigan and, with respect
to any such proceeding, each Party irrevocably (a) agrees and consents to be subject to the jurisdiction of such courts and (b)
waives any objection which it may have at any time to the laying of venue of any such proceeding brought in any such court, waives
any claim that such proceeding has been brought in an inconvenient forum and further waives the right to object, with respect to
such proceeding, that such court does not have jurisdiction over such party.

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(d)           Joint Negotiation.
ABS and Buyer have participated in the negotiation of this Agreement. Each of the Parties acknowledges such negotiation in order
to avoid the application of any rule construing contractual language against the drafter and agrees that this Agreement shall be
construed without prejudice to the party who memorialized it in final form.

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(e)           Compliance with Laws.
Buyer represents and warrants that it is in compliance with (a) the Trading with the Enemy Act, as amended, and each of the assets
control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling
legislation or executive order relating thereto, and (b) the Uniting and Strengthening America By Providing Appropriate Tools Required
To Intercept And Obstruct Terrorism (USA Patriot Act of 2001).

 

(f)            U.S. Export Control
Administration Regulations and Foreign Corrupt Practices Act.

 

(i)                  
Buyer acknowledges and agrees that certain export control laws, including the U.S. Export
Administration Act, the U.S. Export Administration Regulations and the U.S. Boycott Regulations, may result in the imposition of
sanctions in the event that, directly or indirectly, the Batteries supplied by ABS are exported to various countries. Buyer agrees
to comply with all such applicable export control laws.

 

(ii)                
Buyer represents and warrants that it (i) is not a person whose property or interest in property
is blocked or subject to blocking pursuant to Section 1 of the Executive Order 13224 of September 23, 2001 Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079(2001)), (ii) does
not engage in any dealings or transactions prohibited by Section 2 of such executive order, or is otherwise associated with any
such person in any manner violative of Section 2, (iii) neither is itself nor, to its knowledge, its bank, insurance company, shipping
line, freight forwarder, customer for the Batteries or other end user of the Batteries a person on the list of Specially Designated
Nationals, Blocked Persons and Specially Designated Global Terrorists or subject to the limitations or prohibitions under any other
U.S. Department of Treasury’s Office of Foreign Assets Control regulations or executive order, (iv) neither is itself nor,
to its knowledge, its bank, insurance company, shipping line, freight forwarder, customer for the Batteries or other end user of
the Batteries a person on the list of Denied Persons and Denied Entities or subject to the limitations or prohibitions under the
U.S. Commerce Department’s Bureau of Export Administration regulations, guidelines or orders, or (v) neither is itself nor,
to its knowledge, its bank, insurance company, shipping line, freight forwarder or customer for the Batteries or other end user
of the Batteries a person on the Debarred Parties List or subject to the limitations or prohibitions under the U.S. Department
of State regulations, guidelines or orders. 

 

    	 

    	 

    

 

(iii)               
If any transactions by Buyer are found which are not authorized by the Office of Foreign Assets
Control or Patriot Act, this Agreement will immediately and automatically terminate. Buyer agrees that it will not allow the Batteries
to be sold to customers in, nor will it provide support to customers in, “No Trade Countries”, and Buyer will not allow
the Batteries to be sold to, nor will it provide support to, any “Specially Designated Natioals”. 

 

(g)           Assignment.
This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective heirs, executors, personal
representatives, successors and permitted assigns. The rights and obligations hereunder shall not be assigned or delegated, as
the case may be, by either Party without the prior written consent of the other Party. Except as expressly provided herein, nothing
in this Agreement is intended to confer any rights or remedies upon any person, other than the Parties and their respective heirs,
executors, personal representatives, successors and permitted assigns.

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(h)          Notices.
Any notice required or permitted hereunder will be in writing and will be given to the appropriate Party at the address first set
forth above, or at such other address as the Party may hereafter specify in writing. Such notice will be deemed given: upon personal
delivery to the appropriate address; or three (3) Business Days after the date of mailing if sent by certified or registered mail;
or one (1) Business Day after the date of deposit with a commercial courier service offering next business day service with confirmation
of delivery. “Business Day” means any day on which banks are open for business in Detroit, MI.

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(i)            Force Majeure.
Neither Party will be liable for any failure to perform caused by circumstances beyond its reasonable control including, but not
limited to, acts of God, earthquakes, hurricanes, floods, tornados, fires, acts of war, hostilities, invasions, terrorism, civil
disorder, riots, blockade, embargo, utility disruptions, including power and water, or accident (each, a “Force Majeure
Event”), provided: (i) it promptly notifies the other Party and uses reasonable efforts to correct its failure to perform;
and (ii) it has taken such commercially reasonable efforts to protect against and mitigate the impact of the force majeure event
if such event was reasonably foreseeable or was of a kind for which such precautionary measures are customarily taken in the applicable
industry. For the avoidance of doubt, the COVID-19 pandemic is not a force majeure event, but any governmental actions taken in
response thereto after the date hereof (e.g., orders requiring the closure of manufacturing facilities or suspension of
shipping) may be Force Majeure Events. In the event the Force Majeure Event shall continue for more than thirty (30) days the non-affected
Party may thereupon terminate this Agreement.

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(j)            Severability.
If a court finds any provision of this Agreement or any right or obligation invalid or unenforceable, this Agreement shall be immediately
deemed amended to: (i) include a provision that reflects the intent of the Parties, or, if (i) is not possible, (ii) to exclude
such provision and the parties shall negotiate in good faith a substitute provision that reflect the Parties’ intent at the
time of entering into this Agreement.

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(k)           Related Documents;
Precedence. The terms and conditions of any Purchase Order and the terms and conditions of any schedules, attachments and other
documents referenced herein or therein are incorporated into the terms and conditions of this Agreement. In the event of any conflict
in the documents which constitute this Agreement, the order of precedence will be (i) this Agreement; (ii) any other schedules,
attachments and other documents referenced and incorporated herein and therein; and (iii) any Purchase Order.

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(l)            Counterparts.
This agreement may be executed in two (2) or more counterparts including signing an electronic or facsimile copy. Each counterpart
shall be deemed an original and all counterparts together shall constitute one and the same instrument.

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the Parties have executed this Agreement on the date specified beneath their respective signatures below, with the intent that
it shall become effective on and as of the Effective Date.

 

	 	BUYER:
	 	 
	 	Forza X1, Inc., a Delaware company
	 	 
	 	By: 	/s/ Joseph Visconti
	 	 	Joseph Visconti
	 	 
	 	Its: Chief Executive Officer
	 	 
	 	Dated: December 20, 2021
	 	 
	 	ABS:
	 	 
	 	American Battery System, Inc., a Delaware corporation
	 	 
	 	By: 	/s/ Ivan Menjak
	 	 	Ivan Menjak
	 	 
	 	Its: Vice President, Business Development
	 	 
	 	Dated: December 20, 2021

 

    	 

    	 

    

 

Schedule 1

 

Minimum Quantity

 

Initial Purchase Order commences on production of Batteries June
1, 2022, until May 31, 2023 with a total firm commitment to purchase [***] Batteries in accordance with Schedule below. [***]

 

    	 

    	 

    

 

Schedule 2

 

BATTERY PACK PRICING

 

	Time Period	 	Product Type	 	 	Price per Unit	 
	Effective Date to October 30, 2022	 	Prototype	 	 	$[***]	 
	After November 1, 2022	 	Production	 	 	$[***]	 

 

    	 

    	 

    

 

Schedule 3

 

PROLIANCETM T350-50 BATTERY PACK

LITHIUM ION LIMITED WARRANTY 

 

American Battery Solutions, Inc. (“Manufacturer”) warrants
to the original purchaser from Manufacturer or from a dealer or distributor authorized by Manufacturer (“Customer”)
that its ProlianceTM T350-50 Lithium Ion (“Battery(ies)”) listed in the table below, if used in an approved application,
will be free from defects in material and/or workmanship under normal use and service during the period commencing on the earlier
of the date on which the Battery is purchased or six (6) months after the date of manufacture and continuing for the duration stated
in the table below (the “Warranty Period”). If the Battery becomes unusable (not merely discharged) due to defect in
material and/or workmanship within the Warranty Period, subject to the exclusions listed below, Manufacturer will credit, replace,
or repair, if serviceable, the Battery. This warranty is extended only to a Customer and is non-transferable. 

 

Subject to the terms and conditions outlined herein, Manufacturer
warrants to Customer that the Battery(ies) will deliver 60% or more of rated Amp-hour capacity when tested at 70-85 ̊F (21-29 ̊C)
for the application-specific Warranty Period as per Table 1 below.

 

Table 1 – Warranty Period

	Product	Free Replacement or Repair Period	Pro-Rated Credit Period	Total Warranty Period (Years)
	MOTIVE APPLICATIONS
	ProlianceTM T350-50 Battery Pack	12 months or 25 MWh discharged (whichever comes first)	0	1

 

DEFINITIONS 

 

Battery Management System (“BMS”) - means the
printed circuit board together with the communications, firmware, and software found in the BMS.

 

Motive Application - means product applications where the
Battery is routinely exposed to vibration, lateral and/or vertical forces as a result of installation on or inside moving equipment.
Examples include, but are not limited to, golf cars, floor cleaning machines, aerial work platforms, utility vehicles, personal
electric vehicles, leisure boats.

 

    	 

    	 

    

 

WARRANTY EXCLUSIONS

 

This Limited Warranty does not cover Batteries sold by Manufacturer
to third-party Original Equipment Manufacturers (“OEMs”). Please contact the OEM for warranty information.

 

Without the involvement of the Manufacturer in system design and
Manufacturer’s express written authorization, Batteries shall not be used as a primary or backup power source for life support
systems or other medical equipment, or any use where product failure could lead to injury to persons or loss of life or catastrophic
property damage. Use in this manner is at purchaser’s or end users own risk. To the extent permitted by law, Manufacturer
disclaims any and all liability arising out of any such use. By purchasing the Batteries, Customer agrees that it will not use
the Batteries for such uses or market or re-sell the Batteries for such uses, and Customer agrees to indemnify and hold Manufacturer
harmless from and against any claims asserted against, and any liabilities incurred by, Manufacturer as a result of Customer’s
violation of this provision. Further, Manufacturer reserves the right to refuse to service any Battery used for these purposes
and disclaims any and all liability arising out of Manufacturer’s refusal to service.

 

This warranty does not cover defects that are caused by normal wear
and tear, normal capacity degradation over battery lifetime, inadequate maintenance, insufficient ventilation, transportation,
storage or faulty repair, misuse, neglect, accident or abuse, modification to the Battery, failure to observe operating instructions
and parameters or improper installation. This warranty does not cover defects caused by external influences while in the Customer’s
possession, including unusual physical or electrical stress such as power surges, uncontrolled voltages and currents, system harmonics,
lightning, flood, fire, exposure to excessive hot or cold temperatures, or accidents. This warranty does not cover any damage that
may occur as a result of improper connection, incorporation, charging (undercharging, overcharging, over-discharging), or installation.

 

For further clarity, this warranty is also void if the data logger
is destroyed or altered or if the Battery: 

 

		1.	is damaged due to shipping or mishandling, 
		2.	operates (charge or discharge) below or above its authorized temperature range (as measured and
logged by the Battery internal data logger which can be read by any CAN-capable diagnostic tool with ABS CAN database. See ABS
for CAN database), 
		3.	operates at an average temperature exceeding 80°F (27°C) over the life of the Battery
(as measured and logged by the Battery internal data logger), 
		4.	is not maintained in accordance with the parameters as set forth in the English language version
of the User’s Guide, 
		5.	is charged with a battery charger, charging algorithm or unregulated charge source that does
not comply with the Manufacturer’s recommendation as set forth in the English language version of the User’s Guide,

		6.	is subjected to excess vibration as might be caused by out of balance or improperly operated
pads in floor burnishing machines, 
		7.	manufacturing date codes, safety certification numbers or serial and tracking numbers are destroyed
or altered, 
		8.	is disassembled, altered, or repaired by someone other than an authorized Manufacturer’s
agent. 
		9.	is not installed with adequate balance of system components, 
		10.	is directly connected to DC motors without proper safety protection, motor controllers, and external
motor voltage clamping systems, as recommended below, 
		11.	is not properly protected from inrush currents, as recommended below, 
		12.	is installed with other makes and/or models in the same string, 
		13.	improper connection or usage of the CAN bus interface on the Battery as set forth in the English
language version of the User Guide, 
		14.	is cycled by a regenerative cycler that can cause voltage spikes above recommended thresholds,
which can damage the internal components of the battery,
		15.	is used in application other than that for which it was designed and intended,
		16.	is misapplied or improperly sized for the application (including current requirements exceeding
battery capability at different temperatures and states of charge including normal lifetime degradation in battery capacity and
current capability as defined in the User’s Guide),
		17.	is subjected to breakage, freezing, wreckage, impact or collision, fire, water damage, melted
and broken terminal including over torqueing the terminals,
		18.	is damaged due to improper installation, loose terminal connections, under-sized cabling, incorrect
connections (series or parallel) (cannot be used in series) for desired voltage and Amp-hour requirements, installed in reverse
polarity,
		19.	is subjected to environmental damage, inappropriate storage conditions as defined by the User’s
Guide or is exposed to extreme hot or cold temperatures as defined in the User’s Guide,
		20.	in need of repair due to actions or omissions by anyone other than Manufacturer,
		21.	is charged below freezing temperatures,
		22.	is opened, modified, or tempered with,
		23.	is discharged/tested with machines designed for lead batteries, or
		24.	is re-sold through any online e-commerce marketplace. 

 

    	 

    	 

    

 

This Limited Warranty does not cover a Battery that has reached
its normal end of life due to usage, which may occur prior to the Warranty Period. A battery can deliver only a fixed amount of
energy over its life which will occur over different periods of time depending on the application and usage. The Manufacturer reserves
the right to deny a warranty claim if the Product is determined, upon inspection, to be at its normal end of life even if within
the Warranty Period.

 

EXCLUSION FOR FAILURE TO PROVIDE DATA ACCESS 

 

In order to provide this Limited Warranty, Manufacturer may require
the ability to update and upgrade the Battery’s Firmware and Software. Any failure to install system updates or upgrades
when provided or to provide data logged information upon request will void this Limited Warranty.

 

DISCLAIMER 

 

EXCEPT FOR THE LIMITED WARRANTY SET FORTH ABOVE, SELLER MAKES
NO WARRANTY WHATSOEVER, WHETHER EXPRESS OR IMPLIED, WITH RESPECT TO THE BATTERIES, INCLUDING ANY (A) WARRANTY OF MERCHANTABILITY;
OR (B) WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE; (C) WARRANTY IMPLIED BY OR ARISING OUT OF ANY COURSE OF DEALING, COURSE OF
PERFORMANCE, USAGE OF TRADE OR OTHERWISE, ALL OF WHICH ARE HEREBY DISCLAIMED AND WAVIED BY CUSTOMER.

 

BREACH OF WARRANTY REMEDY 

 

MANUFACTURER SHALL HAVE NO LIABILITY FOR ANY INDIRECT, SPECIAL,
INCIDENTAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES. IN NO EVENT SHALL THE LIABILITY OF MANUFACTURER UNDER ANY WARRANTY CLAIM
EXCEED THE PURCHASE PRICE FOR THE APPLICABLE BATTERIES. Manufacturer will not be responsible for any expenses for transportation,
installation, freight, recharging, electrical system tests, loss of time, loss of use of equipment, service calls, labor, use
of rentals, or other expenses which would be considered as incidental or consequential damages. The only remedy available under
this warranty is Battery replacement.

 

HOW TO MAKE A WARRANTY CLAIM

 

To process a claim under this Limited Warranty, please contact your
place or purchase. Proof of purchase will be required. Claims of defective material and/or workmanship must be submitted in writing
within ten (10) days of discovery and prior to the expiration of the applicable Warranty Period. If the Battery needs to be returned
for inspection, the Manufacturer will issue a Return Materials Authorization (“RMA”). Return the Battery, at your expense
in accordance with the UNDOT 3480 shipping requirements for Class 9 Hazardous Goods, to your authorized Manufacturer distributor
or dealer. Acceptance of the Battery for inspection does not mean the Manufacturer will accept the warranty claim. Please refer
to the Manufacturer’s website for a list of distributors and dealers or call the Manufacturer’s customer service department
at 248-462-6364.

 

NON-MANUFACTURER WARRANTIES:

 

Your authorized ProlianceTM distributor or dealer may offer
its own warranty in addition to this Warranty, which warranty may vary in warranty period, scope of coverage, or exclusions. Manufacturer
is not responsible for any such additional distributor or dealer-provided warranties.

 

    	 

    	 

    

 

WARNINGS 

 

PROPERLY PROTECT THE BATTERY WITHIN THE OVERALL INSTALLATION

 

Proper grounding, isolation, fusing, breakers and disconnects must
be correctly used throughout the balance of systems to effectively isolate and protect all components of the system against faults,
short circuits, reverse polarity, or component failure. The sizing of all system components should be determined using established
electrical codes and standards and evaluated by certified engineers, electricians, and licensed installers. Although every Battery
has system protection and fuses to protect the Battery from operation outside of its pre-set limits, additional balance of system
protections must always be included (such as charge controllers) to protect the Battery from high voltage sources such as open
PV voltage. The internal circuitry, protection and fusing will not protect the Battery from extreme electrical phenomena.

 

DC MOTOR VOLTAGE SPIKES 

 

In operation, DC motors represent an inductive load. If the Battery’s
BMS disconnects from a DC motor while it is operating, a voltage transient will result unless there is proper protection included
in the system. Direct connection to DC motors without proper protection, motor controllers, and/or external motor voltage clamping
systems (such as high power anti-parallel diodes or braking resistor systems) may result in damage to the internal Battery protection
system, creating potentially damaging conditions, and will void the warranty.

 

DC MOTOR INRUSH CURRENT 

 

When typical DC motors become energized, a much larger amount of
current than normal rushes into the motor until it reaches its steady-state speed. Initial inrush currents can significantly exceed
the steady state levels. Inrush current limiters must be used when connecting the Battery to DC motors to protect the Battery’s
BMS and electronics. Failure to do so will void the warranty.

 

		
        For a Proliance Distributor near you, call + 1.248.462.6364 or visit
        www.americanbatterysolutions.com 3768 South Lapeer Rd, Orion, MI 48359 USA

         

        © 2020 American Battery Solutions, Inc. All rights reserved.
        American Battery Solutions, Inc. is not liable for damages that may result from any information provided in or omitted from this
        publication, under any circumstances. American Battery Solutions, Inc. reserves the right to make adjustments to this publication
        at any time, without notice or obligation.

 

    	 

    	 

    

 

Schedule 4

Specifications

 

[***]Exhibit 10.1

 

[_], 2021

 

Nubia Brand International Corp.

13355 Noel Rd, Suite 1100

Dallas, TX 75240

 

Re: Initial Public Offering

 

Gentlemen:

 

This letter (this “Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
to be entered into by and among Nubia Brand International Corp., a Delaware corporation (the “Company”) and
EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”) as representative of the several underwriters
(each, an “Underwriter” and collectively, the “Underwriters”), relating to an underwritten
initial public offering (the “Public Offering”), of up to 11,500,000 of the Company’s units (including
up to 1,500,000 units that may be purchased to cover over-allotments, if any) (the “Units”), each comprised
of one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and one-half
of one redeemable warrant. Each whole 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 and prospectus (the “Prospectus”) filed by the Company with the Securities
and Exchange Commission (the “Commission”) and the Units have been approved to be listed on The Nasdaq Global
Market. 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, Mach FM Acquisitions LLC (the “Sponsor”) and each
of the undersigned individuals, each of whom is a member of the Company’s board of directors and/or management team and EF Hutton,
solely in their capacity as a security holder 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, each Insider agrees that it, he or she will not seek to sell its,
his or her shares of Common 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 from the closing of the Public Offering
(or 15 months if the Company has filed a proxy statement, registration statement or similar filing for an initial business combination
within 12 months from the consummation of the Public Offering but has not completed the initial business combination within such 12-month
period), 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 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, including
interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (which interest shall
be net of taxes payable, and 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 of the Company (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 each case 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 agree not to propose any amendment to the Company’s amended
and restated certificate of incorporation (the “Charter”) that would modify (i) the substance or timing
of the Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within
12 months from the closing of the Public Offering (or 15 months if the Company has filed a proxy statement, registration statement or
similar filing for an initial business combination within 12 months from the consummation of the Public Offering but has not completed
the initial business combination within such 12-month period) or (ii) the other provisions relating to stockholders’ rights
or pre-initial business combination activities, unless the Company provides its Public Stockholders with the opportunity to redeem their
Offering Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit
in the Trust Account, including interest (which interest shall be net of amounts released for payment of taxes) divided by the number
of then outstanding Offering Shares. The Sponsor and each Insider agree to waive its redemption rights with respect to shares of Capital
Stock owned by it in connection with a stockholder vote to approve an amendment to the Company’s Charter (A) to modify the
substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete a Business
Combination within 12 months from the closing of the Public Offering (or 15 months if the Company has filed a proxy statement, registration
statement or similar filing for an initial business combination within 12 months from the consummation of the Public Offering but has
not completed the initial business combination within such 12-month period) or (B) with respect to any other provision relating to
stockholders’ rights or pre-initial business combination activity.

 

     

     

    

 

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 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, 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 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 12 months
from the closing of the Offering, or 15 months if the Company has filed a proxy statement, registration statement or similar filing for
an initial business combination within 12 months from the consummation of the Offering but has not completed the initial business combination
within such 12-month period).

 

3. During the period commencing on the
effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall not, without the
prior written consent of the Representative, (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 Common
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 Common 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). Each of the Insiders and the Sponsor acknowledges and agrees that, prior to the effective date of any release or waiver of the restrictions
set forth in this paragraph 3 or paragraph 7 below, the Company shall announce the impending release or waiver by press release through
a major news service at least two business days before the effective date of the release or waiver. Any release or waiver granted shall
only be effective two business days after the publication date of such press release. The provisions of this paragraph will not apply
if (i) the release or waiver is effected solely to permit a transfer of securities that is not for consideration and (ii) the
transferee has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that
such terms remain in effect at the time of the transfer.

 

4. In the event of the liquidation of
the Trust Account, the Sponsor (which for purposes of clarification shall not extend to any other shareholders, members or managers of
the Sponsor) agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever
(including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against
any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any claim
by (i) any third party (other than the Company’s independent accountants) for services rendered or products sold to the Company
or (ii) a prospective target business with which the Company has entered into a letter of intent, confidentiality or other similar
agreement for a Business Combination agreement (a “Target”); provided, however, that such indemnification
of the Company by the Sponsor shall apply only to the extent necessary to ensure that such claims by a third party for services rendered
(other than the Company’s independent public accountants) or products sold to the Company or a Target do not reduce the amount of
funds in the Trust Account to below (i) $10.10 per Offering Share or (ii) such lesser amount per Offering Share held in the
Trust Account as of the date of the liquidation of the Trust Account, due to reductions in the value of the trust assets, in each case,
net of the amount of interest earned on the property in the Trust Account which may be withdrawn to pay taxes, except as to any claims
by a third party (including a Target) who executed a waiver of any and all rights to seek access to the Trust Account and except as to
any claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the Securities
Act of 1933, as amended. In the event that any such executed waiver is deemed to be unenforceable against such third party, the Sponsor
shall not be responsible to the extent of any liability for such third party claims. The Sponsor shall have the right to defend against
any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice
of the claim to the Sponsor, the Sponsor notifies the Company in writing that it shall undertake such defense.

 

    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 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. The forfeiture will be adjusted to the extent that the over-allotment option is not exercised in full by the Underwriters
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 (excluding the 100,000 representative 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 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 any Founder Shares until the earlier of (A) six months after the completion of the Company’s
initial Business Combination or (B) subsequent to the Company’s initial Business Combination, (x) if the last sale price
of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing after the consummation of the Company’s initial
Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization
or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of Common
Stock for cash, securities or other property (the “Founder Shares Lock-up Period”).

 

(b) The Sponsor and each Insider agrees
that it, he or she shall not Transfer any 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 Warrants
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 Warrants and shares of Common Stock issued or issuable
upon the exercise of the Private Placement Warrants 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 affiliates or family
members of any of the Company’s officers or directors, any affiliates of the Sponsor, any members of the Sponsor, or any of their
affiliates, officers, directors, direct and indirect equityholders; (b) in the case of an individual, by gift to a member of the
individual’s immediate family, to a trust, the beneficiary of which is a member of the individual’s immediate family or an
affiliate of such person, or to a charitable organization; (c) in the case of an individual, transfers by virtue of laws of descent
and distribution upon death of the individual; (d) in the case of an individual, transfers pursuant to a qualified domestic relations
order; (e) by private sales or transfers made in connection with the consummation of a Business Combination at prices no greater
than the price at which the shares were originally purchased; (f) in the event of the Company’s liquidation prior to the completion
of a Business Combination; (g) in case of an entity, as a distribution to its partners, shareholders, officers or members upon its liquidation;
(h) by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement upon dissolution of
the Sponsor; and (i) in the event of the Company’s liquidation, merger, capital stock exchange, reorganization 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 Company’s completion of a Business Combination; provided, however, that in the case
of clauses (a) through (e) or (g) or (h), these permitted transferees must enter into a written agreement agreeing to be bound by
the restrictions herein.

 

    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. The Sponsor and each Insider’s questionnaire furnished
to the Company is true and accurate in all respects. The Sponsor and each Insider represents and warrants that: it, he or she is not subject
to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any
act or practice relating to the offering of securities in any jurisdiction; it, he or she has never been convicted of, or pleaded guilty
to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining
to any dealings in any securities and it, he or she is not currently a defendant in any such criminal proceeding. The Company represents and warrants that, to its knowledge, (i) none of its advisors has 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, (ii) each advisor’s biographical information furnished to the Company (including any such information included
in the Prospectus) is true and accurate in all respects and does not omit any material information with respect to such advisor’s
background and each advisor’s questionnaire furnished to the Company is true and accurate in all respects, (iii) none of its advisors
is 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; and (iii) none of its advisors has been convicted
of, or pleaded guilty to, any crime (x) involving fraud, (y) relating to any financial transaction or handling of funds of another person,
or (z) pertaining to any dealings in any securities and none of its advisors is currently a defendant in any such criminal proceeding.

 

9. Except as disclosed in the Prospectus,
neither the Sponsor nor any Insider nor any affiliate of the Sponsor or any Insider, nor any director or officer 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), other than the following, none of which will be made from the
proceeds held in the Trust Account prior to the completion of the initial Business Combination: repayment of a loan and advances up to
an aggregate of $300,000 made to the Company by the Sponsor; payment to an affiliate of the Sponsor for a total of $10,000 per month;
reimbursement for any out-of-pocket expenses related to identifying, investigating and consummating an initial Business Combination; and
repayment of loans, if any, and on such terms as to be determined by the Company from time to time, made by the Sponsor or any of the
Company’s officers or directors to finance transaction costs in connection with an intended initial Business Combination, provided,
that, if the Company does not consummate an initial Business Combination, a portion of the working capital held outside the Trust
Account may be used by the Company to repay such loaned amounts so long as no proceeds from the Trust Account are used for such repayment.
Up to $1,500,000 of such loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender. Such warrants
would be identical to the Private Placement Warrants, including as to exercise price, exercisability and exercise period.

 

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
a director of the Company and hereby consents to being named in the Prospectus as an officer and/or a 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 the 2,875,000 shares of the
Company’s common stock, par value $0.0001 per share, held by the Sponsor (up to an aggregate of 375,000 shares of which are subject
to complete or partial forfeiture by the Sponsor if the over-allotment option is not exercised in full by the Underwriters); (iv) “Initial
Stockholders” shall mean the Sponsor and any other holder of Founder Shares immediately prior to the Public Offering; (v) “Private
Placement Warrants” shall mean the warrants to purchase up to an aggregate of 3,700,000 shares of Common Stock of the Company
(or 4,000,000 shares of Common Stock if the over-allotment option is exercised in full) that the Sponsor has agreed to purchase for an
aggregate purchase price of $3,700,000 in the aggregate (or $4,000,000 if the over-allotment option is exercised in full), or $1.00 per
warrant, in a private placement that shall occur simultaneously with the consummation of the Public Offering; (vi) “Public
Stockholders” shall mean the holders of securities issued in the Public Offering; (vii) “Trust Account”
shall mean the trust fund into which a portion of the net proceeds of the Public Offering and the sale of the Private Placement Warrants
shall be deposited; and (viii) “Transfer” shall mean the (a) sale or assignment 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. 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.

 

13. 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.

 

14. 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.

 

15. 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.

 

16. 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.

 

17. 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 the 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.

 

    5

     

    

 

18. 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.

 

19. 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 March 31, 2022; provided further that paragraph
4 of this Letter Agreement shall survive such liquidation.

 

	 	Sincerely,
	 	 
	 	NUBIA BRAND INTERNATIONAL CORP.
	 	 	 
	 	By:	 
	 	 	Name:	Jaymes Winters
	 	 	Title:	 Chief Executive Officer
	 	 
	 	MACH FM ACQUISITIONS LLC
	 	 	 
	 	By:	 
	 	 	Name:	
	 	 	Title: 	Manager
	 	 
	 	EF HUTTON, DIVISION OF BENCHMARK INVESTMENTS, LLC
	 	 	 
	 	By:	 
	 	 	Name:	
	 	 	Title: 	
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

[Signature Page to Letter Agreement]

 

 

6

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