Document:

Exhibit
10.4

 

PRIVATE
PLACEMENT UNITS PURCHASE AGREEMENT

 

This
PRIVATE PLACEMENT UNITS PURCHASE AGREEMENT (this “Agreement”) is made as of December 20, 2021, by and between Sagaliam
Acquisition Corp., a Delaware corporation (the “Company”), and Sagaliam 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 370,000
units (the “Units”) of the Company, each Unit comprised of one share of Class A common stock of the Company, par value
$0.0001 per share (“Common Stock”) and one right to receive one-eighth of one share of Common Stock (the “Right”),
for a purchase price of $3,700,000, or $10.00 per Unit. The shares of Common Stock underlying the Rights are hereinafter referred to
as the “Right Shares.” The shares of Common Stock underlying the Units, excluding the Right Shares, are hereinafter
referred to as the “Placement Shares.” The Rights underlying the Units are hereinafter referred to as the “Placement
Rights.” The Units, Placement Shares, Placement Rights, and Right Shares, and Placement Shares, collectively, are hereinafter
referred to as the “Securities”; and

 

WHEREAS,
the Subscriber wishes to purchase 370,000 Units, 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 Closing Date (as defined below) the Units in consideration
                                            of the payment of the Purchase Price (as defined below). On the 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. As payment in full for the Units being purchased under this Agreement, the Subscriber
                                            shall pay $3,700,000 (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.

 

In
addition to the foregoing, the Subscriber hereby conditionally agrees to purchase up to an additional 30,000 Units (collectively, the
“Additional Units”) at $10.00 per Additional Unit for a purchase price of $300,000 (the “Additional Purchase
Price” and together with the Initial Purchase Price, the “Purchase Price”), if, and only if, and only to the extent
that the underwriters’ 45-day over-allotment option (the “Over-Allotment Option”) in the IPO (as defined below)
is exercised in full or part. The total number of Additional Units to be purchased hereunder shall be the number that is necessary to
maintain the amount held in the Trust Account (as defined below) so that the amount does not fall below $10.00 per share for each share
of Common Stock sold in the IPO. Each purchase of Additional Units shall occur simultaneously with the consummation of any portion of
the Over-Allotment Option.

 

		1.3	Closing.
                                            The closing of the purchase and sale of the Units (the “Closing Date”)
                                            shall take place simultaneously with the closing of the Company’s initial public offering
                                            (the “IPO”). The closing of the purchase and sale of the Units shall take
                                            place at the offices of Mayer Brown LLP, 1221 Avenue of the Americas, New York, New York,
                                            10020, or such other place as may be agreed upon by the parties hereto.

 

		1.4	Termination.
                                            This Agreement and each of the obligations of the undersigned shall be null and void and
                                            without effect if the IPO does not close prior to December 31, 2021.

 

    	 

    	 

    

 

	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.

 

		2.3	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 Company’s
                                            initial Business Combination (as described in the Company’s Amended and Restated Certificate
                                            of Incorporation), 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.

 

    	2

    	 

    

 

		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.

 

		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 (the “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

    	 

    

 

	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 classes of capital stock which
                                            the Company has authority to issue is 100,000,000 shares of Class A Common Stock, 10,000,000
                                            shares of Class B Common Stock, $0.0001 par value per share (the “Class B 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 Class B Common Stock (of which up to 375,000 shares are subject to forfeiture as
                                            described in the Registration Statement), no shares of Class A Common Stock 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 Rights Agreement to be entered into between the Company and Continental,
                                            as rights agent (the “Rights Agreement”), as the case may be, each of
                                            the Units, Placement Shares, Placement Rights and Right Shares will be duly and validly issued,
                                            fully paid and non-assessable. On the date of issuance of the Units, the Placement Shares
                                            and Right Shares shall have been reserved for issuance. Upon issuance in accordance with,
                                            and payment pursuant to, the terms hereof and the Rights Agreement, as the case may be, Subscriber
                                            will have or receive good title to the Units, Placement Shares and Placement Rights, 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.

 

		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) 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 the closing of the
                                            IPO, 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 Rights or Right Shares in accordance with
                                            the terms hereof.

 

	4.	Legends

 

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

 

    	4

    	 

    

 

“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.”

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PURSUANT TO AN INSIDER LETTER BETWEEN, AMONG OTHERS, SAGALIAM ACQUISITION
CORP. AND SAGALIAM 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.

 

	6.	Terms
                                            of Placement Rights. Each Placement Right shall have the terms set forth in the Rights Agreement.

 

	7.	[Reserved].

 

	8.	Terms
                                            of the Units and Placement Rights

 

		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, and (ii) 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 for the IPO or an exemption from registration is available.

 

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		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, including
                                            the waiver contained in Section 7 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.

 

	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 Date.

 

		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]

 

    	6

    	 

    

 

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

 

	 	COMPANY:
	 	 	 
	 	SAGALIAM
    ACQUISITION CORP.
	 	 	 
	 	By:	/s/
    Barry Kostiner
	 	Name:	Barry
    Kostiner
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	SUBSCRIBER:
	 	 	 
	 	SAGALIAM
    SPONSOR LLC
	 	 	 
	 	By:	/s/
    Barry Kostiner
	 	Name:
    	Barry
    Kostiner
	 	Title:
    	Managing
    Member

 

[Signature
Page to Registration Rights Agreement]Exhibit
10.5

 

Sagaliam
Acquisition Corp.

1800
Avenue of the Stars

Suite
1475

Los
Angeles, CA 90067

 

December
20, 2021

 

Sagaliam
Sponsor LLC

1800
Avenue of the Stars

Suite
1475

Los
Angeles, CA 90067

Attn:
Barry Kostiner

 

Re:
Administrative Support Agreement

 

Ladies
and Gentlemen:

 

This
letter agreement by and between Sagaliam Acquisition Corp. (the “Company”) and Sagaliam Sponsor LLC (“Sponsor”),
dated as of the date hereof, will confirm our agreement that, commencing on May 1, 2021 (the “Effective Date”) and continuing
until the earlier of the consummation by the Company of an initial business combination or the Company’s liquidation (in each case
as described in the Registration Statement on Form S-1 relating to the Company’s initial public offering filed with the U.S. securities
and Exchange Commission) (such earlier date hereinafter referred to as the “Termination Date”):

 

		(i)	Sponsor
                                            shall make available, or cause to be made available, to the Company, at 1800 Avenue of the
                                            Stars, Suite 1475, Los Angeles, CA 90067, (or any successor location of Sponsor), certain
                                            office space, utilities and executive, secretarial and administrative support as may be reasonably
                                            required by the Company, and shall provide the cash salaries of officers of the Company.
                                            In exchange therefor, the Company shall pay Sponsor the sum of $20,000 per month, commencing
                                            on the Effective Date and continuing monthly thereafter until the Termination Date; and

 

		(ii)	Sponsor
                                            hereby irrevocably waives any and all right, title, interest, causes of action and claims
                                            of any kind as a result of, or arising out of, this letter agreement (each, a “Claim”)
                                            in or to, and any and all right to seek payment of any amounts due to it out of, the trust
                                            account established for the benefit of the public stockholders of the Company and into which
                                            substantially all of the proceeds of the Company’s initial public offering will be
                                            deposited (the “Trust Account”) as a result of, or arising out of, this letter
                                            agreement, and hereby irrevocably waives any Claim it may have in the future, which Claim
                                            would reduce, encumber or otherwise adversely affect the Trust Account or any monies or other
                                            assets in the Trust Account, and further agrees not to seek recourse, reimbursement, payment
                                            or satisfaction of any Claim against the Trust Account or any monies or other assets in the
                                            Trust Account for any reason whatsoever.

 

This
letter agreement constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter 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 amended, modified or waived as to any particular provision, except by a written instrument executed by the
parties hereto.

 

No
party hereto may assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written
approval of the other party. 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 constitutes the entire relationship of the parties hereto, and this letter agreement and any litigation between the
parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted
pursuant to the laws of the State of New York, without giving effect to its choice of law principles.

 

[Signature
Page Follows]

 

    	 

     

    

 

	 	Very
    truly yours,
	 	 
	 	SAGALIAM
    ACQUISITION CORP.

 

	 	By:	/s/
    Barry Kostiner
	 	Name:	Barry
    Kostiner
	 	Title:	Chief
    Executive Officer and Chairman

 

AGREED
TO AND ACCEPTED BY:

 

SAGALIAM
SPONSOR LLC.

 

	By:	/s/
    Barry Kostiner	
	Name:	 Barry
    Kostiner	 
	Title:	 Managing
    Member	 

 

[Signature
Page to Administrative Support Agreement]

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