Document:

Exhibit 10.1

   

  January 20, 2022

   

  Heartland Media Acquisition Corp.

  3282 Northside Pkwy

  Suite 275

  Atlanta, GA 30327

  Attention: Robert S. Prather, Jr.

   

  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”) entered into or proposed to be entered into by and among Heartland Media Acquisition Corp., a Delaware corporation (the “Company”), and BofA Securities, Inc. and Moelis & Company
      LLC (“Moelis”), as the representatives (the “Representatives”) of the several underwriters named therein (collectively, the “Underwriters”), relating to an underwritten initial public offering (the “Public Offering”) of up
      to 20,125,000 of the Company’s units (including up to 2,625,000 units that may be purchased to cover over-allotments, if any) (the “Units”), each comprised of one share of the Company’s Class A common stock, par value $0.0001 per share (“Common
        Stock”), and one-half of one redeemable warrant (each, 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, as amended, and prospectus, as amended (the “Prospectus”) filed by the Company with the Securities and Exchange Commission (the “Commission”) and the Company has
      applied to have the Units listed on the New York Stock Exchange. Certain capitalized terms used herein are defined in paragraph 11 hereof.

   

  In order to induce the Company and the Underwriters 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, Heartland Sponsor LLC (the “Sponsor”) and each of the undersigned (each, an “Insider”
      and collectively, the “Insiders”), hereby agree, severally but not jointly, with the Company as follows:

   

  1.       The Sponsor and each Insider agrees 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 shares of Capital Stock owned by it, him or her in favor of any proposed Business Combination and (ii) not redeem any
      shares of Capital Stock owned by it, him or her in connection with such stockholder approval. If the Company engages in a tender offer in connection with any proposed Business Combination, the Sponsor and each Insider agrees that it, he or she will
      not sell or tender any shares of Capital Stock owned by it, him or her to the Company 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 up to 21 months from the closing of the Public Offering at (a) the election of the Company, to extend such time up to an additional three months,
      subject to certain conditions, including the deposit of $1,750,000 (or $0.10 per Unit) into the Trust Account or (b) the approval by the Company’s stockholders in accordance with the Company’s amended and restated certificate of incorporation (any
      such additional period, an “Extension Period”), it, he or she 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 ten
      (10) Business Days thereafter, 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 earned on the funds held in the Trust Account (net of taxes payable and less up to $100,0000 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 of the Company (including the right to receive further liquidation 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 other requirements of
      applicable law. The Sponsor and each Insider agrees not to propose any amendment to the Company’s amended and restated certificate of incorporation 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 a Business Combination within 18 months from the closing of the Public Offering or during any Extension Period, or with respect to
      any other provision relating to stockholders rights or pre-initial Business Combination activity, unless the Company provides 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 earned on the funds held in the Trust Account (net of taxes payable), divided by the number of then outstanding Offering Shares.

    

  
     

    
      
 

  

  The Sponsor and each Insider acknowledges that, with respect to the Founder Shares and Private
      Placement Warrants held by it, he or she, it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account as a result of any liquidation of the Company (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 or during any Extension
      Period). The Sponsor and each Insider hereby further waives, with respect to any shares of Capital Stock held by it, him or her, if any, any redemption rights it, he or she may have in connection with (A) 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, or (B) a stockholder vote
      to approve an amendment to the Company’s amended and restated certificate of incorporation (i) 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 has not consummated a Business Combination within 18 months from the closing of the Public Offering or during any Extension Period, or (ii) with respect to any other provision relating to stockholders
      rights or pre-initial Business Combination activity.

   

  3.       Notwithstanding the provisions set forth in paragraphs 7(a) and (b) below, during
      the period commencing on the date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall not, without the prior written consent of BofA Securities, Inc., except with respect to Moelis, (i) offer, pledge,
      hypothecate, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of or agree to transfer or dispose of,
      directly or indirectly, any Units, shares of Common Stock, Founder Shares, Warrants or any securities convertible into, or exercisable, or exchangeable for, any Units, Common Stock, Founder Shares or Warrants, (ii) file with, or submit to, the
      Commission a registration statement under the Securities Act of 1933, as amended (the “Securities Act”) relating to any Units, shares of Common Stock, Founder Shares, Warrants or any securities convertible into, or exercisable, or exchangeable
      for, any Units, Common Stock, Founder Shares or Warrants, (iii) establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (“Section
        16”) with respect to any Units, shares of Common Stock, Founder Shares, Warrants or any securities convertible into, or exercisable, or exchangeable for, any Units, Common Stock, Founder Shares or Warrants, (iv) enter into any swap or other
      arrangement that transfers, in whole or in part, any of the economic consequences of ownership of any Units, shares of Common Stock, Founder Shares, Warrants or any securities convertible into, or exercisable, or exchangeable for, any Units, Common
      Stock, Founder Shares or Warrants whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (v) publicly disclose the intention to undertake any transaction specified in clause (i), (ii), (iii) or (iv)
      above; provided, however, the foregoing shall not apply to the forfeiture of any Founder Shares pursuant to their terms.

  
     

    
      
 

  

  Only with respect to Moelis, notwithstanding the provisions set forth in this section, Moelis
      agrees not to sell, transfer, assign, pledge, or hypothecate its Class A Common Stock, Warrants or the Class A Common Stock underlying such Warrants (collectively, the “Restricted Securities”), nor shall such Restricted Securities be the
      subject of any hedging, short-sale, derivative, put, or call transaction that would result in the effective economic disposition of the securities for a period of 180 days beginning on the date of commencement of the sales of the Public Offering.

    

   

  4.       In the event of the liquidation of the Trust Account upon the failure of the Company
      to consummate a Business Combination within 18 months from the date of the closing of the Public Offering or during any Extension Period, the Sponsor (which for purposes of clarification shall not extend to the stockholders, members or managers of
      the Sponsor or any of the other undersigned) 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 (x) shall apply only to the extent necessary to ensure that such claims by a third party (other than the Company’s independent registered public accounting firm) for services
      rendered or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below (i) $10.25 per Offering Share or (ii) such lesser amount per Offering Share held in the Trust Account as of the date of the
      liquidation of the Trust Account due to reductions in the value of the trust assets, in each case, net of the amount of interest earned on the property in the Trust Account which may be withdrawn to pay the Company’s taxes (less up to $100,000 of
      interest to pay dissolution expenses), (y) shall not apply to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and (z) shall not apply to any claims under the Company’s indemnity of the
      Underwriters against certain liabilities, including liabilities under the Securities Act. In the event that any such executed waiver is deemed to be unenforceable against such third party, the Sponsor shall not be responsible to the extent of any
      liability for such third party claims. The Sponsor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the
      Sponsor, the Sponsor notifies the Company in writing that it shall undertake such defense.

   

  5.       To the extent that the Underwriters do not exercise their over-allotment option to
      purchase up to an additional 2,625,000 Units within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees that it shall forfeit, at no cost, a number of Founder Shares equal to the product of 656,250
      multiplied by a fraction, (i) the numerator of which is 2,625,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 2,625,000. The forfeiture will be
      adjusted to the extent that the over-allotment option is not exercised in full by the Underwriters so that the number of Founder Shares will represent an aggregate of 20.0% of the Company’s issued and outstanding shares of Capital Stock after the
      Public Offering (not including shares of Common Stock underlying the Warrants or the Private Placement Warrants). The Initial Stockholders agree that to the extent that the size of the Public Offering is increased or decreased, the Company will
      effect a stock dividend or share repurchase or contribution back to capital, as applicable, immediately prior to the consummation of the Public Offering in such amount as to maintain the number of Founder Shares at 20.0% of its issued and outstanding
      shares of Capital Stock upon the consummation of the Public Offering (not including shares of Common Stock underlying the Warrants or the Private Placement Warrants). In connection with such increase or decrease in the size of the Public Offering,
      then (A) the references to 2,625,000 in the numerator and denominator of the formula in the first sentence of this paragraph shall be changed to a number equal to 15.0% of the number of shares included in the Units issued in the Public Offering and
      (B) the reference to 656,250 in the formula set forth in the first sentence of this paragraph 5 shall be adjusted to such number of Founder Shares that the Sponsor would have to return to the Company in order for the number of Founder Shares to equal
      an aggregate of 20.0% of the Company’s issued and outstanding shares of Capital Stock after the Public Offering (not including shares of Common Stock underlying the Warrants or the Private Placement Warrants).

    

  
     

    
      
 

  

  6.       The Sponsor and each Insider hereby agrees and acknowledges that: (i) the
      Underwriters 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, 3, 4, 5, 7(a), 7(b), 8 and 9 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.

    

   

  7.       (a) The Sponsor and each Insider agrees that it, he or she shall not Transfer 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 Company’s initial Business Combination, 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, or the date on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having
      the right to exchange their shares of common stock for cash, securities or other property (the “Founder Shares Lock-up Period”).

   

  (b) The Sponsor and each Insider agrees that, to the extent it, he or she holds Private
      Placement Warrants, it, he or she shall not Transfer any Private Placement Warrants (or shares of Common Stock issued or issuable upon the exercise of the Private Placement Warrants), until 30 days after the completion of the Company’s initial
      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 7(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, any Insider or any of their permitted
      transferees (that have complied with this paragraph 7(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 Sponsor or any affiliates of the
      Sponsor; (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 a Business Combination at prices no greater than the price at which the Founder Shares, Private Placement Warrants and shares of Common Stock were originally purchased; (f) in the event of the Company’s liquidation
      prior to the completion of its 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 Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property
      subsequent to the Company’s completion of a Business Combination; provided, however, that in the case of clauses (a) through (g), these permitted transferees must enter into a written agreement with the Company agreeing to be bound by the transfer
      restrictions herein and the other restrictions contained in this Agreement (including provisions relating to voting, the Trust Account and liquidating distributions).

    

  
     

    
      
 

  

  8.       The Sponsor and each Insider represents and warrants 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 (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 the undersigned’s background. Each Insider’s questionnaire furnished to the Company
      and the Representatives is true and accurate in all respects. Each Insider represents and warrants that: such Insider 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; such Insider 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.

   

  9.       Except as disclosed in, or expressly contemplated by, the Prospectus, none of the
      Sponsor, any officer or director of the Company or any affiliate of the Sponsor or 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).

    

   

  10.       The Sponsor and each Insider has 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
      of the Company, as applicable, and hereby consents to being named in the Prospectus as an officer and/or director of the Company, as applicable.

    

   

  11.       As used herein, (i) “Business Combination” shall mean any merger, capital stock
      exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Business Day” means each day that is not a Saturday, Sunday or other day on which banking
      institutions in The City of New York, New York, are authorized or required by law to close; (iii) “Capital Stock” shall mean, collectively, the Common Stock and the Founder Shares; (iv) “Founder Shares” shall mean the 5,031,250 shares of the
      Company’s Class B common stock, par value $0.0001 per share, issued and outstanding as of the date hereof (up to 656,250 of which are subject to forfeiture by the Sponsor depending on the extent to which the Underwriters’ over-allotment option is
      exercised); (v) “Initial Stockholders” shall mean the Sponsor and any Insider that holds Founder Shares prior to the consummation of the Public Offering; (vi) “Private Placement Warrants” shall mean the 9,875,000 warrants (11,056,250 warrants if the
      Underwriters’ over-allotment option is exercised in full) to purchase shares of Common Stock of the Company that the Sponsor has agreed to purchase for an aggregate purchase price of $9,875,000 (or $11,056,250 if the Underwriters’ over-allotment
      option is exercised in full) in a private placement that shall occur simultaneously with the consummation of the Public Offering; (vii) “Public Stockholders” shall mean the holders of the Offering Shares; (viii) “Trust Account” shall mean the trust
      fund into which a portion of the net proceeds of the Public Offering and the sale of the Private Placement Warrants shall be deposited; and (ix) “Transfer” shall mean 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 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).

  
     

    
      
 

  

  12.       The Company will maintain an insurance policy or policies providing directors’ and
      officers’ liability insurance, and each officer or director of the Company shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company’s officers or
      directors.

    

   

  13.       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 that is
      the subject of any such change, amendment, modification or waiver, (2) the Company and (3) the Sponsor.

    

   

  14.       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 Company, the Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees.

    

   

  15.       This Letter Agreement may be executed in any number of original, facsimile or other
      electronic 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.

    

   

  16.       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.

    

   

  17.       This Letter Agreement shall be governed by and construed and enforced in accordance
      with the laws of the State of New York (including, without limitation, Sections 5-1401 and 5-1402 of the New York General Obligations Law and New York Civil Practice Laws and Rules 327(b)), without giving effect to conflicts of law principles that
      would result in the application of the substantive laws of another jurisdiction. 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.

    

  
     

    
      
 

  

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

   

  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 by June 30, 2022; provided further that
      paragraph 4 of this Letter Agreement shall survive such liquidation.

      

    

   

  [Signature Page Follows]

  
     

    
      
 

  

  

  	 	Sincerely,	 
	 	 	 	 
	 	HEARTLAND SPONSOR LLC	 
	 	 	 	 
	 	By: 	/s/ Robert S. Prather, Jr.	 
	 	 	Name: Robert S. Prather, Jr.	 
	 	 	Title:   Managing Member	 
	 	 	 	 
	 	 	/s/ Robert S. Prather, Jr.	 
	 	 	Robert S. Prather, Jr.	 
	 	 	 	 
	 	 	/s/ Salvatore Muoio	 
	 	 	Salvatore Muoio	 
	 	 	 	 
	 	 	/s/ Steven Shapiro	 
	 	 	Steven Shapiro	 
	 	 	 	 
	 	 	/s/ Alan Weber	 
	 	 	Alan Weber	 
	 	 	 	 
	 	 	/s/ John Zieser	 
	 	 	John Zieser	 
	 	 	 	 
	 	Moelis & Company LLC	 
	 	 	 	 
	 	By: 	/s/ Steven R. Halperin	 
	 	 	Name: Steven R. Halperin	 
	 	 	Title:   Managing Director	 

   

  [Signature Page to Letter Agreement]

  
     

    
      
 

  

  	 	Acknowledged and Agreed:
	 	
          HEARTLAND MEDIA ACQUISITION CORP.

        
	 	 
	 	By:	/s/ Robert S. Prather, Jr.
	 	 	Name:	 Robert S. Prather, Jr.
	 	 	Title: 	 Chief Executive Officer

   

  [Signature Page to Letter Agreement]Exhibit
        10.2

   

  INVESTMENT
        MANAGEMENT TRUST AGREEMENT

   

  This
      Investment Management Trust Agreement (this “Agreement”) is made effective as of January 20, 2022, by
      and between Heartland Media Acquisition Corp., a Delaware corporation (the “Company”), and Continental
      Stock Transfer & Trust Company, a New York limited purpose trust company (the “Trustee”).

   

  WHEREAS,
      the Company’s registration statement on Form S-1, File No. 333-261374, as amended (the “Registration Statement”)
      and prospectus, as amended (the “Prospectus”) for the initial public offering of the Company’s
      units (the “Units”), each of which consists of one share of the Company’s shares of Class A common
      stock, par value $0.0001 per share (“Common Stock”), and one-half of one redeemable warrant, each whole
      warrant entitling the holder thereof to purchase one share of Common Stock, subject to adjustment (such initial public offering
      hereinafter referred to as the “Offering”), has been declared effective as of the date hereof by the
      U.S. Securities and Exchange Commission; and

   

  WHEREAS,
      the Company has entered into an Underwriting Agreement, dated as of January 20, 2022 (the “Underwriting Agreement”),
      with BofA Securities, Inc. and Moelis & Company LLC, as representatives (the “Representatives”)
      of the several underwriters (the “Underwriters”) named therein; and

   

  WHEREAS,
      as described in the Prospectus, $179,375,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants
      (as defined in the Underwriting Agreement) (or $206,281,250 if the Underwriters’ over-allotment option is exercised in full)
      will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United States
      (the “Trust Account”) for the benefit of the Company, the holders of the shares of Common Stock issued
      in the Offering and the Underwriters as hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently
      earned thereon) is referred to herein as the “Property,” the stockholders for whose benefit the Trustee
      shall hold the Property are referred to as the “Public Stockholders,” and the Public Stockholders, the
      Company and the Underwriters are referred to together as the “Beneficiaries”); and

   

  WHEREAS,
      pursuant to the Underwriting Agreement, a portion of the Property equal to $6,125,000, or $7,043,750 if the Underwriters’
      over-allotment option is exercised in full (the “General Deferred Discount”), is attributable to deferred
      underwriting discounts and commissions that will be payable by the Company to the Underwriters upon and concurrently with the
      consummation of a Business Combination (as defined below); and

   

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

   

  NOW
      THEREFORE, IT IS AGREED:

   

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

   

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

  

   

  
     

    
      

    

  

   

  

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

   

  (c)               
      In a timely manner, upon the written instruction of the Company, invest and reinvest the Property solely in United States government
      securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment
          Company Act”), having a maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs
      (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act (or any successor rule), which invest
      only in direct U.S. government treasury obligations, as determined by the Company; the Trustee may not invest in any other securities
      or assets, it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s
      instructions hereunder; and while account funds are invested or uninvested, the Trustee may earn bank credits or other consideration
      during such periods;

   

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

   

  (e)               
      Promptly notify the Company and the Representatives of all communications received by the Trustee with respect to any Property
      requiring action by the Company;

   

  (f)               
      Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with
      the Company’s preparation of the tax returns relating to assets held in the Trust Account or in connection with the preparation
      or completion of the audit of the Company’s financial statements by the Company’s auditors;

   

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

   

  (h)              
      Render to the Company, and to such other persons as the Company may instruct, monthly written statements of the activities of,
      and amounts in, the Trust Account reflecting all receipts and disbursements of the Trust Account;

   

  (i)                
      Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms
      of a letter from the Company (“Termination Letter”) in a form substantially similar to that attached
      hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief
      Executive Officer, President, Chief Operating Officer, Chief Financial Officer or Secretary or the Chairman of its Board of Directors
      (the “Board”) or by any other authorized officer of the Company, and complete the liquidation of the
      Trust Account and distribute the Property in the Trust Account, including interest earned on the funds held in the Trust Account
      (net of taxes payable and, in the case of a Termination Letter in the form of Exhibit B hereto, less up to $100,000
      of interest that may be released to the Company to pay dissolution expenses), only as directed in the Termination Letter and the
      other documents referred to therein, or (y) the date which is, the later of (1) 18 months after the closing of the Offering, or
      up to 21 months after the closing of the Offering at the election of the Company, subject to certain conditions, including the
      deposit of $1,750,000 (or $0.10 per unit) into the Trust Account, and (2) such later date as may be approved by the Company’s
      stockholders in accordance with the Company’s amended and restated certificate of incorporation, as the same may be amended
      (the “Certificate of Incorporation”), if a Termination Letter has not been received by the Trustee prior
      to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination
      Letter attached hereto as Exhibit B and the Property in the Trust Account, including interest earned on the funds
      held in the Trust Account (net of taxable payable and less up to $100,000 of interest that may be released to the Company to pay
      dissolution expenses) shall be distributed to the Public Stockholders of record as of such date. It is acknowledged and agreed
      that there should be no reduction in the principal amount per share initially deposited in the Trust Account;

  

   

  
    2 

    
      

    

  

   

  

  (j)                
      Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
      as Exhibit C (a “Withdrawal Instruction”), withdraw from the Trust Account and distribute
      to the Company the amount of interest earned on the Property requested by the Company to cover any tax obligations owed by the
      Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall be delivered
      directly to the Company by electronic funds transfer or other method of prompt payment, and the Company shall forward such payment
      to the relevant taxing authority; provided, however, that to the extent there is not sufficient cash in
      the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust Account as shall be designated
      by the Company in writing to make such distribution; so long as such distribution shall not result in a reduction in the principal
      amount per Unit initially deposited in the Trust Account; provided, however, that if the tax to be paid
      is a franchise tax, the written request by the Company to make such distribution shall be accompanied by a copy of the franchise
      tax bill from the State of Delaware for the Company and a written statement from the principal financial officer of the Company
      setting forth the actual amount payable (it being acknowledged and agreed that no amount in excess of interest income earned on
      the Property shall be payable from the Trust Account). The Withdrawal Instruction of the Company referenced above shall constitute
      presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said
      request;

   

  (k)              
      Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
      as Exhibit D (a “Stockholder Redemption Withdrawal Instruction”), the Trustee shall
      distribute on behalf of the Company the amount requested by the Company to be used to redeem shares of Common Stock from Public
      Stockholders properly submitted for redemption in connection with a stockholder vote to approve an amendment to the 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 the Company’s obligation to redeem 100% of the shares of Common Stock
      included in the Units sold in the Offering (such shares, the “Public Shares”) if the Company has not
      consummated an initial Business Combination within such time as is described in the Certificate of Incorporation or (B) with respect
      to any other provision relating to stockholders’ rights or pre-initial Business Combination activity. The Stockholder Redemption
      Withdrawal Instruction of the Company referenced above shall constitute presumptive evidence that the Company is entitled to distribute
      said funds, and the Trustee shall have no responsibility to look beyond said request; and

   

  (l)                
      Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j) or (k) above.

   

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

   

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

  

   

  
    3 

    
      

    

  

   

  

  (b)              
      Subject to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and
      all documented expenses, including reasonable outside counsel fees and disbursements, or losses suffered by the Trustee in connection
      with any action taken by it hereunder and in connection with any action, suit or other proceeding brought against the Trustee
      involving any claim, or in connection with any claim or demand, which in any way arises out of or relates to this Agreement, the
      services of the Trustee hereunder, or the Property or any interest earned on the Property, except for expenses and losses resulting
      from the Trustee’s gross negligence, fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of
      demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification
      under this Section 2(b), it shall notify the Company in writing of such claim (hereinafter referred to as the
      “Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such
      Indemnified Claim; provided that the Trustee shall obtain the consent of the Company with respect to the selection
      of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim without
      the prior written consent of the Company, which such consent shall not be unreasonably withheld. The Company may participate in
      such action with its own counsel;

   

  (c)               
      Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration
      fee, and transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly
      understood that the Property shall not be used to pay such fees unless and until it is distributed to, or on behalf of, the Company
      pursuant to Section 1(i) hereof. The Company shall pay the Trustee the initial acceptance fee and the first
      annual administration fee at the consummation of the Offering. The Company shall not be responsible for any other fees or charges
      of the Trustee except as set forth in this Section 2(c), Schedule A and as may be provided
      in Section 2(b) hereof;

   

  (d)              
      In connection with any vote of the Company’s stockholders regarding any merger, capital stock exchange, asset acquisition,
      stock purchase, reorganization or similar business combination involving the Company and one or more businesses (a “Business
          Combination”), provide to the Trustee an affidavit or certificate of the inspector of elections for the stockholder
      meeting verifying the vote of such stockholders regarding such Business Combination;

   

  (e)               Provide the Representatives with a copy of any Termination Letter(s) and/or
      any other correspondence that is sent to the Trustee
      with respect to any proposed withdrawal from the Trust Account promptly after it issues the same;

   

  (f)               
      Instruct the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the
      Trustee to make any distributions that are not permitted under this Agreement;

   

  (g)               Expressly provide in any Instruction Letter (as defined in Exhibit A)
      delivered in connection with a Termination
      Letter in the form attached hereto as Exhibit A that the General Deferred Discount be paid directly to the
      account or accounts directed by the Representatives; and

   

  (h)              
      Within four (4) business days after the Underwriters’ exercise of the over-allotment option (or any unexercised portion
      thereof) or such over-allotment option expires, provide the Trustee with a notice in writing of the total amount of the General
      Deferred Discount, which shall in no event be less than $6,125,000 (or $7,043,750 if the Underwriters’ over-allotment option
      is exercised in full).

   

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

   

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

  

   

  
    4 

    
      

    

  

   

  

  (b)              
      Take any action with respect to the Property, other than as directed in Section 1 hereof, and the
      Trustee shall have no liability to any party under this Agreement except for liability arising out of the Trustee’s gross
      negligence, fraud or willful misconduct;

   

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

   

  (d)              
      Change the investment of any Property, other than in compliance with Section 1 hereof;

   

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

   

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

   

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

   

  (h)              
      Verify the accuracy of the information contained in the Registration Statement;

   

  (i)                Provide any assurance that any Business Combination entered into by the
      Company or any other action taken by the Company is as
      contemplated by the Registration Statement;

   

  (j)                File information returns with respect to the Trust Account with any local,
      state or federal taxing authority or provide periodic
      written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned
      on the Property;

   

  (k)              
      Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by,
      and activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company,
      including, but not limited to, franchise and income tax obligations, except pursuant to Section 1(j) hereof;
      or

   

  (l)                Verify calculations, qualify or otherwise approve the Company’s written
      requests for distributions pursuant to Sections 1(i), (j) and (k) hereof.

   

  4.             Trust Account Waiver. The Trustee has no right of
      set-off or any right, title, interest or claim of any kind (“Claim”)
      to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
      that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including,
      without limitation, under Section 2(b) or (c) hereof, the Trustee shall pursue such Claim
      solely against the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.

  

   

  
    5 

    
      

    

  

   

  

  5.             Termination. This Agreement shall terminate as
      follows:

   

  (a)               
      If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
      efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such
      time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become
      subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee,
      including but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this
      Agreement shall terminate; provided, however, that in the event that the Company does not locate a successor
      trustee within ninety (90) days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to
      have the Property deposited with any court in the State of New York or with the United States District Court for the Southern
      District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever; or

   

  (b)              
      At such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions
      of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination
      Letter, this Agreement shall terminate except with respect to Section 2(b).

   

  		6.	Miscellaneous.

   

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

   

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

   

  (c)               
      This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof.
      Except for Sections 1(i), 1(j) and 1(k) hereof (which sections may not
      be modified, amended or deleted without the affirmative vote of sixty-five percent (65%) or more of the then outstanding shares
      of Common Stock and Class B common stock, par value $0.0001 per share, of the Company, voting together as a single class; provided that
      no such amendment will affect any Public Stockholder who has properly elected to redeem his, her or its Public Shares in connection
      with a stockholder vote to amend this Agreement), this Agreement or any provision hereof may only be changed, amended or modified
      (other than to correct a typographical error) by a writing signed by each of the parties hereto; provided, however,
      that no such change, amendment or modification to Section 1(i), 2(g) or Exhibit A may
      be made without the prior written consent of the Representatives.

  

   

  
    6 

    
      

    

  

   

  

  (d)          The parties hereto consent to the jurisdiction and venue of any state or federal
      court located in the City of New York,
      State of New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY
        WAY RELATING TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

   

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

   

  if
      to the Trustee, to:

   

  Continental
      Stock Transfer & Trust Company

      1 State Street, 30th Floor

      New York, New York 10004

      Attn: Francis Wolf and Celeste Gonzalez

      Email: fwolf@continentalstock.com

      Email: cgonzalez@continentalstock.com

   

  if
      to the Company, to:

   

  Heartland
      Media Acquisition Corp.

      3282 Northside Parkway, Suite 275

      Atlanta, Georgia 30327

      Attn: Robert S. Prather, Jr.

      Email: bob@heartlandtv.com

   

  in
      each case, with copies to:

   

  Proskauer
      Rose LLP

      Eleven Times Square

      New York, New York 10036

      Attn: Daniel Forman

      Email: dforman@proskauer.com

   

  if
      to the Underwriters, to

   

  BofA
      Securities, Inc.

      One Bryant Park

      New York, New York 10036

      Attn: ECM Legal

   

  Moelis
      & Company LLC

      399 Park Avenue, 5th Floor

      New York, New York 10022

      Attn: Steven Halperin

      Email: steven.halperin@moelis.com

    

   

  
    7 

    
      

    

  

   

  

      and

      

      Davis Polk & Wardwell LLP

      450 Lexington Avenue

      New York, New York 10017

      Attn: Derek Dostal

      Email: derek.dostal@davispolk.com

   

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

   

  (g)          This Agreement is the joint product of the Trustee 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.

   

  (h)          This Agreement may be executed in counterparts, each of which when so executed
      shall be deemed to be an original and all of which
      when taken together shall constitute one and the same instrument. The words “execution,” “signed,” “signature”
      and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall
      include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation,
      “pdf,” “tif” or “jpg”) and other electronic signatures (including, without limitation, DocuSign
      and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other
      record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity
      and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted
      by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
      Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic
      Transactions Act or the Uniform Commercial Code.

   

  (i)           Each of the Company and the Trustee hereby acknowledges and agrees that the
      Representatives, on behalf of the Underwriters, are
      third party beneficiaries of this Agreement.

   

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

   

  [Signature
        Page Follows]

  

   

  
    8 

    
      

    

  

   

  

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

   

  

  	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 
	 	By:	/s/ Francis Wolf
	 	Name:	Francis Wolf
	 	Title:	Vice President
	 	 	 
	 	HEARTLAND MEDIA ACQUISITION CORP.
	 	 
	 	By:	/s/ Robert S. Prather, Jr.
	 	Name:	Robert S. Prather, Jr.
	 	Title:	Chief Executive Officer and Director

  

   

  [Signature
        Page to Investment Management Trust Agreement]

   

  
     

    
      

    

  

   

  Schedule
        A

   

  	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500	 
	 	 	 	 	 	 
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective
            date of the IPO by wire transfer or check	 	$	10,000	 
	 	 	 	 	 	 
	Transaction processing fee for disbursements to Company under Sections 1(i), (j), and (k)	 	Billed by Trustee to Company under Section 1	 	$	250	 
	 	 	 	 	 	 
	Paying Agent services as required pursuant to Section 1(i) 	 	Billed to Company upon delivery of service pursuant to Section 1(i)	 	Prevailing rates	 

  

   

  
     

    
      

    

  

   

  Exhibit
      A

   

  [letterhead
      of company]

      [insert date]

   

  Continental
      Stock Transfer & Trust Company

      1 State Street, 30th Floor

      New York, New York 10004

      Attn: Francis Wolf

   

  Re:
      Trust Account – Termination Letter

   

  Dear
      Mr. Wolf:

   

  Pursuant
      to Section 1(i) of the Investment Management Trust Agreement between Heartland Media Acquisition Corp. (the “Company”)
      and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of January 20, 2022 (the
      “Trust Agreement”), this is to advise you that the Company has entered into an agreement with [●] (the
      “Target Business”) to consummate a business combination with Target Business (the “Business
          Combination”) on or about [●]. The Company shall notify you at least seventy-two (72) hours in advance of the actual
      date (or such shorter time period as you may agree) of the consummation of the Business Combination (the “Consummation
          Date”). Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

   

  In
      accordance with the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust
      Account, such that, on the Consummation Date, all of funds held in the Trust Account will be immediately available for transfer
      to the account or accounts that the Company and the Representatives, solely with respect to the General Deferred Discount, shall
      direct on the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in the Trust Account awaiting
      distribution, none of the Company or the Representatives will earn any interest or dividends.

   

  On
      the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has
      been consummated, or will be consummated substantially, concurrently with your transfer of funds to the accounts as directed by
      the Company (the “Notification”) and (ii) the Company shall deliver to you (a) a certificate of the
      Chief Executive Officer of the Company (the “Vote Verification Certificate”), which verifies that either
      (i) the Business Combination has been approved by a vote of the Company’s stockholders, if a vote is held or (ii) no vote
      of the Company’s stockholders for the approval of the Business Combination is required and none has been held, and (b) a
      joint written instruction signed by the Company and the Representatives with respect to the transfer of the funds held in the
      Trust Account, including payment of amounts owed to Public Stockholders who have properly exercised their redemption rights and
      express instructions to pay the General Deferred Discount from the Trust Account directly to the account or accounts directed
      by the Representatives (the “Instruction Letter”). You are hereby directed and authorized to transfer
      the funds held in the Trust Account immediately upon your receipt of the Notification, the Vote Verification Certificate and the
      Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust
      Account may not be liquidated by the Consummation Date without penalty, you will notify the Company in writing of the same and
      the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation
      Date to the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses
      related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

   

  
    A-1 

    
      

    

  

   

  In
      the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have
      not notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written
      instructions from the Company, the funds held in the Trust Account shall be reinvested as provided in Section 1(c) of the
      Trust Agreement on the business day immediately following such original Consummation Date as set forth in such notice as soon
      thereafter as possible.

   

  

  	 	 	Very truly yours,
	 	 	 
	 	 	Heartland Media Acquisition Corp.
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	Cc:	 BofA Securities, Inc.	 	 
	 	 Moelis & Company LLC	 	 

  

  

   

  
    A-2 

    
      

    

  

   

  Exhibit
      B

   

  [Letterhead
      of Company]

      [Insert date]

   

  Continental
      Stock Transfer & Trust Company

      1 State Street, 30th Floor

      New York, New York 10004

      Attn: Francis Wolf

   

  Re:
      Trust Account – Termination Letter

   

  

      Dear Mr. Wolf:

   

  Pursuant
      to Section 1(i) of the Investment Management Trust Agreement between Heartland Media Acquisition Corp. (the “Company”)
      and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of January 20, 2022 (the
      “Trust Agreement”), this is to advise you that the Company has been unable to effect a Business Combination
      within the time frame specified in the Certificate of Incorporation, as described in the Company’s Prospectus relating to
      the Offering. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

   

  In
      accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account
      and keep the total proceeds thereof in the Trust Account to await distribution to the Public Stockholders. The Company has selected
      [●] as the effective date for the purpose of determining when the Public Stockholders will be entitled to receive their share
      of the liquidation proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation proceeds while
      on deposit in the Trust Account. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree
      to distribute said funds directly to the Public Stockholders in accordance with the terms of the Trust Agreement and the Certificate
      of Incorporation. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related
      to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise
      provided in Section 1(i) of the Trust Agreement.

   

  	 	 	Very truly yours,
	 	 	 
	 	 	Heartland Media Acquisition Corp.
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	Cc:	 BofA Securities, Inc.	 	 
	 	 Moelis & Company LLC	 	 

  

  

   

  
    B-1 

    
      

    

  

   

  Exhibit
        C

   

  [Letterhead
      of company]

      [insert date]

   

  

      Continental Stock Transfer & Trust Company

      1 State Street, 30th Floor

      New York, New York 10004

      Attn: Francis Wolf

   

  Re:
      Trust Account Tax Payment Withdrawal Instruction

   

  Dear
      Mr. Wolf:

   

  Pursuant
      to Section 1(j) of the Investment Management Trust Agreement between Heartland Media Acquisition Corp. (the
      “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”),
      dated as of January 20, 2022 (the “Trust Agreement”), the Company hereby requests that you deliver to
      the Company $_____________ of the interest income earned on the Property as of the date hereof. Capitalized terms used but not
      defined herein shall have the meanings set forth in the Trust Agreement.

   

  The
      Company needs such funds to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance
      with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly
      upon your receipt of this letter to the Company’s operating account at:

   

  [WIRE
      INSTRUCTION INFORMATION]

   

  	 	 	Very truly yours,
	 	 	 
	 	 	Heartland Media Acquisition Corp.
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	Cc:	 BofA Securities, Inc.	 	 
	 	 Moelis & Company LLC	 	 

  

   

  
    C-1 

    
      

    

  

   

  

  Exhibit
      D

   

  [Letterhead
      of company]

      [insert date]

   

  Continental
      Stock Transfer & Trust Company

      1 State Street, 30th Floor

      New York, New York 10004

      Attn: Francis Wolf

   

  Re:
      Trust Account – Stockholder Redemption Withdrawal Instruction

   

  Dear
      Mr. Wolf:

   

  Pursuant
      to Section 1(k) of the Investment Management Trust Agreement between Heartland Media Acquisition Corp. (the
      “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”),
      dated as of January 20, 2022 (“Trust Agreement”), the Company hereby requests that you deliver $[●]
      of the principal and interest income earned on the Property as of the date hereof to the Public Stockholders who have properly
      elected to have their Public Shares redeemed by the Company as described below. Capitalized terms used but not defined herein
      shall have the meanings set forth in the Trust Agreement.

   

  The
      Company needs such funds to pay the Public Stockholders who have properly elected to have their Public Shares redeemed by the
      Company in connection with a stockholder vote to approve an amendment to the 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 Public Shares if the Company has not consummated its initial Business Combination within such time as
      is described in the Certificate of Incorporation or (B) with respect to any other provision relating to stockholders’ rights
      or pre-initial Business Combination activity. As such, you are hereby directed and authorized to transfer (via wire transfer)
      such funds promptly upon your receipt of this letter to a segregated account held by you on behalf of such Public Stockholders
      in accordance with your customary procedures.

   

  

  	 	 	Very truly yours,
	 	 	 
	 	 	Heartland Media Acquisition Corp.
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	Cc:	 BofA Securities, Inc.	 	 
	 	 Moelis & Company LLC	 	 

  

  

  

  

   

  D-1

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