Document:

Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

IT IS AGREED:

 

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

 

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

 

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

 

     

     

    

 

(c) In a timely manner, upon
the instruction of the Company, invest and reinvest the Property (i) in United States government treasury bills, notes or bonds having
a maturity of 185 days or less and/or (ii) in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment
Company Act of 1940, as amended, and that invest solely in U.S. treasuries, as determined by the Company;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2. Limited Distributions of Income from Trust
Account.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(a) Take any action with respect
to the Property, other than as directed in paragraphs 1 and 2 hereof and the Trustee shall have no liability to any party except for liability
arising out of its own gross negligence or willful misconduct;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

6. Termination. This Agreement shall terminate
as follows:

 

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

 

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

 

7. Miscellaneous.

 

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

 

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

 

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

 

    5

     

    

 

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

  

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

 

if to the Trustee, to:

 

American Stock Transfer
& Trust Company, LLC

6201 15th Avenue, Brooklyn, NY 11219

Attn: Relationship
Management

Email: admin12@astfinancial.com

 

if to the Company, to:

 

Pacifico Acquisition Corp.

521 Fifth Avenue 17th Floor

New York, NY 10175

Attn: Edward Cong Wang, Chief Executive Officer

 

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

 

Chardan Capital Markets, LLC

17 State Street, Suite 1600

New York, NY 10004

Attn: Shai Gerson

Facsimile: (646) 465-9039

 

and:

 

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154

Attn: Giovanni Caruso, Esq.

Fax No.: (212) 407-4990

 

and:

 

Reed Smith LLP

599 Lexington Avenue, 22nd Floor

New York, NY 10022

Attn: Ari Edelman, Esq.

Facsimile: (212) 521-5450

 

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

 

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

 

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

 

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

 

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

 

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

 

[Signature Page Follows]

 

    7

     

    

 

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

 

	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Trustee  
	 	 
	 	By:	        
	 	 	Name: 	               
	 	 	Title: 	 

 

	 	PACIFICO ACQUISITION CORP.  
	 	 
	 	By:	       
	 	 	Name:  	Edward Cong Wang
	 	 	Title: 	Chief Executive Officer

 

Signature Page to the Investment Management
Trust Agreement

 

     

     

    

 

SCHEDULE A

 

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

 

    Sch-A-1

     

    

 

EXHIBIT A

 

[Letterhead of Company]

[Insert date]

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attn: Relationship Management

 

	 	Re:	Trust Account - Termination Letter

 

Ladies and Gentlemen:

 

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

 

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

 

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

 

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

 

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

 

	 	By:	     
	 	 	Name:	     
	 	 	Title: 	Secretary/Assistant Secretary

 

Acknowledged and Agreed:

Chardan Capital Markets, LLC

 

	By:	 	 
	Name: 	 	 
	Title:	 	 

 

    A-1

     

    

 

EXHIBIT B

 

[Letterhead of Company]

[Insert date]

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attn: Relationship Management

 

	 	Re:	Trust Account - Termination Letter

 

Ladies and Gentlemen:

 

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

 

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

 

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

 

	 	By:	 
	 	 	Name: 	        
	 	 	Title: 	Secretary/Assistant Secretary

 

		cc:	Chardan
Capital Markets, LLC

 

    B-1

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attn: Relationship Management

 

		Re:	Trust Account – Tax Withdrawal Instruction Letter

 

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

 

[WIRE INSTRUCTION INFORMATION]

 

	 	PACIFICO ACQUISITION CORP.
	 	 
	 	By:	          
	 	 	Name:
	 	 	Title:

 

		cc:	Chardan
Capital Markets, LLC

 

    C-1

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attn: Relationship Management

 

	 	Re:	Trust Account - Extension Letter

 

Ladies and Gentlemen:

 

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

 

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

 

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

 

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

 

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

 

		cc:	Chardan
Capital Markets, LLC

 

    D-1

     

    

 

EXHIBIT E

 

[Letterhead of Company]

 

[Insert date]

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attn: Relationship Management

 

	 	Re:	Trust Account - Extension Letter

 

Ladies and Gentlemen:

 

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

 

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

 

	 	PACIFICO ACQUISITION CORP.
	 	 
	 	By:	       
	 	 	Name:
	 	 	Title:

 

	cc:	Chardan Capital Markets, LLC

 

 

E-1Exhibit 10.3

 

STOCK ESCROW AGREEMENT

 

This STOCK ESCROW AGREEMENT,
dated as of [*], 2021 (“Agreement”), by and among PACIFICO ACQUISITION CORP., a Delaware corporation (“Company”),
and the initial stockholders listed on the signature pages hereto (collectively, the “Initial Stockholders”) AMERICAN STOCK
TRANSFER & TRUST COMPANY, LLC, a New York limited liability trust company, with offices at 6201 15th Avenue, Brooklyn, NY 11219 (“Escrow
Agent”).

 

WHEREAS, the Company has entered
into an Underwriting Agreement, dated as of [*], 2021 (“Underwriting Agreement”), with Chardan Capital Markets LLC (“Chardan”)
acting as representative of the several underwriters (collectively, the “Underwriters”), pursuant to which, among other matters,
the Underwriters have agreed to purchase 5,000,000 units (“Units”) of the Company, plus an additional 750,000 Units if the
Underwriters exercise their over-allotment option in full. Each Unit consists of one share of common stock of the Company, par value
$0.0001 per share (the “Common Stock”) and one right to receive one-tenth (1/10) of a share of Common Stock upon the consummation
of an initial business combination, all as more fully described in the Company’s final Prospectus, dated [*], 2021 (“Prospectus”),
comprising part of the Company’s Registration Statement on Form S-1 (File No. 333-[*]) under the Securities Act of 1933, as amended
(“Registration Statement”), declared effective on [*], 2021 (“Effective Date”).

 

WHEREAS, the Initial Stockholders
have agreed as a condition of the sale of the Units to deposit their Insider Shares (as defined in the Prospectus), as set forth opposite
their respective names on Exhibit A attached hereto (collectively “Escrow Shares”), in escrow as hereinafter
provided.

 

WHEREAS, the Company and the
Initial Stockholders desire that the Escrow Agent accept the Escrow Shares, in escrow, to be held and disbursed as hereinafter provided.

 

IT IS AGREED:

 

1. Appointment of
Escrow Agent. The Company and the Initial Stockholders hereby appoint the Escrow Agent to act in accordance with and subject
to the terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to
such terms.

 

2. Deposit of Escrow
Shares. On or prior to the date hereof, each of the Initial Stockholders delivered to the Escrow Agent certificates representing
such Initial Stockholder’s respective Escrow Shares, together with applicable share powers, to be held and disbursed subject to
the terms and conditions of this Agreement. Each of the Initial Stockholders acknowledges that the certificate representing such
Initial Stockholder’s Escrow Shares is legended to reflect the deposit of such Escrow Shares under this Agreement.

 

3. Disbursement of the
Escrow Shares.

 

3.1 The Escrow Agent shall
hold the Escrow Shares during the period (the “Escrow Period”) commencing on the date hereof and (i) for 50% of the Escrow
Shares, ending on the earlier of (x) six months after the date of the consummation of the Company’s initial business combination
(as described in the Registration Statement, hereinafter a “Business Combination”) and (y) the date on which the closing price
of the Common Stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations)
for any 20 trading days within any 30-trading day period commencing after the Company’s initial Business Combination and (ii) for
the remaining 50% of the Escrow Shares, ending six months after the date of the consummation of an initial Business Combination. The Company
shall promptly provide notice of the consummation of a Business Combination to the Escrow Agent. Upon completion of the Escrow Period,
the Escrow Agent shall disburse such amount of each Initial Shareholder’s Escrow Shares (and any applicable share power) to such
Initial Stockholder; provided, however, that if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company
is being liquidated at any time during the Escrow Period, then the Escrow Agent shall promptly destroy the certificates representing the
Escrow Shares; provided further, however, that if, within six months after the Company consummates an initial Business Combination, the
Company (or the surviving entity) subsequently consummates a liquidation, merger, stock exchange or other similar transaction which results
in all of the stockholders of such entity having the right to exchange their shares of Common Stock for cash, securities or other property,
then the Escrow Agent will, upon receipt of a notice executed by the Chairman of the Board, Chief Executive Officer or other authorized
officer of the Company, in form reasonably acceptable to the Escrow Agent, certifying that such transaction is then being consummated
or such conditions have been achieved, as applicable, release the Escrow Shares to the Initial Stockholders. The Escrow Agent shall
have no further duties hereunder after the disbursement or destruction of the Escrow Shares in accordance with this Section 3.1.

 

     

     

    

 

3.2 Notwithstanding Section
3.1, if the Underwriters do not exercise their over-allotment option to purchase an additional 750,000 Units of the Company in full within
45 days of the date of the Prospectus (as described in the Underwriting Agreement), the sponsor, Pacifico Capital LLC, agrees that the
Escrow Agent shall return to the Company for cancellation, at no cost, the number of Escrow Shares held by it determined by multiplying
(a) the product of (i) 187,500, by (b) a fraction, (i) the numerator of which is 750,000 minus the number of shares of Common Stock purchased
by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 750,000. The Company shall
promptly provide notice to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the
number of Units, if any, purchased by the Underwriters in connection with their exercise thereof.

 

4. Rights of Initial Shareholders
in Escrow Shares.

 

4.1 Voting Rights as
a Stockholder. Subject to the terms of the Insider Letters described in Section 4.4 hereof and except as herein provided, the
Initial Stockholders shall retain all of their rights as stockholders of the Company during the Escrow Period, including, without limitation,
the right to vote such shares.

 

4.2 Dividends and Other
Distributions in Respect of the Escrow Shares. During the Escrow Period, all dividends payable in cash with respect to the Escrow
Shares shall be paid to the Initial Stockholders, but all dividends payable in stock or other non-cash property (“Non-Cash Dividends”)
shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the term “Escrow Shares”
shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

4.3 Restrictions on
Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) to the Company’s pre-IPO
stockholders or their respective affiliates, or to the Company’s offices, directors, advisors and employees, (ii) if the Initial
Stockholder is an entity, as a distribution to its, partners, stockholders or members upon its liquidation, (iii) by bona fide gift to
a member of the Initial Stockholder’s immediate family or to a trust, the beneficiary of which is the Initial Stockholder or a member
of the Initial Stockholder’s immediate family for estate planning purposes, (iv) by virtue of the laws of descent and distribution
upon death of the Initial Stockholder, (v) pursuant to a qualified domestic relations order, (vi) by private sales at prices no greater
than the price at which the Insider Shares were originally purchased or (vii) for the cancellation of up to 187,500 shares of Common Stock
subject to forfeiture to the extent that the Underwriters’ over-allotment is not exercised in full or in part or in connection with
the consummation of our initial Business Combination, in each case (except for clause vii or with our prior consent) on the condition
that such transfers may be implemented only upon the respective transferee’s written agreement to be bound by the terms and
conditions of this Agreement and of the Insider Letter (as defined below) signed by the Initial Stockholder transferring the Escrow Shares.

 

4.4 Insider Letters. Each
of the Initial Stockholders has executed a letter agreement with Chardan and the Company, dated as indicated on Exhibit B hereto,
and the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the rights and obligations
of such Initial Stockholder in certain events, including but not limited to the liquidation of the Company. 

 

5. Concerning the Escrow
Agent.

 

5.1 Good Faith Reliance. The
Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgment, and
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 Escrow Agent), statement, instrument, report or other paper or document (not only as to its due execution and the
validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is
believed by the Escrow Agent in good faith to be genuine and to be signed or presented by the proper person or persons. The Escrow
Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced
by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are
affected, unless it shall have given its prior written consent thereto. 

 

    2

     

    

 

5.2 Indemnification. The
Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses, including counsel fees and disbursements,
or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any way, directly
or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder, or the Escrow Shares held by it
hereunder, other than expenses or losses arising from the gross negligence or willful misconduct of the Escrow Agent. Promptly after the
receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall
notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may
commence an action in the nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Shares or
it may deposit the Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares pending receipt of a final,
non-appealable order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the
Escrow Shares are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow Agent resigns
or is discharged pursuant to Sections 5.5 or 5.6 below.

 

5.3 Compensation. The
Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered by it hereunder. The Escrow Agent
shall also be entitled to reimbursement from the Company for all expenses paid or incurred by it in the administration of its duties hereunder
including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements and all taxes or other governmental
charges.

 

5.4 Further Assurances. From
time to time on and after the date hereof, the Company and the Initial Stockholders shall deliver or cause to be delivered to the Escrow
Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably request
to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that
it is protected in acting hereunder.

 

5.5 Resignation. The
Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties hereto
written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective at such time
that the Escrow Agent shall turn over, to a successor escrow agent appointed by the Company and approved by the Representative, which
approval will not be unreasonably withheld, conditioned or delayed, the Escrow Shares held hereunder. If no new escrow agent is so appointed
within the 60-day period following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Shares with any court
it reasonably deems appropriate.

 

5.6 Discharge of Escrow
Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested in writing at
any time by the other parties hereto, jointly, provided, however, that such resignation shall become effective only upon acceptance of
appointment by a successor escrow agent as provided in Section 5.5.

 

5.7 Liability. Notwithstanding
anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross negligence or its own
willful misconduct.

 

5.8 Waiver. The
Escrow Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or
to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof,
by and between the Company and the Escrow Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment
or satisfaction for any Claim against the Trust Account for any reason whatsoever.

  

    3

     

    

 

6. Miscellaneous.

 

6.1 Governing Law. This
Agreement shall for all purposes be deemed to be made under and shall be construed 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.

 

6.2 Third Party Beneficiaries. Each
of the Initial Stockholders hereby acknowledges that Chardan is a third-party beneficiary of this Agreement and this Agreement may not
be modified or changed without the prior written consent of Chardan.

 

6.3 Entire Agreement. This
Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and, except as expressly provided
herein, may not be changed or modified except by an instrument in writing signed by the party to the change, Chardan and the Escrow Agent.

 

6.4 Headings. The
headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation thereof.

 

6.5 Binding Effect. This
Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives, successors
and assigns.

 

6.6 Notices. Any
notice or other communication required or which may be given hereunder shall be in writing and either be delivered personally or be mailed,
certified or registered mail, or by private national courier service, return receipt requested, postage prepaid, and shall be deemed given
when so delivered personally or, if mailed, two days after the date of mailing, as follows:

 

	 	If to the Company, to:	Pacifico Acquisition Corp.
	 	 	
    521 Fifth Avenue 17th Floor

    New York, NY 10175

    Attn: Edward Cong Wang, Chief Executive Officer

 

If to a Stockholder, to his address set forth in Exhibit
A.

 

	 	and if to the Escrow Agent, to:	American Stock Transfer & Trust Company
	 	 	6201 15th Avenue
	 	 	Brooklyn, New York 11219
	 	 	Attention: Relationship Management

 

A copy (which copy shall not constitute notice)
sent hereunder shall be sent to:

 

	 	 	Chardan Capital Markets LLC
	 	 	17 State Street, 21st Floor
	 	 	New York, NY 10004
	 	 	Attn: Shai Gerson
	 	 	Facsimile: (646) 465-9039

  

	 	and:	
    Reed Smith LLP

    599 Lexington Avenue, 22nd Floor

    New York, New York 10022

    Attn: Ari Edelman, Esq.

    Facsimile: (212) 521-5450

 

	 	and:	Loeb & Loeb LLP
	 	 	345 Park Avenue
	 	 	New York, New York 10154
	 	 	Attn: Giovanni Caruso, Esq.

Facsimile: (212) 407-4990

 

	 	 and:	American Stock Transfer & Trust Company
	 	 	6201 15th Avenue
	 	 	Brooklyn, New York 11219
	 	 	Attention: Legal Department

 

The parties may change the
persons and addresses to which the notices or other communications are to be sent by giving written notice to any such change in the manner
provided herein for giving notice.

 

6.7 Liquidation of the
Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company in the
event that the Company fails to consummate a Business Combination within the time period specified in the Prospectus.

 

[Signature Page Follows]

 

    4

     

    

 

WITNESS the execution of this Agreement as of the date first above
written.

 

	 	COMPANY:
	 	 
	 	PACIFICO ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name: 	Edward Cong Wang
	 	 	Title:	Chief Executive Officer

 

	 	INITIAL STOCKHOLDERS:
	 	 
	 	
    PACIFICO CAPITAL LLC 

	 	 
	 	 By:	 
	 	 	Name: 	Edward Cong Wang 
	 	 	Title:	Authorized Representative 

 

	 	 	 
	 	 	 	Edward Cong Wang

 

	 	 	        
	 	 	 	Yi Zhong

 

	 	 	      
	 	 	 	Raymond J. Gibbs
	 	 	 	 

 

	 	 	        
	 	 	 	Shiyun Shao
	 	 	 	 
	 	 	      
	 	 	 	Tang Yue

 	 	ESCROW AGENT:
	 	 
	 	AMERICAN STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By:	       
	 	 	Name: 	                
	 	 	Title:	 

 

Signature Page to the Stock Escrow Agreement

 

    5

     

    

 

EXHIBIT A

 

Initial Shareholders

 

	Name
and Address of Initial 1 Shareholder	 	Number of Shares	 	Date of Insider Letter
	 Aquaron Investments LLC	 	1,402,500	 	[*], 2021
	 Edward Cong Wang	 	10,000	 
	Yi Zhong	 	5,000	 
	 Raymond J. Gibbs	 	10,000	 
	Shiyun Shao	 	5,000	 
	 Tang Yue	 	5,000	 

 

 

		1	The address of each of the individuals is c/o, Pacifico Acquisition
Corp., 521 Fifth Avenue 17th Floor, New York, NY 10175.

 

    6

     

    

  

EXHIBIT B

 

Insider Letter

 

 

 

7

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