Document:

Exhibit 10.1

 

September 13, 2021

 

Pacifico Acquisition Corp.

521 Fifth Avenue 17th Floor

New York, NY 10175

 

Chardan Capital
Markets, LLC

17 State Street, Suite 2100

New York, NY 10004

 

	 	Re:	Initial Public Offering

 

Ladies and Gentlemen:

 

This letter is being delivered
to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and between
Pacifico Acquisition Corp., a Delaware corporation (the “Company”), and Chardan Capital Markets, LLC, as Representative
(the “Representative”) of the several underwriters named on Schedule A thereto (the “Underwriters”),
relating to an underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”),
each comprised of one share of common stock of the Company, $0.0001 par value (the “Common Stock”) and one right
to receive one-tenth (1/10) of one share of Common Stock (the “Rights”). Certain capitalized terms used herein
are defined in paragraph 16 hereof.

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit that such
IPO will confer upon the undersigned as a stockholder of the Company, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

 

1. If the Company solicits approval
of its stockholders of a Business Combination, the undersigned will vote all shares of Common Stock beneficially owned by him, her or
it, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

2. (a) Unless the Company’s
stockholders are previously given the option to redeem their shares in connection with amending applicable documents to extend the time
that the Company has to complete a Business Combination and the Company fails to consummate a Business Combination within 12 months from
the closing of the Company’s IPO (or, in the event that the Company extended the period of time to consummate a business combination
up to 18 months from the closing of the Company’s IPO, as specified in the Company’s amended and restated certificate of incorporation),
the undersigned shall take all reasonable steps to (i) cause the Trust Fund to be liquidated and distributed to the holders of the IPO
Shares and (ii) cause the Company to liquidate as soon as reasonably practicable.

 

(b) The undersigned hereby waives
any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and any remaining net assets of the
Company as a result of such liquidation with respect to his, her or its Insider Shares (“Claim”) and hereby
waives any Claim the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company
and will not seek recourse against the Trust Fund for any reason whatsoever.

 

3. The undersigned will escrow
all of his, her or its Insider Shares pursuant to the terms of a Stock Escrow Agreement, which the Company will enter into with the undersigned
and an escrow agent acceptable to the Company.

 

4. In order to minimize potential
conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present to the Company for its consideration,
prior to presentation to any other person or entity, any suitable opportunity to acquire a target business, until the earlier of the consummation
by the Company of a Business Combination or the liquidation of the Company, subject to any pre-existing fiduciary and contractual obligations
the undersigned might have.

 

     

     

    

 

5. The undersigned acknowledges
and agrees that prior to entering into a Business Combination with a target business that is affiliated with any Insiders of the Company
or their affiliates, including any company that is a portfolio company of, or otherwise affiliated with, or has received financial investment
from, an entity with which any Insider or their affiliates is affiliated, such transaction must be approved by a majority of the Company’s
disinterested independent directors and the Company must obtain an opinion from an independent investment banking firm that such Business
Combination is fair to the Company’s unaffiliated stockholders from a financial point of view.

 

6. Neither the undersigned,
any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive and will not accept any
compensation or other cash payment prior to, or for services rendered in connection with, the consummation of the Business Combination;
provided that the Company shall be allowed to repay working capital loans made by the undersigned to the Company in cash upon
consummation of the Business Combination. Notwithstanding the foregoing, the undersigned and any affiliate of the undersigned shall be
entitled to reimbursement from the Company for their out-of-pocket expenses incurred in connection with identifying, investigating and
consummating a Business Combination.

 

7. Neither the undersigned,
any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive or accept a finder’s
fee or any other compensation in the event the undersigned, any member of the family of the undersigned or any affiliate of the undersigned
originates a Business Combination.

 

8. The undersigned agrees to
be a director/officer of the Company until the earlier of the consummation by the Company of a Business Combination or the liquidation
of the Company. The undersigned’s biographical information previously furnished to the Company and the Representative is true and
accurate in all material respects, does not omit any material information with respect to the undersigned’s biography and contains
all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities Act of 1933.
The undersigned’s FINRA Questionnaire and Director and Officer Questionnaire previously furnished to the Company and the Representative
is true and accurate in all material respects. The undersigned represents and warrants that:

 

	 	(a)	He, she or it has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i) him, her or it, or any partnership in which he or she was a general partner at or within two years before the time of filing; or (ii) any corporation or business association of which he or she was an executive officer at or within two years before the time of such filing;

 

	 	(b)	He, she or it has never had a receiver, fiscal agent or similar officer been appointed by a court for his business or property, or any such partnership;

 

	 	(c)	He, she or it has never been convicted of fraud in a civil or criminal proceeding;

 

	 	(d)	He, she or it has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic violations and minor offenses);

 

	 	(e)	He, she or it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting him, her or it from (i) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing any conduct or practice in connection with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities or federal commodities laws;

 

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	 	(f)	He, she, or it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days his, her or its right to engage in any activity described in 11(e)(i) above, or to be associated with persons engaged in any such activity;

 

	 	(g)	He, she, or it has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or state securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or vacated;

 

	 	(h)	He, she, or it has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;

 

	 	(i)	He, she, or it has never been the subject of, or a party to, any Federal, State or foreign judicial or administrative order, judgment, decree or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal, State or foreign securities or commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity;

 

	 	(j)	He, she or it has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member;

  

	 	(k)	He, she or it has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

	 	(l)	He, she or it was never subject to a final order of a state or foreign securities commission (or an agency of officer of a state performing like functions); a state or foreign authority that supervises or examines banks, savings associations, or credit unions; a state or foreign insurance commission (or an agency or officer of a state performing like functions); an appropriate federal or foreign banking agency; the CFTC; or the National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct;

 

	 	(m)	He, she or it has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of the sale of the Units, restrained or enjoined him, her or it from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC or any foreign regulatory agency with similar functions; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities;

 

	 	(n)	He, she or it has never been subject to any order of the SEC or any foreign regulatory agency with similar functions that orders him, her or it to cease and desist from committing or causing a future violation of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, Section 15(c) and Section 206(1) of the Advisers Act or any other rule or regulation thereunder; or (ii) Section 5 of the Securities Act;

 

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	 	(o)	He, she or it has never filed (as a registrant or issuer), or been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued;

 

	 	(p)	He, she or it has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations;

 

	 	(q)	He, she or it is not subject to a final order of a state securities commission (or an agency of officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the CFTC; or the National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission, authority, agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association or credit union activities;

 

	 	(r)	He, she or it is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of 1934 (the “Exchange Act”) or section 203(e) or 203(f) of the Investment Advisers Act of 1940 (the “Advisers Act”) that: (i) suspends or revokes the undersigned’s registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) places limitations on the activities, functions or operations of, or imposes civil money penalties on, such person; or (iii) bars the undersigned from being associated with any entity or from participating in the offering of any penny stock; and

 

	 	(s)	He, she or it has never been suspended or expelled from membership in, or suspended or barred from association with a member of, a securities self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated securities association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

  

9. The undersigned has full
right and power, without violating any agreement by which he, she or it is bound, to enter into this letter agreement and to serve as
a Director and/or officer of the Company and consents to being named in the registration statement on Form S-1 and prospectus filed by
the Company with the U.S. Securities and Exchange Commission, road show and any other materials as an officer and/or director of the Company,
as applicable.

 

10. The undersigned hereby waives
his, her or its right to exercise redemption rights with respect to any shares of Common Stock owned or to be owned by the undersigned,
directly or indirectly, whether purchased by the undersigned prior to the IPO, in the IPO or in the aftermarket, and agrees that he, she
or it will not seek redemption with respect to or otherwise sell, such shares in connection with any vote to approve a Business Combination
with respect thereto, a vote to amend the provisions of the Company’s Amended and Restated Certificate of Incorporation, or a tender
offer by the Company prior to a Business Combination.

 

11. The undersigned hereby agrees
to not propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate of Incorporation with respect
to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company offers
holders of IPO Shares the right to receive their pro rata portion of the funds then held in the Trust Fund.

 

12. In connection with Section
5-1401 of the General Obligations Law of the State of New York, this letter agreement shall be governed by, and construed in accordance
with, the laws of the State of New York without regard to principles of conflicts of law that would result in the application of the substantive
law of another jurisdiction. The parties hereto agree that any action, proceeding or claim arising out of or relating in any way to this
letter agreement shall be resolved through final and binding arbitration in accordance with the International Arbitration Rules of the
American Arbitration Association (“AAA”). The arbitration shall be brought before the AAA International Center for Dispute
Resolution’s offices in New York City, New York, will be conducted in English and will be decided by a panel of three arbitrators
selected from the AAA Commercial Disputes Panel and that the arbitrator panel’s decision shall be final and enforceable by any court
having jurisdiction over the party from whom enforcement is sought. The cost of such arbitrators and arbitration services, together with
the prevailing party’s legal fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators.

 

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13. As used herein, (i) a “Business
Combination” shall mean a merger, share exchange, asset acquisition, contractual arrangement, share purchase, recapitalization,
reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders”
shall mean all officers, directors and stockholders of the Company immediately prior to the IPO; (iii) “Insider Shares”
shall mean all of the shares of Common Stock of the Company acquired by an Insider prior to the IPO and any shares of Common Stock underlying
the Private Units; (iv) “IPO Shares” shall mean the shares of Common Stock issued in the Company’s IPO;
(v) “Registration Statement” means the registration statement on Form S-1 filed by the Company with respect
to the IPO; and (vi) “Trust Fund” shall mean the trust fund into which a portion of the net proceeds of the
Company’s IPO will be deposited.

 

14. Any notice, consent or request
to be given in connection with any of the terms or provisions of this letter agreement shall be in writing and shall be sent by express
mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or facsimile transmission.

 

If to the Representative:

 

Chardan Capital Markets, LLC

17 State Street, Suite 1600

New York, NY 10004

Attn: Shai Gerson

Facsimile: (646) 465-9039

  

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

 

Reed Smith LLP

599 Lexington Avenue, 22nd Floor

New York, New York 10022

Attn: Ari Edelman, Esq.

Facsimile: (212) 521-5450

 

If to the Company:

 

Pacifico Acquisition
Corp.

521 Fifth Avenue
17th Floor

New York, NY
10175

Attn: Edward
Cong Wang, Chief Executive Officer

 

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

 

Loeb & Loeb
LLP

345 Park Avenue

New York, NY
10154

Attn: Giovanni
Caruso, Esq.

Facsimile: (212)
407-4990

 

15. No party hereto may assign
either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other
party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign
any interest or title to the purported assignee. This letter agreement shall be binding on the parties hereto and any successors and assigns
thereof.

 

16. The undersigned acknowledges
and understands that the Underwriters and the Company will rely upon the agreements, representations and warranties set forth herein in
proceeding with the IPO.

 

 

[Signature Page Follows]

 

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	Sincerely,	 
	
     
	 
	/s/ Edward Cong Wang	 
	Edward Cong Wang	 

 

 

 

Signature Page to Insider Letter Agreement

 

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September 13, 2021

 

Pacifico Acquisition Corp.

521 Fifth Avenue 17th Floor

New York, NY 10175

 

Chardan Capital
Markets, LLC

17 State Street, Suite 2100

New York, NY 10004

 

	 	Re:	Initial Public Offering

 

Ladies and Gentlemen:

 

This letter is being delivered
to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and between
Pacifico Acquisition Corp., a Delaware corporation (the “Company”), and Chardan Capital Markets, LLC, as Representative
(the “Representative”) of the several underwriters named on Schedule A thereto (the “Underwriters”),
relating to an underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”),
each comprised of one share of common stock of the Company, $0.0001 par value (the “Common Stock”) and one right
to receive one-tenth (1/10) of one share of Common Stock (the “Rights”). Certain capitalized terms used herein
are defined in paragraph 16 hereof.

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit that such
IPO will confer upon the undersigned as a stockholder of the Company, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

 

1. If the Company solicits approval
of its stockholders of a Business Combination, the undersigned will vote all shares of Common Stock beneficially owned by him, her or
it, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

2. (a) Unless the Company’s
stockholders are previously given the option to redeem their shares in connection with amending applicable documents to extend the time
that the Company has to complete a Business Combination and the Company fails to consummate a Business Combination within 12 months from
the closing of the Company’s IPO (or, in the event that the Company extended the period of time to consummate a business combination
up to 18 months from the closing of the Company’s IPO, as specified in the Company’s amended and restated certificate of incorporation),
the undersigned shall take all reasonable steps to (i) cause the Trust Fund to be liquidated and distributed to the holders of the IPO
Shares and (ii) cause the Company to liquidate as soon as reasonably practicable.

 

(b) The undersigned hereby waives
any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and any remaining net assets of the
Company as a result of such liquidation with respect to his, her or its Insider Shares (“Claim”) and hereby
waives any Claim the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company
and will not seek recourse against the Trust Fund for any reason whatsoever.

 

3. The undersigned will escrow
all of his, her or its Insider Shares pursuant to the terms of a Stock Escrow Agreement, which the Company will enter into with the undersigned
and an escrow agent acceptable to the Company.

 

4. In order to minimize potential
conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present to the Company for its consideration,
prior to presentation to any other person or entity, any suitable opportunity to acquire a target business, until the earlier of the consummation
by the Company of a Business Combination or the liquidation of the Company, subject to any pre-existing fiduciary and contractual obligations
the undersigned might have.

 

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5. The undersigned acknowledges
and agrees that prior to entering into a Business Combination with a target business that is affiliated with any Insiders of the Company
or their affiliates, including any company that is a portfolio company of, or otherwise affiliated with, or has received financial investment
from, an entity with which any Insider or their affiliates is affiliated, such transaction must be approved by a majority of the Company’s
disinterested independent directors and the Company must obtain an opinion from an independent investment banking firm that such Business
Combination is fair to the Company’s unaffiliated stockholders from a financial point of view.

 

6. Neither the undersigned,
any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive and will not accept any
compensation or other cash payment prior to, or for services rendered in connection with, the consummation of the Business Combination;
provided that the Company shall be allowed to repay working capital loans made by the undersigned to the Company in cash upon
consummation of the Business Combination. Notwithstanding the foregoing, the undersigned and any affiliate of the undersigned shall be
entitled to reimbursement from the Company for their out-of-pocket expenses incurred in connection with identifying, investigating and
consummating a Business Combination.

 

7. Neither the undersigned,
any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive or accept a finder’s
fee or any other compensation in the event the undersigned, any member of the family of the undersigned or any affiliate of the undersigned
originates a Business Combination.

 

8. The undersigned agrees to
be a director/officer of the Company until the earlier of the consummation by the Company of a Business Combination or the liquidation
of the Company. The undersigned’s biographical information previously furnished to the Company and the Representative is true and
accurate in all material respects, does not omit any material information with respect to the undersigned’s biography and contains
all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities Act of 1933.
The undersigned’s FINRA Questionnaire and Director and Officer Questionnaire previously furnished to the Company and the Representative
is true and accurate in all material respects. The undersigned represents and warrants that:

 

	 	(a)	He, she or it has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i) him, her or it, or any partnership in which he or she was a general partner at or within two years before the time of filing; or (ii) any corporation or business association of which he or she was an executive officer at or within two years before the time of such filing;

 

	 	(b)	He, she or it has never had a receiver, fiscal agent or similar officer been appointed by a court for his business or property, or any such partnership;

 

	 	(c)	He, she or it has never been convicted of fraud in a civil or criminal proceeding;

 

	 	(d)	He, she or it has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic violations and minor offenses);

 

	 	(e)	He, she or it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting him, her or it from (i) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing any conduct or practice in connection with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities or federal commodities laws;

 

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	 	(f)	He, she, or it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days his, her or its right to engage in any activity described in 11(e)(i) above, or to be associated with persons engaged in any such activity;

 

	 	(g)	He, she, or it has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or state securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or vacated;

 

	 	(h)	He, she, or it has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;

 

	 	(i)	He, she, or it has never been the subject of, or a party to, any Federal, State or foreign judicial or administrative order, judgment, decree or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal, State or foreign securities or commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity;

 

	 	(j)	He, she or it has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member;

  

	 	(k)	He, she or it has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

	 	(l)	He, she or it was never subject to a final order of a state or foreign securities commission (or an agency of officer of a state performing like functions); a state or foreign authority that supervises or examines banks, savings associations, or credit unions; a state or foreign insurance commission (or an agency or officer of a state performing like functions); an appropriate federal or foreign banking agency; the CFTC; or the National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct;

 

	 	(m)	He, she or it has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of the sale of the Units, restrained or enjoined him, her or it from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC or any foreign regulatory agency with similar functions; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities;

 

	 	(n)	He, she or it has never been subject to any order of the SEC or any foreign regulatory agency with similar functions that orders him, her or it to cease and desist from committing or causing a future violation of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, Section 15(c) and Section 206(1) of the Advisers Act or any other rule or regulation thereunder; or (ii) Section 5 of the Securities Act;

 

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	 	(o)	He, she or it has never filed (as a registrant or issuer), or been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued;

 

	 	(p)	He, she or it has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations;

 

	 	(q)	He, she or it is not subject to a final order of a state securities commission (or an agency of officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the CFTC; or the National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission, authority, agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association or credit union activities;

 

	 	(r)	He, she or it is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of 1934 (the “Exchange Act”) or section 203(e) or 203(f) of the Investment Advisers Act of 1940 (the “Advisers Act”) that: (i) suspends or revokes the undersigned’s registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) places limitations on the activities, functions or operations of, or imposes civil money penalties on, such person; or (iii) bars the undersigned from being associated with any entity or from participating in the offering of any penny stock; and

 

	 	(s)	He, she or it has never been suspended or expelled from membership in, or suspended or barred from association with a member of, a securities self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated securities association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

  

9. The undersigned has full
right and power, without violating any agreement by which he, she or it is bound, to enter into this letter agreement and to serve as
a Director and/or officer of the Company and consents to being named in the registration statement on Form S-1 and prospectus filed by
the Company with the U.S. Securities and Exchange Commission, road show and any other materials as an officer and/or director of the Company,
as applicable.

 

10. The undersigned hereby waives
his, her or its right to exercise redemption rights with respect to any shares of Common Stock owned or to be owned by the undersigned,
directly or indirectly, whether purchased by the undersigned prior to the IPO, in the IPO or in the aftermarket, and agrees that he, she
or it will not seek redemption with respect to or otherwise sell, such shares in connection with any vote to approve a Business Combination
with respect thereto, a vote to amend the provisions of the Company’s Amended and Restated Certificate of Incorporation, or a tender
offer by the Company prior to a Business Combination.

 

11. The undersigned hereby agrees
to not propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate of Incorporation with respect
to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company offers
holders of IPO Shares the right to receive their pro rata portion of the funds then held in the Trust Fund.

 

12. In connection with Section
5-1401 of the General Obligations Law of the State of New York, this letter agreement shall be governed by, and construed in accordance
with, the laws of the State of New York without regard to principles of conflicts of law that would result in the application of the substantive
law of another jurisdiction. The parties hereto agree that any action, proceeding or claim arising out of or relating in any way to this
letter agreement shall be resolved through final and binding arbitration in accordance with the International Arbitration Rules of the
American Arbitration Association (“AAA”). The arbitration shall be brought before the AAA International Center for Dispute
Resolution’s offices in New York City, New York, will be conducted in English and will be decided by a panel of three arbitrators
selected from the AAA Commercial Disputes Panel and that the arbitrator panel’s decision shall be final and enforceable by any court
having jurisdiction over the party from whom enforcement is sought. The cost of such arbitrators and arbitration services, together with
the prevailing party’s legal fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators.

 

    10

     

    

 

13. As used herein, (i) a “Business
Combination” shall mean a merger, share exchange, asset acquisition, contractual arrangement, share purchase, recapitalization,
reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders”
shall mean all officers, directors and stockholders of the Company immediately prior to the IPO; (iii) “Insider Shares”
shall mean all of the shares of Common Stock of the Company acquired by an Insider prior to the IPO and any shares of Common Stock underlying
the Private Units; (iv) “IPO Shares” shall mean the shares of Common Stock issued in the Company’s IPO;
(v) “Registration Statement” means the registration statement on Form S-1 filed by the Company with respect
to the IPO; and (vi) “Trust Fund” shall mean the trust fund into which a portion of the net proceeds of the
Company’s IPO will be deposited.

 

14. Any notice, consent or request
to be given in connection with any of the terms or provisions of this letter agreement shall be in writing and shall be sent by express
mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or facsimile transmission.

 

If to the Representative:

 

Chardan Capital Markets, LLC

17 State Street, Suite 1600

New York, NY 10004

Attn: Shai Gerson

Facsimile: (646) 465-9039

  

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

 

Reed Smith LLP

599 Lexington Avenue, 22nd Floor

New York, New York 10022

Attn: Ari Edelman, Esq.

Facsimile: (212) 521-5450

 

If to the Company:

 

Pacifico Acquisition
Corp.

521 Fifth Avenue
17th Floor

New York, NY
10175

Attn: Edward
Cong Wang, Chief Executive Officer

 

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

 

Loeb & Loeb
LLP

345 Park Avenue

New York, NY
10154

Attn: Giovanni
Caruso, Esq.

Facsimile: (212)
407-4990

 

15. No party hereto may assign
either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other
party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign
any interest or title to the purported assignee. This letter agreement shall be binding on the parties hereto and any successors and assigns
thereof.

 

16. The undersigned acknowledges
and understands that the Underwriters and the Company will rely upon the agreements, representations and warranties set forth herein in
proceeding with the IPO.

 

[Signature Page Follows]

 

    11

     

    

 

	Sincerely,	 
	
     
	 
	/s/ Raymond J. Gibbs	 
	Raymond J. Gibbs	 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to Insider Letter Agreement

 

    12

     

    

 

September 13, 2021

 

Pacifico Acquisition Corp.

521 Fifth Avenue 17th Floor

New York, NY 10175

 

Chardan Capital
Markets, LLC

17 State Street, Suite 2100

New York, NY 10004

 

	 	Re:	Initial Public Offering

 

Ladies and Gentlemen:

 

This letter is being delivered
to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and between
Pacifico Acquisition Corp., a Delaware corporation (the “Company”), and Chardan Capital Markets, LLC, as Representative
(the “Representative”) of the several underwriters named on Schedule A thereto (the “Underwriters”),
relating to an underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”),
each comprised of one share of common stock of the Company, $0.0001 par value (the “Common Stock”) and one right
to receive one-tenth (1/10) of one share of Common Stock (the “Rights”). Certain capitalized terms used herein
are defined in paragraph 16 hereof.

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit that such
IPO will confer upon the undersigned as a stockholder of the Company, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

 

1. If the Company solicits approval
of its stockholders of a Business Combination, the undersigned will vote all shares of Common Stock beneficially owned by him, her or
it, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

2. (a) Unless the Company’s
stockholders are previously given the option to redeem their shares in connection with amending applicable documents to extend the time
that the Company has to complete a Business Combination and the Company fails to consummate a Business Combination within 12 months from
the closing of the Company’s IPO (or, in the event that the Company extended the period of time to consummate a business combination
up to 18 months from the closing of the Company’s IPO, as specified in the Company’s amended and restated certificate of incorporation),
the undersigned shall take all reasonable steps to (i) cause the Trust Fund to be liquidated and distributed to the holders of the IPO
Shares and (ii) cause the Company to liquidate as soon as reasonably practicable.

 

(b) The undersigned hereby waives
any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and any remaining net assets of the
Company as a result of such liquidation with respect to his, her or its Insider Shares (“Claim”) and hereby
waives any Claim the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company
and will not seek recourse against the Trust Fund for any reason whatsoever.

 

3. The undersigned will escrow
all of his, her or its Insider Shares pursuant to the terms of a Stock Escrow Agreement, which the Company will enter into with the undersigned
and an escrow agent acceptable to the Company.

 

4. In order to minimize potential
conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present to the Company for its consideration,
prior to presentation to any other person or entity, any suitable opportunity to acquire a target business, until the earlier of the consummation
by the Company of a Business Combination or the liquidation of the Company, subject to any pre-existing fiduciary and contractual obligations
the undersigned might have.

 

    13

     

    

 

5. The undersigned acknowledges
and agrees that prior to entering into a Business Combination with a target business that is affiliated with any Insiders of the Company
or their affiliates, including any company that is a portfolio company of, or otherwise affiliated with, or has received financial investment
from, an entity with which any Insider or their affiliates is affiliated, such transaction must be approved by a majority of the Company’s
disinterested independent directors and the Company must obtain an opinion from an independent investment banking firm that such Business
Combination is fair to the Company’s unaffiliated stockholders from a financial point of view.

 

6. Neither the undersigned,
any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive and will not accept any
compensation or other cash payment prior to, or for services rendered in connection with, the consummation of the Business Combination;
provided that the Company shall be allowed to repay working capital loans made by the undersigned to the Company in cash upon
consummation of the Business Combination. Notwithstanding the foregoing, the undersigned and any affiliate of the undersigned shall be
entitled to reimbursement from the Company for their out-of-pocket expenses incurred in connection with identifying, investigating and
consummating a Business Combination.

 

7. Neither the undersigned,
any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive or accept a finder’s
fee or any other compensation in the event the undersigned, any member of the family of the undersigned or any affiliate of the undersigned
originates a Business Combination.

 

8. The undersigned agrees to
be a director/officer of the Company until the earlier of the consummation by the Company of a Business Combination or the liquidation
of the Company. The undersigned’s biographical information previously furnished to the Company and the Representative is true and
accurate in all material respects, does not omit any material information with respect to the undersigned’s biography and contains
all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities Act of 1933.
The undersigned’s FINRA Questionnaire and Director and Officer Questionnaire previously furnished to the Company and the Representative
is true and accurate in all material respects. The undersigned represents and warrants that:

 

	 	(a)	He, she or it has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i) him, her or it, or any partnership in which he or she was a general partner at or within two years before the time of filing; or (ii) any corporation or business association of which he or she was an executive officer at or within two years before the time of such filing;

 

	 	(b)	He, she or it has never had a receiver, fiscal agent or similar officer been appointed by a court for his business or property, or any such partnership;

 

	 	(c)	He, she or it has never been convicted of fraud in a civil or criminal proceeding;

 

	 	(d)	He, she or it has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic violations and minor offenses);

 

	 	(e)	He, she or it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting him, her or it from (i) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing any conduct or practice in connection with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities or federal commodities laws;

 

    14

     

    

 

	 	(f)	He, she, or it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days his, her or its right to engage in any activity described in 11(e)(i) above, or to be associated with persons engaged in any such activity;

 

	 	(g)	He, she, or it has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or state securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or vacated;

 

	 	(h)	He, she, or it has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;

 

	 	(i)	He, she, or it has never been the subject of, or a party to, any Federal, State or foreign judicial or administrative order, judgment, decree or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal, State or foreign securities or commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity;

 

	 	(j)	He, she or it has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member;

  

	 	(k)	He, she or it has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

	 	(l)	He, she or it was never subject to a final order of a state or foreign securities commission (or an agency of officer of a state performing like functions); a state or foreign authority that supervises or examines banks, savings associations, or credit unions; a state or foreign insurance commission (or an agency or officer of a state performing like functions); an appropriate federal or foreign banking agency; the CFTC; or the National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct;

 

	 	(m)	He, she or it has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of the sale of the Units, restrained or enjoined him, her or it from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC or any foreign regulatory agency with similar functions; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities;

 

	 	(n)	He, she or it has never been subject to any order of the SEC or any foreign regulatory agency with similar functions that orders him, her or it to cease and desist from committing or causing a future violation of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, Section 15(c) and Section 206(1) of the Advisers Act or any other rule or regulation thereunder; or (ii) Section 5 of the Securities Act;

 

    15

     

    

 

	 	(o)	He, she or it has never filed (as a registrant or issuer), or been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued;

 

	 	(p)	He, she or it has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations;

 

	 	(q)	He, she or it is not subject to a final order of a state securities commission (or an agency of officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the CFTC; or the National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission, authority, agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association or credit union activities;

 

	 	(r)	He, she or it is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of 1934 (the “Exchange Act”) or section 203(e) or 203(f) of the Investment Advisers Act of 1940 (the “Advisers Act”) that: (i) suspends or revokes the undersigned’s registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) places limitations on the activities, functions or operations of, or imposes civil money penalties on, such person; or (iii) bars the undersigned from being associated with any entity or from participating in the offering of any penny stock; and

 

	 	(s)	He, she or it has never been suspended or expelled from membership in, or suspended or barred from association with a member of, a securities self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated securities association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

  

9. The undersigned has full
right and power, without violating any agreement by which he, she or it is bound, to enter into this letter agreement and to serve as
a Director and/or officer of the Company and consents to being named in the registration statement on Form S-1 and prospectus filed by
the Company with the U.S. Securities and Exchange Commission, road show and any other materials as an officer and/or director of the Company,
as applicable.

 

10. The undersigned hereby waives
his, her or its right to exercise redemption rights with respect to any shares of Common Stock owned or to be owned by the undersigned,
directly or indirectly, whether purchased by the undersigned prior to the IPO, in the IPO or in the aftermarket, and agrees that he, she
or it will not seek redemption with respect to or otherwise sell, such shares in connection with any vote to approve a Business Combination
with respect thereto, a vote to amend the provisions of the Company’s Amended and Restated Certificate of Incorporation, or a tender
offer by the Company prior to a Business Combination.

 

11. The undersigned hereby agrees
to not propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate of Incorporation with respect
to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company offers
holders of IPO Shares the right to receive their pro rata portion of the funds then held in the Trust Fund.

 

12. In connection with Section
5-1401 of the General Obligations Law of the State of New York, this letter agreement shall be governed by, and construed in accordance
with, the laws of the State of New York without regard to principles of conflicts of law that would result in the application of the substantive
law of another jurisdiction. The parties hereto agree that any action, proceeding or claim arising out of or relating in any way to this
letter agreement shall be resolved through final and binding arbitration in accordance with the International Arbitration Rules of the
American Arbitration Association (“AAA”). The arbitration shall be brought before the AAA International Center for Dispute
Resolution’s offices in New York City, New York, will be conducted in English and will be decided by a panel of three arbitrators
selected from the AAA Commercial Disputes Panel and that the arbitrator panel’s decision shall be final and enforceable by any court
having jurisdiction over the party from whom enforcement is sought. The cost of such arbitrators and arbitration services, together with
the prevailing party’s legal fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators.

 

    16

     

    

 

13. As used herein, (i) a “Business
Combination” shall mean a merger, share exchange, asset acquisition, contractual arrangement, share purchase, recapitalization,
reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders”
shall mean all officers, directors and stockholders of the Company immediately prior to the IPO; (iii) “Insider Shares”
shall mean all of the shares of Common Stock of the Company acquired by an Insider prior to the IPO and any shares of Common Stock underlying
the Private Units; (iv) “IPO Shares” shall mean the shares of Common Stock issued in the Company’s IPO;
(v) “Registration Statement” means the registration statement on Form S-1 filed by the Company with respect
to the IPO; and (vi) “Trust Fund” shall mean the trust fund into which a portion of the net proceeds of the
Company’s IPO will be deposited.

 

14. Any notice, consent or request
to be given in connection with any of the terms or provisions of this letter agreement shall be in writing and shall be sent by express
mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or facsimile transmission.

 

If to the Representative:

 

Chardan Capital Markets, LLC

17 State Street, Suite 1600

New York, NY 10004

Attn: Shai Gerson

Facsimile: (646) 465-9039

  

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

 

Reed Smith LLP

599 Lexington Avenue, 22nd Floor

New York, New York 10022

Attn: Ari Edelman, Esq.

Facsimile: (212) 521-5450

 

If to the Company:

 

Pacifico Acquisition
Corp.

521 Fifth Avenue
17th Floor

New York, NY
10175

Attn: Edward
Cong Wang, Chief Executive Officer

 

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

 

Loeb & Loeb
LLP

345 Park Avenue

New York, NY
10154

Attn: Giovanni
Caruso, Esq.

Facsimile: (212)
407-4990

 

15. No party hereto may assign
either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other
party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign
any interest or title to the purported assignee. This letter agreement shall be binding on the parties hereto and any successors and assigns
thereof.

 

16. The undersigned acknowledges
and understands that the Underwriters and the Company will rely upon the agreements, representations and warranties set forth herein in
proceeding with the IPO.

 

[Signature Page Follows]

 

    17

     

    

 

	Sincerely,	 
	
      
	 
	/s/ Shiyun Shao	 
	Shiyun Shao	 

 

Signature Page to Insider
Letter Agreement

 

    18

     

    

 

September 13, 2021

 

Pacifico Acquisition Corp.

521 Fifth Avenue 17th Floor

New York, NY 10175

 

Chardan Capital
Markets, LLC

17 State Street, Suite 2100

New York, NY 10004

 

	 	Re:	Initial Public Offering

 

Ladies and Gentlemen:

 

This letter is being delivered
to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and between
Pacifico Acquisition Corp., a Delaware corporation (the “Company”), and Chardan Capital Markets, LLC, as Representative
(the “Representative”) of the several underwriters named on Schedule A thereto (the “Underwriters”),
relating to an underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”),
each comprised of one share of common stock of the Company, $0.0001 par value (the “Common Stock”) and one right
to receive one-tenth (1/10) of one share of Common Stock (the “Rights”). Certain capitalized terms used herein
are defined in paragraph 16 hereof.

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit that such
IPO will confer upon the undersigned as a stockholder of the Company, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

 

1. If the Company solicits approval
of its stockholders of a Business Combination, the undersigned will vote all shares of Common Stock beneficially owned by him, her or
it, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

2. (a) Unless the Company’s
stockholders are previously given the option to redeem their shares in connection with amending applicable documents to extend the time
that the Company has to complete a Business Combination and the Company fails to consummate a Business Combination within 12 months from
the closing of the Company’s IPO (or, in the event that the Company extended the period of time to consummate a business combination
up to 18 months from the closing of the Company’s IPO, as specified in the Company’s amended and restated certificate of incorporation),
the undersigned shall take all reasonable steps to (i) cause the Trust Fund to be liquidated and distributed to the holders of the IPO
Shares and (ii) cause the Company to liquidate as soon as reasonably practicable.

 

(b) The undersigned hereby waives
any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and any remaining net assets of the
Company as a result of such liquidation with respect to his, her or its Insider Shares (“Claim”) and hereby
waives any Claim the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company
and will not seek recourse against the Trust Fund for any reason whatsoever.

 

3. The undersigned will escrow
all of his, her or its Insider Shares pursuant to the terms of a Stock Escrow Agreement, which the Company will enter into with the undersigned
and an escrow agent acceptable to the Company.

 

4. In order to minimize potential
conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present to the Company for its consideration,
prior to presentation to any other person or entity, any suitable opportunity to acquire a target business, until the earlier of the consummation
by the Company of a Business Combination or the liquidation of the Company, subject to any pre-existing fiduciary and contractual obligations
the undersigned might have.

 

    19

     

    

 

5. The undersigned acknowledges
and agrees that prior to entering into a Business Combination with a target business that is affiliated with any Insiders of the Company
or their affiliates, including any company that is a portfolio company of, or otherwise affiliated with, or has received financial investment
from, an entity with which any Insider or their affiliates is affiliated, such transaction must be approved by a majority of the Company’s
disinterested independent directors and the Company must obtain an opinion from an independent investment banking firm that such Business
Combination is fair to the Company’s unaffiliated stockholders from a financial point of view.

 

6. Neither the undersigned,
any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive and will not accept any
compensation or other cash payment prior to, or for services rendered in connection with, the consummation of the Business Combination;
provided that the Company shall be allowed to repay working capital loans made by the undersigned to the Company in cash upon
consummation of the Business Combination. Notwithstanding the foregoing, the undersigned and any affiliate of the undersigned shall be
entitled to reimbursement from the Company for their out-of-pocket expenses incurred in connection with identifying, investigating and
consummating a Business Combination.

 

7. Neither the undersigned,
any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive or accept a finder’s
fee or any other compensation in the event the undersigned, any member of the family of the undersigned or any affiliate of the undersigned
originates a Business Combination.

 

8. The undersigned agrees to
be a director/officer of the Company until the earlier of the consummation by the Company of a Business Combination or the liquidation
of the Company. The undersigned’s biographical information previously furnished to the Company and the Representative is true and
accurate in all material respects, does not omit any material information with respect to the undersigned’s biography and contains
all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities Act of 1933.
The undersigned’s FINRA Questionnaire and Director and Officer Questionnaire previously furnished to the Company and the Representative
is true and accurate in all material respects. The undersigned represents and warrants that:

 

	 	(a)	He, she or it has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i) him, her or it, or any partnership in which he or she was a general partner at or within two years before the time of filing; or (ii) any corporation or business association of which he or she was an executive officer at or within two years before the time of such filing;

 

	 	(b)	He, she or it has never had a receiver, fiscal agent or similar officer been appointed by a court for his business or property, or any such partnership;

 

	 	(c)	He, she or it has never been convicted of fraud in a civil or criminal proceeding;

 

	 	(d)	He, she or it has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic violations and minor offenses);

 

	 	(e)	He, she or it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting him, her or it from (i) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing any conduct or practice in connection with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities or federal commodities laws;

 

    20

     

    

 

	 	(f)	He, she, or it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days his, her or its right to engage in any activity described in 11(e)(i) above, or to be associated with persons engaged in any such activity;

 

	 	(g)	He, she, or it has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or state securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or vacated;

 

	 	(h)	He, she, or it has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;

 

	 	(i)	He, she, or it has never been the subject of, or a party to, any Federal, State or foreign judicial or administrative order, judgment, decree or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal, State or foreign securities or commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity;

 

	 	(j)	He, she or it has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member;

  

	 	(k)	He, she or it has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

	 	(l)	He, she or it was never subject to a final order of a state or foreign securities commission (or an agency of officer of a state performing like functions); a state or foreign authority that supervises or examines banks, savings associations, or credit unions; a state or foreign insurance commission (or an agency or officer of a state performing like functions); an appropriate federal or foreign banking agency; the CFTC; or the National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct;

 

	 	(m)	He, she or it has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of the sale of the Units, restrained or enjoined him, her or it from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC or any foreign regulatory agency with similar functions; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities;

 

	 	(n)	He, she or it has never been subject to any order of the SEC or any foreign regulatory agency with similar functions that orders him, her or it to cease and desist from committing or causing a future violation of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, Section 15(c) and Section 206(1) of the Advisers Act or any other rule or regulation thereunder; or (ii) Section 5 of the Securities Act;

 

    21

     

    

 

	 	(o)	He, she or it has never filed (as a registrant or issuer), or been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued;

 

	 	(p)	He, she or it has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations;

 

	 	(q)	He, she or it is not subject to a final order of a state securities commission (or an agency of officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the CFTC; or the National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission, authority, agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association or credit union activities;

 

	 	(r)	He, she or it is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of 1934 (the “Exchange Act”) or section 203(e) or 203(f) of the Investment Advisers Act of 1940 (the “Advisers Act”) that: (i) suspends or revokes the undersigned’s registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) places limitations on the activities, functions or operations of, or imposes civil money penalties on, such person; or (iii) bars the undersigned from being associated with any entity or from participating in the offering of any penny stock; and

 

	 	(s)	He, she or it has never been suspended or expelled from membership in, or suspended or barred from association with a member of, a securities self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated securities association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

  

9. The undersigned has full
right and power, without violating any agreement by which he, she or it is bound, to enter into this letter agreement and to serve as
a Director and/or officer of the Company and consents to being named in the registration statement on Form S-1 and prospectus filed by
the Company with the U.S. Securities and Exchange Commission, road show and any other materials as an officer and/or director of the Company,
as applicable.

 

10. The undersigned hereby waives
his, her or its right to exercise redemption rights with respect to any shares of Common Stock owned or to be owned by the undersigned,
directly or indirectly, whether purchased by the undersigned prior to the IPO, in the IPO or in the aftermarket, and agrees that he, she
or it will not seek redemption with respect to or otherwise sell, such shares in connection with any vote to approve a Business Combination
with respect thereto, a vote to amend the provisions of the Company’s Amended and Restated Certificate of Incorporation, or a tender
offer by the Company prior to a Business Combination.

 

11. The undersigned hereby agrees
to not propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate of Incorporation with respect
to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company offers
holders of IPO Shares the right to receive their pro rata portion of the funds then held in the Trust Fund.

 

12. In connection with Section
5-1401 of the General Obligations Law of the State of New York, this letter agreement shall be governed by, and construed in accordance
with, the laws of the State of New York without regard to principles of conflicts of law that would result in the application of the substantive
law of another jurisdiction. The parties hereto agree that any action, proceeding or claim arising out of or relating in any way to this
letter agreement shall be resolved through final and binding arbitration in accordance with the International Arbitration Rules of the
American Arbitration Association (“AAA”). The arbitration shall be brought before the AAA International Center for Dispute
Resolution’s offices in New York City, New York, will be conducted in English and will be decided by a panel of three arbitrators
selected from the AAA Commercial Disputes Panel and that the arbitrator panel’s decision shall be final and enforceable by any court
having jurisdiction over the party from whom enforcement is sought. The cost of such arbitrators and arbitration services, together with
the prevailing party’s legal fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators.

 

    22

     

    

 

13. As used herein, (i) a “Business
Combination” shall mean a merger, share exchange, asset acquisition, contractual arrangement, share purchase, recapitalization,
reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders”
shall mean all officers, directors and stockholders of the Company immediately prior to the IPO; (iii) “Insider Shares”
shall mean all of the shares of Common Stock of the Company acquired by an Insider prior to the IPO and any shares of Common Stock underlying
the Private Units; (iv) “IPO Shares” shall mean the shares of Common Stock issued in the Company’s IPO;
(v) “Registration Statement” means the registration statement on Form S-1 filed by the Company with respect
to the IPO; and (vi) “Trust Fund” shall mean the trust fund into which a portion of the net proceeds of the
Company’s IPO will be deposited.

 

14. Any notice, consent or request
to be given in connection with any of the terms or provisions of this letter agreement shall be in writing and shall be sent by express
mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or facsimile transmission.

 

If to the Representative:

 

Chardan Capital Markets, LLC

17 State Street, Suite 1600

New York, NY 10004

Attn: Shai Gerson

Facsimile: (646) 465-9039

  

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

 

Reed Smith LLP

599 Lexington Avenue, 22nd Floor

New York, New York 10022

Attn: Ari Edelman, Esq.

Facsimile: (212) 521-5450

 

If to the Company:

 

Pacifico Acquisition
Corp.

521 Fifth Avenue
17th Floor

New York, NY
10175

Attn: Edward
Cong Wang, Chief Executive Officer

 

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

 

Loeb & Loeb
LLP

345 Park Avenue

New York, NY
10154

Attn: Giovanni
Caruso, Esq.

Facsimile: (212)
407-4990

 

15. No party hereto may assign
either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other
party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign
any interest or title to the purported assignee. This letter agreement shall be binding on the parties hereto and any successors and assigns
thereof.

 

16. The undersigned acknowledges
and understands that the Underwriters and the Company will rely upon the agreements, representations and warranties set forth herein in
proceeding with the IPO.

 

[Signature Page Follows]

 

    23

     

    

 

	Sincerely,	 
	
      
	 
	/s/ Yue Tang	 
	Yue Tang	 

 

Signature Page to Insider Letter Agreement

 

    24

     

    

 

September 13, 2021

 

Pacifico Acquisition Corp.

521 Fifth Avenue 17th Floor

New York, NY 10175

 

Chardan Capital
Markets, LLC

17 State Street, Suite 2100

New York, NY 10004

 

	 	Re:	Initial Public Offering

 

Ladies and Gentlemen:

 

This letter is being delivered
to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and between
Pacifico Acquisition Corp., a Delaware corporation (the “Company”), and Chardan Capital Markets, LLC, as Representative
(the “Representative”) of the several underwriters named on Schedule A thereto (the “Underwriters”),
relating to an underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”),
each comprised of one share of common stock of the Company, $0.0001 par value (the “Common Stock”) and one right
to receive one-tenth (1/10) of one share of Common Stock (the “Rights”). Certain capitalized terms used herein
are defined in paragraph 16 hereof.

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit that such
IPO will confer upon the undersigned as a stockholder of the Company, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

 

1. If the Company solicits approval
of its stockholders of a Business Combination, the undersigned will vote all shares of Common Stock beneficially owned by him, her or
it, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

2. (a) Unless the Company’s
stockholders are previously given the option to redeem their shares in connection with amending applicable documents to extend the time
that the Company has to complete a Business Combination and the Company fails to consummate a Business Combination within 12 months from
the closing of the Company’s IPO (or, in the event that the Company extended the period of time to consummate a business combination
up to 18 months from the closing of the Company’s IPO, as specified in the Company’s amended and restated certificate of incorporation),
the undersigned shall take all reasonable steps to (i) cause the Trust Fund to be liquidated and distributed to the holders of the IPO
Shares and (ii) cause the Company to liquidate as soon as reasonably practicable.

 

(b) The undersigned hereby waives
any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and any remaining net assets of the
Company as a result of such liquidation with respect to his, her or its Insider Shares (“Claim”) and hereby
waives any Claim the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company
and will not seek recourse against the Trust Fund for any reason whatsoever.

 

3. The undersigned will escrow
all of his, her or its Insider Shares pursuant to the terms of a Stock Escrow Agreement, which the Company will enter into with the undersigned
and an escrow agent acceptable to the Company.

 

4. In order to minimize potential
conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present to the Company for its consideration,
prior to presentation to any other person or entity, any suitable opportunity to acquire a target business, until the earlier of the consummation
by the Company of a Business Combination or the liquidation of the Company, subject to any pre-existing fiduciary and contractual obligations
the undersigned might have.

 

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5. The undersigned acknowledges
and agrees that prior to entering into a Business Combination with a target business that is affiliated with any Insiders of the Company
or their affiliates, including any company that is a portfolio company of, or otherwise affiliated with, or has received financial investment
from, an entity with which any Insider or their affiliates is affiliated, such transaction must be approved by a majority of the Company’s
disinterested independent directors and the Company must obtain an opinion from an independent investment banking firm that such Business
Combination is fair to the Company’s unaffiliated stockholders from a financial point of view.

 

6. Neither the undersigned,
any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive and will not accept any
compensation or other cash payment prior to, or for services rendered in connection with, the consummation of the Business Combination;
provided that the Company shall be allowed to repay working capital loans made by the undersigned to the Company in cash upon
consummation of the Business Combination. Notwithstanding the foregoing, the undersigned and any affiliate of the undersigned shall be
entitled to reimbursement from the Company for their out-of-pocket expenses incurred in connection with identifying, investigating and
consummating a Business Combination.

 

7. Neither the undersigned,
any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive or accept a finder’s
fee or any other compensation in the event the undersigned, any member of the family of the undersigned or any affiliate of the undersigned
originates a Business Combination.

 

8. The undersigned agrees to
be a director/officer of the Company until the earlier of the consummation by the Company of a Business Combination or the liquidation
of the Company. The undersigned’s biographical information previously furnished to the Company and the Representative is true and
accurate in all material respects, does not omit any material information with respect to the undersigned’s biography and contains
all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities Act of 1933.
The undersigned’s FINRA Questionnaire and Director and Officer Questionnaire previously furnished to the Company and the Representative
is true and accurate in all material respects. The undersigned represents and warrants that:

 

	 	(a)	He, she or it has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i) him, her or it, or any partnership in which he or she was a general partner at or within two years before the time of filing; or (ii) any corporation or business association of which he or she was an executive officer at or within two years before the time of such filing;

 

	 	(b)	He, she or it has never had a receiver, fiscal agent or similar officer been appointed by a court for his business or property, or any such partnership;

 

	 	(c)	He, she or it has never been convicted of fraud in a civil or criminal proceeding;

 

	 	(d)	He, she or it has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic violations and minor offenses);

 

	 	(e)	He, she or it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting him, her or it from (i) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing any conduct or practice in connection with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities or federal commodities laws;

 

    26

     

    

 

	 	(f)	He, she, or it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days his, her or its right to engage in any activity described in 11(e)(i) above, or to be associated with persons engaged in any such activity;

 

	 	(g)	He, she, or it has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or state securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or vacated;

 

	 	(h)	He, she, or it has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;

 

	 	(i)	He, she, or it has never been the subject of, or a party to, any Federal, State or foreign judicial or administrative order, judgment, decree or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal, State or foreign securities or commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity;

 

	 	(j)	He, she or it has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member;

  

	 	(k)	He, she or it has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

	 	(l)	He, she or it was never subject to a final order of a state or foreign securities commission (or an agency of officer of a state performing like functions); a state or foreign authority that supervises or examines banks, savings associations, or credit unions; a state or foreign insurance commission (or an agency or officer of a state performing like functions); an appropriate federal or foreign banking agency; the CFTC; or the National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct;

 

	 	(m)	He, she or it has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of the sale of the Units, restrained or enjoined him, her or it from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC or any foreign regulatory agency with similar functions; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities;

 

	 	(n)	He, she or it has never been subject to any order of the SEC or any foreign regulatory agency with similar functions that orders him, her or it to cease and desist from committing or causing a future violation of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, Section 15(c) and Section 206(1) of the Advisers Act or any other rule or regulation thereunder; or (ii) Section 5 of the Securities Act;

 

    27

     

    

 

	 	(o)	He, she or it has never filed (as a registrant or issuer), or been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued;

 

	 	(p)	He, she or it has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations;

 

	 	(q)	He, she or it is not subject to a final order of a state securities commission (or an agency of officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the CFTC; or the National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission, authority, agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association or credit union activities;

 

	 	(r)	He, she or it is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of 1934 (the “Exchange Act”) or section 203(e) or 203(f) of the Investment Advisers Act of 1940 (the “Advisers Act”) that: (i) suspends or revokes the undersigned’s registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) places limitations on the activities, functions or operations of, or imposes civil money penalties on, such person; or (iii) bars the undersigned from being associated with any entity or from participating in the offering of any penny stock; and

 

	 	(s)	He, she or it has never been suspended or expelled from membership in, or suspended or barred from association with a member of, a securities self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated securities association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

 

9. The undersigned has full
right and power, without violating any agreement by which he, she or it is bound, to enter into this letter agreement and to serve as
a Director and/or officer of the Company and consents to being named in the registration statement on Form S-1 and prospectus filed by
the Company with the U.S. Securities and Exchange Commission, road show and any other materials as an officer and/or director of the Company,
as applicable.

 

10. The undersigned hereby waives
his, her or its right to exercise redemption rights with respect to any shares of Common Stock owned or to be owned by the undersigned,
directly or indirectly, whether purchased by the undersigned prior to the IPO, in the IPO or in the aftermarket, and agrees that he, she
or it will not seek redemption with respect to or otherwise sell, such shares in connection with any vote to approve a Business Combination
with respect thereto, a vote to amend the provisions of the Company’s Amended and Restated Certificate of Incorporation, or a tender
offer by the Company prior to a Business Combination.

 

11. The undersigned hereby agrees
to not propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate of Incorporation with respect
to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company offers
holders of IPO Shares the right to receive their pro rata portion of the funds then held in the Trust Fund.

 

12. In connection with Section
5-1401 of the General Obligations Law of the State of New York, this letter agreement shall be governed by, and construed in accordance
with, the laws of the State of New York without regard to principles of conflicts of law that would result in the application of the substantive
law of another jurisdiction. The parties hereto agree that any action, proceeding or claim arising out of or relating in any way to this
letter agreement shall be resolved through final and binding arbitration in accordance with the International Arbitration Rules of the
American Arbitration Association (“AAA”). The arbitration shall be brought before the AAA International Center for Dispute
Resolution’s offices in New York City, New York, will be conducted in English and will be decided by a panel of three arbitrators
selected from the AAA Commercial Disputes Panel and that the arbitrator panel’s decision shall be final and enforceable by any court
having jurisdiction over the party from whom enforcement is sought. The cost of such arbitrators and arbitration services, together with
the prevailing party’s legal fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators.

 

    28

     

    

 

13. As used herein, (i) a “Business
Combination” shall mean a merger, share exchange, asset acquisition, contractual arrangement, share purchase, recapitalization,
reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders”
shall mean all officers, directors and stockholders of the Company immediately prior to the IPO; (iii) “Insider Shares”
shall mean all of the shares of Common Stock of the Company acquired by an Insider prior to the IPO and any shares of Common Stock underlying
the Private Units; (iv) “IPO Shares” shall mean the shares of Common Stock issued in the Company’s IPO;
(v) “Registration Statement” means the registration statement on Form S-1 filed by the Company with respect
to the IPO; and (vi) “Trust Fund” shall mean the trust fund into which a portion of the net proceeds of the
Company’s IPO will be deposited.

 

14. Any notice, consent or request
to be given in connection with any of the terms or provisions of this letter agreement shall be in writing and shall be sent by express
mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or facsimile transmission.

 

If to the Representative:

 

Chardan Capital Markets, LLC

17 State Street, Suite 1600

New York, NY 10004

Attn: Shai Gerson

Facsimile: (646) 465-9039

 

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

 

Reed Smith LLP

599 Lexington Avenue, 22nd Floor

New York, New York 10022

Attn: Ari Edelman, Esq.

Facsimile: (212) 521-5450

 

If to the Company:

 

Pacifico Acquisition
Corp.

521 Fifth Avenue
17th Floor

New York, NY
10175

Attn: Edward
Cong Wang, Chief Executive Officer

 

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

 

Loeb & Loeb
LLP

345 Park Avenue

New York, NY
10154

Attn: Giovanni
Caruso, Esq.

Facsimile: (212)
407-4990

 

15. No party hereto may assign
either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other
party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign
any interest or title to the purported assignee. This letter agreement shall be binding on the parties hereto and any successors and assigns
thereof.

 

16. The undersigned acknowledges
and understands that the Underwriters and the Company will rely upon the agreements, representations and warranties set forth herein in
proceeding with the IPO.

 

[Signature Page Follows]

 

    29

     

    

 

	Sincerely,	 
	
     

    
	 
	/s/ Yi Zhong	 
	Yi Zhong	 

 

Signature Page to Insider Letter Agreement

 

    30

     

    

 

September 13, 2021

 

Pacifico Acquisition Corp.

521 Fifth Avenue 17th Floor

New York, NY 10175

 

Chardan Capital
Markets, LLC

17 State Street, Suite 2100

New York, NY 10004

 

	 	Re:	Initial Public Offering

 

Ladies and Gentlemen:

 

This letter is being delivered
to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and between
Pacifico Acquisition Corp., a Delaware corporation (the “Company”), and Chardan Capital Markets, LLC, as Representative
(the “Representative”) of the several underwriters named on Schedule A thereto (the “Underwriters”),
relating to an underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”),
each comprised of one share of common stock of the Company, $0.0001 par value (the “Common Stock”) and one right
to receive one-tenth (1/10) of one share of Common Stock (the “Rights”). Certain capitalized terms used herein
are defined in paragraph 16 hereof.

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit that such
IPO will confer upon the undersigned as a stockholder of the Company, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

 

1. If the Company solicits approval
of its stockholders of a Business Combination, the undersigned will vote all shares of Common Stock beneficially owned by him, her or
it, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

2. (a) Unless the Company’s
stockholders are previously given the option to redeem their shares in connection with amending applicable documents to extend the time
that the Company has to complete a Business Combination and the Company fails to consummate a Business Combination within 12 months from
the closing of the Company’s IPO (or, in the event that the Company extended the period of time to consummate a business combination
up to 18 months from the closing of the Company’s IPO, as specified in the Company’s amended and restated certificate of incorporation),
the undersigned shall take all reasonable steps to (i) cause the Trust Fund to be liquidated and distributed to the holders of the IPO
Shares and (ii) cause the Company to liquidate as soon as reasonably practicable.

 

(b) The undersigned hereby waives
any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and any remaining net assets of the
Company as a result of such liquidation with respect to his, her or its Insider Shares including any shares underlying the Private Units
(“Claim”) and hereby waives any Claim the undersigned may have in the future as a result of, or arising out
of, any contracts or agreements with the Company and will not seek recourse against the Trust Fund for any reason whatsoever. The undersigned
acknowledges and agrees that there will be no distribution from the Trust Fund with respect to any Rights underlying the Private Units,
all of which will terminate on the Company’s liquidation.

 

3. In the event of the liquidation
of the Trust Fund, the undersigned agrees to indemnify and hold harmless the Company against any and all loss, liability, claims, damage
and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing
or defending against any litigation, whether pending or threatened, or any claim whatsoever) which the Company may become subject as a
result of any claim by any target business or vendor or other person who is owed money by the Company for services rendered or products
sold or contracted for, but only to the extent necessary to ensure that such loss, liability, claim, damage or expense does not reduce
the amount of funds in the Trust Fund; provided that such indemnity shall not apply if such target business, vendor or
other person has executed an agreement waiving any claims against the Trust Fund.

 

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4. In the event that the Company
does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient to complete such liquidation,
the undersigned agrees to advance such funds necessary to complete such liquidation and agrees not to seek recourse for such expenses.

 

5. The undersigned will escrow
all of his, her or its Insider Shares pursuant to the terms of a Stock Escrow Agreement, which the Company will enter into with the undersigned
and an escrow agent acceptable to the Company.

 

6. The undersigned agrees that
until the Company consummates a Business Combination, the undersigned’s Private Units will be subject to the transfer restrictions
described in the Subscription Agreement relating to the undersigned’s Private Units.

 

7. In order to minimize potential
conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present to the Company for its consideration,
prior to presentation to any other person or entity, any suitable opportunity to acquire a target business, until the earlier of the consummation
by the Company of a Business Combination or the liquidation of the Company, subject to any pre-existing fiduciary and contractual obligations
the undersigned might have.

 

8. The undersigned acknowledges
and agrees that prior to entering into a Business Combination with a target business that is affiliated with any Insiders of the Company
or their affiliates, including any company that is a portfolio company of, or otherwise affiliated with, or has received financial investment
from, an entity with which any Insider or their affiliates is affiliated, such transaction must be approved by a majority of the Company’s
disinterested independent directors and the Company must obtain an opinion from an independent investment banking firm that such Business
Combination is fair to the Company’s unaffiliated stockholders from a financial point of view.

 

9. Neither the undersigned,
any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive and will not accept any
compensation or other cash payment prior to, or for services rendered in connection with, the consummation of the Business Combination;
provided that the Company shall be allowed to repay working capital loans made by the undersigned to the Company in cash upon
consummation of the Business Combination. Notwithstanding the foregoing, the undersigned and any affiliate of the undersigned shall be
entitled to reimbursement from the Company for their out-of-pocket expenses incurred in connection with identifying, investigating and
consummating a Business Combination.

 

10. Neither the undersigned,
any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive or accept a finder’s
fee or any other compensation in the event the undersigned, any member of the family of the undersigned or any affiliate of the undersigned
originates a Business Combination.

 

11. The undersigned’s
FINRA Questionnaire and Director and Officer Questionnaire previously furnished to the Company and the Representative is true and accurate
in all material respects. The undersigned represents and warrants that:

 

	 	(a)	He, she or it has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i) him, her or it, or any partnership in which he or she was a general partner at or within two years before the time of filing; or (ii) any corporation or business association of which he or she was an executive officer at or within two years before the time of such filing;

 

	 	(b)	He, she or it has never had a receiver, fiscal agent or similar officer been appointed by a court for his business or property, or any such partnership;

 

	 	(c)	He, she or it has never been convicted of fraud in a civil or criminal proceeding;

 

    32

     

    

 

	 	(d)	He, she or it has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic violations and minor offenses);

 

	 	(e)	He, she or it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting him, her or it from (i) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing any conduct or practice in connection with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities or federal commodities laws;

 

	 	(f)	He, she, or it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days his, her or its right to engage in any activity described in 11(e)(i) above, or to be associated with persons engaged in any such activity;

 

	 	(g)	He, she, or it has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or state securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or vacated;

 

	 	(h)	He, she, or it has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;

 

	 	(i)	He, she, or it has never been the subject of, or a party to, any Federal, State or foreign judicial or administrative order, judgment, decree or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal, State or foreign securities or commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity;

 

	 	(j)	He, she or it has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member;

  

	 	(k)	He, she or it has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

	 	(l)	He, she or it was never subject to a final order of a state or foreign securities commission (or an agency of officer of a state performing like functions); a state or foreign authority that supervises or examines banks, savings associations, or credit unions; a state or foreign insurance commission (or an agency or officer of a state performing like functions); an appropriate federal or foreign banking agency; the CFTC; or the National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct;

 

    33

     

    

 

	 	(m)	He, she or it has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of the sale of the Units, restrained or enjoined him, her or it from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC or any foreign regulatory agency with similar functions; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities;

 

	 	(n)	He, she or it has never been subject to any order of the SEC or any foreign regulatory agency with similar functions that orders him, her or it to cease and desist from committing or causing a future violation of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, Section 15(c) and Section 206(1) of the Advisers Act or any other rule or regulation thereunder; or (ii) Section 5 of the Securities Act;

 

	 	(o)	He, she or it has never filed (as a registrant or issuer), or been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued;

 

	 	(p)	He, she or it has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations;

 

	 	(q)	He, she or it is not subject to a final order of a state securities commission (or an agency of officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the CFTC; or the National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission, authority, agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association or credit union activities;

 

	 	(r)	He, she or it is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of 1934 (the “Exchange Act”) or section 203(e) or 203(f) of the Investment Advisers Act of 1940 (the “Advisers Act”) that: (i) suspends or revokes the undersigned’s registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) places limitations on the activities, functions or operations of, or imposes civil money penalties on, such person; or (iii) bars the undersigned from being associated with any entity or from participating in the offering of any penny stock; and

 

	 	(s)	He, she or it has never been suspended or expelled from membership in, or suspended or barred from association with a member of, a securities self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated securities association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

  

12. The undersigned has full
right and power, without violating any agreement by which he, she or it is bound, to enter into this letter agreement.

 

13. In the event the over-allotment
option granted to the underwriters of the IPO is not exercised in full, the undersigned acknowledges and agrees that it (and, if applicable,
any transferee of any of the insider shares purchased and issued to the undersigned hereunder) shall forfeit any and all rights to such
number of the insider shares purchased and issued to the undersigned hereunder (up to an aggregate of all of the 187,500 ordinary shares
so purchased and issued and pro rata based upon the percentage of the over-allotment option exercised) such that immediately following
such forfeiture, the undersigned (and any such transferees of the undersigned) will own, in total, an aggregate number of the ordinary
shares (not including the ordinary shares underlying any private placement units (whether comprised in any such units or standing alone)
that may be issued to the undersigned upon exercise of any securities or rights purchased by the undersigned in the IPO or in the aftermarket)
equal to 20% of the issued and outstanding ordinary shares of the Company immediately following the IPO. If any of the insider shares
are forfeited in accordance with this clause 13, then after such time the undersigned (or any successor in interest), shall no longer
have any rights as a holder of such forfeited ordinary shares, and the Company shall take such action as is appropriate to redeem and
cancel such forfeited ordinary shares, which may include by way of the compulsory redemption and cancellation of such insider shares for
nil consideration. In addition, the undersigned hereby irrevocably grants the Company a limited power of attorney for the purpose of effectuating
the foregoing and agrees to take any and all action reasonably requested by the Company necessary to effect any adjustment in this clause
13 (including any such redemption as is referred to herein above).

 

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13. The undersigned hereby waives
his, her or its right to exercise redemption rights with respect to any shares of Common Stock owned or to be owned by the undersigned,
directly or indirectly, whether purchased by the undersigned prior to the IPO, in the IPO or in the aftermarket, and agrees that he, she
or it will not seek redemption with respect to or otherwise sell, such shares in connection with any vote to approve a Business Combination
with respect thereto, a vote to amend the provisions of the Company’s Amended and Restated Certificate of Incorporation, or a tender
offer by the Company prior to a Business Combination.

 

14. The undersigned hereby agrees
to not propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate of Incorporation with respect
to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company offers
holders of IPO Shares the right to receive their pro rata portion of the funds then held in the Trust Fund.

 

15. In connection with Section
5-1401 of the General Obligations Law of the State of New York, this letter agreement shall be governed by, and construed in accordance
with, the laws of the State of New York without regard to principles of conflicts of law that would result in the application of the substantive
law of another jurisdiction. The parties hereto agree that any action, proceeding or claim arising out of or relating in any way to this
letter agreement shall be resolved through final and binding arbitration in accordance with the International Arbitration Rules of the
American Arbitration Association (“AAA”). The arbitration shall be brought before the AAA International Center for Dispute
Resolution’s offices in New York City, New York, will be conducted in English and will be decided by a panel of three arbitrators
selected from the AAA Commercial Disputes Panel and that the arbitrator panel’s decision shall be final and enforceable by any court
having jurisdiction over the party from whom enforcement is sought. The cost of such arbitrators and arbitration services, together with
the prevailing party’s legal fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators.

 

16. As used herein, (i) a “Business
Combination” shall mean a merger, share exchange, asset acquisition, contractual arrangement, share purchase, recapitalization,
reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders”
shall mean all officers, directors and stockholders of the Company immediately prior to the IPO; (iii) “Insider Shares”
shall mean all of the shares of Common Stock of the Company acquired by an Insider prior to the IPO and any shares of Common Stock underlying
the Private Units; (iv) “IPO Shares” shall mean the shares of Common Stock issued in the Company’s IPO;
(v) “Private Units” shall mean (x) the Units purchased in the private placement taking place simultaneously
with the consummation of the Company’s IPO and (y) the additional Units that may be purchased in connection with the exercise of
the over-allotment option by the underwriters in the IPO as described in the Registration Statement; (vi) “Registration Statement”
means the registration statement on Form S-1 filed by the Company with respect to the IPO; and (vii) “Trust Fund”
shall mean the trust fund into which a portion of the net proceeds of the Company’s IPO will be deposited.

 

    35

     

    

 

17. Any notice, consent or request
to be given in connection with any of the terms or provisions of this letter agreement shall be in writing and shall be sent by express
mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or facsimile transmission.

 

If to the Representative:

 

Chardan Capital Markets, LLC

17 State Street, Suite 1600

New York, NY 10004

Attn: Shai Gerson

Facsimile: (646) 465-9039

  

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

 

Reed Smith LLP

599 Lexington Avenue, 22nd Floor

New York, New York 10022

Attn: Ari Edelman, Esq.

Facsimile: (212) 521-5450

 

If to the Company:

 

Pacifico Acquisition
Corp.

521 Fifth Avenue
17th Floor

New York, NY
10175

Attn: Edward
Cong Wang, Chief Executive Officer

 

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

 

Loeb & Loeb
LLP

345 Park Avenue

New York, NY
10154

Attn: Giovanni
Caruso, Esq.

Facsimile: (212)
407-4990

 

18. No party hereto may assign
either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other
party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign
any interest or title to the purported assignee. This letter agreement shall be binding on the parties hereto and any successors and assigns
thereof.

 

19. The undersigned acknowledges
and understands that the Underwriters and the Company will rely upon the agreements, representations and warranties set forth herein in
proceeding with the IPO.

 

[Signature Page Follows]

 

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	Sincerely,	 
	
     

    Pacifico Capital LLC

     
	 
	By:	/s/ Edward Wang	 
	Name:	Edward Wang	 
	By:	Sole Member	 

 

Signature Page to Insider Letter Agreement

 

 

37Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management
Trust Agreement (this “Agreement”) is made as of September 13, 2021 by and between Pacifico Acquisition Corp. (the “Company”)
and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company, with offices at 6201 15th Avenue, Brooklyn,
NY 11219 (the “Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, No. 333-258038 (“Registration Statement”), for its initial public offering of securities
(“IPO”) has been declared effective as of the date hereof (“Effective Date”) by the U.S. Securities and Exchange
Commission (capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement);
and

 

WHEREAS, Chardan Capital Markets,
LLC (“Chardan”) is acting as the representative of the underwriters in the IPO; and

 

WHEREAS, simultaneously with
the IPO, Pacifico Capital LLC, the Company’s sponsor, and Chardan will be purchasing 281,250 private units (“Private Placement
Units”) at $10.00 per private unit (for a total purchase price of $2,812,500). Pacifico Capital LLC and Chardan have also agreed
that if the over-allotment option is exercised by the underwriters, they will purchase from us up to a maximum of an additional 26,250
private units at a price of $10.00 per private unit.

 

WHEREAS, as described in the
Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, as the same may
be amended from time to time (the “Charter”), $50,500,000 of the gross proceeds of the IPO and sale of the Private Placement
Units ($58,075,000 if the underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be deposited
and held in a segregated trust account located at all times in the United States (the “Trust Account”) for the benefit of
the Company and the holders of the Company’s shares of common stock, par value $0.0001 per share (“Common Stock”), issued
in the IPO as hereinafter provided (the amount to be delivered to the Trustee will be referred to herein as the “Property”;
the stockholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,” and
the Public Stockholders and the Company will be referred to together as the “Beneficiaries”); and

 

WHEREAS, pursuant to the Underwriting
Agreement, a portion of the Property equal to $1,750,000, or $2,012,500 if the underwriters’ over-allotment option is exercised
in full, is attributable to deferred underwriting discounts and commissions that may become payable by the Company to the underwriters
upon the consummation of an initial business combination (as described in the Registration Statement, a “Business Combination”);
and

 

WHEREAS, the Company and the
Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.

 

IT IS AGREED:

 

1. Agreements and Covenants of Trustee.
The Trustee hereby agrees and covenants to:

 

(a) Hold the Property in trust
for the Beneficiaries in accordance with the terms of this Agreement in a segregated trust account (“Trust Account”) established
by the Trustee in the United States at JPMorgan Chase Bank (or at another U.S. chartered commercial bank with consolidated assets of $100
billion or more), maintained by Trustee, and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the
Company;

 

(b) Manage, supervise and administer
the Trust Account subject to the terms and conditions set forth herein;

 

     

     

    

 

(c) In a timely manner, upon
the instruction of the Company, invest and reinvest the Property (i) in United States government treasury bills, notes or bonds having
a maturity of 185 days or less and/or (ii) in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment
Company Act of 1940, as amended, and that invest solely in U.S. treasuries, as determined by the Company, it being understood that the
Trustee has no obligation to monitor or question the Company’s determination that an investment is in compliance with the foregoing
clause; the Company shall not instruct the Trustee to invest in any other securities or assets, it being understood that the Trust Account
will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder;

 

(d) Collect and receive, when
due, all principal and income arising from the Property, which shall become part of the “Property,” as such term is used herein;

 

(e) Notify the Company and the
Underwriters of all communications received by it with respect to any Property requiring action by the Company;

 

(f) Supply any necessary information
or documents as may be requested by the Company in connection with the Company’s preparation of its tax returns;

 

(g) Participate in any plan
or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the Company to
do so;

 

(h) Render to the Company monthly
written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements of the Trust Account;
and

 

(i) Commence liquidation of
the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination Letter”),
in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the Company by its President,
Chief Executive Officer or Chairman of the Board and Secretary or Assistant Secretary and, in the case of a Termination Letter in a form
substantially similar to that attached hereto as Exhibit A, acknowledged and agreed to by Chardan, and complete the liquidation of the
Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents referred
to therein; provided, however, that in the event that a Termination Letter has not been received by the Trustee by the 12-month anniversary
of the closing of the IPO (“Closing”) or, in the event that the Company extended the time to complete the Business Combination
to the15-monthor 18-month anniversary from the closing of the IPO by depositing $500,000 (or $575,000 if the underwriters’ over-allotment
option was exercised in full) for each 3-month extension, but has not completed the Business Combination within such 15-month or 18-month
period, as applicable, the 15-month or 18-month anniversary of the Closing (as applicable, the “Last Date”), the Trust Account
shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B hereto and distributed
to the Public Stockholders as of the Last Date.

 

(j) Upon receipt of an extension
letter (“Extension Letter”) substantially similar to Exhibit D hereto at least five business days prior to the Applicable
Deadline, signed on behalf of the Company by an executive officer, and receipt of the dollar amount specified in the Extension Letter
on or prior to the Applicable Deadline, to follow the instructions set forth in the Extension Letter.

 

(k) Upon receipt of a letter
(an “Amendment Notification Letter”) in the form of Exhibit E, signed on behalf of the Company by its Chief Executive Officer
or Chief Financial Officer and, distribute to Public Stockholders who exercised their conversion rights in connection with an amendment
to the Company’s amended and restated certificate of incorporation (an “Amendment”) an amount equal to the pro rata
share of the Property relating to the Common Stock for which such Public Stockholders have exercised conversion/redemption rights in connection
with such Amendment.

 

    2 

     

    

 

(l) Not disburse any amounts
from the Trust Account in connection with a Business Combination in the event that the amount per share to be received by the redeeming
Public Stockholders is less than $10.10 per share (plus the amount per share deposited in the Trust Account pursuant to any Extension
Letter).

 

(m) In connection with a Business
Combination, disburse the per share amount to redeeming Public Stockholders (other than shares tendered through the Depository Trust Company)
that have tendered their shares directly to the Trustee. 

 

2. Limited Distributions of Income from Trust
Account.

 

(a) Upon written request from
the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C, the Trustee shall
distribute to the Company the amount of interest income earned on the Trust Account requested by the Company to cover any income or other
tax obligation owed by the Company.

 

(b) The limited distributions
referred to in Section 2(a) above shall be made only from income collected on the Property. Except as provided in Section 2(a), no other
distributions from the Trust Account shall be permitted except in accordance with Section 1(i) hereof.

 

(c) The Company shall provide
the Underwriters with a copy of any Termination Letters and/or any other correspondence that it issues to the Trustee with respect to
any proposed withdrawal from the Trust Account promptly after such issuance.

 

(d) If applicable, the Company
shall issue a press release at least three days prior to the Applicable Deadline announcing that, at least five days prior to the Applicable
Deadline, the Company received notice from the Company’s insiders that the insiders intend to extend the Applicable Deadline.

 

(e) Promptly following the Applicable
Deadline, disclose whether or not the term the Company has to consummate a Business Combination has been extended.

 

3. Agreements and Covenants of the Company.
The Company hereby agrees and covenants to:

 

(a) Give all instructions to
the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Chief Executive Officer or Chief Financial Officer.
In addition, except with respect to its duties under paragraphs 1(i), 2(a) and 2(b) above, the Trustee shall be entitled to rely on, and
shall be protected in relying on, any verbal or telephonic advice or instruction which it in good faith believes to be given by any one
of the persons authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in writing.

 

(b) Subject to the provisions
of Sections 5 and 7(g) of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against, any and all expenses,
including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any claim, potential claim, action,
suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand which in any way arises
out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any income earned from investment of the
Property, except for expenses and losses resulting from the Trustee’s gross negligence or willful misconduct. Promptly after the
receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee
intends to seek indemnification under this paragraph, it shall notify the Company in writing of such claim (hereinafter referred to as
the “Indemnified Claim”); provided, however, that the Trustee’s failure to provide such notice shall not relieve the
Company of its liability hereunder, except to the extent that it is materially prejudiced by such failure. The Trustee shall have the
right to conduct and manage the defense against such Indemnified Claim, provided, that the Trustee shall obtain the consent of the Company
with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified
Claim without the prior written consent of the Company, which consent shall not be unreasonably withheld or delayed. The Company may participate
in such action with its own counsel.

 

    3 

     

    

 

(c) Pay the Trustee an initial
acceptance fee, an annual fee and a transaction processing fee for each disbursement made pursuant to Sections 2(a) and 2(b) as set forth
on Schedule A hereto, which fees shall be subject to modification by the parties from time to time. It is expressly understood that the
Property shall not be used to pay such fees and further agreed that any fees owed to the Trustee shall be deducted by the Trustee from
the disbursements made to the Company pursuant to Sections 1(i) solely in connection with the consummation of the Company’s initial
acquisition, share exchange, share reconstruction and amalgamation, purchase of all or substantially all of the assets of, or any other
similar business combination with one or more businesses or entities, or pursuant to Section 2 (b). The Company shall pay the Trustee
the initial acceptance fee and first year’s fee at the consummation of the IPO and thereafter on the anniversary of the Effective
Date.

  

(d) In connection with any vote
of the Company’s stockholders regarding a Business Combination, provide to the Trustee an affidavit or certificate of a firm regularly
engaged in the business of soliciting proxies and/or tabulating shareholder votes verifying the vote of the Company’s stockholders
regarding such Business Combination.

 

(e) In the event that the Company
directs the Trustee to commence liquidation of the Trust Account pursuant to Section 1(i), the Company agrees that it will not direct
the Trustee to make any payments that are not specifically authorized by this Agreement.

 

4. Limitations of Liability. The Trustee
shall have no responsibility or liability to:

 

(a) Take any action with respect
to the Property, other than as directed in paragraphs 1 and 2 hereof and the Trustee shall have no liability to any party except for liability
arising out of its own gross negligence or willful misconduct, and in no event shall the Trustee be liable for the selection of investments
or for investment losses incurred thereon or for losses incurred as a result of the liquidation of any such investment prior to its maturity
date or the failure of the Company to provide timely written investment instruction;

 

(b) Institute any proceeding
for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of any kind with respect
to, any of the Property unless and until it shall have received instructions from the Company given as provided herein to do so and the
Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;

 

(c) Change the investment of
any Property, other than in compliance with paragraph 1(c);

 

(d) Refund any depreciation
in principal of any Property;

 

(e) Assume that the authority
of any person designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in such designation,
or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

(f) The other parties hereto
or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the
exercise of its own best judgment, except for its gross negligence or willful misconduct. The Trustee may rely conclusively and shall
be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee),
statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions,
but also as to the truth and acceptability of any information therein contained) which is believed by the Trustee, in good faith, to be
genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any
waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument
delivered to the Trustee signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall
give its prior written consent thereto;

 

(g) Verify the correctness of
the information set forth in the Registration Statement or to confirm or assure that any acquisition made by the Company or any other
action taken by it is as contemplated by the Registration Statement;

 

    4 

     

    

 

(h) File local, state and/or
federal tax returns or information returns with any taxing authority on behalf of the Trust Account and payee statements with the Company
documenting the taxes, if any, payable by the Company or the Trust Account, relating to the income earned on the Property;

 

(i) Pay any taxes on behalf
of the Trust Account (it being expressly understood that the Property shall not be used to pay any such taxes and that such taxes, if
any, shall be paid by the Company from funds not held in the Trust Account or released to it under Section 2(a) hereof);

 

(j) Imply obligations, perform
duties, inquire or otherwise be subject to the provisions of any agreement or document other than this agreement and that which is expressly
set forth herein; and

 

(k) Verify calculations, qualify
or otherwise approve Company requests for distributions pursuant to Section 1(i), 2(a) or 2(b) above.

  

5. Trust Account Waiver. The Trustee has
no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account,
and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future. In the event
the Trustee has any Claim against the Company under this Agreement, including, without limitation, under Section 3(b) or Section 3(c)
hereof, the Trustee shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the Property
or any monies in the Trust Account.

 

6. Termination. This Agreement shall terminate
as follows:

 

(a) If the Trustee gives written
notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor
trustee during which time the Trustee shall act in accordance with this Agreement. At such time that the Company notifies the Trustee
that a successor trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee
shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the
reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that, in the event
that the Company does not locate a successor trustee within ninety days of receipt of the resignation notice from the Trustee, the Trustee
may submit an application to have the Property deposited with any court in the State of New York or with the United States District Court
for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever; or

 

(b) At such time that the Trustee
has completed the liquidation of the Trust Account in accordance with the provisions of paragraph 1(i) hereof, and distributed the Property
in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Paragraph 3(b).

 

7. Miscellaneous.

 

(a) The Company and the Trustee
each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred from the Trust
Account. The Company and the Trustee will each restrict access to confidential information relating to such security procedures to authorized
persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access
to such information, or of any change in its authorized personnel. In executing funds transfers, the Trustee will rely upon all information
supplied to it by the Company, including account names, account numbers and all other identifying information relating to a beneficiary,
beneficiary’s bank or intermediary bank. The Trustee shall not be liable for any loss, liability or expense resulting from any error
in the information or transmission of the wire.

 

(b) This Agreement shall be
governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law
principles that would result in the application of the substantive laws of another jurisdiction. It may be executed in several original
or facsimile counterparts, each one of which shall constitute an original, and together shall constitute but one instrument.

 

    5 

     

    

 

(c) This Agreement contains
the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for Sections 1(i), 1(k),
1(l), 1(m), 1(n), 3(g), 7(c) and 7(h) (which may only be amended with the approval of the holders of at least 50% or more of the shares
of the Common Stock present or represented at the meeting, par value $0.0001 per share, of the Company voting together as a single class,
have voted in favor of such change, amendment or modification., provided that all Public Stockholders must be given the right to receive
a pro-rata portion of the trust account (no less than $10.10 per share plus the amount per share deposited in the Trust Account pursuant
to any Extension Letter) in connection with any such amendment), this Agreement or any provision hereof may only be changed, amended or
modified by a writing signed by each of the parties hereto; provided, however, that no such change, amendment or modification may be made
without the prior written consent of the Underwriters. As to any claim, cross-claim or counterclaim in any way relating to this Agreement,
each party waives the right to trial by jury. The Trustee may require from Company counsel an opinion as to the propriety of any proposed
amendment.

 

(d) The parties hereto consent
to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of Manhattan, for purposes of resolving
any disputes hereunder.

  

(e) Any notice, consent or request
to be given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent by express mail
or similar private courier service, by certified mail (return receipt requested), by hand delivery or by facsimile transmission:

 

if to the Trustee, to:

 

American Stock Transfer
& Trust Company, LLC

6201 15th Avenue, Brooklyn, NY 11219

Attn: Relationship
Management

Email: admin12@astfinancial.com

 

if to the Company, to:

 

Pacifico Acquisition Corp.

521 Fifth Avenue 17th Floor

New York, NY 10175

Attn: Edward Cong Wang, Chief Executive Officer

 

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

 

Chardan Capital Markets, LLC

17 State Street, Suite 1600

New York, NY 10004

Attn: Shai Gerson

Facsimile: (646) 465-9039

 

and:

 

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154

Attn: Giovanni Caruso, Esq.

Fax No.: (212) 407-4990

 

and:

 

Reed Smith LLP

599 Lexington Avenue, 22nd Floor

New York, NY 10022

Attn: Ari Edelman, Esq.

Facsimile: (212) 521-5450

 

    6 

     

    

 

(f) This Agreement may not be
assigned by the Trustee without the prior consent of the Company.

 

(g) Each of the Trustee and
the Company hereby represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform
its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed
against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance.

  

(h) This Agreement is the joint
product of the Company and the Trustee and each provision hereof has been subject to the mutual consultation, negotiation and agreement
of such parties and shall not be construed for or against any party hereto.

 

(i) This Agreement may be executed
in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one
and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission shall constitute valid
and sufficient delivery thereof.

 

(j) Each of the Company and
the Trustee hereby acknowledge that the Underwriters are a third party beneficiary of this Agreement and that each Public Stockholder
is a third party beneficiary of Sections 1(i), 1(k), 1(l), 3(g), 3(h) and 7(c).

 

(k) Except as specified herein,
no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person or entity.

 

[Signature Page Follows]

 

    7 

     

    

 

IN
WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the date first written above.

 

	 	
    AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Trustee

    

	 	 
	 	By:	/s/ Michael A. Nespoli
	 	 	Name:	 Michael A. Nespoli
	 	 	Title: 	Executive Director

 

	 	
    PACIFICO ACQUISITION CORP.

    

	 	 
	 	By:	/s/
    Edward Cong Wang
	 	 	Name: 	Edward Cong Wang
	 	 	Title: 	Chief Executive Officer

 

Signature Page to the Investment Management
Trust Agreement

 

     

     

    

 

SCHEDULE A

 

	Fee Item	Time and method of payment	Amount
	Initial acceptance fee	Initial closing of IPO by wire transfer	$[*]
	Annual fee	First year ($10,000.00), initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	$[*]
	Transaction processing fee for disbursements to Company under Section 2	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	$[*]
	Paying Agent services as required pursuant to section 1(i)	Billed to Company upon delivery of service pursuant to section 1(i)	Prevailing rates

 

    Sch-A-1

     

    

 

EXHIBIT A

 

[Letterhead of Company]

[Insert date]

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attn: Relationship Management

 

	 	Re:	Trust Account - Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to paragraph 1(i)
of the Investment Management Trust Agreement between Pacifico Acquisition Corp. (“Company”) and American Stock Transfer &
Trust Company, LLC (“Trustee”), dated as of September 13, 2021 (“Trust Agreement”), this is to advise you that
the Company has entered into an agreement with [___________] (“Target Business”) to consummate a business combination with
Target Business (“Business Combination”) on or about [insert date]. The Company shall notify you at least 72 hours
in advance of the actual date of the consummation of the Business Combination (“Consummation Date”). Capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to liquidate the Trust Account investments and to transfer the proceeds to the above-referenced
account at J.P. Morgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of funds held in the Trust Account will be immediately
available for transfer to the account or accounts that the Company shall direct on the Consummation Date. It is acknowledged and agreed
that while the funds are on deposit in the trust account awaiting distribution, the Company will not earn any interest or dividends.

 

On the Consummation Date (i)
counsel for the Company shall deliver to you written notification that the Business Combination has been consummated, and (ii) the Company
shall deliver to you (a) a certificate of the Chief Executive Officer, which verifies the vote of the Company’s stockholders in
connection with the Business Combination if a vote is held and (b) joint written instructions from the Company and Chardan Capital Markets,
LLC with respect to the transfer of the funds held in the Trust Account, which must provide for the disbursement of no less than $10.10
per share plus the amount per share deposited in the Trust Account per Extension Letter to redeeming Public Stockholders (“Instruction
Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of
the counsel’s letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain
deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the Company of the
same and the Company shall direct you as to whether such funds should remain in the Trust Account and distributed after the Consummation
Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall
be terminated.

 

In the event that the Business
Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the
original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the
funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the business day immediately following the Consummation
Date as set forth in the notice.

 

	 	Very truly yours,
	 	 
	 	PACIFICO ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title: 	Secretary/Assistant Secretary

 

Acknowledged and Agreed:

Chardan Capital Markets, LLC

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    A-1

     

    

 

EXHIBIT B

 

[Letterhead of Company]

[Insert date]

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attn: Relationship Management

 

	 	Re:	Trust Account - Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to paragraph 1(i)
of the Investment Management Trust Agreement between Pacifico Acquisition Corp. (“Company”) and American Stock Transfer &
Trust Company, LLC (“Trustee”), dated as of September 13, 2021 (“Trust Agreement”), this is to advise you that
the Company has been unable to effect a Business Combination with a Target Company within the time frame specified in the Company’s
Amended and Restated Certificate of Incorporation, as described in the Company’s prospectus relating to its IPO. Capitalized terms
used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to liquidate all the Trust Account investments and to transfer the total proceeds to the
Trust Operating Account at JPMorgan Chase Bank, N.A. to await distribution to the Public Stockholders. The Company has selected [___,
20 ] as the record date for the purpose of determining when the Public Stockholders will be entitled to receive their share of the liquidation
proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation proceeds while on deposit in the Trust
Checking Account. You agree to be the Paying Agent of record and in your separate capacity as Paying Agent, to distribute said funds directly
to the Public Shareholders in accordance with the terms of the Trust Agreement and the Amended and Restated Certificate of Incorporation
of the Company. Upon the distribution of all the funds in the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

	 	Very truly yours,
	 	 
	 	PACIFICO ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	By:	 
	 	 	Name: 	 
	 	 	Title: 	Secretary/Assistant Secretary

 

	 	cc:	Chardan Capital Markets, LLC

 

    B-1

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attn: Relationship Management

 

Re:       Trust
Account – Tax Withdrawal Instruction Letter

 

Pursuant to paragraph 2(a)
of the Investment Management Trust Agreement between Pacifico Acquisition Corp. (“Company”) and American Stock Transfer &
Trust Company, LLC (“Trustee”), dated as of September 13, 2021 (“Trust Agreement”), the Company hereby requests
that you deliver to the Company [$       ] of the interest income earned on the Property as of the
date hereof. The Company needs such funds to pay for its tax obligations. In accordance with the terms of the Trust Agreement, you are
hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s
operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	PACIFICO ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	cc:	Chardan Capital Markets, LLC

 

    C-1

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attn: Relationship Management

 

	 	Re:	Trust Account - Extension Letter

 

Ladies and Gentlemen:

 

Pursuant to Section 1(l) of
the Investment Management Trust Agreement between Pacifico Acquisition Corp. (“Company”) and American Stock Transfer &
Trust Company, LLC, dated as of September 13, 2021 (“Trust Agreement”), this is to advise you that the Company is extending
the time available in order to consummate a Business Combination with the Target Businesses for an additional [three (3) months], from
______________ to ____________ (the “Extension”).

 

This Extension Letter shall
serve as the notice required with respect to Extension prior to the Applicable Deadline. Capitalized words used herein and not otherwise
defined shall have the meanings ascribed to them in the Trust Agreement.

 

[In accordance with the terms
of the Trust Agreement, we hereby authorize you to deposit [$500,000] [(or $575,000 if the underwriters’ over-allotment option was
exercised in full)], which will be wired to you, into the Trust Account investments upon receipt.].

 

This is our _______ of up
to two 3-month extension requests.

 

	 	Very truly yours,
	 	 
	 	PACIFICO ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	cc:	Chardan Capital Markets, LLC

 

    D-1

     

    

 

EXHIBIT E

 

[Letterhead of Company]

 

[Insert date]

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attn: Relationship Management

 

	 	Re:	Trust Account - Extension Letter

 

Ladies and Gentlemen:

 

Reference is made to that
certain Investment Management Trust Agreement between Pacifico Acquisition Corp (“Company”) and American Stock Transfer &
Trust Company, LLC, dated as of September 13, 2021 (“Trust Agreement”). Capitalized words used herein and not otherwise defined
shall have the meanings ascribed to them in the Trust Agreement.

 

Pursuant to Section 1(k) of
the Trust Agreement, this is to advise you that the Company has sought an Amendment. Accordingly, in accordance with the terms of the
Trust Agreement, we hereby authorize you to liquidate a sufficient portion of the Trust Account and to transfer $_____ of the proceeds
of the Trust to the account at J.P. Morgan Chase Bank, N.A. for distribution to the stockholders that have requested conversion of their
shares in connection with such Amendment. The remaining funds shall be reinvested by you as previously instructed.

 

	 	PACIFICO ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	cc:	Chardan Capital Markets, LLC

 

 

E-1

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