Document:

Exhibit 10.2

 

THIS
AMENDED AND RESTATED PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION
OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED.  

 

AMENDED AND RESTATED
PROMISSORY NOTE

 

	Principal Amount:  Up to $300,000	Dated as of August 20, 2021

 

Digital
World Acquisition Corp., a Delaware corporation and blank check company (the “Maker”), promises to pay to the
order of ARC Global Investments II LLC or its registered assigns or successors in interest (the
 “Payee”), or order, the principal sum of up to Three Hundred Thousand Dollars ($300,000) in lawful money of the United
States of America, on the terms and conditions described below.  All payments on this Note shall be made by check or wire transfer
of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by
written notice in accordance with the provisions of this Note. This Note amends and restates in its entirety the Promissory Note of the
Maker ("Original Note") dated December 11, 2020 in the principal sum of up to Three Hundred Thousand Dollars ($300,000)
previously issued by the Maker to the Payee but does not constitute a novation or extinguishment of the debt represented by the Original
Note.

 

1.            Principal. The
entire unpaid principal balance of this Note shall be payable by the Maker on the earlier of: (i) September 30, 2021, or (ii) the date
on which Maker consummates an initial public offering of its securities. The principal balance may be prepaid at any time. Under no circumstances
shall any individual, including but not limited to any officer, director, employee or shareholder of the Maker, be obligated personally
for any obligations or liabilities of the Maker hereunder.

 

2.            Interest. No
interest shall accrue on the unpaid principal balance of this Note.

 

3.            Drawdown
Requests. Maker and Payee agree that Maker may request up to Three Hundred Thousand Dollars ($300,000) for costs reasonably related
to Maker’s initial public offering of its securities. The principal of this Note may be drawn down from time to time prior to the
earlier of: (i) September 30, 2021 or (ii) the date on which Maker consummates an initial public offering of its securities, upon written
request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down,
and must not be an amount less than Five Thousand Dollars ($5,000) unless agreed upon by Maker and Payee. Payee shall fund each Drawdown
Request no later than five (5) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns
collectively under this Note is Three Hundred Thousand Dollars ($300,000). Once an amount is drawn down under this Note, it shall not
be available for future Drawdown Requests even if prepaid. No fees, payments or other amounts shall be due to Payee in connection with,
or as a result of, any Drawdown Request by Maker. Notwithstanding the foregoing, all payments shall be applied first to payment in full
of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorneys’ fees,
and then to the reduction of the unpaid principal balance of this Note.

 

4.            Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under
this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally
to the reduction of the unpaid principal balance of this Note.

 

5.            Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)           Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of
the date specified above.

 

(b)          Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the
making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become
due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

     

     

    

 

(c)           Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an
involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation
of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

  

6.            Remedies.

 

(a)           Upon
the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note to be
due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall become
immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived,
anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 

 

(b)           Upon
the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all other sums
payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part
of Payee.

 

7.            Waivers. Maker
and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and
notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms
of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal,
or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for
any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may
be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may be sold upon any such writ
in whole or in part in any order desired by Payee.

 

8.            Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party,
and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to
by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect
to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties
hereto without notice to Maker or affecting Maker’s liability hereunder.

 

9.            Notices. All
notices, statements or other documents which are required or contemplated by this Note shall be made 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 or (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.

 

10.          Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF DELAWARE, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

11.          Severability. Any
provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

     

     

    

 

12.          Trust
Waiver.  Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or
claim of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which the proceeds
of the initial public offering (the “IPO”) to be conducted by the Maker (including the deferred underwriters discounts
and commissions) and the proceeds of the sale of the warrants to be issued in a private placement to occur prior to the closing of the
IPO are to be deposited, as described in greater detail in the registration statement and prospectus to be filed with the Securities and
Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any
Claim against the trust account for any reason whatsoever.

 

13.          Amendment;
Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of
the Maker and the Payee.

 

14.          Assignment.
No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or
otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall
be void.

 

[Signature page follows]

 

     

     

    

 

IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the
day and year first above written.

 

	 	Digital World Acquisition Corp.
	 	 	 
	 	By:	/s/ Patrick Orlando
	 	 	Name: Patrick Orlando
	 	 	Title: Chief Executive OfficerExhibit
10.10

 

INVESTMENT AGREEMENT

 

THIS INVESTMENT AGREEMENT (this “Agreement”),
dated as of August [●], 2021, is by and, except as otherwise indicated, among (i) Digital World Acquisition Corp., a Delaware corporation
(the “SPAC”), (ii) ARC Global Investments II LLC, a Delaware limited liability company (the “Sponsor”),
and (iii) [●] (“Investor”).

 

WHEREAS, in connection with the initial public
offering (the “IPO”) of units of the SPAC, Investor has expressed an interest in acquiring up to 2,490,000 units in
the IPO (with each such unit comprised of one share of Class A common stock, par value $0.0001 per share, of the SPAC (the “Class
A Common Stock”) and one-half of one warrant to purchase one share of Class A Common Stock), which shall not exceed 8.3% of
the number of such units and/or the number of shares of the Class A Common Stock underlying the units to be offered (not including the
over-allotment option) (the “IPO Indication”), at a price of $10.00 per unit.

 

WHEREAS, the parties wish to enter into this Agreement
pursuant to which Investor will purchase from the Sponsor Class B common stock, par value $0.0001 per share, of the SPAC (the “Founder
Shares”) for the same value paid by the Sponsor, or approximately $0.0029 per share.

 

NOW THEREFORE, the parties hereto hereby agree
as follows:

 

Section 1. Sale and Purchase.

 

(a)  
In connection with the IPO Indication, and subject to the satisfaction of the conditions set forth in Section 1(b), the
Sponsor hereby agrees to sell to Investor 150,000 Founder Shares (such shares, the “Transferred Shares”) for an aggregate
purchase price of $435 ($0.0029 per share) (the “Transfer Price”) on the date of the closing of the IPO, and Investor
hereby agrees to purchase the Transferred Shares (the “Transfer”). Concurrently with the Transfer, in consideration
for the transfer of the Transferred Shares, Investor shall pay the Transfer Price to the Sponsor in immediately available funds.

 

(b)   Subject
to (i) the fulfillment by Investor (but only to the extent actually allocated to Investor by the underwriters) of the IPO Indication
(which shall include the acquisition of 100% of the units of the SPAC allocated to Investor by the underwriters in the IPO, which
number of allocated units shall not be greater than 8.3% of the units offered in the IPO (exclusive of any units that may be issued
pursuant to the underwriters’ over-allotment option) or greater than the IPO Indication) and (ii) Investor’s payment of
the Transfer Price as contemplated by Section 1(a) of this Agreement, the Transfer shall occur and be effective upon the
closing of the IPO, automatically and without any action of any other party hereto. The parties intend that the purchase of the
Transferred Shares contemplated by this Agreement be treated as a taxable sale and purchase of the Transferred Shares that is
governed by Section 1001 of the Internal Revenue Code of 1986, as amended, and agree not to take any tax reporting position
inconsistent with this agreed tax treatment. In the event the Investor is provided with an opportunity to participate in an
overallotment exercise or purchase more than 2,490,000 units in the IPO (8.3% of 30,000,000 units), it shall first be provided with
the opportunity to purchase additional Transferred Shares in a manner proportional to any increase above 2,490,000 units at $0.0029
per additional Transferred Share. The Transferred Shares shall not be reduced should the Investor be allocated less than the IPO
Indication.

 

     

     

    

 

(c)  
Notwithstanding anything to the contrary herein, the number of Transferred Shares shall not be subject to share price or other
vesting triggers, claw-back, cut-back, reduction, mandatory repurchase, redemption or forfeiture for any reason, including (i) transfer
of the Founder Shares to any person, (ii) downsizing of the offering, (iii) failure of the underwriters to exercise their green shoe option,
(iv) concessions or “earn-out” triggers in connection with the negotiation of a Business Combination or otherwise (as defined
below), or (v) any other event or modification, without the Investor’s prior written consent.

 

(d)  
The obligations of Investor hereunder are subject to there being no material change in the pricing of the IPO or in the structure,
terms and conditions in the capital structure of the SPAC from that set forth in the Registration Statement on Form S-1 as on file with
the United States Securities and Exchange Commission on August [●], 2021 (the “Registration Statement”).

 

(e)  
In the event the IPO does not occur by October 31, 2021, this Agreement shall terminate and be of no further force and effect unless
agreed in writing by the parties hereto.

 

Section 2. Representations
and Warranties of the SPAC. The SPAC hereby represents and warrants to Investor, as of the date hereof and as of the closing date
of the IPO, as follows:

 

(a)  
The SPAC is duly organized and in good standing under the laws of the State of Delaware and has full power and authority to carry
on its business as presently conducted and as proposed to be conducted and execute and deliver this Agreement, to perform its obligations
hereunder and to consummate the transactions contemplated hereby.

 

(b)  
This Agreement has been duly and validly executed and delivered by the SPAC and constitutes a legal, valid and binding obligation
of the SPAC enforceable against the SPAC in accordance with its terms.

 

(c)  
The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and the performance of its
obligations hereunder will not materially conflict with, or result in any material violation of or default under, the SPAC’s organizational
documents, any agreement or other instrument to which the SPAC is a party or by which the SPAC is bound, or any decree, order, statute,
rule or regulation applicable to the SPAC or the Transferred Shares.

 

    2

     

    

 

(d)  
 None of the information conveyed to the Investor in connection with the transactions contemplated by the Agreement will constitute
material non-public information of the SPAC upon the effectiveness of the Registration Statement.

 

(e)  
No governmental, administrative or other third-party consents or approvals are required by or with respect to the SPAC in connection
with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby.

 

(f)   
All information contained in the questionnaires (“Questionnaires”) completed by each of the SPAC’s officers,
directors and the Sponsor (collectively, the “Insiders”) and provided to the underwriters and their counsel and the
biographies of the Insiders contained in the Registration Statement and prospectus (to the extent a biography is contained) is true and
correct and the SPAC has not become aware of any information which would cause the information disclosed in the Questionnaires completed
by each Insider to become inaccurate, incorrect or incomplete. There is no action, suit, proceeding, inquiry, arbitration, investigation,
litigation or governmental proceeding pending, or to the SPAC’s knowledge, assuming reasonable inquiry, threatened against or involving
the SPAC or, to the SPAC’s knowledge, assuming reasonable inquiry, any Insider or any stockholder or member of an Insider that has
not been disclosed, that is required to be disclosed, in the Registration Statement, the prospectus or the Questionnaires.

 

(g)  
The Founder Shares, when issued to the Sponsor, were validly issued, fully paid and non-assessable, free and clear of all liens
or other restrictions (other than those arising under applicable securities laws or as otherwise disclosed in the Registration Statement)
and were not issued in violation of, or subject to, any preemptive or similar rights.

 

Section 3. Representations
and Warranties of the Sponsor. The Sponsor hereby represents and warrants and covenants to Investor, as of the date hereof and as
of the closing date of the IPO, as follows:

 

(a)  
The Sponsor is duly formed and validly existing as a limited liability company in good standing under the laws of the State of
Delaware and has full power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate
the transactions contemplated hereby.

 

(b)  
This Agreement has been duly and validly executed and delivered by the Sponsor and constitutes a legal, valid and binding obligation
of the Sponsor enforceable against the Sponsor in accordance with its terms.

 

(c)   The
execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and the performance of its
obligations hereunder will not materially conflict with, or result in any material violation of or default under, any of the
Sponsor’s organizational documents or any agreement or other instrument applicable to the Transferred Shares or to which the
Sponsor is a party or by which the Sponsor is bound, or any decree, order, statute, rule or regulation applicable to the Sponsor or
the Transferred Shares.

 

    3

     

    

 

(d)  
No governmental, administrative or other third-party consents or approvals are required by or with respect to the Sponsor in connection
with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby.

 

(e)  
The terms, rights and conditions set forth in this Agreement are as favorable to the Investor as the terms, rights and conditions
granted to all other investors in connection with expressing an interest in the IPO or otherwise acquiring Founder Shares in connection
with the IPO (each such other investor, an “Anchor Investor”), provided that the Investor acknowledges that Founders
Shares have been offered to the Sponsor, executive officers, advisors, directors and director nominees of the SPAC in connection with
their service and the Sponsor expressly reserves the right to issue membership interests in the Sponsor in its sole discretion. In the
case that another Anchor Investor is afforded more favorable terms than Investor, the Sponsor shall promptly notify Investor of such more
favorable terms, and Investor shall have the right to elect to have such more favorable terms, so as to be on the same terms, in which
case the parties hereto shall promptly amend this Agreement to effect the same. For the avoidance of doubt, if any other Anchor Investor
has an ability to purchase proportionately more Founder Shares relative to its expression of interest in the IPO than the Investor as
set forth on the signature page hereto, then such other Anchor Investor shall be considered to have more favorable terms than the Investor.

 

(f)   
The Sponsor is the beneficial owner of the Transferred Shares. Except as described in this Agreement or in the Registration Statement,
there is no agreement, arrangement or understanding with any other person regarding the sale or transfer of any Transferred Shares, and
there exist no liens, pledges, security interests, claims, options, proxies, voting agreements, charges or encumbrances of any kind affecting
the Transferred Shares, other than any restrictions on transfer that may be imposed by any applicable statute, law, ordinance, regulation,
rule, code, order, common law, judgment, decree, other requirement or rule of law (“Applicable Law”) of any federal,
state, local or foreign government or political subdivision thereof, or any agency or instrumentality of such government or political
subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasigovernmental authority, or any
arbitrator, court or tribunal of competent jurisdiction (a “Governmental Authority”). Upon transfer of the Transferred
Shares to the Investor in accordance with the terms hereof against payment of the Transfer Price, the Investor will acquire ownership
of the Transferred Shares, free and clear of all liens, pledges, security interests, claims, options, proxies, voting agreements, charges
or encumbrances of any kind affecting the Transferred Shares, other than any restrictions on transfer that may be imposed by Applicable
Law. The sale by the Sponsor of the Founder Shares to the Investor will not result in a violation of Section 5 under the Securities Act
of 1933 (the “Securities Act”).

 

    4

     

    

 

Section 4. Representations
and Warranties of Investor. Investor hereby represents and warrants to the SPAC and the Sponsor, as follows:

 

(a)  
Investor has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder.

 

(b)  
This Agreement has been duly and validly executed and delivered by Investor and constitutes a legal, valid and binding obligation
of Investor enforceable against Investor in accordance with its terms.

 

(c)  
The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and the performance of its
obligations hereunder will not materially conflict with, or result in any material violation of or default under, any of the Investor’s
organizational documents, any agreement or other instrument to which Investor is a party or by which Investor is bound, or any decree,
order, statute, rule or regulation applicable to Investor.

 

(d)  
Investor is an “accredited investor” as that term is defined in Regulation D promulgated under the Securities Act,
as amended.

 

Section 5. Additional Agreements and Acknowledgements
of Investor.

 

(a)   Investor
acknowledges that the SPAC was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination with one or more businesses or entities (a “Business
Combination”). Investor agrees with the SPAC that if the SPAC seeks shareholder approval of a proposed Business
Combination, then in connection with such proposed Business Combination, Investor shall (i) vote all Founder Shares in favor of such
proposed Business Combination and (ii) not redeem any of such Founder Shares owned by it, him or her in connection with such
stockholder approval. Notwithstanding the foregoing, nothing shall prevent the Investor from exercising its redemption rights and
receiving distributions from the Trust Account for any shares of Class A Common Stock it acquires in the IPO (including the IPO
Indication) or in the open market in accordance with the terms and conditions applicable to the shares of Class A Common Stock and
the IPO described in the Registration Statement. Without written consent of the SPAC, the Investor agrees with the SPAC not to
transfer, assign or sell any Transferred Shares or the Class A Common Stock, issuable upon conversion of the Transferred Shares held
by it, until the earlier to occur of: (A) six months after the completion of a Business Combination and (B) subsequent to a Business
Combination, (x) if the reported last sale price of the Class A 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 Business Combination, or (y) the date on which the SPAC completes a liquidation,
merger, capital stock exchange or other similar transaction that results in all of its stockholders having the right to exchange
their shares of common stock for cash, securities or other property; provided however, that the Investor shall be permitted
to transfer, assign or sell all or a portion of the Transferred Shares to an affiliate (as such term is defined in Rule 144
promulgated under the Securities Act of 1933, as amended) of the Investor. The Transferred Shares directly or indirectly owned by
the Investor will not be subject to additional lock-ups than detailed in this Section 5(a) or the Registration Statement. In
addition, neither Sponsor nor any other holder of Founder Shares are being afforded more favorable lockup terms than those detailed
in this Section 5(a), and if the Sponsor or any other holder of Founder Shares is given an early release or favorable modification
of such lockup terms, the parties hereto agree that the Investor will receive the same treatment. For the avoidance of doubt, this
Section 5 shall not restrict the Investor from transferring, assigning, redeeming or selling any Class A Common Stock, warrants or
units acquired in the IPO or in the open market.

 

    5

     

    

 

(b)  
Following the expiration of the transfer restrictions set forth in Section 5(a), if the Transferred Shares are eligible to be sold
without restriction under, and without the SPAC being in compliance with the current public information requirements of, Rule 144 under
the Securities Act, or if they have been registered for resale under the Securities Act, then at the Investor’s written request,
the SPAC will use its best efforts to cause the SPAC’s transfer agent to remove any legend(s) to which the Transferred Shares are
subject, subject to compliance by the Investor with the reasonable and customary procedures for such removal required by the SPAC or its
transfer agent. In connection therewith, if required by the SPAC’s transfer agent, the SPAC will promptly cause an opinion of counsel
to the SPAC to be delivered to and maintained with its transfer agent, together with any other authorizations, certificates and directions
required by the transfer agent that authorize and direct the transfer agent to issue such Transferred Shares without any such legend(s).

 

(c)   Investor
acknowledges that it is aware the SPAC will establish a trust account (the “Trust Account”) for the benefit of
its public shareholders upon the closing of the IPO. Investor agrees with the SPAC that it 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 SPAC as a result of any liquidation of the SPAC
with respect to the Transferred Shares; provided that nothing herein shall limit the Investor’s rights with respect to
the Trust Account or any claims in respect of shares of Class A Common Stock purchased by Investor in the IPO or in the open market.
With respect to the Transferred Shares, the waiver of claims on the assets of the Company held outside the Trust Account shall only
apply to a liquidation of the Company prior to the consummation of its initial Business Combination, and not thereafter.
Notwithstanding anything to the contrary contained in this Section 5(c) or otherwise (i) nothing shall prevent the Investor from
redeeming any Class A Common Stock (including shares included in units) it purchases pursuant to the Registration Statement in the
IPO or in the open market following the IPO (collectively, the “Purchased Public Unit Amount”) and (ii) the
Investor does not waive any right title, interest or claim against the Trust Account (including any distributions therefrom) arising
as a result of, in connection with or relating in any way to its purchase or ownership of the Purchased Public Unit Amount
(including the IPO Indication and the shares of Common Stock and warrants included therein and the shares of Common Stock issuable
upon exercise of such warrants) or any other security of the SPAC acquired in the open market (“Reserved Claims”)
and is not prohibited from seeking recourse against the Trust Account with respect to any Reserved Claims.

 

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(d)  
In connection with the IPO, the SPAC shall enter into a registration rights agreement (the “Registration Rights Agreement”)
as agreed by the Sponsor, Investor and certain other parties thereto in the form filed as an exhibit to the SPAC’s Registration
Statement. The Registration Rights Agreement shall provide Investor with registration rights with respect to the Transferred Shares that
are no less favorable to Investor than the registration rights of the Sponsor set forth therein. The Investor’s rights under the
Registration Rights Agreement may not be subsequently terminated, amended, revised or otherwise modified without the Investor’s
written consent.

 

Section 6. Miscellaneous.

 

(a)  
Any notice or communication under this Agreement shall be in writing and given by (i) deposit in the United States mail, addressed
to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) recognized courier or overnight
delivery service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail or facsimile, if to the SPAC
or the Sponsor, to: 78 SW 7th Street, Miami, Florida 33130, Attention: Patrick Orlando, e-mail: porlando@beneinvest.com; and, if to the
Investor, at the Investor’s address or contact information as set forth on the signature page attached hereto.

 

(b)  
This Agreement shall be governed by the internal laws (and not the law of conflicts) of the State of New York.

 

(c)  
This Agreement may not be amended, modified or waived without the written consent of the parties hereto. Notwithstanding the foregoing,
the Investor may assign its rights and obligations under this Agreement to one or more of its affiliates, to other investment funds or
accounts managed or advised by the investment manager who acts on behalf of the Investor or by an affiliate of such investment manager.

 

(d)  
The parties hereto agree that irreparable damage may occur in the event any provision of this Agreement was not performed in accordance
with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy
at law or equity or otherwise.

 

(e)  
The rights and obligations under this Agreement may not be assigned by any party hereto without the prior written consent of the
other parties.

 

(f)   
From time to time, at the reasonable request of any of the other parties hereto, each party hereto shall execute and deliver such
additional documents and instruments and take such further lawful action as may be necessary to consummate and make effective, in the
most expeditious manner practicable, the transactions contemplated by this Agreement.

 

(g)   Any
term or provision of this Agreement which is invalid or unenforceable shall be ineffective to the extent of such invalidity or
unenforceability without rendering invalid or unenforceable the remaining rights of the person intended to be benefited by such
provision or any other provisions of this Agreement.

 

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(h)  
This Agreement may be executed in two or more counterparts, each of which shall constitute an original, and all of which taken
together shall constitute one and the same instrument. Any signature page delivered by a facsimile machine or electronic mail shall be
binding to the same extent as an original signature page.

 

(i)    
Notwithstanding anything to the contrary in this Agreement, Section 5(a), Section 5(b) and Section 5(c) shall only be enforceable
against the Investor by the SPAC on its own behalf. For the avoidance of doubt and in accordance with their terms, Section 5(a), Section
5(b) and Section 5(c) are not enforceable by the Sponsor.

 

(j)    
Except as may be required by law, regulation or applicable stock exchange listing requirements or judicial or administrative order,
unless and until the transactions contemplated hereby and the terms hereof have been publicly announced or otherwise publicly disclosed
by the Sponsor, the parties hereto shall keep confidential and shall not publicly disclose the existence or terms of this Agreement. Notwithstanding
the foregoing, Investor shall be permitted to disclose any information to its affiliates and to its and their control persons, officers,
directors, employees, advisors, direct or indirect owners, partners, agents and representatives, in each case so long as such person or
entity has been advised of its obligation to comply with the confidentiality provisions hereunder. Investor agrees that the SPAC may disclose
the terms of this Agreement in the Registration Statement, including the name of the Investor.

 

* * * * *

 

[Signature page follows]

 

    8

     

    

 

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

 

	 	INVESTOR:
	 	 
	 	[●]	 
	 	 	 
	 	By:	 
	 	Name:	[●]
	 	Title:	[●]
	 	 	 
	 	 	Address:
	 	 	 
	 	 	 
	 	 	 
	 	 	Phone: 
	 	 	 
	 	 	 
	 	 	Email:

 

	 	 SPAC:
	 	 
	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	 SPONSOR:
	 	 
	 	 By: 
	 	By:	                     
	 	Name:	 
	 	Title:	 

 

[Signature Page to Investment
Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}]]