Document:

Exhibit 10.1

 

FORM OF SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION AGREEMENT (this “Subscription
Agreement”) is entered into this __ day of [___], 2021, by and between Aldel Financial Inc., a Delaware corporation (the “Company”),
and the undersigned (“Subscriber” or “you”). Defined terms used but not otherwise defined herein
shall have the respective meanings ascribed thereto in the Transaction Agreement (as defined below).

 

WHEREAS, substantially concurrently with the execution
and delivery of this Subscription Agreement, the Company is entering into that certain Business Combination Agreement, dated as of the
date of this Subscription Agreement (as amended, modified, supplemented or waived from time to time in accordance with its terms, the
 “Transaction Agreement”, and the transactions contemplated by the Transaction Agreement, the “Transaction”),
among the Company, Aldel Merger Sub LLC, a Delaware limited liability company and wholly-owned subsidiary of the Company (“Merger
Sub”), and The Hagerty Group, LLC, a Delaware limited liability company (“Hagerty Group”);

 

WHEREAS, pursuant to the Transaction Agreement,
Merger Sub will be merged with and into Hagerty Group, with Hagerty Group surviving in an “Up-C” structure;

 

WHEREAS, in connection with the Transaction, Subscriber
desires to subscribe for and purchase from the Company that number of shares (the “Shares”) of the Company’s
Class A common stock, par value $0.0001 per share (the “Common Stock”) , and that number of warrants of the Company
to purchase shares of Common Stock (the “Warrants” and, together with the Shares, the “Purchased Securities”),
in each case as set forth on the signature page to this Subscription Agreement (subject, in the case of the Warrants, to adjustment
as described below in Section 1), for the aggregate purchase price set forth on the signature page hereto (the “Purchase
Price”), and the Company desires to issue and sell to Subscriber the Purchased Securities in consideration of the payment of
the Purchase Price by or on behalf of Subscriber to the Company;

 

WHEREAS, the Warrants shall have the terms set
forth in a warrant agreement to be entered into between the Company and a warrant agent on or prior to Closing (as defined below) consistent
with the terms set forth on Schedule B to this Subscription Agreement;

 

WHEREAS, in connection with the Transaction, certain
other “accredited investors” (within the meaning of Rule 501(a) under the Securities Act of 1933, as amended (the
 “Securities Act”)) have entered into separate subscription agreements with the Company substantially similar to this
Subscription Agreement (the “Other Subscription Agreements”), pursuant to which such investors (“Other Subscribers”)
have, together with the Subscriber pursuant to this Subscription Agreement, agreed to purchase an aggregate of [●] Shares (the “Aggregate
Subscription”) together with Warrants at the same ratio as the Subscriber for a purchase price equal to the same purchase price
per Purchased Security as the Subscriber; and

 

WHEREAS, certain Other Subscribers (“Significant
Subscribers”) have each agreed to purchase a number of Shares that represent, after the Closing, in excess of ten percent
(10%) of the issued and outstanding common stock of the Company.

 

NOW, THEREFORE, in consideration of the foregoing
and the mutual representations, warranties and covenants, and pursuant to the terms and subject to the conditions, herein contained, and
intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

1. Subscription. Subject to the terms and
conditions hereof, Subscriber hereby agrees to subscribe for and purchase from the Company, and the Company hereby agrees to issue and
sell to Subscriber, upon the payment of the Purchase Price, in each case, at the Closing (as defined below), the Purchased Securities
(such subscription and issuance, the “Subscription”). Notwithstanding the foregoing, the parties agree that the number
of Warrants may be reduced prior to Closing if the board of directors of the Company determines in its good faith judgment that the issuance
of the number of Warrants set forth on the signature page may result in an adjustment to the “Warrant Price” to the Company’s
outstanding public warrants under Section 4.3.2(x) of the Warrant Agreement, dated as of April 8, 2021, between the Company
and Continental Stock Transfer & Trust Company, as warrant agent. In such event, the Company shall deliver Subscriber notice
at least one (1) business day prior to Closing of its determination and the maximum number of Warrants that can be issued without
triggering the “crescent provision,” and the number of Warrants issued to Subscriber at Closing will be such maximum number
as determined in good faith by the Company’s board of directors. Any such adjustment to the number of Warrants shall be made with
respect to the Other Subscription Agreements on a proportional basis.

 

     

     

    

 

2. Representations, Warranties and Agreements.

 

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

 

2.1.1 If Subscriber is not an individual, Subscriber
has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction of incorporation or formation,
with power and authority to enter into, deliver and perform its obligations under this Subscription Agreement. If Subscriber is an individual,
Subscriber has the authority to enter into, deliver and perform its obligations under this Subscription Agreement.

 

2.1.2 If Subscriber is not an individual, this Subscription
Agreement has been duly authorized, executed and delivered by Subscriber. If Subscriber is an individual, the signature on this Subscription
Agreement is genuine, and Subscriber has legal competence and capacity to execute the same. This Subscription Agreement is enforceable
against Subscriber in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles
of equity, whether considered at law or equity.

 

2.1.3 The execution, delivery and performance by
Subscriber of this Subscription Agreement and the purchase by Subscriber of the Purchased Securities will not (i) conflict with or
result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition
of any lien, charge or encumbrance upon any of the property or assets of Subscriber or any of its subsidiaries pursuant to the terms of
any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which Subscriber or any of
its subsidiaries is a party or by which Subscriber or any of its subsidiaries is bound or to which any of the property or assets of Subscriber
or any of its subsidiaries is subject, which would reasonably be expected to prevent or delay Subscriber’s timely performance of
any of its material obligations under this Subscription Agreement (a “Subscriber Material Adverse Effect”); (ii) if
Subscriber is not an individual, result in any violation of the provisions of the organizational documents of Subscriber or any of its
subsidiaries; or (iii) subject to receipt of required regulatory approvals, if any, result in any violation of any statute or any
judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Subscriber
or any of its subsidiaries or any of their respective properties that would reasonably be expected to have a Subscriber Material Adverse
Effect or materially affect the legal authority of Subscriber to comply in all material respects with this Subscription Agreement.

 

2.1.4 Subscriber (i) is a “qualified institutional
buyer” (as defined in Rule 144A under the Securities Act) or an “accredited investor” (within the meaning of Rule 501(a) under
the Securities Act) satisfying the applicable requirements set forth on Schedule A, (ii) is acquiring the Purchased Securities
only for its own account and not for the account of others, or if Subscriber is subscribing for the Purchased Securities as a fiduciary
or agent for one or more investor accounts, each owner of such account is an accredited investor and Subscriber has full investment discretion
with respect to each such account, and the full power and authority to make the acknowledgements, representations and agreements herein
on behalf of each owner of each such account, and (iii) is not acquiring the Purchased Securities with a view to, or for offer or
sale in connection with, any distribution thereof in violation of the Securities Act (and shall provide the requested information on Schedule
A following the signature page hereto). Subscriber is not an entity formed for the specific purpose of acquiring the Purchased
Securities. Subscriber understands and acknowledges that the purchase of the Purchased Securities pursuant to this Agreement meets an
exemption from filing under FINRA Rule 5123.

 

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2.1.5 Subscriber understands that the Purchased Securities
are being offered in a transaction not involving any public offering within the meaning of the Securities Act and that the Purchased Securities
have not been registered under the Securities Act. Subscriber understands that the Purchased Securities may not be resold, transferred,
pledged or otherwise disposed of by Subscriber absent an effective registration statement under the Securities Act with respect to the
Purchased Securities or an applicable exemption from the registration requirements of the Securities Act is available, and that any certificates
or book entries representing the Purchased Securities shall contain a legend to such effect. Subscriber acknowledges that the Purchased
Securities will not be eligible for resale pursuant to Rule 144 promulgated under the Securities Act (“Rule 144”)
until at least one year from the filing by the Company of the “Form 10 information.” Subscriber understands and agrees
that the Purchased Securities will be subject to transfer restrictions and, as a result of these transfer restrictions, Subscriber may
not be able to readily resell the Purchased Securities and may be required to bear the financial risk of an investment in the Purchased
Securities for an indefinite period of time. Subscriber understands that it has been advised to consult legal counsel prior to making
any offer, resale, pledge or transfer of any of the Purchased Securities.

 

2.1.6 Subscriber understands and agrees that Subscriber
is purchasing the Purchased Securities directly from the Company. Subscriber further acknowledges that there have been no representations,
warranties, covenants and agreements made to Subscriber by the Company or any of its officers or directors, expressly or by implication,
other than those representations, warranties, covenants and agreements included in this Subscription Agreement.

 

2.1.7 Subscriber represents and warrants that (i) it
is not a Benefit Plan Investor as contemplated by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
or (ii) its acquisition and holding of the Purchased Securities will not constitute or result in a non-exempt prohibited transaction
under Section 406 of the Employee Retirement Income Security Act of 1974, as amended, Section 4975 of the Internal Revenue Code
of 1986, as amended, or any applicable similar law.

 

2.1.8 In making its decision to purchase the Purchased
Securities, Subscriber represents that it has relied solely upon independent investigation made by Subscriber and the representations,
warranties and covenants of the Company contained in this Subscription Agreement. The Subscriber acknowledges and agrees that the Subscriber
has received and has had an adequate opportunity to review, such financial and other information as the Subscriber deems necessary in
order to make an investment decision with respect to the Purchased Securities and made its own assessment and is satisfied concerning
the relevant tax and other economic considerations relevant to the Subscriber’s investment in the Purchased Securities. Without
limiting the generality of the foregoing, the Subscriber acknowledges that it has reviewed the documents provided to the Subscriber by
the Company. The Subscriber represents and agrees that the Subscriber and the Subscriber’s professional advisor(s), if any, have
had the full opportunity to ask such questions, receive such answers and obtain such information as the Subscriber and such Subscriber’s
professional advisor(s), if any, have deemed necessary for the Subscriber to make an investment decision with respect to the Purchased
Securities. The Subscriber acknowledges that it has not relied on any statements or other information provided by J.P. Morgan Securities
LLC (“JPM”) and Global Leisure Partners LLC (“GLP” and, together with JPM, the “Placement
Agents”) or any of the Placement Agents’ affiliates with respect to its decision to invest in the Purchased Securities,
including information related to the Company, the Purchased Securities and the offer and sale of the Purchased Securities.

 

2.1.9 Subscriber became aware of this offering of
the Purchased Securities by means of direct contact from the Placement Agents in the case of institutional accredited investors, and/or
directly from the Company or Hagerty Group as a result of a pre-existing, substantial relationship with the Company or Hagerty Group,
and the Purchased Securities were offered to Subscriber solely by direct contact between Subscriber and any of the Placement Agents, the
Company or Hagerty Group. Subscriber did not become aware of this offering of the Purchased Securities, nor were the Purchased Securities
offered to Subscriber, by any other means. Subscriber acknowledges that (a) the Placement Agents have not acted as its financial
advisor or fiduciary, (b) each of the Placement Agents is acting solely as placement agent to the Company and is not acting as an
underwriter or in any other capacity or as a fiduciary for the Company, Hagerty Group or any other person or entity in connection with
the Transaction and (c) none of the Placement Agents or any of their respective affiliates has prepared any disclosure or offering
document in connection with the offer and sale of the Purchased Securities. Subscriber acknowledges that the Company represents and warrants
that the Purchased Securities (i) were not offered by any form of general solicitation or general advertising and (ii) are not
being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities
laws.

 

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2.1.10 Subscriber acknowledges and agrees that (a) the
Placement Agents have not made and will not make any representation or warranty, whether express or implied, of any kind or character
and have not provided any advice or recommendation in connection with the Transaction, (b) the Placement Agents will have no responsibility
with respect to (i) any representations, warranties or agreements made by any person or entity under or in connection with the Transaction
or any of the documents furnished pursuant thereto or in connection therewith, or the execution, legality, validity or enforceability
(with respect to any person) or any thereof, or (ii) the business, affairs, financial condition, operations, properties or prospects
of, or any other matter concerning the Company, Hagerty Group or the Transaction, and (c) the Placement Agents will have no liability
or obligation (including without limitation, for or with respect to any losses, claims, damages, obligations, penalties, judgments, awards,
liabilities, costs, expenses or disbursements incurred by Subscriber, the Company or any other person or entity), whether in contract,
tort or otherwise, to Subscriber, or to any person claiming through Subscriber, in respect of the Transaction.

 

2.1.11 Subscriber acknowledges that it is aware that
there are substantial risks incident to the purchase and ownership of the Purchased Securities. Subscriber has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Purchased Securities, and
Subscriber has sought such accounting, legal and tax advice as Subscriber has considered necessary to make an informed investment decision.
Subscriber understands and acknowledges that the purchase and sale of the Purchased Securities hereunder meets (i) the exemptions
from filing under FINRA Rule 5123, (ii) the institutional customer exemption under FINRA Rule 2111(b) and (iii) the
institutional account exemption under FINRA Rule 4512(c).

 

2.1.12 Subscriber represents and acknowledges that
Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of
the investment in the Purchased Securities, has adequately analyzed and fully considered the risks of an investment in the Purchased Securities
and determined that the Purchased Securities are a suitable investment for Subscriber and that Subscriber is able at this time and in
the foreseeable future to bear the economic risk of a total loss of Subscriber’s investment in the Company. Subscriber further acknowledges
specifically that a possibility of total loss of investment exists and that it is able to fend for itself in the transactions contemplated
herein.

 

2.1.13 Subscriber understands and agrees that no
federal or state agency has passed upon or endorsed the merits of the offering of the Purchased Securities or made any findings or determination
as to the fairness of this investment.

 

2.1.14 Subscriber represents and warrants that Subscriber
is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by the U.S. Treasury
Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order issued by the President of the
United States and administered by OFAC (“OFAC List”), or a person or entity prohibited by any OFAC sanctions program,
(ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S.
shell bank or providing banking services indirectly to a non-U.S. shell bank (collectively, a “Prohibited Investor”).
Subscriber agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided that
Subscriber is permitted to do so under applicable law. Subscriber represents that if it is a financial institution subject to the Bank
Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001 (the “PATRIOT
Act”), and its implementing regulations (collectively, the “BSA/PATRIOT Act”), that Subscriber maintains
policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. Subscriber also represents
that, to the extent required, it maintains policies and procedures reasonably designed for the screening of its investors against the
OFAC sanctions programs, including the OFAC List. Subscriber further represents and warrants that, to the extent required, it maintains
policies and procedures reasonably designed to ensure that the funds held by Subscriber and used to purchase the Purchased Securities
were legally derived.

 

2.1.15 Subscriber has, and at the Closing will have,
sufficient funds to pay the Purchase Price pursuant to Section 3.1.

 

2.1.16 Subscriber represents that no disqualifying
event described in Rule 506(d)(1)(i)-(viii) under the Securities Act (a “Disqualification Event”) is applicable
to Subscriber or any of its Rule 506(d) Related Parties (as defined below), except, if applicable, for a Disqualification Event
as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. For purposes of this Section 2.1.15,
 “Rule 506(d) Related Party” shall mean a person or entity that is a direct beneficial owner of Subscriber’s
securities for purposes of Rule 506(d) under the Securities Act.

 

2.1.17 [Reserved].

 

2.1.18 Subscriber acknowledges and understands that,
if it is not an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3), (7) (8), (9),
(12) or (13) under the Securities Act), only GLP is acting as the Company’s Placement Agent with respect to such offers and sales.

 

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

 

2.2.1 The Company has been duly incorporated and
is validly existing as a corporation in good standing under the Delaware General Corporation Law (the “DGCL”), with
corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted and to enter into,
deliver and perform its obligations under this Subscription Agreement.

 

2.2.2 As of the Closing Date, the Shares will be
duly authorized and, when issued and delivered to Subscriber against full payment of the Purchase Price in accordance with the terms of
this Subscription Agreement and registered with the Company’s transfer agent, the Shares will be validly issued, fully paid and
non-assessable and the Shares will not have been authorized in violation of or subject to any preemptive or similar rights created under
the Company’s amended and restated certificate of incorporation or under the DGCL. As of the Closing Date, the Warrants will have
been duly authorized for issuance and sale by the Company and, when issued and delivered to Subscriber against full payment for the Warrants
in accordance with the terms of this Subscription Agreement, will be duly and validly issued. As of the Closing Date, the shares of Common
Stock issuable upon exercise of the Warrants (the “Warrant Shares”) will have been duly authorized and reserved for
issuance upon exercise thereof and, when issued and delivered against payment of the consideration therefor pursuant thereto, will be
duly and validly issued, fully paid and non-assessable.

 

2.2.3 Each of this Subscription Agreement, the Other
Subscription Agreements and the Transaction Agreement (the “Transaction Documents”) has been duly authorized, executed
and delivered by the Company and, assuming that each such Transaction Document constitutes a valid and binding obligation of the other
parties thereto, is enforceable against it in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally,
and (ii) principles of equity, whether considered at law or equity.

 

2.2.4 The execution, delivery and performance of
this Subscription Agreement and the other Transaction Documents (including compliance by the Company with all of the provisions hereof
and thereof), issuance and sale of the Purchased Securities and the consummation of the other transactions contemplated herein and therein
will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default
under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company pursuant
to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Company
is a party or by which the Company is bound or to which any of the property or assets of the Company is subject, which would reasonably
be expected to have a material adverse effect on the business, properties, financial condition, stockholders’ equity or results
of operations of the Company (a “Material Adverse Effect”) or materially affect the validity of the Shares or Warrants
or the legal authority of the Company to comply in all material respects with the terms of this Subscription Agreement; (ii) result
in any violation of the provisions of the organizational documents of the Company; or (iii) result in any violation of any statute
or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction
over the Company or any of its properties that would reasonably be expected to have a Material Adverse Effect or materially affect the
validity of the Shares or Warrants or the legal authority of the Company to comply in all material respects with this Subscription Agreement.
The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration
with, any court or other federal, state, local or other governmental authority, self-regulatory organization or other person in connection
with the execution, delivery and performance of this Subscription Agreement (including, without limitation, the sale of the Purchased
Securities), other than (i) (A) filings with the Securities and Exchange Commission (the “SEC”), (B) filings
required by applicable state securities laws, (C) filings required by the NYSE, including with respect to obtaining Company stockholder
approval, and (D) filings under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended or (ii) where the failure
to obtain such consents, waivers, authorizations or orders, or to make such notices, filings or registrations, would not have or would
not reasonably be expected to have a Material Adverse Effect.

 

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2.2.5 Assuming the accuracy of the representations
and warranties of Subscriber set forth in Section 2.1, no registration under the Securities Act is required for the offer
and sale of the Purchased Securities by the Company to Subscriber. No consent, approval, order or authorization of, or registration, qualification,
designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with such offer
and sale of Purchased Securities contemplated by this Subscription Agreement, except for filings pursuant to applicable state securities
laws. Neither the Company, nor any person acting on its behalf has, directly or indirectly,
made any offers or sales of any Company security or solicited any offers to buy any security
under circumstances that would adversely affect reliance by the Company on Section 4(a)(2) of
the Securities Act for the exemption from registration for the transactions contemplated hereby or would require registration of the issuance
of the Purchased Securities pursuant to this Subscription Agreement under the Securities Act.

 

2.2.6 Neither the Company nor any person acting on
its behalf has (a) conducted any general solicitation or general advertising (as those terms are used in Regulation D under the Securities
Act) in connection with the offer or sale of any of the Purchased Securities or (b) offered the Purchased Securities in a manner
involving a public offering under, or in a distribution in violation of, the Securities Act or any state securities laws.

 

2.2.7 The Company has provided Subscriber an opportunity
to ask questions regarding the Company and made available to Subscriber all the information reasonably available to the Company that Subscriber
has requested for deciding whether to acquire the Purchased Securities.

 

2.2.8 No Disqualification Event is applicable to
the Company or, to the Company’s knowledge, any Company Covered Person (as defined below), except for a Disqualification Event as
to which Rule 506(d)(2)(ii)-(iv) or (d)(3) under the Securities Act is applicable. The Company has complied, to the extent
applicable, with any disclosure obligations under Rule 506(e) under the Securities Act. “Company Covered Person”
means, with respect to the Company as an “issuer” for purposes of Rule 506 under the Securities Act, any person listed
in the first paragraph of Rule 506(d)(1) under the Securities Act.

 

2.2.9 As of their respective dates, all reports (the
 “SEC Reports”) required to be filed by the Company with the SEC complied in all material respects with the applicable
requirements of the Securities Act and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the
rules and regulations of the SEC promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading. The Company has timely filed each report, statement, schedule,
prospectus, and registration statement that the Company was required to file with the SEC since its initial registration of the Common
Stock under the Exchange Act. There are no material outstanding or unresolved comments in comment letters from the staff of the Division
of Corporation Finance (the “Staff”) of the Commission with respect to any of the SEC Reports. The financial statements
contained in the SEC Reports have been prepared in accordance with United States generally accepted accounting principles applied on a
consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial statements
or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present
in all material respects the financial position of the Company and its consolidated subsidiaries as of and for the dates thereof and the
results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, year-end audit
adjustments which would not reasonably be expected individually or in the aggregate to be material.

 

2.2.10 The Other Subscription Agreements reflect
the same ratio of Warrants to Shares and are based on the same price per Purchased Security as this Subscription Agreement and shall not
be on terms or conditions materially more advantageous to any Other Subscriber than the Subscriber. Other than the Other Subscription
Agreements and certain agreements with the Significant Subscribers, the Company has not entered into any side letter or similar agreement
with any Other Subscriber or investor in connection with such Other Subscriber’s or other investor’s direct or indirect investment
in the Company, and such Other Subscription Agreements have not been, and will not be after the date of this Subscription Agreement, amended
in any material respect following the date of this Subscription Agreement.

 

2.2.11 Except for such matters as have not had, individually
or in the aggregate, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, there
is no (i) suit, action, proceeding or arbitration before a governmental authority or arbitrator pending, or, to the knowledge of
the Company, threatened in writing against the Company or (ii) judgment, decree, injunction, ruling or order of any governmental
authority or arbitrator outstanding against the Company.

 

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2.2.12 The Company is in compliance with all applicable
laws and has not received any written communication from a governmental entity that alleges that the Company is not in compliance with
or is in default or violation of any applicable law, except where such non-compliance, default or violation would not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

2.2.13 All offers and sales by the Company of its
Common Stock and Warrants to persons that are not institutional “accredited investors” (within the meaning of Rule 501(a)(1),
(2), (3), (7) (8), (9), (12) or (13) under the Securities Act) have been, and will be, made directly by GLP and not to or through
JPM, and the Company shall not (a) issue, sell its Common Stock or Warrants to, or solicit offers to purchase shares of its Common
Stock or Warrants from accredited investors that are not institutional accredited investors through JPM and (b) issue, sell its Common
Stock Or Warrants to, or solicit offers to purchase shares of its Common Stock or Warrants from investors that are not either “accredited
investors” or “qualified institutional buyers” through GLP.

 

2.2.14            As
of the date of this Subscription Agreement, the authorized capital stock of the Company consists of (i) 400,000,000 shares of the
Company’s common stock, par value $0.0001 per share, with (A) 380,000,000 shares being designated as Class A Common Stock
and (B) 20,000,000 shares being designated as Class B Common Stock (“Class B Common Stock”), and (ii) 1,000,000
shares of preferred stock, par value $0.0001 per share (“Preferred Stock”). As of the date of this Subscription Agreement,
(i) 12,072,500 shares of Common Stock and 2,875,000 shares of Class B Common Stock are issued and outstanding, all of which
are validly issued, fully paid and non-assessable and not subject to any preemptive rights, (ii) no shares of the Company’s
common stock are held in the treasury of the Company, (iii) 257,500 private placement warrants (the “Private Placement Warrants”)
are issued and outstanding and 257,500 shares of Common Stock are issuable in respect of such Private Placement Warrants, (iv) 5,750,000
public warrants (the “Public Warrants”) are issued and outstanding and 5,750,000 shares of Common Stock are issuable
in respect of such Public Warrants, (v) 28,750 underwriter warrants (as described in the Company’s prospectus related to its
initial public offering) are issued and outstanding and 28,750 shares of Buyer Class A Common Stock are issuable in respect of such
underwriter warrants, and (vi) 1,300,000 OTM warrants (as described in the Company’s prospectus related to its initial public
offering) are issued and outstanding and 1,300,000 shares of Buyer Class A Common Stock are issuable in respect of such OTM warrants.
As of the date of this Subscription Agreement, there are no shares of Preferred Stock issued and outstanding. Each Private Placement Warrant
and Public Warrant is exercisable for one share of Class A Common Stock at an exercise price of $11.50. As of the date hereof, other
than Merger Sub, the Company has no subsidiaries and does not own, directly or indirectly, interests or investments (whether equity or
debt) in any person, whether incorporated or unincorporated. As of the date hereof, except as set forth above and pursuant to (i) the
Other Subscription Agreements, or (ii) the Transaction Agreement, there are no outstanding options, warrants or other rights to subscribe
for, purchase or acquire from the Company any shares of Common Stock or other equity interests in the Company (collectively, “Equity
Interests”) or securities convertible into or exchangeable or exercisable for Equity Interests. There are no securities or instruments
issued by or to which the Company is a party containing anti-dilution or similar provisions that will be triggered by the issuance of
(i) the Shares or (ii) the shares of Common Stock to be issued pursuant to any Other Subscription Agreement, in each case, that
have not been or will not be validly waived on or prior to the Subscription Closing.

 

2.2.15            The
issued and outstanding shares of Class A common stock are registered pursuant to Section 12(b) of the Exchange Act, and
are listed for trading on The New York Stock Exchange (“NYSE”) under the symbol “ADF.” There is no suit,
action, proceeding or investigation pending or, to the knowledge of the Company, threatened in writing against the Company by NYSE or
the SEC with respect to any intention by such entity to deregister the Class A common stock or prohibit or terminate the listing
of the Class A common stock on NYSE. The Company has taken no action that is designed to terminate the registration of the Class A
common stock under the Exchange Act.

 

2.2.16 Except for placement fees payable to the Placement
Agents, the Company has not paid, and is not obligated to pay, any brokerage, finder’s or other commission or similar fee in connection
with its issuance and sale of the Shares, including, for the avoidance of doubt, any fee or commission payable to any stockholder or affiliate
of the Company.

 

    7

     

    

 

3. Settlement Date and Delivery.

 

3.1 Closing. The closing of the Subscription
contemplated hereby (the “Closing”) is contingent upon the substantially concurrent consummation of the Transaction.
The Closing shall occur on the closing date of, and immediately prior to, the consummation of the Transaction. Upon not less than five
(5) business days’ written notice from (or on behalf of) the Company to Subscriber (the “Closing Notice”)
that the Company reasonably expects all conditions to the closing of the Transaction to be satisfied on a date that is not less than five
(5) business days from the date of the Closing Notice, Subscriber shall deliver to the Company at least one (1) business day
prior to the closing date specified in the Closing Notice (the “Closing Date”), to be held in escrow until the Closing,
the Purchase Price for the Purchased Securities by wire transfer of United States dollars in immediately available funds to the account
specified by the Company in the Closing Notice against delivery by the Company to Subscriber of the Shares and Warrants in book-entry
form free and clear of any liens or other restrictions whatsoever (other than those arising under state or federal securities laws), in
the name of Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated by Subscriber, as applicable,
and (ii) upon request from the Subscriber, an account statement from the Company’s transfer agent confirming the issuance and
delivery of the Shares to the Subscriber (or such nominee or custodian) on and as of the scheduled Closing Date (or such other evidence
of issuance of the Shares from the Company’s transfer agent acceptable to Subscriber). In the event the Closing does not occur within
two (2) business days of the Closing Date, the Company shall promptly (but not later than two (2) business days thereafter)
return the Purchase Price to Subscriber by wire transfer of U.S. dollars in immediately available funds to the account specified by Subscriber,
and any book-entries shall be deemed cancelled.

 

3.2 Conditions to Closing.

 

3.2.1 The obligations of each of the Company and
Subscriber to consummate the transactions contemplated hereunder are subject to the satisfaction (or waiver by the Company and Subscriber
in writing) of the conditions that, at the Closing:

 

3.2.1.1 No governmental authority shall
have enacted, issued, promulgated, enforced or entered any judgment, order, rule or regulation (whether temporary, preliminary or
permanent) which is then in effect and has the effect of making consummation of the transactions contemplated hereby illegal or otherwise
preventing or prohibiting consummation of the transactions contemplated hereby.

 

3.2.1.2 All conditions precedent to the
consummation of the Transaction set forth in the Transaction Agreement shall have been satisfied or waived (other than those conditions
that, by their nature, may only be satisfied at the consummation of the Transaction, but subject to satisfaction of such conditions as
of the consummation of the Transaction).

 

3.2.1.3 All specified waiting periods,
if any, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, shall have expired or been terminated.

 

3.2.2 The obligations of the Company to consummate
the transactions contemplated hereunder are subject to the satisfaction (or valid waiver by the Company in writing) of the conditions
that, at the Subscription Closing:

 

3.2.2.1 All representations and warranties
of Subscriber contained in this Subscription Agreement shall be true and correct in all material respects (other than those qualified
by Subscriber Material Adverse Effect, which shall be true and correct in all respects) as of the Closing Date (other than those representations
and warranties expressly made as of an earlier date, which shall be true and correct in all material respects as of such date), and consummation
of the Closing shall constitute a reaffirmation by Subscriber of each of the representations, warranties and agreements contained in this
Subscription Agreement as of the Closing Date.

 

3.2.2.2 Subscriber shall have performed or complied
in all material respects with all agreements and covenants required by this Subscription Agreement.

 

3.2.3 The obligations of Subscriber to consummate
the transactions contemplated hereunder are subject to the satisfaction (or valid waiver by Subscriber in writing) of the conditions that,
at the Closing:

 

3.2.3.1 No suspension of the qualification
of the Shares for offering or sale or trading under the NYSE marketplace rules, or initiation or threatening of any proceedings for any
of such purposes, shall have occurred and the Shares shall have been approved for listing on the NYSE, subject to official notice of issuance.

 

    8

     

    

 

3.2.3.2 All representations and warranties
of the Company contained in this Subscription Agreement shall be true and correct in all material respects (other than those qualified
by Material Adverse Effect, which shall be true and correct in all respects) as of the Closing Date (other than those representations
and warranties expressly made as of an earlier date, which shall be true and correct in all material respects as of such date), and consummation
of the Closing shall constitute a reaffirmation by the Company of each of its representations, warranties and agreements contained in
this Subscription Agreement as of the Closing Date.

 

3.2.3.3 The Company shall have performed
or complied in all material respects with all agreements and covenants required by this Subscription Agreement.

 

3.2.3.4 Other than as waived by Other
Subscribers whose subscriptions represent, in the aggregate, a majority of the Aggregate Subscription, no Company Material Adverse Effect
shall have occurred between the date hereof and the Closing Date.

 

3.2.3.5 The Transaction Agreement (as
the same exists on the date of this Subscription Agreement) shall not have been amended to, and there shall have been no waiver or modification
to the Transaction Agreement (as the same exists on the date of this Subscription Agreement) that would, materially adversely affect the
economic benefits that Subscriber would reasonably expect to receive as of the date hereof under this Subscription Agreement without having
received Subscriber’s prior written consent.

 

3.2.3.6 No Other Subscription Agreement
shall have been amended, modified or waived in any manner that materially benefits any Other Subscriber unless Subscriber shall have been
offered substantially similar benefits in writing.

 

4. Transfer Restrictions.

 

4.1            The
Shares, the Warrants and the Warrant Shares (collectively, the “Securities”) may only be resold, transferred, pledged
or otherwise disposed of in compliance with state and federal securities laws. In connection with any transfer of Securities other than
pursuant to an effective registration statement, Rule 144 or pursuant to another applicable exemption from the registration requirements
of the Securities Act, or a transfer to the Company, one or more Subscriber Affiliates or to a lender to Subscriber pursuant to a pledge
and, thereafter, a transferee thereof pursuant to a foreclosure of the Subscriber, the Company may require the transferor thereof to provide
to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which
opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred
Securities. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Subscription Agreement
and such transferee and each Subscriber Affiliate transferee and each lender transferee and their subsequent transferees shall have the
rights and obligations of the Subscriber under this Agreement.

 

4.2            The
Subscriber agrees to the imprinting, so long as is required by this Section 4, of a legend on any of the Purchased Securities
in the following form:

 

THIS SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES
AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE FEDERAL, STATE AND FOREIGN SECURITIES LAWS.

 

4.3            The
Subscriber agrees with the Company that the Subscriber will only sell Purchased Securities pursuant to either the registration requirements
of the Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and that if Purchased Securities
are sold pursuant to a registration statement, they will be sold in compliance with the plan of distribution set forth therein, and acknowledges
that the removal of the restrictive legend from instruments representing Purchased Securities, as set forth in this Section 4
is predicated upon the Company’s reliance upon this understanding.

 

    9

     

    

 

5. Registration Rights.

 

5.1 The Company and Subscriber agree that, within
twenty (20) business days after the consummation of the Transaction, the Company will file with the SEC a registration statement
registering the resale of the Shares, the Warrants and the Warrant Shares (the “Registration Statement”), and the Company
shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing
thereof, but no later than the earlier of (i) ninety (90) calendar days after the filing thereof (or one hundred twenty (120) calendar
days after the filing thereof if the SEC notifies the Company that it will “review” the Registration Statement) and (ii) ten
(10) business days after the Company is notified by the SEC that the Registration Statement will not be “reviewed” or
will not be subject to further review; provided, however, that the Company’s obligations to include the Shares, Warrants
and Warrant Shares and those other Shares of the Company held by Subscriber in the Registration Statement are contingent upon Subscriber
furnishing in writing to the Company such information regarding Subscriber, the securities of the Company held by Subscriber and the intended
method of disposition of the Shares, Warrants and Warrant Shares as shall be reasonably requested by the Company to effect the registration
of the Shares, Warrants and Warrant Shares, and shall execute such documents in connection with such registration as the Company may reasonably
request that are customary of a selling stockholder in similar situations (other than a lock-up or other similar agreement restricting
the ability of Subscriber to transfer the Shares, Warrants or Warrant Shares). Subject to its rights hereunder to suspend the use of the
prospectus forming a part of the Registration Statement, the Company shall use its commercially reasonable efforts to maintain the continuous
effectiveness of the Registration Statement until the earliest of (i) the date on which the Shares, Warrants and Warrant Shares may
be resold without volume or manner of sale limitations pursuant to Rule 144, (ii) the date on which such Shares, Warrants and
Warrant Shares have actually been sold and (iii) the date which is three years after the Closing (the “Registration Period”).
Further notwithstanding the foregoing, if the SEC prevents the Company from including any or all of the Shares, Warrants or Warrant Shares
proposed to be registered under the Registration Statement due to limitations on the use of Rule 415 of the Securities Act for the
resale of the Shares, Warrants or Warrant Shares by the applicable shareholders or otherwise, such Registration Statement shall register
for resale such number of Shares, Warrants and Warrant Shares which is equal to the maximum number of Shares, Warrants and Warrant Shares
as is permitted by the SEC. In such event, the number of Shares, Warrants and Warrant Shares to be registered for each selling shareholder
named in the Registration Statement shall be reduced pro rata among all such selling shareholders. The Company will provide a draft of
the Registration Statement to Subscriber for review at least five (5) business days in advance of filing the Registration Statement.
In no event shall the Subscriber be identified as a statutory underwriter in the Registration Statement unless requested by the SEC; provided
that if the SEC requests that the Subscriber be identified as a statutory underwriter in the Registration Statement, the Subscriber will
have an opportunity to withdraw from the Registration Statement.

 

5.2            Notwithstanding
anything to the contrary in this Subscription Agreement, the Company shall be entitled to delay or postpone the effectiveness of the Registration
Statement, and from time to time to require any Subscriber not to sell under the Registration Statement or to suspend the effectiveness
thereof, if the negotiation or consummation of a transaction by the Company or its subsidiaries is pending or an event has occurred, which
negotiation, consummation or event, the Company’s board of directors reasonably believes, upon the advice of legal counsel, would
require additional disclosure by the Company in the Registration Statement of material information that the Company has a bona fide business
purpose for keeping confidential and the non-disclosure of which in the Registration Statement would be expected, in the reasonable determination
of the Company’s board of directors, upon the advice of legal counsel, to cause the Registration Statement to fail to comply with
applicable disclosure requirements (each such circumstance, a “Suspension Event”); provided, however,
that the Company may not delay or suspend the Registration Statement on more than two occasions or for more than sixty (60) consecutive
calendar days, or more than ninety (90) total calendar days, in each case during any twelve-month period. Upon receipt of any written
notice from the Company of the happening of any Suspension Event (which notice shall not contain material non-public information) during
the period that the Registration Statement is effective or if as a result of a Suspension Event the Registration Statement or related
prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made (in the case of the prospectus) not misleading,
each Subscriber agrees that (i) it will immediately discontinue offers and sales of the Shares under the Registration Statement (excluding,
for the avoidance of doubt, sales conducted pursuant to Rule 144) until such Subscriber receives copies of a supplemental or amended
prospectus (which the Company agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above
and receives notice that any post-effective amendment has become effective or unless otherwise notified by the Company that it may resume
such offers and sales, and (ii) it will maintain the confidentiality of any information included in such written notice delivered
by the Company (A) for disclosure to Subscriber’s employees, agents and professional advisers who need to know such information
and are obligated to keep it confidential, (B) for disclosures to the extent required in order to comply with reporting obligations
to its limited partners who have agreed to keep such information confidential, (C) where such information is already known by Subscriber
from a source that did not owe the Company a duty of confidentiality or publicly available not as a result of Subscriber’s breach
of its confidentiality obligations and (D) otherwise required by law or subpoena. If so directed by the Company, each Subscriber
will deliver to the Company or, in such Subscriber’s sole discretion destroy, all copies of the prospectus covering the Purchased
Securities in such Subscriber’s possession; provided, however, that this obligation to deliver or destroy all copies
of the prospectus covering the Purchased Securities shall not apply (i) to the extent such Subscriber is required to retain a copy
of such prospectus (a) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (b) in
accordance with a bona fide pre-existing document retention policy or (ii) to copies stored electronically on archival servers as
a result of automatic data back-up.

 

    10

     

    

 

5.3 The Company shall, notwithstanding any termination
of this Subscription Agreement, indemnify, defend and hold harmless each Subscriber (to the extent a seller under the Registration Statement),
the officers, directors and agents of each of them, and each person who controls such Subscriber (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act ) to the fullest extent permitted by applicable law, from and against any
and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively,
 “Losses”), as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material
fact contained in the Registration Statement, any prospectus included in the Registration Statement or any form of prospectus or in any
amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission to
state a material fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus or form
of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, or (ii) any violation
or alleged violation by the Company of the Securities Act, Exchange Act or any state securities law or any rule or regulation thereunder,
in connection with the performance of its obligations under this Section 5, except to the extent, but only to the extent,
that such untrue statements, alleged untrue statements, omissions or alleged omissions are based upon information regarding such Subscriber
furnished in writing to the Company by such Subscriber expressly for use therein or such Subscriber has omitted a material fact from such
information or otherwise violated the Securities Act, Exchange Act or any state securities law or any rule or regulation thereunder;
provided, however, that the indemnification contained in this Section 5 shall not apply to amounts paid in settlement
of any Losses if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld, conditioned
or delayed), nor shall the Company be liable for any Losses to the extent they arise out of or are based upon a violation which occurs
(A) in reliance upon and in conformity with written information furnished by a Subscriber, (B) in connection with any failure
of such person to deliver or cause to be delivered a prospectus made available by the Company in a timely manner, (C) as a result
of offers or sales effected by or on behalf of any person by means of a “free writing prospectus” (as defined in Rule 405
under the Securities Act) that was not authorized in writing by the Company, or (D) in connection with any offers or sales effected
by or on behalf of a Subscriber in violation of Section 5.2 hereof. The Company shall notify such Subscriber promptly of the
institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated by this Section 5
of which the Company is aware. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf
of an indemnified party and shall survive the transfer of the Shares by such Subscriber.

 

5.4 Each Subscriber shall, severally and not jointly,
indemnify and hold harmless the Company, its directors, officers, agents, trustees, partners, members, managers, stockholders, affiliates,
investment advisors and employees, and each person who controls the Company (within the meaning of Section 15 of the Securities Act
and Section 20 of the Exchange Act), to the fullest extent permitted by applicable law, from and against all Losses, as incurred,
arising out of or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any
prospectus included in the Registration Statement, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein (in the case of any prospectus, or any form of prospectus or supplement thereto, in light of the circumstances
under which they were made) not misleading to the extent, but only to the extent, that such untrue statements or omissions are based upon
information regarding such Subscriber furnished in writing to the Company by such Subscriber expressly for use therein; provided,
however, that the indemnification contained in this Section 5 shall not apply to amounts paid in settlement of any
Losses if such settlement is effected without the consent of such Subscriber (which consent shall not be unreasonably withheld, conditioned
or delayed). In no event shall the liability of any Subscriber be greater in amount than the dollar amount of the net proceeds received
by such Subscriber upon the sale of the Shares giving rise to such indemnification obligation. Each Subscriber shall notify the Company
promptly of the institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated by
this Section 5 of which such Subscriber is aware. Such indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of an indemnified party and shall survive the transfer of the Shares by such Subscriber.

 

    11

     

    

 

5.5 Any person or entity entitled to indemnification
herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification
(provided that the failure to give prompt notice shall not impair any person’s or entity’s right to indemnification hereunder
to the extent such failure has not prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable
judgment based upon the advice of counsel a conflict of interest between such indemnified and indemnifying parties exist with respect
to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified
party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified
party without its consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is
not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one
counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified
party a conflict of interest exist between such indemnified party and any other of such indemnified parties with respect to such claim.
No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement
which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms
of such settlement), which settlement shall not include a statement or admission of fault and culpability on the part of such indemnified
party, and which settlement shall include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified
party of a release from all liability in respect to such claim or litigation.

 

5.6 If the
indemnification provided under this Section 5 from the indemnifying party is unavailable or insufficient to hold harmless an indemnified
party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of
indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses,
claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party
and the indemnified party, as well as any other relevant equitable considerations; provided, however, that the
liability of Subscriber shall be limited to the net proceeds received by such Subscriber from the sale of Shares giving rise to such indemnification
obligation. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things,
whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, was made by (or not made by, in the case of an omission), or relates to information supplied by (or not supplied
by, in the case of an omission), such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s
relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party
as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in this
Section 5, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or
proceeding. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution pursuant to this Section 5.6 from any person or entity who was not guilty of such fraudulent misrepresentation.

 

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5.7 In the case of the
registration effected by the Company pursuant to this Subscription Agreement, the Company shall, upon reasonable request, inform Subscriber
as to the status of such registration. At its expense the Company shall:

 

5.7.1 except
for such times as the Company is permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement, use
its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under state securities laws
which the Company determines to obtain, continuously effective with respect to Subscriber, and to keep the applicable Registration Statement
or any subsequent shelf registration statement free of any material misstatements or omissions during the Registration Period;

 

5.7.2 advise
Subscriber within five (5) Business Days:

 

(a) when
a Registration Statement or any post-effective amendment thereto has become effective;

 

(b) of
the issuance by the SEC of any stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings
for such purpose;

 

(c) of
the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities included
therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

(d) subject
to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making of any changes in any Registration
Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required
to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances under
which they were made) not misleading.

 

Notwithstanding anything to the
contrary set forth in this Section 5.7.2, the Company shall not, when so advising Subscriber of such events, provide
Subscriber with any material, nonpublic information regarding the Company other than to the extent that providing notice to Subscriber
of the occurrence of the events listed in (a) through (d) above constitutes material, nonpublic information regarding the Company;

 

5.7.3 use
its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement as
soon as reasonably practicable;

 

5.7.4 upon
the occurrence of any event contemplated in Section 5.7.2(d), except for such times as the Company is permitted hereunder
to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, the Company shall use its commercially
reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement
to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities
included therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

5.7.5 use
its commercially reasonable efforts to cause all Shares and Warrant Shares to be listed on each securities exchange or market, if any,
on which the Company’s Class A common stock is then listed;

 

5.7.6 use
its commercially reasonable efforts to cause the Warrants to be listed on an over the counter quotation system, including OTCQX, OTCQB
or Pink Sheets; and

 

5.7.6 upon
the Subscriber’s request, deliver all the necessary documentation reasonably requested by the Company’s transfer agent to
(i) remove the legend set forth above in Section 2.1.5, as promptly as practicable and no later than five (5) business
days after such request and (ii) issue Securities without any such legend in certificated or book-entry form or by electronic delivery
through The Depository Trust Company (“DTC”), at the Subscriber’s option, provided that in each case (a) such
Securities are registered for resale under the Securities Act and the Subscriber has sold such Securities pursuant to such registration
or (b)(A) the Subscriber has sold or transferred Securities pursuant to Rule 144 and (B) the Company, its counsel or the
Transfer Agent have received customary representations and other documentation from the Subscriber and its broker that is reasonably necessary
to establish that such restrictive legend is no longer required as reasonably requested by the Company, its counsel or the Company’s
transfer agent (the “Legend Documents”). If the legend set forth above in Section 2.1.5 is no longer required for the
Securities pursuant to the foregoing, the Company shall, reasonably promptly following any request therefor from Subscriber accompanied
by such Legend Documents, deliver to its transfer agent irrevocable instructions that the transfer agent shall make a new, unlegended
entry for the Securities. The Company shall be responsible for the fees of the transfer agent and its counsel and any fees of DTC incurred
in connection with such legend removal requests.

 

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6. Termination. Except for the provisions
of Sections 6, 7 and 9, which shall survive any termination hereunder, this Subscription Agreement shall terminate
and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further
liability on the part of any party in respect thereof, upon the earlier to occur of (i) such date and time as the Transaction Agreement
is terminated in accordance with its terms, (ii) upon the mutual written agreement of each of the parties hereto to terminate this
Subscription Agreement, (iii) if any of the conditions to Closing set forth in Section 3.2 of this Subscription Agreement
are not satisfied or waived on or prior to the Closing and, as a result thereof, the transactions contemplated by this Subscription Agreement
are not consummated at the Closing or (iv) if the Transaction Closing has not occurred on or prior to [_____]; provided, that,
subject to the limitations set forth in Section 8, nothing herein will relieve any party from liability for any willful breach
hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities
or damages arising from such breach. The Company shall promptly notify Subscriber of the termination of the Transaction Agreement promptly
after the termination of such agreement. For the avoidance of doubt, if any termination hereof occurs after the delivery by Subscriber
of the Purchase Price for the Shares, the Company shall promptly (but not later than two (2) business days thereafter) return the
Purchase Price to Subscriber without any deduction for or on account of any tax, withholding, charges, or set-off.

 

7. Miscellaneous.

 

7.1 Further Assurances. At the Closing,
the parties hereto shall execute and deliver such additional documents and take such additional actions as the parties reasonably may
deem to be practical and necessary in order to consummate the Subscription as contemplated by this Subscription Agreement.

 

7.1.1 Subscriber acknowledges that the Company, the
Placement Agents and others will rely on the acknowledgments, understandings, agreements, representations and warranties contained in
this Subscription Agreement. Prior to the Closing, Subscriber agrees to promptly notify the Company if any of the acknowledgments, understandings,
agreements, representations and warranties set forth herein are no longer accurate in all material respects. Subscriber further acknowledges
and agrees that the Placement Agents are intended third-party beneficiaries of the representations and warranties of the Subscriber contained
in Section 2.1 of this Subscription Agreement.

 

7.1.2 The Company acknowledges and agrees that the
Placement Agents are intended third-party beneficiaries of the representations and warranties of the Company contained in Section 2.2
of this Subscription Agreement.

 

7.1.3 Each of the Company and the Subscriber is entitled
to rely upon this Subscription Agreement and is irrevocably authorized to produce this Subscription Agreement or a copy hereof to any
interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

7.1.4 The Company may request from Subscriber such
additional information as the Company may deem necessary to evaluate the eligibility of Subscriber to acquire the Purchased Securities,
and Subscriber shall provide such information as may be reasonably requested, to the extent readily available and to the extent consistent
with its internal policies and procedures; provided that the Company agrees to keep such additional information provided by the
Subscriber confidential if so requested by the Subscriber, except (A) for disclosure to the Company’s employees, agents and
professional advisers who need to know such information and are obligated to keep it confidential, (B) where such information is
already known by the Company from a source that did not owe the Subscriber a duty of confidentiality or publicly available not as a result
of the Company’s breach of its confidentiality obligations and (C) otherwise required by law or subpoena.

 

7.1.5 Prior to or at the Closing, Subscriber shall
deliver to the Company a duly completed and executed Internal Revenue Service Form W-9 or appropriate Form W-8.

 

7.2 No Short Sales. Subscriber hereby agrees
that neither it, nor any person or entity acting on its behalf, will engage in any Short Sales with respect to securities of the Company
prior to the closing of the Transaction. For purposes of this Section 7.2, “Short Sales” shall include,
without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act,
and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements),
forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis).

 

    14

     

    

 

7.3 Facilitation of Rule 144 Sales.
With a view to making available to Subscriber the benefits of Rule 144 that may, at such times as Rule 144 is available to Subscriber,
as a shareholder of the Company, permit Subscriber to sell securities of the Company to the public without registration, the Company agrees
to use its commercially reasonable efforts to file all reports and other materials to be filed by the Exchange Act so long as the Company
remains subject to such requirements and the filing of such reports and other materials is required for the applicable provisions of Rule 144
to enable Subscriber to sell the Securities under Rule 144. The Company agrees to furnish to Subscriber, promptly upon request, (x) a
written statement by the Company, if true, that it has complied with the reporting requirements of Rule 144, the Securities Act and
the Exchange Act, (y) a copy of the most recent annual or quarterly report of the Issuer and such other reports and documents so
filed by the Company and (z) such other information as may be reasonably requested to permit Subscriber to sell such securities pursuant
to Rule 144 without registration.

 

7.4  Notices.
Any notice or communication required or permitted hereunder shall be in writing and either delivered personally, emailed or sent by overnight
mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed to be given and
received (i) when so delivered personally, (ii) when sent, with no mail undeliverable or other rejection notice, if sent by
email, or (iii) three (3) business days after the date of mailing to the address below or to such other address or addresses
as such person may hereafter designate by notice given hereunder:

 

(i) if to Subscriber, to such address or
addresses set forth on the signature page hereto;

 

(ii) if to the Company (prior to the Transaction
closing), to:

 

Aldel Financial Inc.

105 S. Maple Street

Itasca, IL 60143

Attention: Robert I. Kauffman

E-mail: RK@robkauffman.com

 

with a required copy to (which copy shall not constitute
notice):

 

Loeb & Loeb LLP

345 Park Avenue, 19th Floor

New York, NY 10154

Attention: Mitchell S. Nussbaum, Esq.

E-mail: mnussbaum@loeb.com

 

(iii) if to the Company (following the Transaction
closing), to:

 

Hagerty, Inc.

P.O. Box 1303

Traverse City, MI

49685-1303

Attention:    Barbara Matthews
                       General Counsel

E-mail:          bmatthews@hagerty.com

 

with a required copy to (which copy shall
not constitute notice):

 

Sidley Austin LLP

One South Dearborn St.

Chicago, IL 60603

Attention: Sean Keyvan; William Howell; Jonathan Blackburn

E-mail: skeyvan@sidley.com; bhowell@sidley.com; jblackburn@sidley.com

 

    15

     

    

 

7.5 Entire Agreement. This Subscription
Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties,
both written and oral, among the parties, with respect to the subject matter hereof. Except as otherwise expressly set forth in Section 7.1.1,
this Subscription Agreement shall not confer rights or remedies upon any person other than the parties hereto and their respective successors
and assigns.

 

7.6 Modifications and Amendments. This
Subscription Agreement may not be modified, waived or terminated except by an instrument in writing, signed by the party against whom
enforcement of such modification, waiver, or termination is sought.

 

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

 

7.8 Assignment. Neither this Subscription
Agreement nor any rights that may accrue to Subscriber hereunder (other than the Purchased Securities acquired hereunder, if any) may
be transferred or assigned; provided, however, Subscriber may transfer its rights and obligations hereunder to an affiliate
of Subscriber or another investment fund or account managed or advised by the same manager as Subscriber (or a related party or affiliate),
provided, that no such transfer shall release Subscriber of its obligations hereunder.

 

7.9 Benefit. Except as otherwise provided
herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs, executors,
administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and
acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors,
legal representatives and permitted assigns.

 

7.10 Governing Law. This Subscription Agreement,
and any claim or cause of action hereunder based upon, arising out of or related to this Subscription Agreement (whether based on law,
in equity, in contract, in tort or any other theory) or the negotiation, execution, performance or enforcement of this Subscription Agreement,
shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to the principles of conflicts
of law thereof.

 

7.11 Consent to Jurisdiction; Waiver of Jury
Trial. The parties hereto agree to submit any matter or dispute resulting from or arising out of the execution, performance, interpretation,
breach or termination of this Agreement to the non-exclusive jurisdiction of federal or state courts within the State of New York. Each
of the parties hereto agrees that service of any process, summons, notice or document in the manner set forth in Section 7.4
hereof or in such other manner as may be permitted by applicable law, shall be effective service of process for any proceeding in the
State of New York with respect to any matters to which it has submitted to jurisdiction in this Section 7.11. Each of the
parties hereto irrevocably and unconditionally agrees that it is subject to, and hereby submits to, the personal jurisdiction of the courts
located in the State of New York for any action, suit or proceeding arising out of this Subscription Agreement or the transactions contemplated
hereunder and waives any objection to the laying of venue in the United States District Court for the Southern District of New York, or
the New York state courts if the federal jurisdictional standards are not satisfied, and hereby further irrevocably and unconditionally
waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been
brought in an inconvenient forum. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ITS
RIGHTS TO A TRIAL BY JURY.

 

7.12 Severability. If any provision of
this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions
of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect.

 

    16

     

    

 

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

 

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

 

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

 

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

 

7.17 Counterparts. This Subscription 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. This Subscription Agreement may be executed in counterparts, each of which when so executed shall
be deemed to be an original and all of which when taken together shall constitute one and the same instrument. The words “execution,”
 “signed,” “signature,” and words of like import in this Subscription Agreement or in any other certificate, agreement
or document related to this Subscription Agreement shall include images of manually executed signatures transmitted by facsimile or other
electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures
(including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation,
any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal
effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent
permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic
Transactions Act or the Uniform Commercial Code.

 

7.18 Construction. The words “include,”
 “includes,” and “including” will be deemed to be followed by “without limitation.”
Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will
be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Subscription Agreement,”
 “herein,” “hereof,” “hereby,” “hereunder,” and words of similar
import refer to this Subscription Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties
hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto
has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation,
warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has
not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or
covenant.

 

7.19 Mutual Drafting. This Subscription
Agreement is the joint product of Subscriber and the Company and each provision hereof has been subject to the mutual consultation, negotiation
and agreement of such parties and shall not be construed for or against any party hereto.

 

    17

     

    

 

7.20 Several and Not Joint. The
obligations of the Subscriber and each Other Subscriber are several and not joint, and Subscriber shall not be responsible in any way
for the performance of the obligations of any Other Subscriber. Nothing contained herein or in any Other Subscription Agreement, and no
action taken by Subscriber or any Other Subscriber pursuant hereto or thereto, shall be deemed to constitute the Subscriber and any Other
Subscriber as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Subscriber
and Other Subscribers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated
hereby.

 

8. Disclosure. The Company shall within two
(2) business day immediately following the date of this Subscription Agreement, file with the SEC a Current Report on Form 8-K
(the “Form 8-K”) disclosing all material terms of the transactions contemplated by this Subscription Agreement
and the Other Subscription Agreements and the Transaction Agreement. The Subscriber hereby acknowledges that the terms of this Subscription
Agreement will be disclosed by the Company on the Form 8-K filed and a form of this Subscription Agreement will be filed with the
SEC as an exhibit thereto. Except with the express written consent of Subscriber and unless prior thereto the Subscriber shall have executed
a written agreement regarding the confidentiality and use of such information, the Company shall not, and shall cause its officers, directors,
employees and agents, not to, provide Subscriber with any material, non-public information regarding the Company or the Transaction from
and after the filing of the Form 8-K. Notwithstanding anything in this Subscription Agreement to the contrary, each party hereto
acknowledges and agrees that (a) without the prior consent of Subscriber, the Company shall not, and shall cause its representatives,
including the Placement Agents and their respective representatives, not to, disclose or use the name of Subscriber or its affiliates
or advisers, or any information provided by Subscriber in connection herewith, in or for the purpose of any press release, marketing activities
or materials or for any similar related purpose, (b) without the prior consent of the other party hereto it will not publicly make
reference to such other party or any of its affiliates (a) in connection with the Transaction or this Subscription Agreement (provided
that the Subscriber may disclose its entry into this Subscription Agreement and the Purchase Price) or (b) in any press release,
promotional materials, media, or similar circumstances, except, in each case, as required by law or regulation or at the request of the
Staff of the SEC or regulatory agency or under the regulations of the NYSE, (including in the case of the Company as required by the federal
securities law in connection with the Registration Statement, the filing of this Subscription Agreement (or a form of this Subscription
Agreement) with the SEC, and the filing of the Schedule 14A and related materials to be filed by the Company with respect to the Transaction),
in which case the Company shall provide Subscriber with prior notice of such disclosure.

 

9. Trust Account Waiver. Subscriber acknowledges
that the Company is a blank check company with the powers and privileges to effect a merger, asset acquisition, stock purchase, reorganization
or similar business combination involving the Company and one or more businesses or assets. Subscriber further acknowledges that, as described
in the Company’s prospectus relating to its initial public offering dated April 8, 2021 (the “Prospectus”)
available at www.sec.gov, substantially all of the Company’s assets consist of the cash proceeds of Company’s initial public
offering and private placements of its securities, and substantially all of those proceeds have been deposited in a trust account (the
 “Trust Account”) for the benefit of Company, its public shareholders and the underwriters of Company’s initial
public offering. Except with respect to interest earned on the funds held in the Trust Account that may be released to Company to pay
its tax obligations, if any, the cash in the Trust Account may be disbursed only for the purposes set forth in the Prospectus. For and
in consideration of the Company entering into this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged,
Subscriber, on behalf of itself and its representatives, hereby irrevocably waives any and all right, title and interest, or any claim
of any kind they have or may have in the future, in or to any monies held in the Trust Account, and agrees not to seek recourse against
the Trust Account as a result of, or arising out of, this Subscription Agreement; provided, however, that nothing in this Section 9
shall (x) serve to limit or prohibit the Subscriber’s right to pursue a claim against Company for legal relief against
assets held outside the Trust Account, for specific performance or other equitable relief, (y) serve to limit or prohibit any claims
that the Subscriber may have in the future against Company’s assets or funds that are not held in the Trust Account or (z) be
deemed to limit any Subscriber’s right, title, interest or claim to the Trust Account by virtue of such Subscriber’s record
or beneficial ownership of securities of the Company acquired by any means other than pursuant to this Subscription Agreement, including
but not limited to any redemption right with respect to any such securities of the Company.

 

[Signature Page Follows]

 

    18

     

    

 

IN
WITNESS WHEREOF, each of the Company and Subscriber has executed or caused this Subscription Agreement to be executed by its
duly authorized representative as of the date set forth below.

 

 

	 	ALDEL FINANCIAL INC.
	 	 
	 	By:	       
	 	Name:	 
	 	Title:	 

 

Accepted and agreed this __th day of [____], 2021.

 

[Signature Page to
Subscription Agreement]

 

    

     

    

 

	SUBSCRIBER:	 	 	 
	 	 	 
	Signature of Subscriber:	 	Signature of Joint Subscriber, if applicable:
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	Name:
	Title:	 	Title:
	 	 	 
	Date: [•], 2021	 	 
	 	 	 
	Name of Subscriber:	 	Name of Joint Subscriber, if applicable:
	 	 	 
	 	 	 
	(Please print. Please indicate name and capacity of person signing above)	 	(Please Print. Please indicate name and capacity of person signing above)
	 	 	 	 
	 	 	 	 
	Name in which securities are to be registered (if different from the name of Subscriber listed directly above):	 	 	 
	 	 	 	 
	Email Address:	 	 	 
	 	 	 	 
	If there are joint investors, please check one:	 	 	 
	 	 	 	 
	 ̈   Joint Tenants with Rights of Survivorship	 	 	 
	 	 	 	 
	 ̈   Tenants-in-Common	 	 	 
	 	 	 	 
	 ̈   Community Property	 	 	 
	 	 	 
	Subscriber’s EIN: __________________________	 	Joint Subscriber’s EIN: ________________
	 	 	 
	Business Address-Street:	 	Mailing Address-Street (if different):
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
     City, State, Zip:
	 	
     City, State, Zip:

  

	Attn:	 	Attn:
	 	 
	Telephone No.: __________________________	 	Telephone No.: _____________________
	 	 
	Facsimile No.: __________________________	 	Facsimile No.: ______________________
	 	 
	  Aggregate Number of Shares:	 	___________________________
	  Aggregate Number of Warrants:	 	___________________________
	Aggregate Purchase Price:	 	$__________________________

 

[Signature
Page to Subscription Agreement]

 

    

     

    

 

You must pay the Purchase Price by wire transfer of U.S. dollars in
immediately available funds to the account specified by the Company in the Closing Notice.

 

    

     

    

 

SCHEDULE A

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER

 

	A.	QUALIFIED INSTITUTIONAL BUYER STATUS 
	 	  (Please check the applicable subparagraphs):

  

	 	1.	 ̈ We are a “qualified institutional
buyer” (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) (a
 “QIB”)).

 

	 	2.	 ̈ We are subscribing for the Shares
as a fiduciary or agent for one or more investor accounts, and each owner of such account is a QIB.

 

*** OR ***

 

	B.	ACCREDITED INVESTOR STATUS 
	 	  (Please check the applicable subparagraphs):

  

	 	1.	 ̈ We are an “accredited investor”
(within the meaning of Rule 501(a) under the Securities Act) or an entity in which all of the equity holders are accredited
investors within the meaning of Rule 501(a) under the Securities Act, and have marked and initialed the appropriate box on
the following page indicating the provision under which we qualify as an “accredited investor.”

 

	 	2.	 ̈ We are not a natural person.

 

*** AND ***

 

 

	C.	AFFILIATE STATUS 
	 	  (Please check the applicable box) SUBSCRIBER:

  

	 	 ̈	is: 

 

	 	 ̈	is not: 

 

    an “affiliate” (as defined in Rule 144
under the Securities Act) of the Company or acting on behalf of an affiliate of the Company.

 

This page should be completed by Subscriber

and constitutes a part of the Subscription
Agreement.

 

Rule 501(a), in relevant part, states that an “accredited
investor” shall mean any person who comes within any of the below listed categories, or who the issuer reasonably believes comes
within any of the below listed categories, at the time of the sale of the securities to that person. Subscriber has indicated, by marking
and initialing the appropriate box below, the provision(s) below which apply to Subscriber and under which Subscriber accordingly
qualifies as an “accredited investor.”

 

 ̈
1. Any bank as defined in section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined
in section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity; any broker or dealer registered
pursuant to section 15 of the Exchange Act; any investment adviser registered pursuant to section 203 of the Investment Advisers Act of
1940 or registered pursuant to the laws of a state; any investment adviser relying on the exemption from registering with the SEC under
section 203(l) or (m) of the Investment Advisers Act of 1940; any insurance company as defined in section 2(a)(13) of the Securities
Act; any investment company registered under the Investment Company Act of 1940 or a business development company as defined in section
2(a)(48) of that act; any Small Business Investment Company licensed by the U.S. Small Business Administration under section 301(c) or
(d) of the Small Business Investment Act of 1958; any Rural Business Investment Company as defined in section 384A of the Consolidated
Farm and Rural Development Act; any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality
of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; any
employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is made by
a plan fiduciary, as defined in section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or
registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with
investment decisions made solely by persons that are accredited investors;

 

    Schedule A - 1

     

    

 

☐
2. Any private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940;

 

☐
3. Any organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business
trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

 

☐
4. Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive
officer, or general partner of a general partner of that issuer;

 

☐
5. Any natural person whose individual net worth, or joint net worth with that person's spouse or spousal equivalent, exceeds $1,000,000.
For purposes of calculating a natural person’s net worth under this category: (a) the person's primary residence shall not
be included as an asset; (b) indebtedness that is secured by the person's primary residence, up to the estimated fair market value
of the primary residence at the time of the sale of securities, shall not be included as a liability (except that if the amount of such
indebtedness outstanding at the time of sale of securities exceeds the amount outstanding 60 days before such time, other than as a result
of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (c) indebtedness that
is secured by the person's primary residence in excess of the estimated fair market value of the primary residence at the time of the
sale of securities shall be included as a liability;

 

☐
6. Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that
person’s spouse, or spousal equivalent, in excess of $300,000 in each of those years and has a reasonable expectation of reaching
the same income level in the current year;

 

☐
7. Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose
purchase is directed by a sophisticated person;

 

☐
8. Any entity in which all of the equity owners are accredited investors meeting one or more of the above tests.;

 

☐
9. Any entity, of a type not listed in categories (1), (2), (3), (7), or (8) above, not formed for the specific purpose of acquiring
the securities offered, owning investments in excess of $5,000,000;

 

☐
10. Any natural person holding in good standing one or more professional certifications or designations or credentials from an accredited
educational institution that the SEC has designated as qualifying an individual for accredited investor status. In determining whether
to designate a professional certification or designation or credential from an accredited educational institution for purposes of this
category, the SEC will consider, among others, the following attributes: (i) the certification, designation, or credential arises
out of an examination or series of examinations administered by a self-regulatory organization or other industry body or is issued by
an accredited educational institution, (ii) the examination or series of examinations is designed to reliably and validly demonstrate
an individual's comprehension and sophistication in the areas of securities and investing, (iii) persons obtaining such certification,
designation, or credential can reasonably be expected to have sufficient knowledge and experience in financial and business matters to
evaluate the merits and risks of a prospective investment and (iv) an indication that an individual holds the certification or designation
is either made publicly available by the relevant self-regulatory organization or other industry body or is otherwise independently verifiable;

 

☐
11. Any natural person who is a “knowledgeable employee,” as defined in rule 3c-5(a)(4) under the Investment Company
Act of 1940 (17 CFR 270.3c-5(a)(4)), of the issuer of the securities being offered or sold where the issuer would be an investment company,
as defined in section 3 of such act, but for the exclusion provided by either section 3(c)(1) or section 3(c)(7) of such act;

 

    Schedule A - 2

     

    

 

☐
12. Any “family office,” as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17 CFR 275.202(a)(11)(G)-1):
(i) With assets under management in excess of $5,000,000, (ii) that is not formed for the specific purpose of acquiring the
securities offered, and (iii) whose prospective investment is directed by a person who has such knowledge and experience in financial
and business matters that such family office is capable of evaluating the merits and risks of the prospective investment; and

 

☐
13. Any “family client,” as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17 CFR 275.202(a)(11)(G)-1)),
of a family office meeting the requirements in the prior category and whose prospective investment in the issuer is directed by such family
office pursuant to clause (iii) thereunder.

 

    Schedule A - 3

     

    

 

Schedule B

 

Warrant Terms

 

	Issuer:	Aldel Financial, Inc. (to be re-named Hagerty, Inc. following the Transaction)
	Number of Warrants Issued:	The number of warrants issued will be equal to 18.00% of the number of shares issued as a result of the PIPE investment
	Strike Price:	$11.50
	Exercise Period:	Warrants become exercisable starting 30 days after issuance / the completion of the business combination
	Term / Expiry Date:	Five (5) years after the completion of the Transaction or earlier upon redemption (see below) 
	Exercise Mechanics:	
    Cashless
    exercise at any time prior to expiration

     

    Each whole warrant will be exercisable for one share of Class A
    common stock

	Redemption:	
    Once the warrants become exercisable, the Issuer may redeem any warrants
    outstanding after the 30-day redemption period (defined below) for cash:

    ·      if
    the closing price of the Class A common stock equals or exceeds $18.00 per share for any 20 trading days within a 30- trading
    day period;

    ·      at
    a price of $0.01 per warrant;

    ·      in
    whole and not in part; and

    ·      upon
    a minimum of 30 days’ prior written notice of redemption (the 30-day redemption period)

	Lock-Up	No lock-up

 

    Schedule A - 4Exhibit 10.2

 

SPONSOR SUPPORT AGREEMENT

 

This SPONSOR SUPPORT AGREEMENT,
dated as of August 17, 2021  (this “Agreement”), is entered into by and among the stockholders listed on Exhibit
A hereto (each, a “Stockholder”), The Hagerty Group LLC, a Delaware limited liability company (the “Company”)
and Aldel Financial Inc., a Delaware corporation (“Buyer”). Capitalized terms used but not defined in this Agreement
shall have the meanings ascribed to them in the Business Combination Agreement (as defined below).

 

WHEREAS, Buyer, Aldel Merger
Sub Inc., a Delaware corporation and wholly owned subsidiary of Buyer (“Merger Sub”), and the Company are parties to
that certain Business Combination Agreement dated as of the date hereof, as amended, modified or supplemented from time to time (the “Business
Combination Agreement”) which provides, among other things, that, upon the terms and subject to the conditions thereof, Merger
Sub will be merged with and into the Company (the “Merger”), with the Company surviving the Merger;

 

WHEREAS, as of the date hereof,
each Stockholder owns the number of shares of class A common stock, par value $0.0001 per share, and class B common stock, par value $0.0001
per share, of Buyer set forth on Exhibit A (all such shares, or any successor shares of Buyer of which ownership of record or the
power to vote is hereafter acquired by the Stockholder prior to the termination of this Agreement being referred to herein as the “Shares”);
and

 

WHEREAS, in order to induce
the Company, to enter into the Business Combination Agreement, each Stockholder is executing and delivering this Agreement to the Company.

 

NOW, THEREFORE, in consideration
of the foregoing and of the mutual covenants and agreements contained herein, and intending to be legally bound hereby, the parties hereby
agree as follows:

 

1.                  
Agreement to Vote. During the period commencing on the date hereof and ending on the earlier to occur of (a) the
Effective Time, and (b) such date and time as the Business Combination Agreement shall be terminated in accordance with Section 10.1 thereof
(the “Expiration Time”), each Stockholder, with respect to its Shares, hereby irrevocably agrees to (1) appear at any
meeting of the stockholders of Buyer (a “Buyer Stockholders’ Meeting”) in person or proxy or otherwise cause
the Shares to be counted as present thereat for the purpose of establishing a quorum, and (2) vote, or cause to be voted or consented
at a Buyer Stockholders’ Meeting, or in any action by written consent of the stockholders, all of the Shares owned as of the record
date for such meeting (a) in favor of the approval and adoption of the Business Combination Agreement, the transactions contemplated by
the Business Combination Agreement and this Agreement, (b) in favor of any other matter reasonably necessary to the consummation of the
transactions contemplated by the Business Combination Agreement and considered and voted upon by the stockholders of Buyer, (c) in favor
of the approval of the Buyer Proposals (as defined in the Business Combination Agreement), (d) against the approval of any merger, purchase
of all or substantially all of the Company’s assets or other business combination transaction (other than the Business Combination
Agreement and the Transactions) or against any proposal, action or agreement that would (i) impede, frustrate, prevent or nullify any
provision of this Agreement, the Business Combination Agreement or the Transactions, (ii) result in a breach in any respect of any covenant,
representation, warranty or any other obligation or agreement of the Buyer or Merger Sub under the Business Combination Agreement or (iii)
result in any of the conditions set forth in Article IX of the Business Combination Agreement not being fulfilled, and (e) against any
amendment of the certificate of incorporation or bylaws of Buyer or any change in Buyer’s capitalization, corporate structure or
business other than as contemplated by the Business Combination Agreement. Each Stockholder acknowledges receipt and review of a copy
of the Business Combination Agreement. The obligations of each Stockholder specified in this Section 1 shall apply whether or not
the Merger or any action described above is recommended by Buyer’s Board of Directors.

 

    	 		 

     

    

 

Each Stockholder hereby agrees
that it shall not commit or agree to take any action inconsistent with the foregoing. Nothing in this Agreement shall be deemed to impose
any obligation or limitation on votes or actions taken by any director, officer, employee or agent of any Stockholder or by any Stockholder
that is a natural person, in each case, in his or her capacity as a director or officer of Buyer. Each Stockholder is executing this Agreement
solely in such capacity as a record or beneficial holder of Shares.

 

2.                  
Redemptions Rights; Waiver Conversion Ratios. Each Stockholder further agrees that it will (i) not exercise its right
to redeem all or a portion of such Stockholder’s Shares (in connection with the Transactions or otherwise) as set forth in the organizational
documents of Buyer and (ii) waive any adjustment to the conversion ratio set forth in Buyer’s organizational documents.

 

3.                  
Transfer of Shares. Hereafter until the Expiration Time, each Stockholder agrees that it shall not, directly or indirectly,
(a) sell, assign, transfer (including by operation of law), allow the creation of a lien, pledge, distribute, dispose of or otherwise
encumber any of the Shares, either voluntarily or involuntarily (collectively, “Transfer”), or otherwise agree or offer
to do any of the foregoing, (b) deposit any Shares into a voting trust or enter into a voting agreement or arrangement or grant any proxy
or power of attorney with respect thereto that is inconsistent with this Agreement, (c) enter into any contract, option or other arrangement
or undertaking with respect to the direct or indirect acquisition or sale, assignment, transfer (including by operation of law) or other
disposition of any Shares, (d) establish or increase a put equivalent position or liquidate or decrease a call equivalent position within
the meaning of Section 16 of the Exchange Act, with respect to any Shares, (e) 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 Share, (f) take any action that would have the effect
of preventing or disabling Stockholder from performing its obligations hereunder or (g) publicly announce any intention to effect any
transaction specified in this Section 3; provided, that, Transfers by a Stockholder are permitted to an affiliate of such Stockholder
(a “Permitted Transfer”); provided, further, that any Permitted Transfer shall be permitted only if, as a precondition
to such Transfer, the transferee also agrees in a writing, reasonably satisfactory in form and substance to the Company, to assume all
of the obligations of the Stockholder under, and be bound by all of the terms of, this Agreement; provided, further, that any Transfer
permitted under this Section 3 shall not relieve the Stockholder of its obligations under this Agreement. Any Transfer in violation
of this Section 3 with respect to the Stockholder’s Shares shall be null and void. Nothing in this Agreement shall prohibit
direct or indirect transfers of equity or other interests in a Stockholder.

 

4.                  
Representations and Warranties. Each Stockholder, severally and not jointly, represents and warrants for and on behalf
of itself to the Company as follows:

 

(a)               
The execution, delivery and performance by Stockholder of this Agreement and the consummation by Stockholder of the transactions
contemplated hereby do not and will not (i) conflict with or violate any Law applicable to Stockholder, (ii) require any consent, approval
or authorization of, declaration, filing or registration with, or notice to, any person or entity, (iii) result in the creation of any
Lien on any Shares (other than pursuant to this Agreement or transfer restrictions under applicable securities laws or the organization
documents of Stockholder) or (iv) conflict with or result in a breach of or constitute a default under any provision of Stockholder’s
organizational documents.

 

(b)               
Stockholder is the only record and a beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act) of and has
good, valid and marketable title to the Shares free and clear of any Lien (other than (i) pursuant to this Agreement or (ii) transfer
restrictions under applicable securities Laws) and has the sole power (as currently in effect) to vote the Shares and has not entered
into any voting agreement or voting trust with respect to any of the Shares that is inconsistent with the Stockholder’s obligations
pursuant to this Agreement. Stockholder has the full right, power and authority to sell, transfer and deliver such Shares, and Stockholder
does not own, directly or indirectly, any other Shares, other than Buyer Warrants held by Stockholder (if any).

 

    	 	2	 

     

    

 

(c)               
Stockholder is a natural person or a legal entity duly organized, validly existing and, to the extent such concept is applicable,
in good standing under the Laws of the jurisdiction of its organization has the power, authority and capacity to execute, deliver and
perform this Agreement, has not entered into any agreement or undertaking that would interfere with, or prohibit or prevent it from satisfying,
its obligations pursuant to this Agreement and that this Agreement has been duly authorized, executed and delivered by Stockholder. This
Agreement, assuming due authorization, execution and delivery hereof by the Company and the Buyer, constitutes a legal, valid and binding
obligation of Stockholder, enforceable against Stockholder in accordance with its terms (except as such enforceability may be limited
by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general applicability relating to
or affecting creditors’ rights and to general equitable principles).

 

(d)               
As of the date of this Agreement, there is no action, proceeding or, to the Stockholder’s knowledge, investigation
pending against the Stockholder or, to the knowledge of the Stockholder, threatened against the Stockholder that questions the beneficial
or record ownership of the Stockholder’s Shares, the validity of this Agreement or the performance by the Stockholder of its obligations
under this Agreement.

 

(e)               
Stockholder understands and acknowledges that the Company is entering into the Business Combination Agreement in reliance
upon the Stockholder’s execution and delivery of this Agreement.

 

(f)                
Except as disclosed in the Prospectus, no investment banker, broker, finder or other intermediary is entitled to any broker’s,
finder’s, financial advisor’s or other similar fee or commission for which Buyer, Merger Sub or the Company is or will be
liable in connection with the transactions contemplated hereby based upon arrangements made by or, to the knowledge of the Stockholder,
on behalf of the Stockholder.

 

5.             New
Shares. In the event that, during the period commencing on the date hereof and ending at the Expiration Time, (a) any Shares are
issued to Stockholder after the date of this Agreement pursuant to any stock dividend, stock split, recapitalization, reclassification,
combination or exchange of Shares or otherwise, (b) a Stockholder purchases or otherwise acquires beneficial ownership of any Shares
or (c) a Stockholder acquires the right to vote or share in the voting of any Shares (collectively the “New Securities”),
then such New Securities acquired or purchased by such Stockholder shall be subject to the terms of this Agreement to the same extent
as if they constituted the Shares owned by such Stockholder as of the date hereof.

 

6.             No Challenges. Each Stockholder agrees not to commence, join in, facilitate, assist or encourage, and agrees to take
all actions necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise, against Buyer,
Merger Sub, the Company or any of their respective successors or directors (a) challenging the validity of, or seeking to enjoin the operation
of, any provision of this Agreement or the Business Combination Agreement or (b) alleging a breach of any fiduciary duty of any person
in connection with the evaluation, negotiation or entry into the Business Combination Agreement.

 

7.             Termination. This Agreement and the obligations of Stockholder under this Agreement shall automatically terminate
upon the earliest of: (a) the Effective Time; (b) the termination of the Business Combination Agreement in accordance with its terms;
and (c) the mutual agreement of the Company and Buyer. Upon termination or expiration of this Agreement, no party shall have any further
obligations or liabilities under this Agreement; provided, however, such termination or expiration shall not relieve any party from liability
for any willful breach of this Agreement occurring prior to its termination.

 

    	 	3	 

     

    

 

8.                  
Miscellaneous.

(a)               
Except as otherwise provided herein or in any Transaction Document, all costs and expenses incurred in connection with this
Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses, whether or not the transactions
contemplated hereby are consummated.

 

(b)               
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall
be deemed to have been duly given upon receipt) by delivery in person, by telecopy or e-mail or by registered or certified mail (postage
prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall
be specified in a notice given in accordance with this Section 8(b)):

 

If to Stockholder:

 

To such Stockholder’s address set forth in Exhibit
A.

with copies to (which shall not constitute notice):

Loeb & Loeb

345 Park Avenue, 19th Floor

New York, NY 10154

Attention: Mitchell S. Nussbaum, Esq.

E-mail: mnussbaum@loeb.com

 

If to the Company, to:

 

The Hagerty Group, LLC

P.O. Box 1303

Traverse City, MI 49685-1303

Attention: Barbara Matthews

E-mail: bmatthews@hagerty.com

 

with a copy to (which shall not constitute notice):

Sidley Austin LLP

One South Dearborn St.

Chicago, IL 60603

Attention: Sean Keyvan; William Howell; Jonathan Blackburn

E-mail: skeyvan@sidley.com; bhowell@sidley.com; jblackburn@sidley.com

 

If to Buyer, to:

 

Aldel Financial Inc.

105 S Maple Street

Itasca, IL 60143

Attention: Hassan Baqar

Email: hbaqar@sequoiafin.com

 

    	 	4	 

     

    

 

with a copy to (which shall not constitute notice):

Loeb & Loeb LLP

345 Park Avenue, 19th Floor

New York, NY 10154

Attention: Mitchell S. Nussbaum, Esq.

Email: mnussbaum@loeb.com

 

(c)               
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law,
or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as
the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party.
Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually
acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

 

(d)               
This Agreement and the Business Combination Agreement constitute the entire agreement among the parties with respect to
the subject matter hereof and supersede all prior agreements and undertakings, both written and oral, among the parties, or any of them,
with respect to the subject matter hereof. This Agreement shall not be assigned (whether pursuant to a merger, by operation of law or
otherwise).

 

(e)               
This Agreement shall be binding upon and inure solely to the benefit of each party hereto, and nothing in this Agreement,
express or implied, is intended to or shall confer upon any other person any right, benefit or remedy of any nature whatsoever under or
by reason of this Agreement.

 

(f)                
This Agreement shall be governed by, and construed in accordance with, the Laws of the State of Delaware applicable to contracts
executed in and to be performed in that State without giving effect to principles or rules of conflict of laws to the extent such principles
or rules would require or permit the application of Laws of another jurisdiction. All actions, suits or proceedings (collectively, “Action”)
arising out of or relating to this Agreement shall be heard and determined exclusively in any federal or state court having jurisdiction
within the State of Delaware. The parties hereto hereby (i) submit to the exclusive jurisdiction of federal or state courts within the
State of Delaware for the purpose of any Action arising out of or relating to this Agreement brought by any party hereto, and (ii) irrevocably
waive, and agree not to assert by way of motion, defense, or otherwise, in any such Action, any claim that it is not subject personally
to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action is
brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated hereunder
may not be enforced in or by any of the above-named courts.

 

(g)               
The parties hereto agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance
with the terms hereof, and, accordingly, that the parties shall be entitled to an injunction or injunctions to prevent breaches of this
Agreement or to enforce specifically the performance of the terms and provisions hereof in any federal or state court within the State
of Delaware without proof of actual damages or otherwise, in addition to any other remedy to which they are entitled at law or in equity
as expressly permitted in this Agreement. Each of the parties further waives (i) any defense in any action for specific performance that
a remedy at law would be adequate and (b) any requirement to post security or a bond as a prerequisite to obtaining equitable relief.

 

    	 	5	 

     

    

 

(h)               
This Agreement may be executed and delivered (including by facsimile or portable document format (pdf) transmission) in
one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to
be an original but all of which taken together shall constitute one and the same agreement.

 

(i)                
Each Stockholder shall execute and deliver, or cause to be delivered, such additional documents, and take, or cause to be
taken, all such further actions and do, or cause to be done, all things reasonably necessary (including under applicable Laws), or reasonably
requested by Buyer or the Company, to effect the actions and consummate the Merger and the other transactions contemplated by this Agreement
and the Business Combination Agreement (including the Transactions), in each case, on the terms and subject to the conditions set forth
therein and herein, as applicable.

 

(j)                
This Agreement may not be amended, changed, supplemented, waived or otherwise modified or terminated, except upon the execution
and delivery of a written agreement executed by Buyer, the Company and each Stockholder.

 

(k)               
This Agreement shall not be effective or binding upon Stockholder until such time as the Business Combination Agreement
is executed by each of the parties thereto.

 

(l)                
If, and as often as, there are any changes in Buyer by way of stock split, stock dividend, combination or reclassification,
or through merger, consolidation, reorganization, recapitalization or business combination, or by any other means, equitable adjustment
shall be made to the provisions of this Agreement as may be required so that the rights, privileges, duties and obligations hereunder
shall continue with respect to Stockholder and the Shares as so changed.

 

(m)             
Each of the parties hereto hereby waives to the fullest extent permitted by applicable law any right it may have to a trial
by jury with respect to any litigation directly or indirectly arising out of, under or in connection with this Agreement. Each of the
parties hereto (i) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that
such other party would not, in the event of litigation, seek to enforce that foregoing waiver and (ii) acknowledges that it and the other
parties hereto have been induced to enter into this Agreement and the transactions contemplated hereby, as applicable, by, among other
things, the mutual waivers and certifications in this Section 8(m).

 

(n)               
Stockholder hereby authorizes Buyer and the Company to publish and disclose in any disclosure required by the United States
Securities and Exchange Commission the Stockholder’s identity and beneficial ownership of the Shares and the nature of the Stockholder’s
obligations under this Agreement.

 

[remainder of page intentionally
left blank]

 

    	 	6	 

     

    

 

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the date first written above.

 

	 	STOCKHOLDERS:
	 	 
	 	ALDEL INVESTORS LLC
	 	 
	 	By:	/s/
    Robert Kauffman            
	 	Name: Robert Kauffman
	 	Title: Manager
	 	 
	 	ALDEL LLC
	 	 
	 	By:	/s/ Robert Kauffman
	 	Name: Robert Kauffman
	 	Title: Manager
	 	 
	 	/s/ Robert Kauffman
	 	Robert Kauffman
	 	 
	 	/s/ D. Kyle Cerminara
	 	D. Kyle Cerminara
	 	 
	 	/s/ Martin Friedman
	 	Martin Friedman
	 	 
	 	/s/ Charles Nearburg
	 	Charles Nearburg
	 	 
	 	/s/ Mark Love
	 	Mark Love
	 	 
	 	/s/ Hassan Baqar
	 	Hassan Baqar

 

 

 

Signature Page to Sponsor Letter Agreement

 

    	 	7	 

     

    

  

	 	/s/ Larry Swets, Jr.
	 	Larry Swets, Jr.
	 	 
	 	COMPANY:
	 	 
	 	THE HAGERTY GROUP LLC
	 	 
	 	By:	/s/ McKeel Hagerty         
	 	Name: McKeel Hagerty
	 	Title: Chief Executive Officer
	 	 
	 	BUYER:
	 	 
	 	aldel financial inc.
	 	 
	 	By:	/s/ Hassan Baqar
	 	Name: Hassan Baqar
	 	Title: Chief Financial Officer

 

    	 	8	 

     

    

 

 

Exhibit A

Stockholders

 

	Stockholder	Number of Shares of Class A Common Stock	Number of Shares of Class B Common Stock	Address for Notices
	

                                                                                 

                                                                                Aldel Investors LLC
	

                                                                                 

                                                                                515,000
	2,200,000	 
	

                                                                                 
 Aldel LLC
	

                                                                                 

                                                                                1,500,000
	0	 
	Robert Kauffman	0	25,000	 
	D. Kyle Cerminara	0	25,000	 
	Martin Friedman	0	25,000	 
	Charles Nearburg	0	25,000	 
	Mark Love	0	25,000	 
	Hassan Baqar	0	25,000	 
	Larry Swets, Jr.	0	25,000	 
	Total	2,015,000	2,375,000

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