Document:

Exhibit
10.7

 

Williams
Rowland Acquisition Corp

450
Post Road East

Westport, CT 06880

 

April 14, 2021

 

Williams
Rowland Sponsor LLC

450 Post Road East

Suite
120

Westport,
CT 06880

 

RE: 
Subscription Agreement for Founder Shares

 

Ladies
and Gentlemen:

 

We
are pleased to accept the offer Williams Rowland Sponsor LLC (the “Subscriber” or “you”) has made
to purchase 2,875,000 shares (“Founder Shares”) of the common stock, $0.0001 par value per share (“Common
Stock”), of Williams Rowland Acquisition Corp., a Delaware corporation (the “Company”), up to 375,000  of
which are subject to forfeiture by you if the underwriters of the proposed initial public offering (“IPO”) of the
Company pursuant to the registration statement on Form S-1 expected to be filed by the Company in connection with the IPO (the “Registration
Statement”) do not fully exercise their over-allotment option (the “Over-allotment Option”) as described
below. Unless the context otherwise requires, as used herein “Securities” shall refer to the Founder Shares and shall
be deemed to include any shares of Common Stock issued upon conversion of the Shares. The terms on which the Company is willing to sell
the Founder Shares to the Subscriber, and the Company and the Subscriber’s agreements regarding such Founder Shares, are as follows:

 

1. Purchase
of Founder Shares. For an aggregate of $12,500.00 (the “Purchase Price”), which the Company acknowledges receiving
in cash, the Company hereby sells and issues the Founder Shares to the Subscriber, and the Subscriber hereby purchases the Founder Shares
from the Company, subject to the forfeiture provisions of Section 3 below, on the terms and subject to the conditions set forth in this
Agreement. Concurrently with the Subscriber’s execution of this Agreement, the Company shall, at its option, deliver to the Subscriber
a certificate registered in the Subscriber’s name representing the Founder Shares, or effect such delivery in book-entry form.

 

2. Representations,
Warranties and Agreements.

 

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

 

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

 

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

 

2.1.3. Organization
and Authority. The Subscriber is a Delaware limited liability company, validly existing and in good standing under the laws of Delaware
and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. Upon execution
and delivery by you, this Agreement will be a legal, valid and binding agreement of the Subscriber, enforceable against the Subscriber
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance
or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity).

 

    1

    

    

 

2.1.4. Experience,
Financial Capability and Suitability. The Subscriber is: (i) sophisticated in financial matters and is able to evaluate the risks
and benefits of the investment in the Securities and (ii) able to bear the economic risk of its investment in the Securities for an indefinite
period of time because the Securities have not been registered under the Securities Act (as defined below) and therefore cannot be resold
unless such transaction is registered under the Securities Act or an exemption from such registration is available. The Subscriber is
capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests. The Subscriber
must bear the economic risk of this investment until the Securities are sold pursuant to: (x) an effective registration statement under
the Securities Act or (y) an exemption from registration available with respect to such sale. The Subscriber is able to bear the economic
risks of an investment in the Securities and to afford a complete loss of the Subscriber’s investment in the Securities.

 

2.1.5. Access
to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity to ask
questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances,
operations, business and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy of all
information so obtained. In determining whether to make this investment, the Subscriber has relied solely on the Subscriber’s own
knowledge and understanding of the Company and its business based upon the Subscriber’s own due diligence investigation and the
information furnished pursuant to this paragraph. The Subscriber understands that no person has been authorized to give any information
or to make any representations which were not furnished pursuant to this Section 2 and the Subscriber has not relied on any other representations
or information in making its investment decision, whether written or oral, relating to the Company, its operations or its prospects.

 

2.1.6. Regulation
D Offering. The Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation
D under the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges the sale contemplated hereby
is being made in reliance on a private placement exemption applicable to “accredited investors” within the meaning of Section
501(a) of Regulation D under the Securities Act or similar exemptions under federal and state law.

 

2.1.7. Investment
Purposes. The Subscriber is purchasing the Securities solely for investment purposes, for the Subscriber’s own account and
not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The Subscriber
did not enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502 of Regulation
D under the Securities Act.

 

2.1.8. Restrictions
on Transfer; Shell Company. The Subscriber understands the Securities are being offered in a transaction not involving a public offering
within the meaning of the Securities Act. The Subscriber understands the Securities will be “restricted securities”
as defined in Rule 144(a)(3) under the Securities Act and the Subscriber understands that any certificate or book entries representing
the Securities will contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge
or otherwise transfer the Securities, such Securities may be offered, resold, pledged or otherwise transferred only in accordance with
the provisions of Section 5 hereof. The Subscriber agrees that if any transfer of its Securities or any interest therein is proposed
to be made, as a condition precedent to any such transfer, the Subscriber may be required to deliver to the Company an opinion of counsel
satisfactory to the Company. Absent registration under the Securities Act or an exemption therefrom, the Subscriber agrees not to resell
the Securities. The Subscriber further acknowledges that because the Company is a shell company, Rule 144 may not be available to the
Subscriber for the resale of the Securities until at least one year following consummation of the initial business combination of the
Company, despite technical compliance with the certain requirements of Rule 144 and the release or waiver of any contractual transfer
restrictions.

 

2.1.9. No
Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary or appropriate
on the part of the Subscriber in connection with the transactions contemplated by this Agreement.

 

    2

    

    

 

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

 

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

 

2.2.2. No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated
hereby do not violate, conflict with or constitute a default under (i) the Certificate of Incorporation or Bylaws of the Company, (ii)
any agreement, indenture or instrument to which the Company is a party, (iii) any law, statute, rule or regulation to which the Company
is subject, or (iv) any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3. Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Founder Shares will be duly and validly
issued, fully paid and non-assessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof the Subscriber will
have or receive good title to the Founder Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a) transfer
restrictions hereunder and other agreements to which the Founder Shares may be subject which have been notified to the Subscriber in
writing, (b) transfer restrictions under federal and state securities laws, and (c) liens, claims or encumbrances imposed due to the
actions of the Subscriber.

 

2.2.4. No
Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company
which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement
or (ii) question the validity or legality of any transactions or seek to recover damages or to obtain other relief in connection with
any transactions.

 

4. Waiver
of Liquidation Distributions; Redemption Rights. In connection with the Founder Shares purchased pursuant to this Agreement, the
Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from the trust
account which will be established for the benefit of the Company’s public stockholders and into which substantially all of the
proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company upon the
Company’s failure to timely complete an initial business combination. For purposes of clarity, in the event the Subscriber purchases
securities in the IPO or securities of the Company issued in the IPO in the aftermarket, any shares of Common Stock so purchased shall
be eligible to receive any liquidating distributions from the Trust Account by the Company. However, in no event will the Subscriber
have the right to redeem any shares of Common Stock into funds held in the Trust Account upon the successful completion of an initial
business combination.

 

5. Restrictions
on Transfer.

 

5.1. Securities
Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly known as an “Insider
Letter”) to be entered into between the Company and the Subscriber in connection with the consummation of the IPO, the Subscriber
agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Securities unless, prior thereto (a)
a registration statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the Securities
proposed to be transferred shall then be effective or (b) the Company has received an opinion from counsel reasonably satisfactory to
the Company, that such registration is not required because such transaction is exempt from registration under the Securities Act and
the rules promulgated by the Securities and Exchange Commission thereunder and with all applicable state securities laws.

 

5.2. Lock-up. The
Subscriber acknowledges that the Securities will be subject to lock-up provisions (the “Lock-up”) contained
in the Insider Letter. Pursuant to the Insider Letter, the Subscriber will agree (subject to certain customary exceptions) not to sell,
transfer, pledge, hypothecate or otherwise dispose of all or any part of the Securities until the earlier to occur of: (A) one year after
the completion of the Company’s initial business combination or (B) the date on which the Company completes a liquidation, merger,
stock exchange or other similar transaction after its initial business combination that results in all of its stockholders having the
right to exchange their shares of Common Stock for cash, securities or other property. Notwithstanding the foregoing, if the last sale
price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial
business combination, the Securities will be released from the Lock-up. 

 

    3

    

    

 

5.3. Restrictive
Legends. All certificates representing the Founder Shares shall have endorsed thereon legends substantially as follows:

 

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

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PROVISIONS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED DURING THE TERM OF THE LOCKUP PERIOD.”

 

5.4. Additional
Shares or Substituted Securities. In the event of the declaration of a stock dividend, the declaration of a special dividend payable
in a form other than Common Stock, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction
affecting the Company’s outstanding Common Stock without receipt of consideration, any new, substituted or additional securities
or other property which are by reason of such transaction distributed with respect to any Securities subject to this Section 5 or into
which such Securities thereby become convertible shall immediately be subject to this Section 5 and Section 3. Appropriate adjustments
to reflect the distribution of such securities or property shall be made to the number or class of Securities subject to this Section
5 and Section 3.

 

5.5. Registration
Rights. The Subscriber acknowledges that the Founder Shares are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant to a registration
rights agreement to be entered into with the Company prior to the closing of the IPO (the “Registration Rights Agreement”).

 

6. Other
Agreements.

 

6.1. Further
Assurances. The Subscriber agrees to execute such further instruments and to take such further action as may reasonably be necessary
to carry out the intent of this Agreement.

 

6.2. Notices.
All notices, statements or other documents which are required or contemplated by this Agreement shall be in writing and delivered: (i)
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to
the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax
number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided
to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication
so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt
of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier
service or five (5) days after mailing if sent by mail.

 

6.3. Entire
Agreement. This Agreement, together with that certain Insider Letter to be entered into between the Subscriber and the Company and
the Registration Rights Agreement, each substantially in the form to be filed as an exhibit to the Registration Statement, embodies the
entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes all
prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant
or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express
terms and provisions of this Agreement.

 

    4

    

    

 

6.4. Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by all parties
hereto.

 

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

 

6.6. Assignment.
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of the other
party.

 

6.7. Benefit.
All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and shall
inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement shall be construed
to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third-party beneficiary
of this Agreement.

 

6.8. Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by
the laws of New York applicable to contracts wholly performed within the borders of such state.

 

6.9. Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in this Agreement
shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that such court deems
it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that such court shall deem any such
provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall nevertheless remain in full force
and effect.

 

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

 

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

 

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

 

    5

    

    

 

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

 

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

 

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

 

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

 

7. Voting
and Redemption of Founder Shares. The Subscriber agrees to vote the Founder Shares in favor of an initial business combination that
the Company negotiates and submits for approval to the Company’s stockholders and shall not seek redemption with respect to such
Founder Shares. Additionally, the Subscriber agrees not to redeem any Founder Shares in connection with a redemption or tender offer
presented to the Company’s stockholders in connection with an initial business combination negotiated by the Company.

 

8. Indemnification.
Each party shall indemnify the other against any loss, cost or damages (including reasonable attorneys’ fees and expenses) incurred
as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement.

 

[Signature
Page Follows]

 

    6

    

    

 

If
the foregoing accurately sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return it to
us.

 

	 	Very truly yours,
	 	 
	 	WILLIAMS ROWLAND ACQUISITION CORP.
	 	 	 
	 	By	/s/ David
    B. Williams
	 	Name: 	David B. Williams
	 	Title:	Co-Chief Executive Officer
	 	 	 
	 	By	/s/ Jonathan
    D. Rowland
	 	Name: 	Jonathan D. Rowland
	 	Title:	Co-Chief Executive Officer

 

	Accepted and agreed this  14th day of  April, 2021.
	 	 
	Williams Rowland Sponsor LLC	 
	 	 	 
	By	/s/ David B. Williams	 
	Name: 	David B. Williams	 
	Title: 	Manager	 

 

    7

    

    

 

Williams Rowland Acquisition Corp

450 Post Road East

Westport, CT 06880

 

April 14, 2021

 

WRAC Ltd

450 Post Road East

Suite 120

Westport, CT 06880

 

RE:  Subscription Agreement for Founder
Shares

 

Ladies and Gentlemen:

 

We are pleased to accept the
offer WRAC Ltd (the “Subscriber” or “you”) has made to purchase 2,875,000 shares (“Founder
Shares”) of the common stock, $0.0001 par value per share (“Common Stock”), of Williams Rowland Acquisition
Corp., a Delaware corporation (the “Company”), up to 375,000  of which are subject to forfeiture by you if the
underwriters of the proposed initial public offering (“IPO”) of the Company pursuant to the registration statement
on Form S-1 expected to be filed by the Company in connection with the IPO (the “Registration Statement”) do not fully
exercise their over-allotment option (the “Over-allotment Option”) as described below. Unless the context otherwise
requires, as used herein “Securities” shall refer to the Founder Shares and shall be deemed to include any shares of
Common Stock issued upon conversion of the Shares. The terms on which the Company is willing to sell the Founder Shares to the Subscriber,
and the Company and the Subscriber’s agreements regarding such Founder Shares, are as follows:

 

1. Purchase of Founder
Shares. For an aggregate of $12,500.00 (the “Purchase Price”), which the Company acknowledges receiving in cash,
the Company hereby sells and issues the Founder Shares to the Subscriber, and the Subscriber hereby purchases the Founder Shares from
the Company, subject to the forfeiture provisions of Section 3 below, on the terms and subject to the conditions set forth in this Agreement.
Concurrently with the Subscriber’s execution of this Agreement, the Company shall, at its option, deliver to the Subscriber a certificate
registered in the Subscriber’s name representing the Founder Shares, or effect such delivery in book-entry form.

 

2. Representations, Warranties and Agreements.

 

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

 

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

 

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

 

2.1.3. Organization
and Authority. The Subscriber is a Delaware limited liability company, validly existing and in good standing under the laws of Delaware
and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. Upon execution
and delivery by you, this Agreement will be a legal, valid and binding agreement of the Subscriber, enforceable against the Subscriber
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance
or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity).

 

    1

    

    

 

2.1.4. Experience,
Financial Capability and Suitability. The Subscriber is: (i) sophisticated in financial matters and is able to evaluate the risks
and benefits of the investment in the Securities and (ii) able to bear the economic risk of its investment in the Securities for an indefinite
period of time because the Securities have not been registered under the Securities Act (as defined below) and therefore cannot be resold
unless such transaction is registered under the Securities Act or an exemption from such registration is available. The Subscriber is
capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests. The Subscriber
must bear the economic risk of this investment until the Securities are sold pursuant to: (x) an effective registration statement under
the Securities Act or (y) an exemption from registration available with respect to such sale. The Subscriber is able to bear the economic
risks of an investment in the Securities and to afford a complete loss of the Subscriber’s investment in the Securities.

 

2.1.5. Access to
Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity to ask questions
of and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances, operations,
business and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy of all information
so obtained. In determining whether to make this investment, the Subscriber has relied solely on the Subscriber’s own knowledge
and understanding of the Company and its business based upon the Subscriber’s own due diligence investigation and the information
furnished pursuant to this paragraph. The Subscriber understands that no person has been authorized to give any information or to make
any representations which were not furnished pursuant to this Section 2 and the Subscriber has not relied on any other representations
or information in making its investment decision, whether written or oral, relating to the Company, its operations or its prospects.

 

2.1.6. Regulation
D Offering. The Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation
D under the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges the sale contemplated hereby
is being made in reliance on a private placement exemption applicable to “accredited investors” within the meaning of Section
501(a) of Regulation D under the Securities Act or similar exemptions under federal and state law.

 

2.1.7. Investment
Purposes. The Subscriber is purchasing the Securities solely for investment purposes, for the Subscriber’s own account and not
for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The Subscriber
did not enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502 of Regulation
D under the Securities Act.

 

2.1.8. Restrictions
on Transfer; Shell Company. The Subscriber understands the Securities are being offered in a transaction not involving a public offering
within the meaning of the Securities Act. The Subscriber understands the Securities will be “restricted securities” as
defined in Rule 144(a)(3) under the Securities Act and the Subscriber understands that any certificate or book entries representing the
Securities will contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge or
otherwise transfer the Securities, such Securities may be offered, resold, pledged or otherwise transferred only in accordance with the
provisions of Section 5 hereof. The Subscriber agrees that if any transfer of its Securities or any interest therein is proposed to be
made, as a condition precedent to any such transfer, the Subscriber may be required to deliver to the Company an opinion of counsel satisfactory
to the Company. Absent registration under the Securities Act or an exemption therefrom, the Subscriber agrees not to resell the Securities.
The Subscriber further acknowledges that because the Company is a shell company, Rule 144 may not be available to the Subscriber for the
resale of the Securities until at least one year following consummation of the initial business combination of the Company, despite technical
compliance with the certain requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.1.9. No Governmental
Consents. No governmental, administrative or other third party consents or approvals are required, necessary or appropriate on the
part of the Subscriber in connection with the transactions contemplated by this Agreement.

 

    2

    

    

 

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

 

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

 

2.2.2. No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated hereby
do not violate, conflict with or constitute a default under (i) the Certificate of Incorporation or Bylaws of the Company, (ii) any agreement,
indenture or instrument to which the Company is a party, (iii) any law, statute, rule or regulation to which the Company is subject, or
(iv) any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3. Title to Securities.
Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Founder Shares will be duly and validly issued, fully
paid and non-assessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof the Subscriber will have or receive
good title to the Founder Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a) transfer restrictions
hereunder and other agreements to which the Founder Shares may be subject which have been notified to the Subscriber in writing, (b) transfer
restrictions under federal and state securities laws, and (c) liens, claims or encumbrances imposed due to the actions of the Subscriber.

 

2.2.4. No Adverse
Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company which: (i)
seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement or (ii) question
the validity or legality of any transactions or seek to recover damages or to obtain other relief in connection with any transactions.

 

4. Waiver of Liquidation
Distributions; Redemption Rights. In connection with the Founder Shares purchased pursuant to this Agreement, the Subscriber hereby
waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from the trust account which
will be established for the benefit of the Company’s public stockholders and into which substantially all of the proceeds of the
IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company upon the Company’s
failure to timely complete an initial business combination. For purposes of clarity, in the event the Subscriber purchases securities
in the IPO or securities of the Company issued in the IPO in the aftermarket, any shares of Common Stock so purchased shall be eligible
to receive any liquidating distributions from the Trust Account by the Company. However, in no event will the Subscriber have the right
to redeem any shares of Common Stock into funds held in the Trust Account upon the successful completion of an initial business combination.

 

5. Restrictions on Transfer.

 

5.1. Securities Law
Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly known as an “Insider
Letter”) to be entered into between the Company and the Subscriber in connection with the consummation of the IPO, the Subscriber
agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Securities unless, prior thereto (a)
a registration statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the Securities
proposed to be transferred shall then be effective or (b) the Company has received an opinion from counsel reasonably satisfactory to
the Company, that such registration is not required because such transaction is exempt from registration under the Securities Act and
the rules promulgated by the Securities and Exchange Commission thereunder and with all applicable state securities laws.

 

5.2. Lock-up. The
Subscriber acknowledges that the Securities will be subject to lock-up provisions (the “Lock-up”) contained
in the Insider Letter. Pursuant to the Insider Letter, the Subscriber will agree (subject to certain customary exceptions) not to sell,
transfer, pledge, hypothecate or otherwise dispose of all or any part of the Securities until the earlier to occur of: (A) one year after
the completion of the Company’s initial business combination or (B) the date on which the Company completes a liquidation, merger,
stock exchange or other similar transaction after its initial business combination that results in all of its stockholders having the
right to exchange their shares of Common Stock for cash, securities or other property. Notwithstanding the foregoing, if the last sale
price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial
business combination, the Securities will be released from the Lock-up. 

 

    3

    

    

 

5.3. Restrictive Legends.
All certificates representing the Founder Shares shall have endorsed thereon legends substantially as follows:

 

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

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
LOCKUP PROVISIONS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP PERIOD.”

 

5.4. Additional Shares
or Substituted Securities. In the event of the declaration of a stock dividend, the declaration of a special dividend payable in a
form other than Common Stock, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction
affecting the Company’s outstanding Common Stock without receipt of consideration, any new, substituted or additional securities
or other property which are by reason of such transaction distributed with respect to any Securities subject to this Section 5 or into
which such Securities thereby become convertible shall immediately be subject to this Section 5 and Section 3. Appropriate adjustments
to reflect the distribution of such securities or property shall be made to the number or class of Securities subject to this Section
5 and Section 3.

 

5.5. Registration
Rights. The Subscriber acknowledges that the Founder Shares are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant to a registration
rights agreement to be entered into with the Company prior to the closing of the IPO (the “Registration Rights Agreement”).

 

6. Other Agreements.

 

6.1. Further Assurances.
The Subscriber agrees to execute such further instruments and to take such further action as may reasonably be necessary to carry out
the intent of this Agreement.

 

6.2. Notices.
All notices, statements or other documents which are required or contemplated by this Agreement shall be in writing and delivered: (i)
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the
address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number
as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such
party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted
shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation,
if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days
after mailing if sent by mail.

 

6.3. Entire Agreement.
This Agreement, together with that certain Insider Letter to be entered into between the Subscriber and the Company and the Registration
Rights Agreement, each substantially in the form to be filed as an exhibit to the Registration Statement, embodies the entire agreement
and understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes all prior oral or written
agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of
any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions
of this Agreement.

 

    4

    

    

 

6.4. Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by all parties
hereto.

 

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

 

6.6. Assignment.
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of the other
party.

 

6.7. Benefit.
All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and shall
inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement shall be construed
to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third-party beneficiary
of this Agreement.

 

6.8. Governing Law.
This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws
of New York applicable to contracts wholly performed within the borders of such state.

 

6.9. Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in this Agreement
shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that such court deems
it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that such court shall deem any such
provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall nevertheless remain in full force
and effect.

 

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

 

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

 

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

 

    5

    

    

 

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

 

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

 

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

 

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

 

7. Voting and Redemption
of Founder Shares. The Subscriber agrees to vote the Founder Shares in favor of an initial business combination that the Company negotiates
and submits for approval to the Company’s stockholders and shall not seek redemption with respect to such Founder Shares. Additionally,
the Subscriber agrees not to redeem any Founder Shares in connection with a redemption or tender offer presented to the Company’s
stockholders in connection with an initial business combination negotiated by the Company.

 

8. Indemnification.
Each party shall indemnify the other against any loss, cost or damages (including reasonable attorneys’ fees and expenses) incurred
as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement.

 

[Signature Page Follows]

 

    6

    

    

 

If the foregoing accurately
sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.

 

	 	Very truly yours,
	 	 
	 	WILLIAMS ROWLAND ACQUISITION CORP.
	 	 	 
	 	By	/s/ David B. Williams
	 	Name: 	David B. Williams
	 	Title:	Co-Chief Executive Officer
	 	 	 
	 	By	/s/ Jonathan D. Rowland
	 	Name: 	Jonathan D. Rowland
	 	Title:	Co-Chief Executive Officer

 

	Accepted and agreed this  14thth day of  April, 2021.
	 	 
	WRAC Ltd	 
	 	 	 
	By	/s/ David B. Williams	 
	Name: 	David B. Williams	 
	Title: 	Executive Chairman	 

 

 

7Exhibit 10.8

 

July 26, 2021

 

Williams Rowland Acquisition Corp.

450 Post Road East

Westport, CT 06880

 

		Re:	Initial
Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
by and between William Rowland Acquisition Corp, a Delaware corporation (the “Company”), and Oppenheimer &
Co., Inc. (the “Underwriter”), relating to an underwritten initial public offering (the “Public
Offering”), of up to 23,000,000 of the Company’s units (including up to 3,000,000 units that may be purchased to cover
the Underwriter’s option to purchase additional units, if any) (the “Units”), each comprised of one share
of common stock of the Company, par value $0.0001 per share (“Common Stock”), and one-half of one redeemable
warrant (each whole warrant, a “Warrant”). Each whole Warrant entitles the holder thereof to purchase one share
of Common Stock at a price of $11.50 per share, subject to adjustment. The Units will be sold in the Public Offering pursuant to a registration
statement on Form S-1 and prospectus (the “Prospectus”) filed by the Company with the Securities and Exchange
Commission (the “Commission”). Certain capitalized terms used herein are defined in paragraph 9 hereof.

 

In order to induce the Company
and the Underwriter to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Williams Rowland Sponsor LLC, a Delaware limited liability company, Wrac
Ltd, a Guernsey company (collectively, the “Sponsor” and the “Holders”), and the other
undersigned persons (each such other undersigned persons, an “Insider” and collectively, the “Insiders”),
each hereby agrees, severally but not jointly, with the Company (but not with the Sponsor, the Holders or the other Insiders, none of
whom shall have any right to enforce any agreement of any other such person or to seek damages or any other remedy from any other such
person in connection with any alleged breach of any such agreement) as follows:

 

1. The Sponsor and each Insider
agree that if the Company seeks stockholder approval of a proposed Business Combination, then in connection with such proposed Business
Combination, it, he or she shall (i) vote any Founder Shares owned by it, him or her in favor of any proposed Business Combination
(including any proposals recommended by the Company’s Board of Directors in connection with such Business Combination) and (ii) not
redeem any Founder Shares owned by it, him or her in connection with such stockholder approval. If the Company seeks to consummate a proposed
Business Combination by engaging in a tender offer, the Sponsor and each Insider agrees that it, he or she will not sell or tender any
Founder Shares owned by it, him or her in connection therewith. 

 

     

     

    

 

2. The Sponsor and each Insider
hereby agrees that in the event that the Company fails to consummate a Business Combination within 18 months from the closing of the Public
Offering, or such later period approved by the Company’s stockholders in accordance with the Company’s amended and restated
certificate of incorporation, the Sponsor and each Insider shall take all reasonable steps to cause the Company to (i) cease all operations
except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10 business days thereafter, subject to
lawfully available funds therefor, redeem 100% of the shares of Common Stock sold as part of the Units in the Public Offering (the “Offering
Shares”), at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including
interest (which interest shall be net of taxes payable and less up to $100,000 of interest to pay dissolution expenses), divided by the
number of then outstanding Offering Shares, which redemption will completely extinguish all Public Stockholders’ rights as stockholders
(including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such
redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve
and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the other
requirements of applicable law. The Sponsor and each Insider agree to not propose any amendment to the Company’s amended and restated
certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection
with the Company’s initial Business Combination or to redeem 100% of the Offering Shares if the Company does not complete its initial
Business Combination within 18 months from the closing of the Public Offering or (B) with respect to any other provision relating to stockholders’
rights or pre-initial Business Combination activity, unless the Company provides its Public Stockholders with the opportunity to redeem
their Offering Shares upon approval of any such amendment at a per share price, payable in cash, equal to the aggregate amount then on
deposit in the Trust Account, including interest (which interest shall be net of taxes payable), divided by the number of then outstanding
Offering Shares.

 

The Sponsor and each Insider
acknowledge that, with respect to the Founder Shares held by it, him or her, it he or she has no right, title, interest or claim of any
kind in or to any monies held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with
respect to the Founder Shares and Private Placement Warrants held by it. The Sponsor and each Insider hereby further waive, with respect
to any Founder Shares held by it, him or her, if any, any redemption rights it, he or she may have in connection with (x) the consummation
of a Business Combination, including, without limitation, any such rights available in the context of a stockholder vote to approve such
Business Combination or in the context of a tender offer made by the Company to purchase shares of Common Stock and (y) a stockholder
vote to approve an amendment to the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing
of the Company’s obligation to allow redemptions in connection with the Company’s initial Business Combination or to redeem
100% of the Offering Shares if the Company has not consummated its initial Business Combination within 18 months from the closing of the
Public Offering or (B) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination
activity (although the Sponsor and the Insiders shall be entitled to redemption and liquidation rights with respect to any Offering Shares
it or they hold if the Company fails to consummate a Business Combination within 18 months from the date of the closing of the Public
Offering). 

 

3. In the event of the liquidation
of the Trust Account, the Sponsor (which for purposes of clarification shall not extend to any other stockholders, members or managers
of the Sponsor) agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, 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) to which the Company may become subject as a result of any claim
by (i) any third party (other than the Company’s independent registered public accounting firm) for services rendered or products
sold to the Company or (ii) a prospective target business with which the Company has discussed entering into a transaction agreement
(a “Target”); provided, however, that such indemnification of the Company by the Sponsor shall
apply only to the extent necessary to ensure that such claims by a third party for services rendered (other than the Company’s independent
registered public accounting firm) or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account
to below (i) $10.20 per Offering Share and (ii) the actual amount per Offering Share held in the Trust Account as of the date of
the liquidation of the Trust Account, if less than $10.20 per share due to reductions in the value of the trust assets, less taxes payable,
provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any
and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under
our indemnity of the Underwriter of this offering against certain liabilities, including liabilities under the Securities Act of 1933,
as amended. However, the Sponsor has not reserved for such indemnification obligations, nor have the Company independently verified whether
the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believes that the Sponsor’s only assets are
securities of the Company. None of the Company’s officers or directors will indemnify the Company for claims by third parties including,
without limitation, claims by vendors and prospective target businesses. 

 

    2

     

    

 

4. The Sponsor and each Insider
hereby agree and acknowledge that: (i) the Underwriter and the Company would be irreparably injured in the event of a breach by such Sponsor
or Insider of its, his or her obligations under paragraphs 1, 2, 5, 5(a) and 5(b) of this Letter Agreement (ii) monetary damages may not
be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to seek injunctive relief, in addition to any
other remedy that such party may have in law or in equity, in the event of such breach. 

 

5. (a) The Sponsor and each
Insider agree that it, he or she shall not Transfer (as defined below) any Founder Shares (or shares of Common Stock issuable upon conversion
thereof) until the earlier of (A) one year after the completion of the Company’s initial Business Combination and (B) subsequent
to the Business Combination, (x) the date on which the Company completes a liquidation, merger, stock exchange, reorganization or other
similar transaction that results in all of the Public Stockholders having the right to exchange their shares of Common Stock for cash,
securities or other property or (y) if the last reported sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted
for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day
period commencing at least 150 days after the Company’s initial Business Combination (the “Founder Shares Lock-Up Period”).

 

(b) The Sponsor and each Insider
agree that it, he or she shall not Transfer any Private Placement Warrants (“Private Placement Warrants”), including
therein or any shares of Common Stock issued or issuable upon the conversion or exercise of the Private Placement Warrants, until 30 days
after the completion of a Business Combination (the “Private Placement Warrants Lock-Up Period”, together with
the Founder Shares Lock-Up Period, the “Lock-Up Periods”).  

 

(c) Notwithstanding the provisions
set forth in paragraphs 5(a) and (b), Transfers of the Founder Shares, Private Placement Warrants and shares of Common Stock issued or
issuable upon the exercise or conversion of the Private Placement Warrants or the Founder Shares and that are held by the Sponsor or any
Insider or any of their permitted transferees (that have complied with this paragraph 5(c)), are permitted (a) to the Company’s
officers or directors, any affiliates or family members of any of the Company’s officers or directors, any members of the Holders,
or any affiliates of the Holders, (b) in the case of an individual, by gift to a member of the individual’s immediate family or
to a trust, the beneficiary of which is a member of the individual’s immediate family or an affiliate of such person, or to a charitable
organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the
case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the
consummation of the Company’s Business Combination at prices no greater than the price at which the securities were originally purchased;
(f) in the event of the Company’s liquidation prior to the Company’s completion of an initial Business Combination; (g) by
virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement, as amended, upon dissolution of
the Sponsor; or (h) in the event of the Company’s completion of a liquidation, merger, stock exchange, reorganization or other similar
transaction which results in all of the Public Stockholders having the right to exchange their Common Stock for cash, securities or other
property subsequent to the Company’s completion of an initial Business Combination; provided, however, that in the
case of clauses (a) through (e), these permitted transferees must enter into a written agreement with the Company agreeing to be bound
by the transfer restrictions and other applicable restrictions in this Letter Agreement.

 

6. The Sponsor and each Insider
represent and warrant that it, he or she has never been suspended or expelled from membership in any securities or commodities exchange
or association or had a securities or commodities license or registration denied, suspended or revoked. Each Insider’s biographical
information furnished to the Company, if any (including any such information included in the Prospectus), is true and accurate in all
respects and does not omit any material information with respect to such Insider’s background. The Sponsor and each Insider’s
questionnaire furnished to the Company, if any, is true and accurate in all respects. The Sponsor and each Insider represent and warrant
that: it is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to
desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; it has never been convicted of,
or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person,
or (iii) pertaining to any dealings in any securities and it is not currently a defendant in any such criminal proceeding. 

 

    3

     

    

 

7. Except as disclosed in,
or as expressly contemplated by, the Prospectus, neither the Sponsor nor any Insider nor any affiliate of the Sponsor or any Insider,
nor any director or officer of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies
in respect of any repayment of a loan or other compensation prior to, or in connection with any services rendered in order to effectuate
the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is). 

 

8. The Sponsor and each Insider
have full right and power, without violating any agreement to which it is bound (including, without limitation, any non-competition or
non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and, as applicable, to serve as
an officer and/or a director on the board of directors of the Company and hereby consents to being named in the Prospectus as an officer
and/or a director of the Company.

 

9. As used herein, (i) “Business
Combination” shall mean a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business
combination, involving the Company and one or more businesses; (ii) “Shares” shall mean, collectively,
the Common Stock, the Founder Shares and Common Stock underlying the Private Placement Warrants; (iii) “Founder Shares”
shall mean the 5,750,000 shares of common stock, par value $0.0001 per share, issued and outstanding immediately prior to the consummation
of the Public Offering (up to 750,000 shares of which are subject to complete or partial forfeiture by the Holders to the extent the over-allotment
option is not exercised by the Underwriter); (iv) “Initial Stockholders” shall mean the Sponsor and any
Insider that holds Founder Shares; (v) “Private Placement Warrants” shall mean the 9,900,000 warrants underlying the
Private Placement Warrants (or 11,100,000 warrants if the over-allotment option is exercised in full); (vi) “Public Stockholders”
shall mean the holders of securities issued in the Public Offering; (vi) “Trust Account” shall mean the
trust fund into which a portion of the net proceeds of the Public Offering shall be deposited; and (vii) “Transfer”
shall mean, with respect to the Founders Shares or Private Placement Warrants, the (a) sale or assignment of, offer to sell, contract
or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly
or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent
position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in
whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery
of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause
(a) or (b) herein.

 

10. This Letter Agreement
constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes all prior
understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to
the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed, amended, modified or waived
(other than to correct a typographical error) as to any particular provision, except by a written instrument executed by (1) each Insider
and each Holder that is the subject of any such change, amendment modification or waiver and (2) the Company.

 

11. 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
parties. 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 Sponsor and each Insider and their respective
successors, heirs and assigns and permitted transferees.

 

12. Nothing in this Letter
Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto any right, remedy or
claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement hereof. All covenants,
conditions, stipulations, promises and agreements contained in this Letter Agreement shall be for the sole and exclusive benefit of the
parties hereto and their successors, heirs, personal representatives and assigns and permitted transferees.

 

    4

     

    

 

13. This Letter Agreement
may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and all such counterparts shall together constitute but one and the same instrument.

 

14. This Letter Agreement
shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability
of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision,
the parties hereto intend that there shall be added as a part of this Letter Agreement a provision as similar in terms to such invalid
or unenforceable provision as may be possible and be valid and enforceable.

 

15. This Letter Agreement
shall be governed by and construed and enforced in accordance with the laws of the State of New York. The parties hereto (i) all agree
that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced
in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and
venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient
forum.

 

16. 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 or other
electronic transmission.

 

17. Each party hereto shall
not be liable for any breaches or misrepresentations contained in this Letter Agreement by any other party to this Letter Agreement, and
no party shall be liable or responsible for the obligations of another party, including, without limitation, indemnification obligations
and notice obligations.

 

19. This Letter Agreement
shall terminate on the earlier of (i) the expiration of the Lock-Up Periods and (ii) the liquidation of the Company; provided,
however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated and closed
by August 31, 2021; provided further that paragraph 3 of this Letter Agreement shall survive such liquidation.

 

[Signature page follows]

 

    5

     

    

 

	 	Sincerely,
	 	 	 
	 	Williams Rowland Sponsor LLC
	 	 	 
	 	By:	/s/
David B. Williams
	 	 	Name: 	David B. Williams
	 	 	Title:	Authorized Signatory
	 	 	 
	 	WRAC Ltd
	 	 	 
	 	By:	/s/ Jonathan D. Rowland

	 	 	Name: 	Jonathan D. Rowland
	 	 	Title:	Authorized Signatory

 

	Acknowledged and Agreed:	 
	 	 	 
	William Rowland Acquisition Corp.	 
	 	 	 
	By:	/s/ David B. Williams	 
	Name: 	David B. Williams	 
	Title:	Co-Chief Executive Officer	 
	 	 	 
	By:	/s/ Jonathan
D. Rowland	 
	Name: 	Jonathan D. Rowland	 
	Title:	Co-Chief Executive Officer	 

 

[Signature page 1 to Anchor Investor Letter
Agreements]

 

     

     

    

 

	 	Sincerely,
	 	 
	 	 	D.E. Shaw Valence Portfolios LLC
	 	 
	 	By:	/s/ Edwin Jager
	 	 	Name: 	Edwin Jager
	 	 	Title:	Authorized Signatory

 

     

     

    

 

	 	Sincerely,
	 	 
	 	 	Radcliffe Capital Management, L.P.
	 	 
	 	By:	/s/ Steven Katznelson
	 	 	Name: 	Steven Katznelson
	 	 	Title:	Authorized Signatory

 

     

     

    

 

	 	Sincerely,
	 	 
	 	 	DS Liquid DIV SCM LLC
	 	 	 
	 	By:	/s/ Lisa Munoz
	 	 	Name: 	Lisa Munoz
	 	 	Title:	Asst. Sec. FRM Investment Managment (USA) LLC, its
Manager

 

     

     

    

 

	 	Sincerely,
	 	 
	 	 	MAP 214 Segregated Portfolio, a segregated portfolio of LMA SPC
	 	 	 
	 	By:	/s/
    Carl Winter
	 	 	Name: 	Carl Winter
	 	 	Title:	Authorized Signatory

 

     

     

    

 

	 	Sincerely,
	 	 
	 	 	Shaolin Capital Partners Master Fund
    Ltd
	 	 	 
	 	By:	/s/
    Carl Winter
	 	 	Name: 	Carl Winter
	 	 	Title:	Authorized Signatory

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