Document:

Exhibit 10.6

 

PRIVATE PLACEMENT UNITS PURCHASE AGREEMENT

 

This PRIVATE PLACEMENT UNITS
PURCHASE AGREEMENT (this “Agreement”) is made as of the 25th day of February, 2022, by and between FG Merger Corp.,
a Delaware corporation (the “Company”), having its principal place of business at 105. S. Maple Street, Itasca, Illinois
60143, and FG Merger Investors LLC, a Delaware limited liability company (the “Subscriber”), having its principal place
of business at 105. S. Maple Street, Itasca, Illinois 60143.

 

WHEREAS, the Company desires
to sell to the Subscriber on a private placement basis (the “Placement”) an aggregate of 55,000 units (the “Units”)
of the Company, each Unit comprised of one share of common stock of the Company, par value $0.0001 per share (“Common Stock”)
and three-quarters of one warrant, each whole warrant exercisable to purchase one share of Common Stock (“Warrant”),
for a purchase price of $10.00 per Unit. The shares of Common Stock underlying the Warrants are hereinafter referred to as the “Warrant
Shares.” The shares of Common Stock underlying the Units (excluding the Warrant Shares) are hereinafter referred to as the “Placement
Shares.” The Warrants underlying the Units are hereinafter referred to as the “Placement Warrants.” The Units,
Placement Shares, Placement Warrants and Warrant Shares, collectively, are hereinafter referred to as the “Securities.”
Each Placement Warrant is exercisable to purchase one share of Common Stock at an exercise price of $11.50 during the period commencing
on the later of (i) twelve (12) months from the date of the closing of the Company’s initial public offering of units (the “IPO”)
and (ii) 30 days following the consummation of the Company’s initial business combination (the “Business Combination”),
as such term is defined in the registration statement in connection with the IPO, as amended at the time it becomes effective (the “Registration
Statement”), and expiring on the fifth anniversary of the consummation of the Business Combination; and

 

WHEREAS, the Subscriber wishes to purchase 55,000
Units, 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) the Units in consideration of
the payment of the Purchase Price (as defined below). On the Closing Date, the Company shall, at its option, deliver to the Subscriber
the certificates representing the Securities purchased or effect such delivery in book-entry form.

 

1.2. Purchase Price.
As payment in full for the Units being purchased under this Agreement, the Subscriber shall pay $550,000 (the “Purchase Price”)
by wire transfer of immediately available funds or by such other method as may be reasonably acceptable to the Company, to the trust account
(the “Trust Account”) at a financial institution to be chosen by the Company, maintained by Continental Stock Transfer
 & Trust Company, acting as trustee (“Continental”) one (1) business day prior to the date of effectiveness of the
Registration Statement.

 

1.3. Closing. The
closing of the purchase and sale of the Units shall take place simultaneously with the closing of the IPO (the “Closing Date”).
The closing of the purchase and sale of the Units shall take place at the offices of Loeb & Loeb LLP, 345 Park Avenue, New York, New
York 10154, or such other place as may be agreed upon by the parties hereto.

 

1.4. Termination.
This Agreement and each of the obligations of the undersigned shall be null and void and without effect if a Closing does not occur prior
to June 30, 2022.

 

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2. Representations and Warranties
of the Subscriber

 

The Subscriber represents and warrants
that:

 

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

 

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

 

2.4. Restrictions
on Transfer. The 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 the 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, the Subscriber acknowledges and understands the Securities are
subject to transfer restrictions as described in Section 8 hereof. The 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, the 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, the Subscriber agrees it will not resell the Securities (unless otherwise permitted pursuant to the Insider Letter,
as described in the Registration Statement). The Subscriber further acknowledges that because the Company is a shell company, Rule 144
may not be available to the Subscriber for the resale of the Securities until the one year anniversary following consummation of the initial
Business Combination of the Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual
transfer restrictions.

 

2.5. Sophisticated Investor.

 

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

 

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

 

2.6.
Independent Investigation. The 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. The Subscriber is familiar with the business, operations and
financial condition of the Company and has had an opportunity to ask questions of, and receive answers from the Company’s
officers and directors concerning the Company and the terms and conditions of the offering of the Units and has had full access to
such other information concerning the Company as the Subscriber has requested. The Subscriber confirms that all documents that it
has requested have been made available and that the Subscriber has been supplied with all of the additional information concerning
this investment which the Subscriber has requested.

 

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2.7. Organization
and Authority. The 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 the Subscriber and is a valid and binding agreement enforceable
in accordance with its terms, subject to the general principles of equity and to bankruptcy or other laws affecting the enforcement of
creditors’ rights generally.

 

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

 

2.10. No Legal Advice
from Company. The 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 the 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, the Subscriber is relying solely on such counsel and advisors and not on any statements or representations
of the Company or any of its representatives or agents for legal, tax or investment advice with respect to this investment, the transactions
contemplated by this Agreement or the securities laws of any jurisdiction.

 

2.11. Reliance on
Representations and Warranties. The Subscriber understands the Units are being offered and sold to the 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 the Subscriber set forth in this Agreement in order to determine the applicability of such provisions.

 

2.12. No General
Solicitation. The 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. The
Subscriber acknowledges and agrees the certificates (if any) 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 which the Company has authority to issue is 400,000,000 shares
of common stock, $0.0001 par value per share (the “Common Stock”), and 1,000,000 shares of preferred stock, $0.0001
par value per share (“Preferred Stock”). As of the date hereof, the Company has issued and outstanding 2,012,500 shares
of Common Stock (of which up to 262,500 shares are subject to forfeiture as described in the Registration Statement)and no shares of Preferred
Stock. All of the issued shares of capital stock of the Company have been duly authorized, validly issued, and are fully paid and non-assessable.

 

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3.2. Title to Securities.
Upon issuance in accordance with, and payment pursuant to, the terms hereof and that certain warrant agreement to be entered into between
the Company and Continental, as warrant agent (the “Warrant Agreement”), as the case may be, each of the Units, Placement
Shares, Placement Warrants and Warrant Shares will be duly and validly issued, fully paid and non-assessable. On the date of issuance
of the Units, 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, other than (i) transfer restrictions hereunder
and pursuant to the Insider Letter and (ii) transfer restrictions under federal and state securities laws.

 

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

 

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

 

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

 

4. Legends

 

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

 

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

 

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

 

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

 

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

 

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

 

5. Waiver of Liquidation Distributions.

 

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

 

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

 

7. [Reserved].

 

8. Terms of the Units and Placement
Warrants

 

8.1. The Units and
their component parts are substantially identical to the units to be offered in the IPO except that: (i) the Units and component parts
are subject to the transfer restrictions described in the Insider Letter, (ii) the Placement Warrants will be non-redeemable if called
for redemption pursuant to Section 6.1 of the Warrant Agreement so long as they are held by the Subscriber (or any of its permitted transferees)
and as otherwise provided in Section 5 herein, and may be exercisable on a “cashless” basis if held by the Subscriber or its
permitted transferees, as further described in the Warrant Agreement and (iii) the Units and component parts are being purchased pursuant
to an exemption from the registration requirements of the Securities Act and will become freely tradable only after the expiration of
the lockup described above in clause (i) and they are registered pursuant to the Registration Rights Agreement to be signed on or before
the date of the Prospectus or an exemption from registration is available.

 

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

 

9. Governing Law; Jurisdiction; Waiver
of Jury Trial

 

This Agreement
shall be governed by and construed in accordance with the laws of the State of New York for agreements made and to be wholly performed
within such state. THE PARTIES HERETO HEREBY WAIVE ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS AGREEMENT
AND THE TRANSACTIONS CONTEMPLATED THEREBY.

 

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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 the Subscriber to a person
agreeing to be bound by the terms hereof, including the waiver contained in Section 5 hereof.

 

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

 

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

 

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

 

11. Notices

 

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

 

12. Counterparts

 

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

 

13. Survival; Severability

 

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

 

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

 

14. Headings.

 

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

 

[remainder of page intentionally left blank]

 

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

 

	 	COMPANY:
	 	 
	 	FG MERGER CORP.
	 	 
	 	By:	/s/. Wesley Schrader
	 	 	Name:  	 M. Wesley Schrader
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	SUBSCRIBER:
	 	 
	 	FG MERGER INVESTORS LLC 
	 	 	 
	 	By:	/s/Hassan R. Baqar
	 	 	Name:	Hassan R. Baqar
	 	 	Title:	Manager

 

[Signature Page to Unit Purchase Agreement]

 

    7Exhibit 10.7

 

$15 EXERCISE PRICE WARRANTS PURCHASE AGREEMENT

 

THIS $15 EXERCISE PRICE WARRANTS
PURCHASE AGREEMENT, dated as of February 25, 2022 (as it may from time to time be amended and including all exhibits referenced herein,
this “Agreement”), is entered into by and among FG Merger Corp., a Delaware corporation (the “Company”),
and FG Merger Investors LLC, a Delaware limited liability company (the “Purchaser”).

 

WHEREAS, the Company intends
to consummate an initial public offering of the Company’s units (the “Public Offering”), each unit consisting
of one share of the Company’s common stock, par value $0.0001 per share (each, a “Share”), and three-quarters
of one redeemable warrant (each whole warrant, a “Public Warrant”). Each whole Public Warrant entitles the holder to
purchase one Share at an exercise price of $11.50 per Share. The Purchaser agreed to purchase 1,000,000 private placement warrants (the
 “$15 Exercise Price Warrants”), each $15 Exercise Price Warrant entitling the holder to purchase one Share at an exercise
price of $15.00 per Share.

 

NOW THEREFORE, in consideration
of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

AGREEMENT

 

Section 1. Authorization, Purchase and Sale;
Terms of the $15 Exercise Price Warrants.

 

A. Authorization of the
$15 Exercise Price Warrants. The Company has duly authorized the issuance and sale of the $15 Exercise Price Warrants to the Purchaser.

 

B. Purchase and Sale of
the $15 Exercise Price Warrants.

 

On the date of the consummation
of the Public Offering or on such earlier time and date as may be mutually agreed by the Purchaser and the Company (the “Closing
Date”), the Company shall issue and sell to each Purchaser, and each Purchaser shall purchase from the Company, an aggregate
of 1,000,000 $15 Exercise Price Warrants at a price of $0.10 per warrant for an aggregate purchase price of $100,000 (the “Purchase
Price”) per Purchaser, which shall be paid by wire transfer of immediately available funds to the Company in accordance with
the Company’s wiring instructions at least one business day prior to the date of effectiveness of the registration statement on
Form S-1 (File No. 333-262298) filed in connection with the Public Offering. On the Closing Date, the Company shall either, at its option,
deliver to the Purchaser on such date certificates evidencing the $15 Exercise Price Warrants purchased by the Purchaser and duly registered
in each Purchaser’s name, or effect such delivery in book-entry form.

 

C. Terms of the $15 Exercise
Price Warrants.

 

(i) The $15 Exercise Price
Warrants shall have their terms set forth in a Warrant Agreement to be entered into by the Company and a warrant agent, in connection
with the Public Offering (a “Warrant Agreement”).

 

(ii) At or prior to the time
of the Closing Date, the Company and the Purchaser shall enter into a registration rights agreement (the “Registration Rights
Agreement”) pursuant to which the Company will grant certain registration rights to the Purchaser relating to the $15 Exercise
Price Warrants and the Shares underlying the $15 Exercise Price Warrants.

 

Section 2. Representations
and Warranties of the Company. As a material inducement to the Purchaser to enter into this Agreement and purchase the $15 Exercise
Price Warrants, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive the Closing
Date) that:

 

A. Organization and Corporate
Power. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware
and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material
adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power
and authority necessary to carry out the transactions contemplated by this Agreement and the Warrant Agreement.

 

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B. Authorization; No Breach.

 

(i) The execution, delivery
and performance of this Agreement and the $15 Exercise Price Warrants have been duly authorized and approved by the Company as of the
Closing Date. This Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance with its terms. Upon
each issuance of $15 Exercise Price Warrants in accordance with, and payment pursuant to, the terms of the Warrant Agreement and this
Agreement, the $15 Exercise Price Warrants will constitute valid and binding obligations of the Company, enforceable in accordance with
their terms.

 

(ii) The execution and delivery
by the Company of this Agreement and the $15 Exercise Price Warrants, the issuance and sale of the $15 Exercise Price Warrants, the issuance
of the Shares upon exercise of the $15 Exercise Price Warrants and the fulfillment of, and compliance with, the respective terms hereof
and thereof by the Company, do not and will not as of the Closing Date (a) conflict with or result in a breach of the terms, conditions
or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest, charge or encumbrance upon
the Company’s capital stock or assets under, (d) result in a violation of, or (e) require any authorization, consent, approval,
exemption, action, notice, declaration or filing, in each case, by or to any court or administrative or governmental body or agency pursuant
to the certificate of incorporation or the bylaws of the Company (in effect on the date hereof or as may be amended prior to completion
of the contemplated Public Offering), or any material law, statute, rule or regulation to which the Company is subject, or any agreement,
order, judgment or decree to which the Company is subject, except for any filings required after the date hereof under federal or state
securities laws.

 

C. Title to Securities.
Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the $15 Exercise Price Warrants
will be duly and validly issued and the Shares issuable upon exercise of the $15 Exercise Price Warrants will be duly and validly issued,
fully paid and nonassessable. On the date of issuance of the $15 Exercise Price Warrants, the Shares issuable upon exercise of the $15
Exercise Price Warrants shall have been reserved for issuance. Upon issuance in accordance with, and payment pursuant to, the terms hereof
and the Warrant Agreement, the Purchaser will have good title to the $15 Exercise Price Warrants and the Shares issuable upon exercise
of such $15 Exercise Price Warrants, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions
hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state securities laws, and
(iii) liens, claims or encumbrances imposed due to the actions of the Purchaser.

 

D. Governmental Consents.
No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is required in connection
with the execution, delivery and performance by the Company of this Agreement or the consummation by the Company of any other transactions
contemplated hereby.

 

Section 3. Representations
and Warranties of the Purchaser. As a material inducement to the Company to enter into this Agreement and issue and sell the $15 Exercise
Price Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and warranties shall
survive the Closing Date) that:

 

A. Organization and Requisite
Authority. Each Purchaser possesses all requisite power and authority necessary to carry out the transactions contemplated by this
Agreement.

 

B. Authorization; No Breach.

 

(i) This Agreement constitutes
a valid and binding obligation of each Purchaser, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to
general equitable principles (whether considered in a proceeding in equity or law).

 

(ii) The execution and delivery
by each Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by such Purchaser does not and shall not
as of the Closing Date conflict with or result in a breach by such Purchaser of the terms, conditions or provisions of any agreement,
instrument, order, judgment or decree to which such Purchaser is subject that would materially impact its ability to perform its obligations
hereunder.

C. Investment Representations.

 

(i) Each Purchaser is
acquiring the $15 Exercise Price Warrants and, upon exercise of the $15 Exercise Price Warrants, the Shares issuable upon such
exercise (collectively, the “Securities”), for the Purchaser’s own account, for investment purposes only
and not with a view towards, or for resale in connection with, any public sale or distribution thereof.

 

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(ii) Each Purchaser is an
 “accredited investor” as such term is defined in Rules 501(a)(3) of Regulation D of the Securities Act of 1933, as amended
(the “Securities Act”), and such Purchaser has not experienced a disqualifying event as enumerated pursuant to Rule
506(d) of Regulation D under the Securities Act.

 

(iii) Each Purchaser understands
that the Securities are being offered and will be sold to it in reliance on specific exemptions from the registration requirements of
the United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and such Purchaser’s
compliance with, the representations and warranties of such Purchaser set forth herein in order to determine the availability of such
exemptions and the eligibility of such Purchaser to acquire such Securities.

 

(iv) Each Purchaser did not
decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502(c) under
the Securities Act.

 

(v) Each Purchaser has been
furnished with all materials relating to the business, finances and operations of the Company and materials relating to the offer and
sale of the Securities which have been requested by such Purchaser. Each Purchaser been afforded the opportunity to ask questions of the
executive officers and directors of the Company. Each Purchaser understands that its investment in the Securities involves a high degree
of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision
with respect to the acquisition of the Securities.

 

(vi) Each Purchaser understands
that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation
or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Purchaser nor have such authorities
passed upon or endorsed the merits of the offering of the Securities.

 

(vii) Each Purchaser
understands that: (a) the Securities have not been and are not being registered under the Securities Act or any state securities
laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold in
reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement, neither the
Company nor any other person is under any obligation to register the Securities under the Securities Act or any state securities
laws or to comply with the terms and conditions of any exemption thereunder. While each Purchaser understands that Rule 144 under
the Securities Act is not available for the resale of securities initially issued by shell companies (other than business
combination related shell companies) or issuers that have been at any time previously a shell company, such Purchaser understands
that Rule 144 includes an exception to this prohibition if the following conditions are met: (i) the issuer of the securities that
was formerly a shell company has ceased to be a shell company; (ii) the issuer of the securities is subject to the reporting
requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”);
(iii) the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the
preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K
reports; and (iv) at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC
reflecting its status as an entity that is not a shell company.

 

(viii) Each Purchaser
has knowledge and experience in financial and business matters, understands the high degree of risk associated with investments in
the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an
investment in the Securities and is able to bear the economic risk of an investment in the Securities in the amount contemplated
hereunder for an indefinite period of time. Each Purchaser has adequate means of providing for its current financial needs and
contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the
Securities. Each Purchaser can afford a complete loss of its investment in the Securities.

 

    3

     

    

 

Section 4. Conditions of
the Purchaser’s Obligations. The obligations of the Purchaser to purchase and pay for the $15 Exercise Price Warrants are subject
to the fulfillment, on or before the Closing Date, of each of the following conditions:

 

A. Representations and
Warranties. The representations and warranties of the Company contained in Section 2 shall be true and correct at and as of such Closing
Date as though then made.

 

B. Performance. The
Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required
to be performed or complied with by it on or before such Closing Date.

 

C. No Injunction. No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or
endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over
the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement or the Warrant
Agreement.

 

D. Warrant Agreement and
Registration Rights Agreement. The Company shall have entered into the Warrant Agreement and the Registration Rights Agreement, each
on terms satisfactory to the Purchaser.

 

E. Corporate Consents.
The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance of this Agreement
and the Warrant Agreement and the issuance and sale of the $15 Exercise Price Warrants hereunder.

 

Section 5. Conditions of
the Company’s Obligations. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment,
on or before the Closing Date, of each of the following conditions:

 

A. Representations and
Warranties. The representations and warranties of the Purchaser contained in Section 3 shall be true and correct at and as of such
Closing Date as though then made.

 

B. Performance. The
Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required
to be performed or complied with by the Purchaser on or before such Closing Date.

 

C. Corporate Consents.
The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance of this Agreement
and the Warrant Agreement and the issuance and sale of the $15 Exercise Price Warrants hereunder.

 

D. No Injunction. No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or
endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over
the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement or the Warrant
Agreement.

 

E. Warrant Agreement.
The Company shall have entered into the Warrant Agreement on terms satisfactory to the Company.

 

Section 6. Termination.
This Agreement may be terminated at any time after June 30, 2022 upon the election by either the Company or the Purchaser upon written
notice to the other party if the closing of the Public Offering does not occur prior to such date.

 

Section 7. Survival of
Representations and Warranties. All of the representations and warranties contained herein shall survive the Closing Date.

 

Section 8. Definitions.
Terms used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the registration statement on
Form S-1 the Company plans to file with the U.S. Securities and Exchange Commission under the Securities Act.

 

    4

     

    

 

Section 9. Miscellaneous.

 

A. Successors and
Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf
of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so
expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement
without the prior written consent of the other party hereto, other than assignments by the Purchaser to its affiliates (including,
without limitation, one or more of their members or partners).

 

B. Severability. Whenever
possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but
if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only
to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

C. Counterparts. This
Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than one party,
but all such counterparts taken together shall constitute one and the same agreement. 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.

 

D. Descriptive Headings;
Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part
of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation.

 

E. Governing Law. This
Agreement shall be deemed to be a contract made under the laws of the State of New York and for all purposes shall be construed in accordance
with the internal laws of the State of New York, without giving effect to its conflict of laws rules.

 

F. Amendments. This
Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties
hereto.

 

[Signature Page Follows]

 

    5

     

    

 

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

 

	 	COMPANY:
	 	 
	 	FG Merger Corp., a Delaware corporation
	 	 	 
	 	By:	/s/ M. Wesley Schrader
	 	 	Name:  	M. Wesley Schrader
	 	 	Title:	Chief Executive Officer

 

	 	PURCHASER:
	 	 
	 	FG MERGER INVESTORS LLC, a Delaware limited liability company
	 	 	 
	 	By: 	/s/Hassan R. Baqar
	 	 	Name:  	Hassan R. Baqar
	 	 	Title:	Manager 

 

[Signature Page to $15 Exercise Price Warrants
Purchase Agreement]

 

    6

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