Document:

Exhibit 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of January 13, 2022, is made and entered
into by and among each of Papaya Growth Opportunity Corp. I, a Delaware corporation (the "Company"), Papaya Growth
Opportunity I Sponsor, LLC, a Delaware limited liability company (the "Sponsor"), Cantor Fitzgerald &
Co., a New York general partnership ("Cantor"), J.V.B. Financial Group, LLC on behalf of its Cohen &
Company Capital Markets division ("CCM"), and any person or entity who hereafter becomes a party to this Agreement
pursuant to Section 5.2 of this Agreement (each such party, together with the Sponsor, Cantor and CCM, a "Holder"
and collectively, the "Holders").

 

RECITALS

 

WHEREAS,
the Company has issued the Sponsor an aggregate of 7,528,875 shares (the "Founder Shares") of the Company's Class B
common stock, $0.0001 par value per share (the "Class B Common Stock"), of which an aggregate of 956,250
Founder Shares are subject to forfeiture to the extent that the underwriters of the Company's initial public offering (the "IPO")
do not exercise their overallotment option in full;

 

WHEREAS,
the Founder Shares are convertible into shares of the Company's Class A common stock, par value $0.0001 per share (the "Common
Stock"), on the terms and conditions provided in the Company's amended and restated certificate of incorporation;

 

WHEREAS,
the Sponsor, Cantor and CCM have each entered into a unit subscription agreement with the Company (each a "Placement Unit Subscription
Agreement"), pursuant to which the Sponsor, Cantor and CCM agreed to purchase an aggregate of up to 1,290,500 units (or up
to 1,365,500 units if the underwriters' overallotment option is exercised in full) of the Company (each, a "Placement Unit"
and collectively, the "Placement Units"), each Placement Unit consisting of one share of Common Stock (each, a
 "Placement Share" and collectively, the "Placement Shares") and one half of one warrant
to purchase one share of Common Stock (each, a "Placement Warrant" and collectively, the "Placement
Warrants") in a private placement transaction (the "Private Placement") occurring simultaneously
with the closing of the IPO;

 

WHEREAS,
in order to finance transaction costs in connection with an intended initial business combination, the Sponsor or an affiliate of the
Sponsor or its affiliates or designees may loan to the Company funds as the Company may require, of which up to $1,500,000 of such loans
may be convertible into units, each unit consisting of one share of Common Stock and one-half of one warrant to purchase one share of
Common Stock ("Working Capital Units") at a price of $10.00 per unit; and

 

WHEREAS,
the Company and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration
rights with respect to certain securities of the Company, as set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby
agree as follows:

 

ARTICLE I 

DEFINITIONS

 

1.1
Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth
below:

 

"Adverse Disclosure" shall
mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Board or the Chairman,
Chief Executive Officer or principal financial officer of the Company (i) would be required to be made in any Registration Statement
or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements contained therein (in the case of any Prospectus and any preliminary
Prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at
such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose for not making
such information public.

 

     

     

    

 

"Agreement" shall have
the meaning given in the Preamble.

 

"Board" shall mean the
Board of Directors of the Company.

 

"Business Combination"
means any merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business transaction with one or
more businesses involving the Company.

 

"Business Day" means any
day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions are generally authorized
or required by law or regulation to close in the City of New York, New York.

 

"Cantor" shall have the
meaning given in the Recitals.

 

"CCM" shall have the meaning
given in the Rectials.

 

"Commission" shall mean
the Securities and Exchange Commission.

 

"Common Stock" shall have
the meaning given in the Recitals hereto.

 

"Company" shall have the
meaning given in the Preamble.

 

"Demand Registration"
shall have the meaning given in subsection 2.1.1.

 

"Demanding Holders" shall
have the meaning given in subsection 2.1.1.

 

"Exchange Act" shall mean
the Securities Exchange Act of 1934, as it may be amended from time to time.

 

"Form S-1" shall
have the meaning given in subsection 2.1.1.

 

"Form S-3" shall
have the meaning given in subsection 2.3.

 

"Founder Lock-up Period"
shall mean, with respect to the Founder Shares, until the earliest of (a) one year after the completion of a Business Combination
and (b) subsequent to a Business Combination, (x) if the last reported sale price of the Common Stock equals or exceeds $12.00
per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing at least 150 days after a Business Combination or (y) the date on which we complete
a liquidation, merger, share exchange, reorganization, recapitalization or other similar transaction that results in all of the Company's
public stockholders having the right to exchange their Common Stock for cash, securities or other property.

 

"Founder Shares" shall
have the meaning given in the Recitals hereto.

 

"Holders" shall have the
meaning given in the Preamble.

 

"IPO" shall have meaning
set forth in the Recitals hereto.

 

     

     

    

 

"Letter Agreement" shall
mean the letter agreement by and among the Company, the Company's officers and directors and the Sponsor.

 

"Maximum Number of Securities"
shall have the meaning given in subsection 2.1.4.

 

"Misstatement" shall mean
an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement, preliminary
Prospectus or Prospectus, or necessary to make the statements in a Registration Statement, preliminary Prospectus or Prospectus, in light
of the circumstances under which they were made, not misleading.

 

"Permitted Transferees"
shall mean any person or entity to whom a Holder of Registrable Securities is permitted to transfer such Registrable Securities prior
to the expiration of the Founder Lock-up Period or Private Placement Unit Lock-up Period, as the case may be, under the Letter Agreement,
the Placement Unit Subscription Agreements and any other applicable agreement between such Holder and the Company, and to any transferee
thereafter.

 

"Piggy-back Registration"
shall have the meaning given in Section 2.2.1.

 

"Placement Share" or "Placement
Shares" shall have the meaning given in the Recitals hereto.

 

"Placement Unit Lock-up Period"
shall mean, with respect to the Placement Units, Placement Shares, Placement Warrants and any of the shares of Common Stock issued or
issuable upon the exercise of such Placement Warrants, a period terminating 30 days after the consummation of a Business Combination,
subject to certain exceptions set forth in the Letter Agreement and the Placement Unit Subscription Agreements.

 

"Placement Unit" or "Placement
Units" shall have the meaning given in the Recitals hereto.

 

"Placement Warrant" or
 "Placement Warrants" shall have the meaning given in the Recitals hereto.

 

"Private Placement" shall
have the meaning given in the Recitals hereto.

 

"Pro
Rata" shall have the meaning given in Section 2.1.4.

 

"Prospectus" shall mean
the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended by any and
all post-effective amendments and including all materials incorporated by reference in such prospectus.

 

"Prospectus Date" shall
mean the date of the final Prospectus filed with the Commission and relating to the IPO.

 

"Registrable Security"
shall mean (a) the shares of Common Stock issued or issuable upon the conversion of any Founder Shares, (b) the Placement Warrants
(including any shares of Common Stock issued or issuable upon the exercise of any such Placement Warrants), (c) the Placement Shares,
(d) any outstanding shares of Common Stock or any other equity security (including the Common Stock issued or issuable upon the exercise
of any other equity security) held by a Holder as of the date of this Agreement, (e) any equity securities (including the shares
of Common Stock issued or issuable upon the exercise of any such equity security) of the Company issuable upon conversion of any working
capital loans in an amount up to $1,500,000 made to the Company by a Holder (including the Working Capital Units and any shares of Common
Stock issuable upon the exercise of the warrants included in the Working Capital Units), and (f) any other equity security of the
Company issued or issuable with respect to any such shares of Common Stock by way of a stock dividend or stock split or in connection
with a combination of stock, acquisition, recapitalization, consolidation, reorganization, stock exchange, stock reconstruction and amalgamation
or contractual control arrangement with, purchasing all or substantially all of the assets of, or engagement in any other similar transaction;
provided, however, that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when: (i) if
a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act, at the earlier
of (A) one year following the date the Registration Statement is declared effective or (B) the date that such securities shall
have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (ii) such securities may otherwise
be transferred, new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the
Company and subsequent public distribution of such securities shall not require registration under the Securities Act; (iii) such
securities shall have ceased to be outstanding; or (iv) such securities have been sold to, or through, a broker, dealer or underwriter
in a public distribution or other public securities transaction.

 

     

     

    

 

"Registration" shall mean
a registration effected by preparing and filing a Registration Statement or similar document in compliance with the requirements of the
Securities Act, and the applicable rules and regulations promulgated thereunder, and such Registration Statement becoming effective.

 

"Registration Expenses"
shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

(A) all registration and filing fees (including
fees with respect to filings required to be made with the Financial Industry Regulatory Authority and any securities exchange on which
the Common Stock is then listed);

 

(B) fees and expenses of compliance with
securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications
of Registrable Securities);

 

(C) printing, messenger, telephone and delivery
expenses;

 

(D) reasonable fees and disbursements of
counsel for the Company; and

 

(E) reasonable fees and disbursements of
all independent registered public accountants of the Company incurred specifically in connection with such Registration.

 

"Registration Statement"
shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this Agreement, including the
Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration
statement, and all exhibits to and all materials incorporated by reference in such registration statement.

 

"Requesting Holder" shall
have the meaning given in subsection 2.1.1.

 

"Securities Act" shall
mean the Securities Act of 1933, as amended from time to time.

 

"Sponsor" shall have the
meaning given in the Preamble.

 

"Underwriter" shall mean
a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such dealer's
market-making activities.

 

"Underwritten Registration"
or "Underwritten Offering" shall mean a Registration in which securities of the Company are sold to an Underwriter
in a firm commitment underwriting for distribution to the public.

 

"Working Capital Warrants"
shall have the meaning given in the Recitals hereto.

 

     

     

    

 

ARTICLE II 

REGISTRATIONS

 

2.1
Demand Registration.

 

2.1.1
Request for Registration. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, at any time and
from time to time on or after the date the Company consummates the Business Combination, (i) the Holders of a majority-in-interest
of the then outstanding number of Registrable Securities held by the Sponsor, officers or directors of the Company or their affiliates,
or the transferees of the foregoing, (ii) Cantor or its designees, or (iii) CCM or its designees (the "Demanding
Holders"), may make a written demand for Registration under the Securities Act of all or part of their Registrable Securities,
which written demand shall describe the amount and type of securities to be included in such Registration and the intended method(s) of
distribution thereof (such written demand a "Demand Registration"). The Company shall, within ten (10) days
of the Company's receipt of the Demand Registration, notify, in writing, all other Holders of Registrable Securities of such demand, and
each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder's Registrable Securities in a Registration
pursuant to a Demand Registration (each such Holder that includes all or a portion of such Holder's Registrable Securities in such Registration,
a "Requesting Holder") shall so notify the Company, in writing, within five (5) Business Days after the receipt
by the Holder of the notice from the Company. Upon receipt by the Company of any such written notification from a Requesting Holder(s) to
the Company, such Requesting Holder(s) shall be entitled to have their Registrable Securities included in a Registration pursuant
to a Demand Registration and the Company shall, not more than forty five (45) days after the Company's receipt of the Demand Registration,
file a Registration Statement on Form S-1 or any similar long-form registration statement that may be available at that time ("Form S-1")
with respect to all Registrable Securities requested by the Demanding Holders and Requesting Holders pursuant to such the Demand Registration,
and shall use its reasonable best efforts to cause such Registration Statement to be declared effective by the Commission as soon as practicable
thereafter; provided, however, that the Company may use a Registration Statement on Form S-3 or any successor form thereto if the
Company would qualify to use such form within 30 days after the date on which the initial demand request is given and the Company shall
not be required to file such Registration Statement until it is so qualified. Under no circumstances shall the Company be obligated to
effect more than an aggregate of three (3) Registrations pursuant to a Demand Registration under this subsection 2.1.1 with respect
to any or all Registrable Securities; provided, however, that a Registration shall not be counted for such purposes unless a Registration
Statement has become effective and all of the Registrable Securities requested by the Requesting Holders to be registered on behalf of
the Requesting Holders in such Demand Registration have been sold in accordance with Section 3.1 of this Agreement.

 

2.1.2
Effective Registration. Notwithstanding the provisions of subsection 2.1.1 above or any other part of this Agreement,
a Registration pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement
filed with the Commission with respect to a Registration pursuant to a Demand Registration has been declared effective by the Commission
and (ii) the Company has complied with all of its obligations under this Agreement with respect thereto; provided, however, that
if after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant to
a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or state court or any
other governmental agency the Registration Statement with respect to such Registration shall be deemed not to have been declared effective,
unless and until, (x) such stop order or injunction is removed, rescinded or otherwise terminated, and (y) a majority-in-interest
of the Demanding Holders initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and accordingly
notify the Company in writing, but in no event later than five (5) days, of such election; and, provided, further, that the Company
shall not be obligated or required to file another Registration Statement until the Registration Statement that has been previously filed
with respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated.

 

2.1.3
Underwritten Offering. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, if a majority-in-interest
of the Demanding Holders so advise the Company as part of their Demand Registration that the offering of the Registrable Securities pursuant
to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Holder or Requesting Holder
(if any) to include its Registrable Securities in such Registration shall be conditioned upon such Holder's participation in such Underwritten
Offering and the inclusion of such Holder's Registrable Securities in such Underwritten Offering to the extent provided herein. All such
Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection 2.1.3 shall enter
into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by a majority-in-interest
of the Demanding Holders initiating the Demand Registration.

 

     

     

    

 

2.1.4
Reduction of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant
to a Demand Registration, in good faith, advises the Company, the Demanding Holders and the Requesting Holders (if any) in writing that
the dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken
together with all other shares of Common Stock or other equity securities that the Company desires to sell and the shares of Common Stock,
if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back registration rights held by
any other stockholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in
the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability
of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the "Maximum Number
of Securities"), then the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable
Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities
that each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Registration and the aggregate
number of Registrable Securities that the Demanding Holders and Requesting Holders have collectively requested be included in such Underwritten
Registration (such proportion is referred to herein as "Pro Rata")) that can be sold without exceeding the Maximum
Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause
(i), the shares of Common Stock or other equity securities that the Company desires to sell that can be sold without exceeding the Maximum
Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(i) and (ii), the Registrable Securities of Holders (Pro Rata, based on the respective number of Registrable Securities that each
Holder has so requested) exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof, which can
be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clauses (i), (ii) and (iii), the shares of Common Stock or other equity securities of other
persons or entities that the Company is obligated to register in a Registration pursuant to separate written contractual arrangements
with such persons and that can be sold without exceeding the Maximum Number of Securities.

 

2.1.5
Demand Registration Withdrawal. A majority-in-interest of the Demanding Holders initiating a Demand Registration or
a majority-in-interest of the Requesting Holders (if any), pursuant to a Registration under subsection 2.1.1 shall have the right in their
sole discretion to withdraw from a Registration pursuant to such Demand Registration upon written notification to the Company and the
Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness of the Registration
Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such Demand Registration.
Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in
connection with a Registration pursuant to a Demand Registration prior to its withdrawal under this subsection 2.1.5.

 

2.2
Piggy-back Registration.

 

2.2.1
Piggy-back Rights. If, at any time on or after the date the Company consummates a Business Combination, the Company
proposes to file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or
other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for the account of stockholders
of the Company (or by the Company and by the stockholders of the Company including, without limitation, pursuant to Section 2.1 hereof),
other than a Registration Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an
exchange offer, as part of a merger, consolidation or similar transaction or for an offering of securities solely to the Company's existing
stockholders, (iii) for an offering of debt that is convertible into equity securities of the Company, or (iv) for a dividend
reinvestment plan, then the Company shall give written notice of such proposed filing to all of the Holders of Registrable Securities
as soon as practicable but not less than ten (10) days before the anticipated filing date of such Registration Statement, which notice
shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution,
and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders
of Registrable Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may request in
writing within five (5) Business Days after receipt of such written notice (such Registration a "Piggy-back Registration").
The Company shall, in good faith, cause such Registrable Securities to be included in such Piggy-back Registration and shall use its best
efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested
by the Holders pursuant to this subsection 2.2.1 to be included in a Piggy-back Registration on the same terms and conditions as any similar
securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable Securities in
accordance with the intended method(s) of distribution thereof. All such Holders proposing to distribute their Registrable Securities
through an Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected
for such Underwritten Offering by the Company. The Company may postpone or withdraw the filing or the effectiveness of a Piggyback Registration
at any time in its sole discretion.

 

     

     

    

 

2.2.2
Reduction of Piggy-back Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that
is to be a Piggy-back Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the
Piggy-back Registration in writing that the dollar amount or number of the shares of Common Stock that the Company desires to sell, taken
together with (i) the shares of Common Stock, if any, as to which Registration has been demanded pursuant to separate written contractual
arrangements with persons or entities other than the Holders of Registrable Securities hereunder, (ii) the Registrable Securities
as to which registration has been requested pursuant to Section 2.2.1 hereof, and (iii) the shares of Common Stock, if any,
as to which Registration has been requested pursuant to separate written contractual piggy-back registration rights of other stockholders
of the Company, exceeds the Maximum Number of Securities, then: (a) If the Registration is undertaken for the Company's account,
the Company shall include in any such Registration (A) first, the shares of Common Stock or other equity securities that the Company
desires to sell, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum
Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights
to register their Registrable Securities pursuant to subsection 2.2.1 hereof, Pro Rata, which can be sold without exceeding the Maximum
Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (A) and (B), the shares of Common Stock, if any, as to which Registration has been requested pursuant to written contractual
piggy-back registration rights of other stockholders of the Company, which can be sold without exceeding the Maximum Number of Securities;
and

 

(b) If the Registration is pursuant to a
request by persons or entities other than the Holders of Registrable Securities, then the Company shall include in any such Registration
(A) first, the shares of Common Stock or other equity securities, if any, of such requesting persons or entities, which can be sold
without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been
reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities
pursuant to subsection 2.2.1, Pro Rata, which can be sold without exceeding the Maximum Number of Securities (C) third, to the extent
that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or
other equity securities that the Company desires to sell which can be sold without exceeding the Maximum Number of Securities; and (D) fourth,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the shares
of Common Stock or other equity securities for the account of other persons or entities that the Company is obligated to register pursuant
to separate written contractual arrangements with such persons or entities, which can be sold without exceeding the Maximum Number of
Securities.

 

2.2.3
Piggy-back Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggy-back
Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of
his, her or its intention to withdraw from such Piggy-back Registration prior to the effectiveness of the Registration Statement filed
with the Commission with respect to such Piggy-back Registration. The Company (in its sole discretion or as the result of a request for
withdrawal by persons pursuant to separate written contractual obligations) may postpone or withdraw the filing or effectiveness of a
Piggy-back Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration
Expenses incurred in connection with the Piggy-back Registration prior to its withdrawal under this subsection 2.2.3.

 

2.2.4
Unlimited Piggy-back Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2
hereof shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof; provided, however,
that the rights to demand a Piggy-back Registration under this Section 2.2 shall terminate on the second anniversary of the consummation
of the Business Combination.

 

     

     

    

 

2.3
Registrations on Form S-3. Provided that the Company has qualified for the use of a Registration Statement on Form S-3
or any successor form thereto, any Holder of Registrable Securities may, at any time, and from time to time, request in writing that the
Company, pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the Commission), register
the resale of any or all of their Registrable Securities on Form S-3 or any similar short-form Registration Statement that may be
available at such time ("Form S-3"); provided, however, that the Company shall not be obligated to effect
such request through an Underwritten Offering. Within ten (10) days of the Company's receipt of a written request from a Holder or
Holders of Registrable Securities for a Registration on Form S-3, the Company shall promptly give written notice of the proposed
Registration on Form S-3 to all other Holders of Registrable Securities, and each Holder of Registrable Securities who thereafter
wishes to include all or a portion of such Holder's Registrable Securities in such Registration on Form S-3 shall so notify the Company,
in writing, within five (5) days after the receipt by the Holder of the notice from the Company. As soon as practicable thereafter,
but not more than thirty (30) days after the Company's initial receipt of such written request for a Registration on Form S-3, the
Company shall file a Registration Statement on Form S-3 with respect to the Registrable Securities of such Holder(s) as are
specified in such written request, together with all or such portion of Registrable Securities of any other Holder or Holders joining
in such request as are specified in the written notification given by such Holder or Holders, and shall use its reasonable best efforts
to cause such Registration Statement to be declared effective by the Commission as soon as practicable thereafter; provided, however,
that the Company shall not be obligated to effect any such Registration pursuant to Section 2.3 hereof if (i) a Form S-3
is not available for such offering; or (ii) the Holders of Registrable Securities, together with the Holders of any other equity
securities of the Company entitled to inclusion in such Registration, propose to sell the Registrable Securities and such other equity
securities (if any) at any aggregate price to the public of less than $10,000,000. The rights to demand Registration on Form S-3
under this Section 2.3 shall terminate on the third anniversary of the Business Combination.

 

2.4
Restrictions on Registration Rights. The Company shall not be obligated to effect any Demand Registration within 180
days after the effective date of a previous Demand Registration or a previous Piggy-back Registration in which holders of Registrable
Securities were permitted to register, and actually sold, 75% of the Registrable Securities requested to be included therein. The Company
may postpone for up to 120 days the filing or effectiveness of (A) a Registration Statement for a Demand Registration if the Holders
have requested an Underwritten Registration and the Company and the Holders are unable to obtain the commitment of underwriters to firmly
underwrite the offer, or (B) a Registration Statement for a Demand Registration or a Registration on Form S-3 if the Registration
Statement is required under applicable law, rule or regulation to contain (i) financial statements that are unavailable to the
Company for reasons beyond the Company's control, (ii) audited financial statements as of a date other than the Company's fiscal
year end (unless the Holders requesting Registration agree to pay the reasonable expenses of this audit), (iii) pro forma financial
statements that are required to be included in a registration statement, or if the Board determines in its reasonable good faith judgment
that such Demand Registration would (x) materially interfere with a significant acquisition, corporate organization or other similar
transaction involving the Company, (y) require the Company to make an Adverse Disclosure or (z) render the Company unable to
comply with requirements under the Securities Act or Exchange Act; provided, that in such event the Holders of a majority-in-interest
of the Registrable Securities initiating a Demand Registration shall be entitled to withdraw such request and, if such request is withdrawn,
such Demand Registration shall not count as one of the permitted Demand Registrations hereunder and the Company shall pay all Registration
Expenses in connection with such Registration. The Company may delay a Demand Registration hereunder only twice in any period of twelve
consecutive months.

 

ARTICLE III 

COMPANY PROCEDURES

 

3.1
General Procedures. If at any time on or after the date the Company consummates a Business Combination the Company is
required to effect the Registration of Registrable Securities, the Company shall use its best efforts to effect such Registration to permit
the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company
shall:

 

3.1.1
prepare and file with the Commission a Registration Statement with respect to such Registrable Securities and use its reasonable best
efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such
Registration Statement have been sold;

 

     

     

    

 

3.1.2
prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be requested by any Holder or any Underwriter of Registrable Securities or as may be required by the rules,
regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations
thereunder to keep the Registration Statement effective until the earlier of (a) one year following the effective date of the Registration
Statement or (b) until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended
plan of distribution set forth in such Registration Statement or supplement to the Prospectus and either (i) any underwriter overallotment
option has terminated by its terms or (ii) the underwriters have advised the Company that they will not exercise such option or any
remaining portion thereof;

 

3.1.3
furnish without charge to the Underwriters, if any, and each Holder of Registrable Securities included in such Registration, or such Holders'
legal counsel, copies of the Prospectus included in such Registration Statement (including each preliminary Prospectus), and each amendment
and supplement thereto (in each case including all exhibits thereto and documents incorporated by reference therein), and such other documents
as the Underwriters and each Holder of Registrable Securities included in such Registration or the legal counsel for any such Holders
may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Holders;

 

3.1.4
prior to any public offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities
covered by the Registration Statement under such securities or "blue sky" laws of such jurisdictions in the United States as
any Holder of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may reasonably
request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered
with or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and
do any and all other acts and things that may be reasonably necessary or advisable to enable the Holders of Registrable Securities included
in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however,
that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required
to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it
is not then otherwise so subject;

 

3.1.5
use commercially reasonable efforts to cause all such Registrable Securities to be listed on each securities exchange or automated quotation
system on which similar securities issued by the Company are then listed;

 

3.1.6
provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the
effective date of such Registration Statement;

 

3.1.7
advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance
of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any
proceeding for such purpose and promptly use its commercially reasonable best efforts to prevent the issuance of any stop order or to
obtain its withdrawal if such stop order should be issued;

 

3.1.8
at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus, furnish
a copy thereof to each seller of such Registrable Securities and its counsel, including, without limitation, providing copies promptly
upon receipt of any comment letters received with respect to any such Registration Statement or Prospectus. The Company shall not include
the name of any Holder or any information regarding any Holder in any Registration Statement or Prospectus, any amendment or supplement
to such Registration Statement or Prospectus, any document that is to be incorporated by reference into such Registration Statement or
Prospectus, or any response to any comment letter, without the prior written consent of such Holder and providing each such Holder a reasonable
amount of time to review and comment on such applicable document, which comments the Company shall include unless contrary to applicable
law;

 

3.1.9
notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities
Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes
a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;

 

     

     

    

 

3.1.10
in the event of an Underwritten Offering, permit the participating Holders to rely on any "cold comfort" letter from the Company's
independent registered public accountants provided to the managing Underwriter of such offering;

 

3.1.11
in the event of an Underwritten Offering, permit the participating Holders to rely on any opinion(s) of counsel representing the
Company for the purposes of such Registration issued to the managing Underwriter of such offering covering legal matters with respect
to the Registration;

 

3.1.12
in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing Underwriter of such offering;

 

3.1.13
make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve
(12) months beginning with the first day of the Company's first full calendar quarter after the effective date of the Registration Statement
which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder, and which requirement will
be deemed to be satisfied if the Company timely files complete and accurate information on Forms 10-Q, 10-K and 8-K under the Exchange
Act and otherwise complies with Rule 158 under the Securities Act;

 

3.1.14
if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $25,000,000, use its reasonable
efforts to make available senior executives of the Company to participate in customary "road show" presentations that may be
reasonably requested by the Underwriter in any Underwritten Offering; and

 

3.1.15
otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in
connection with such Registration.

 

3.2
Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged
by the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters'
commissions and discounts, brokerage fees, Underwriter marketing costs and all fees and expenses of any legal counsel representing the
Holders.

 

3.3
Requirements for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for
equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell
such person's securities on the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes
all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents
as may be reasonably required under the terms of such underwriting arrangements.

 

3.4
Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement
or Prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until he,
she or it is advised in writing by the Company that the use of the Prospectus may be resumed and he, she or it has received copies of
a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and
file such supplement or amendment as soon as reasonably practicable after the time of such notice) and, if so directed by the Company,
each Holder shall deliver to the Company (at the Company's expense) all copies, other than permanent file copies then in such Holder's
possession, of the Prospectus covering such Registrable Securities at the time of receipt of such notice. If the continued use of a Registration
Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure, or would require the inclusion
in such Registration Statement of (i) financial statements that are unavailable to the Company for reasons beyond the Company's control,
(ii) audited financial statements as of a date other than the Company's fiscal year end (unless the Holders requesting Registration
agree to pay the reasonable expenses of this audit), or (iii) pro forma financial statements that are required to be included in
a registration statement, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial
effectiveness of, or suspend use of, such Registration Statement for no more than 180 days. In the event the Company exercises its rights
under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use
of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities. The Company shall
immediately notify the Holders of the expiration of any period during which it exercised its rights under this Section 3.4.

 

     

     

    

 

3.5
Reporting Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall
be reporting under the Exchange Act, covenants to use reasonable best efforts to file timely (or obtain extensions in respect thereof
and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections
13(a) or 15(d) of the Exchange Act and to promptly upon request by a Holder furnish such Holder with true and complete copies
of such filings. The Company further covenants that it shall take such further action as any Holder may reasonably request, all to the
extent required from time to time to enable such Holder to sell shares of Common Stock held by such Holder without registration under
the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act, including providing
any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized
officer as to whether it has complied with such requirements.

 

3.6
Limitation on Registration Rights. Notwithstanding anything herein to the contrary, (i) Cantor may not exercise
its rights under Section 2.1 and 2.2 hereunder after five (5) and seven (7) years, respectively, after the effective date
of the registration statement relating to the Company’s initial public offering, and (ii) Cantor may not exercise its rights
under Section 2.1 more than one time.

 

ARTICLE IV 

INDEMNIFICATION AND CONTRIBUTION

 

4.1
Indemnification.

 

4.1.1
The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors and
each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses
(including reasonable attorneys' fees) caused by any untrue or alleged untrue statement of material fact contained in any Registration
Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of
a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are
caused by or contained in any information furnished in writing to the Company by such Holder expressly for use therein. The Company shall
indemnify the Underwriters, their officers and directors and each person who controls such Underwriters (within the meaning of the Securities
Act) to the same extent as provided in the foregoing with respect to the indemnification of the Holder.

 

4.1.2
In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish
to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration
Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers and agents and each
person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses
(including, without limitation, reasonable attorneys' fees) resulting from any untrue statement of material fact contained in the Registration
Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or
omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; provided, however,
that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the liability
of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the
sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters,
their officers, directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent
as provided in the foregoing with respect to indemnification of the Company.

 

     

     

    

 

4.1.3
Any person 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 right to indemnification
hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party's
reasonable judgment a conflict of interest between such indemnified and indemnifying parties may 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). 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 (plus local 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 may 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) or which settlement does not 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.

 

4.1.4
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or
on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer
of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions
as are reasonably requested by any indemnified party for contribution to such party in the event the Company's or such Holder's indemnification
is unavailable for any reason.

 

4.1.5
If the indemnification provided under Section 4.1 hereof 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. 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 relates to information
supplied by, 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; provided, however, that the liability of any Holder under this
subsection 4.1.5 shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability.
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 subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or expenses reasonably incurred
by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if
contribution pursuant to this subsection 4.1.5 were determined by pro rata allocation or by any other method of allocation, which does
not take account of the equitable considerations referred to in this subsection 4.1.5. 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 subsection 4.1.5
from any person who was not guilty of such fraudulent misrepresentation.

 

     

     

    

 

ARTICLE V 

MISCELLANEOUS

 

5.1
Notices. Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United
States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery
in person or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail or facsimile.
Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given,
served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed and, in
the case of notices delivered by courier service, hand delivery, electronic mail or facsimile, at such time as it is delivered to the
addressee (with the delivery receipt of the intended recipient or the affidavit of messenger) or at such time as delivery is refused by
the addressee upon presentation. Any notice or communication under this Agreement must be addressed to

 

the Company at:

 

Papaya Growth Opportunity Corp. I 

2201 Broadway, #750 

Oakland, CA 94612 

Attention: Clay Whitehead 

Email: clay@papayagrowth.com

 

with a copy to:

 

McDermott Will & Emery LLP 

One Vanderbilt Avenue 

New York, NY 10017 

Attention: Ari Edelman, Esq. 

Email: aedelman@mwe.com

 

and to the Holders, at such Holder's address referenced in Schedule
A.

 

Any party may change its address for notice at any time and from time
to time by written notice to the other parties hereto, and such change of address shall become effective thirty (30) days after delivery
of such notice as provided in this Section 5.1.

 

5.2
Assignment; No Third Party Beneficiaries.

 

5.2.1
This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole
or in part. Prior to the expiration of the Founder Lock-up Period or Placement Unit Lock-up Period, as the case may be, no Holder may
assign or delegate his, her or its rights, duties or obligations under this Agreement in whole or in part. Notwithstanding the above,
as it applies to the Registrable Securities, the Holder may transfer such securities during the respective lock-up period to any Permitted
Transferee (as such term is defined in that certain Warrant Agreement between the Company and Continental Stock Transfer & Trust
Company) but only if such Permitted Transferee agrees to become bound by the transfer restrictions set forth in this Agreement, the Letter
Agreement and, if applicable, the Placement Unit Subscription Agreements.

 

5.2.2
Except as set forth in subsection 5.2.1 hereof, this Agreement and the rights, duties and obligations of the Holders of Registrable Securities
hereunder may be assigned or delegated by such Holder of Registrable Securities in conjunction with and to the extent of any transfer
of Registrable Securities by any such Holder.

 

5.2.3
This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the Holders, the permitted assigns
and its successors and the permitted assigns of the Holders.

 

5.2.4
This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in
this Agreement and Section 5.2 hereof.

 

5.2.5
No assignment by any party hereto of such party's rights, duties and obligations hereunder shall be binding upon or obligate the
Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1
hereof and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the
terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any
transfer or assignment made other than as provided in this Section 5.2 shall be null and void.

 

5.3
Counterparts. This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each
of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced.

 

     

     

    

 

5.4
Governing Law; Venue. THE PARTIES EXPRESSLY AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS
OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION. Any legal suit, action or proceeding
arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in the federal courts of the United
States or the courts of the State of New York in each case located in the city of New York, and each party irrevocably submits to the
exclusive jurisdiction of such courts in any such suit, action or proceeding.

 

5.5
Amendments and Modifications. Upon the written consent of the Company and the Holders of at least a majority in interest
of the then outstanding Registrable Securities (which majority interest must include Cantor if such amendment or modification affects
in any way the rights of Cantor hereunder), compliance with any of the provisions, covenants and conditions set forth in this Agreement
may be waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding
the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of the shares
of capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require the
consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or
delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any
rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party
shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

5.6
Other Registration Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities,
has any right to require the Company to register any securities of the Company for sale or to include such securities of the Company in
any Registration filed by the Company for the sale of securities for its own account or for the account of any other person.

 

5.7
Termination. This Agreement shall terminate upon the earlier of (i) the fifth anniversary of the date of this Agreement
or (ii) the date as of which (A) all of the Registrable Securities have either been sold pursuant to a Registration Statement
or cease to be Registrable Securities (but in no event prior to the applicable period referred to in Section 4(3) of the Securities
Act and Rule 174 thereunder) or (B) the Holders of all Registrable Securities are permitted to sell the Registrable Securities
under Rule 144 (or any similar provision) under the Securities Act without limitation on the amount of securities sold or the manner
of sale. The provisions of Section 3.5 and Article IV shall survive any termination.

 

[SIGNATURE PAGES FOLLOW]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	PAPAYA GROWTH OPPORTUNITY CORP. I 

a Delaware corporation
	 	 	 
	 	By:	/s/ Clay Whitehead
	 	 	Name: Clay Whitehead

 Title: Chief Executive Officer
	 	 
	 	HOLDERS:
	 	 
	 	PAPAYA GROWTH OPPORTUNITY I SPONSOR, LLC 

a Delaware limited liability company
	 	 	 
	 	By:	/s/ Clay Whitehead
	 	 	Name: Clay Whitehead
	 	 	Title: Managing Member

 

	 	CANTOR
    FITZGERALD & CO., 
	 	a
    New York general partnership
	 	 
	 	By:	 /s/ Sage Kelly 
	 	 	Name: Sage Kelly 
	 	 	Title: Senior Managing Director
	 	 
	 	J.V.B.
    FINANCIAL GROUP
	 	 
	 	By:	 /s/ Lester Brafman 
	 	 	Name: Lester Brafman 
	 	 	Title: CEO

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

Schedule A

 

	Holder	 	Address
	Papaya
    Growth Opportunity I Sponsor, LLC	 	2201
    Broadway, #750

    Oakland,
    CA 94612

	 	 	 
	Cantor
    Fitzgerald & Co.	 	499
    Park Avenue, New York NY 10022
	 	 	 
	J.V.B.
    Financial Group, LLC on behalf of its Cohen & Company Capital Markets division	 	3
    Columbus Circle 24th Floor

    New
    York, NY 10022

 

[Schedule A to Registration Rights Agreement]Exhibit 10.4

 

UNIT SUBSCRIPTION AGREEMENT

 

This UNIT SUBSCRIPTION AGREEMENT (this "Agreement")
is made as of the 13th day of January, 2022, by and between Papaya Growth Opportunity Corp. I, a Delaware corporation (the "Company"),
having its principal place of business at 2201 Broadway, #750, Oakland, CA 94612, and Papaya Growth Opportunity I Sponsor, LLC, a Delaware
limited liability company ("Subscriber").

 

WHEREAS, the Company desires to sell on a private
placement basis (the "Offering") an aggregate of up to 1,365,500 units ("Units") of the Company, each
Unit comprised of one share of Class A common stock of the Company, par value $0.0001 per share ("Common Stock"), and
one half of one warrant to purchase one share of Common Stock ("Warrant"), for an aggregate purchase price of up to $13,655,500,
or $10.00 per Unit. The shares of Common Stock underlying the Warrants are hereinafter referred to as the "Warrant Shares."
The shares of Common Stock underlying the Units (excluding the Warrant Shares) are hereinafter referred to as the "Placement Shares."
The Warrants underlying the Units are hereinafter referred to as the "Placement Warrants." The Units, Placement Shares,
Placement Warrants and Warrant Shares, collectively, are hereinafter referred to as the "Securities." Placement Warrants
may be exercised only to the extent that, when aggregated with other Placement Warrants being exercised, the exercise is for a whole share
or whole shares; no fractional shares shall be issuable. The exercise price for any Warrant Share shall be $11.50. Subject to the foregoing,
the Placement Warrants will become exercisable 30 days after the completion of the Company's initial business combination (the "Business
Combination"), as such term is defined in the registration statement filed in connection with the Company’s initial public
offering (the “IPO”), as amended at the time it becomes effective (the "Registration Statement"),
and expiring on the fifth anniversary of the completion of the Business Combination; and

 

WHEREAS, Subscriber wishes to purchase 1,040,500
Units (or up to 1,115,500 Units if the underwriters' over-allotment option is exercised in full) from the Company and the Company wishes
to accept such subscription from the Subscriber.

 

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

 

1. Agreement to Subscribe

 

1.1 Purchase and Issuance of the Units.
Upon the terms and subject to the conditions of this Agreement, the Subscriber hereby agrees to purchase from the Company, and the Company
hereby agrees to sell to the Subscriber, on the Closing Date (as defined below), 1,040,500 Units for the purchase price of $10,405,000
(or up to 1,115,500 Units for a purchase price of up to $11,155,000, depending on the extent to which the underwriters' over-allotment
option is exercised) (the "Purchase Price").

 

1.2 Delivery of the Purchase Price. Upon
execution of this Agreement, the Company is bound to fulfill its obligations hereunder and the Subscriber hereby irrevocably commits to
deliver either directly into a trust account (the "Trust Account") held at Morgan Stanley or any other financial institution
chosen by the Company, with Continental Stock Transfer & Trust Company acting as trustee ("Continental"), or into
an escrow account maintained by McDermott Will & Emery LLP ("MWE"), counsel for the Company, the Purchase Price in
immediately available funds by wire transfer or such other form of payment as shall be acceptable to the Trustee, in its sole and absolute
discretion, one (1) business day prior to the Closing (as defined below).

 

1.3 Closing. The initial closing of the
Offering (the "Initial Closing"), shall take place at the offices of MWE simultaneously with, and is contingent upon,
the closing of the IPO on or before December 31, 2022 (the "Initial Closing Date"). Any additional closing of the Offering
(the "Additional Closing" and together with the Initial Closing, the "Closing") shall take place at
the offices of MWE, simultaneously with each closing of the underwriters' over-allotment option (the "Over-allotment Closing Date"
and together with the Initial Closing Date, the "Closing Date"). On the Closing Date, if the Subscriber has delivered
the Purchase Price to MWE as described in Section 1.2 above, MWE shall wire the purchase price to Continental for deposit in the Trust
Account.

 

     

     

    

 

1.4 Termination. This Agreement and each
of the obligations of the undersigned shall be null and void and without effect if the Closing does not occur prior to December 31, 2022.

 

2. Representations and Warranties of Subscriber

 

The Subscriber represents and warrants to the
Company that:

 

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

 

2.2 Accredited Investor. Subscriber represents
that it is an "accredited investor" as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933,
as amended (the "Securities Act"), and acknowledges that the sale contemplated hereby is being made in reliance, among
other things, on a private placement exemption to "accredited investors" under the Securities Act and similar exemptions under
state law.

 

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

 

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

 

2.5 Sophisticated Investor.

 

(i) Subscriber's manager and members are individually
accredited investors and are sophisticated in financial matters and able to evaluate the risks and benefits of the investment in the Securities.

 

(ii) Subscriber is aware that an investment in
the Securities is highly speculative and subject to substantial risks because, among other things, (a) the Securities are subject to transfer
restrictions and have not been registered under the Securities Act and therefore cannot be sold unless subsequently registered under the
Securities Act or an exemption from such registration is available and (b) Subscriber has waived its redemption rights with respect to
the Securities as set forth in Section 5 hereof, and the Securities held by Subscriber are not entitled to, and have no right, interest
or claim to any monies held in the Trust Account, and accordingly Subscriber may suffer a loss of a portion or all of its investment in
the Securities. Subscriber is able to bear the economic risk of its investment in the Securities for an indefinite period of time.

 

     

     

    

 

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

 

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

 

2.8 Authority. This Agreement has been
validly authorized, executed and delivered by Subscriber and is a valid and binding agreement enforceable in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization,
or similar laws relating to, or affecting generally the enforcement of, creditors' rights and remedies or by equitable principles of general
application and except as enforcement of rights to indemnity and contribution may be limited by federal and state securities laws or principles
of public policy.

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

3. Representations, Warranties and Covenants of the Company

 

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

 

3.1 Valid Issuance of Capital Stock. The
total number of shares of all classes of capital stock, each with a par value of $0.0001 per share, which the Corporation shall have authority
to issue is 131,000,000, consisting of (a) 130,000,000 shares of common stock (the “Common Stock”), including (i) 110,000,000
shares of Class A common stock (the “Class A Common Stock”) and (ii) 20,000,000 shares of Class B common stock (the
 “Class B Common Stock”), and (b) 1,000,000 shares of preferred stock (the “Preferred Stock”). and
1,000,000 shares of preferred stock, $0.0001 par value per share ("Preferred Stock"). As of the date hereof, the Company
has issued and outstanding 7,528,875 shares of Class B common stock, par value $0.0001 per share (of which up to 956,250 shares are subject
to forfeiture) and no shares of Preferred Stock. All of the issued shares of capital stock of the Company have been duly authorized, validly
issued, and are fully paid and non-assessable.

 

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

 

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

 

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

 

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

 

4. Legends

 

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

 

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

 

     

     

    

 

"THE SECURITIES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO RESTRICTIONS ON TRANSFER PURSUANT TO A LETTER AGREEMENT AMONG PAPAYA GROWTH OPPORTUNITY CORP. I AND THE OTHER PARTIES THERETO
AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF DURING THE TERM THEREOF PURSUANT TO THE TERMS SET FORTH IN
THE LETTER AGREEMENT."

 

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

 

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

 

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

 

5. Waiver of Liquidation Distributions.

 

In connection with the Securities purchased pursuant
to this Agreement, the Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions with
respect to the Securities in connection with (i) the exercise of redemption rights in connection with the Company's consummation of the
Business Combination, or (ii) upon the Company's redemption of shares of Common Stock upon the Company's failure to consummate the Business
Combination within 15 months, which is extendable at the Subscriber’s option to up to 21 months, from the completion of the IPO
or the liquidation of the Company prior to the expiration of such period. In the event Subscriber purchases shares of Common Stock in
the IPO or in the aftermarket ("Public Shares"), the Subscriber hereby waives any and all right, title, interest or claim
of any kind in or to any distributions with respect to any Public Shares in connection with the exercise of redemption rights in connection
with the Company's consummation of the Business Combination. For the avoidance of doubt, the Subscriber shall be eligible to redeem any
Public Shares upon the same terms offered to all other purchasers of Common Stock in the IPO in the event the Company fails to consummate
the Business Combination, or liquidates, within 15 or up to 21 months, as applicable, from the completion of the IPO.

 

6. Termination of Placement Warrants.

 

6.1 Failure to Consummate Business Combination.
The Placement Warrants shall be terminated upon the dissolution of the Company or in the event that the Company does not consummate the
Business Combination within 15 months, which is extendable at the Subscriber’s option to up to 21 months, from the completion of
the IPO.

 

6.2 Termination of Rights as Holder. If
the Placement Warrants are terminated in accordance with Section 6.1, then after such time, the Subscriber (or its successor in interest)
shall no longer have any rights as a holder of such Placement Warrants and the Company shall take such action as is appropriate to cancel
such Placement Warrants. The Subscriber hereby irrevocably grants the Company a limited power of attorney for the purpose of effectuating
the foregoing and agrees to take any and all measures reasonably requested by the Company necessary to effect the foregoing.

 

7. Rescission Right Waiver and Indemnification.

 

7.1 The Subscriber understands and acknowledges
an exemption from the registration requirements of the Securities Act requires there be no general solicitation of purchasers of the
Units. In this regard, if the IPO were deemed to be a general solicitation with respect to the Units, the offer and sale of such Units
may not be exempt from registration and, if not, the Subscriber may have a right to rescind its purchase of the Units. In order to facilitate
the completion of the Offering and in order to protect the Company, its stockholders and the amounts in the Trust Account from claims
that may adversely affect the Company or the interests of its stockholders, Subscriber hereby agrees to waive, to the maximum extent
permitted by applicable law, any claims, right to sue or rights in law or arbitration, as the case may be, to seek rescission of its
purchase of the Units. The Subscriber acknowledges and agrees this waiver is being made in order to induce the Company to sell the Units
to Subscriber. The Subscriber agrees the foregoing waiver of rescission rights shall apply to any and all known or unknown actions, causes
of action, suits, claims or proceedings (collectively, "Claims") and related losses, costs, penalties, fees, liabilities
and damages, whether compensatory, consequential or exemplary, and expenses in connection therewith, including reasonable attorneys'
and expert witness fees and disbursements and all other expenses reasonably incurred in investigating, preparing or defending against
any Claims, whether pending or threatened, in connection with any present or future actual or asserted right to rescind the purchase
of the Units hereunder or relating to the purchase of the Units and the transactions contemplated hereby.

 

     

     

    

 

7.2 The Subscriber agrees not to seek recourse
against the Trust Account for any reason whatsoever in connection with its purchase of the Units or any Claim that may arise now or in
the future.

 

7.3 The Subscriber acknowledges and agrees
that the stockholders of the Company are and shall be third-party beneficiaries of this Section 7.

 

7.4 The Subscriber agrees that, to the
extent any waiver of rights under this Section 7 is ineffective as a matter of law, the Subscriber has offered such waiver for the benefit
of the Company as an equitable right that shall survive any statutory disqualification or bar that applies to a legal right. The Subscriber
acknowledges the receipt and sufficiency of consideration received from the Company hereunder in this regard.

 

8. Terms of the Units and Placement Warrant

 

The Units and their component parts are substantially
identical to the units to be offered in the IPO except that: (i) the Units and their component parts will be subject to transfer restrictions,
except in limited circumstances, until 30 days following the consummation of the Business Combination, and (ii) the Units and their component
parts are being purchased pursuant to an exemption from the registration requirements of the Securities Act and will become freely tradable
only after they are registered or an exemption from registration is available, and the restrictions described above in clause (i) have
expired.

 

 9. Governing Law; Jurisdiction; Waiver of Jury Trial

 

This Agreement shall be governed by and construed
in accordance with the laws of the State of New York for agreements made and to be wholly performed within such state without regard to
conflicts. The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this Agreement and
the transactions contemplated hereby.

 

10. Assignment; Entire Agreement; Amendment

 

10.1 Assignment. Neither this Agreement
nor any rights hereunder may be assigned by any party to any other person other than by Subscriber to a person agreeing to be bound by
the terms hereof, including the waiver contained in Section 7 hereof.

 

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

 

10.3 Amendment. Except as expressly provided
in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written
instrument signed by the party against whom enforcement of any such amendment, waiver, discharge or termination is sought.

 

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

 

     

     

    

 

11. Notices

 

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

 

12. Counterparts

 

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

 

13. Survival; Severability

 

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

 

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

 

14. Headings.

 

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

 

[remainder of page intentionally left blank]

 

     

     

    

 

Accepted and agreed on the date set forth above.

 

	 	PAPAYA
    GROWTH OPPORTUNITY CORP. I
	 	 	 
	 	By:	/s/
    Clay Whitehead
	 	 	Name:
    Clay Whitehead
	 	 	Title:
    Chief Executive Officer

 

Accepted and agreed on the date set forth above.

 

	 	SUBSCRIBER:
	 	 
	 	PAPAYA GROWTH
    OPPORTUNITY I SPONSOR, LLC
	 	 	 
	 	By:	/s/
    Clay Whitehead
	 	 	Name:
    Clay Whitehead
	 	 	Title: Chief Executive Officer

 

[Papaya Growth Opportunity Corp. I Placement Unit
Subscription Agreement Signature Page]

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