Document:

Exhibit 10.1

 

December 15, 2021

 

FTAC Emerald Acquisition Corp.

2929 Arch Street, Suite 1703

Philadelphia, PA 19104-2870

 

Re: Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (“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 FTAC Emerald Acquisition Corp., a Delaware corporation (the “Company”),
and Goldman Sachs & Co. LLC (the “Underwriters”), relating to an underwritten initial public offering
(the “Offering”), of up to 25,300,000 of the Company’s units (the “Units”),
each comprised of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”),
and one half of one warrant, each whole warrant exercisable for one share of Common Stock (each, a “Warrant”).
The Units sold in the Offering will be registered under the Securities Act of 1933, as amended (the “Securities Act”),
pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”) filed by the Company
with the Securities and Exchange Commission (the “Commission”). The Company expects that the Units will be listed
for trading on the Nasdaq Global Market. Certain capitalized terms used herein are defined in paragraph 16 hereof.

 

The Insiders signatory hereto
hereby agree with the Company as follows:

 

1. Each Insider agrees that, if the Company
seeks stockholder approval of (a) a proposed initial Business Combination or (b) a proposed amendment to the Company’s
amended and restated certificate of incorporation (as may be amended from time to time, the “Charter”) to modify
the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete its initial
Business Combination within 18 months from the date of the completion of the Offering, or 21 months from the date of the completion of
the Offering if the Company has executed a letter of intent, agreement in principle or definitive agreement for its initial business combination
within 18 months from the date of completion of the Offering, but has not completed the business combination within such 18-month period
(the “Completion Window”), then in connection with such proposed initial Business Combination or amendment to
the Charter, such person shall vote, as applicable, all Founder Shares, Placement Shares and any shares acquired by such person in the
Offering or in the secondary public market in favor of such proposed initial Business Combination or such amendment to the Charter, as
applicable.

 

2. (a) Each Insider hereby agrees
that, if the Company fails to consummate a Business Combination within the Completion Window, such person 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 business days thereafter, redeem the Offering Shares at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account, including any amounts representing interest earned on the Trust Account, less interest previously
released to, or reserved for use by, the Company in an amount up to $100,000 to pay dissolution expenses and less any other interest released
to, or reserved for use by, the Company to pay franchise and income taxes, divided by the number of Offering Shares then outstanding,
which redemption will completely extinguish the holder’s rights as a stockholder with respect to his, her or its Offering Shares
(including the right to receive further liquidation distributions, if any), subject to applicable law, 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 (the “Board”), dissolve and liquidate, subject in the case of clauses (ii) and (iii) to
the Company’s obligations under Delaware law to provide for claims of creditors and other requirements of applicable law.

 

(b) Each Insider
agrees to not propose any amendment to the Charter that would affect the substance or timing of the Company’s obligation to
redeem 100% of the Offering Shares if the Company does not consummate a Business Combination within the Completion Window, unless
the Company provides the holders of Offering Shares 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 any
amounts representing interest earned on the Trust Account, less any interest released to, or reserved for use by, the Company to pay
franchise and income taxes, divided by the number of then outstanding Offering Shares.

 

    

     

    

 

(c) Each Insider acknowledges
and agrees that Founder Shares or Placement Shares held by him, her or it are not entitled to, and have no right, interest or claim of
any kind in or to, any monies held in the Trust Account or distributed as a result of any liquidation of the Trust Account.

 

(d) Each Insider waives,
with respect to any Founder Shares or Placement Shares held by such undersigned party, any redemption rights he, she or it may have (i) in
connection with the consummation of an initial Business Combination, (ii) if the Company fails to consummate its initial Business
Combination or liquidates within the Completion Window or (iii) if the Company seeks an amendment to its Charter that would affect
the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares as described above. If any of the Insiders
should acquire Offering Shares in or after the Offering, each Insider hereby waives with respect to such Offering Shares held by such
undersigned party any redemption rights such party may have in connection with the consummation of a Business Combination or a stockholder
vote to amend the Charter to modify the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if
the Company does not complete its initial Business Combination within the Completion Window; provided, however, that the
Insiders will be entitled to redemption rights with respect to such Offering Shares held by them if the Company fails to consummate a
Business Combination or liquidates within the Completion Window.

 

3. (a) To the extent that the Underwriters
do not exercise in full their over-allotment option to purchase an additional 3,300,000 Units (as described in the Prospectus), the Initial
Holders shall return to the Company for cancellation, at no cost, an aggregate number of Founder Shares determined by multiplying
1,133,333 by a fraction: (i) the numerator of which is 3,300,000 minus the number of shares of the Common Stock purchased by the
Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 3,300,000. The Initial Holders
further agree that, if the Company effects a stock split, stock dividend, reverse stock split, contribution back to capital or otherwise
in connection with any increase or decrease in the size of the Offering, to the extent that the Underwriters do not exercise their over-allotment
option in full, the aggregate number of shares that the Initial Holders will be required to return to the Company as set forth in the
immediately preceding sentence shall be adjusted so that the Founder Shares held by the Initial Holders and their Permitted Transferees
represent 25% of the Company’s issued and outstanding shares of Common Stock immediately following such forfeiture. The number of
Founder Shares to be returned by each Initial Holder, if any, pursuant to this Section 3(a) shall be determined on a pro-rata
basis based on the percentage of outstanding Founder Shares held by each Initial Holder at the time of such forfeiture.

 

(b) Subject to
paragraph 3(d), the Founder Shares owned by the Insiders shall not be transferable or salable (a) with respect to 25% of such
shares, until consummation of the initial Business Combination, (b) with respect to 25% of such shares, until the earlier of
the second anniversary of the consummation of the initial business combination or the first date at which the closing price of the
Common Stock exceeds $12.00 per share for any 20 trading days within a 30-trading day period following the consummation of the
initial Business Combination, (c) with respect to 25% of such shares, until the earlier of the second anniversary of the
consummation of the initial business combination or the first date at which the closing price of the Common Stock exceeds $13.50 per
share for any 20 trading days within a 30-trading day period following the consummation of the initial Business Combination, and
(d) with respect to 25% of such shares, until the earlier of the second anniversary of the consummation of the initial business
combination or the first date at which the closing price of the Common Stock exceeds $15.00 per share for any 20 trading days within
a 30-trading day period following the consummation of the initial Business Combination. Notwithstanding the foregoing, the transfer
restrictions set forth in the immediately preceding sentence shall terminate upon the date on which  the Company completes a
liquidation, merger, stock exchange 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 (such applicable period being the
 “Founder Lock-Up Period”). During the Founder Lock-Up Period, the Insiders shall not, except as described
in the Prospectus, (I) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or
otherwise dispose of or agree to dispose of, directly or indirectly, or 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, and
the rules and regulations of the Commission promulgated thereunder (the “Exchange Act”), with respect
to the Founder Shares then subject to the Founder Lock-Up Period, (II) enter into any swap or other arrangement that transfers
to another, in whole or in part, any of the economic consequences of ownership of any of the Founder Shares then subject to the
Founder Lock-Up Period, whether any such transaction is to be settled by delivery of the Common Stock or such other securities, in
cash or otherwise, or (III) publicly announce any intention to effect any transaction specified in clause (b)(I) or
(b)(II).

 

    

     

    

 

(c) Until 30 days after
the consummation of the initial Business Combination (“Placement Unit Lock-Up Period”), the Sponsor shall
not, except as described in the Prospectus, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option
to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position
or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to the Placement
Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement Warrants, (ii) enter into any swap
or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any of the Placement
Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement Warrants, whether any such transaction
is to be settled by delivery of the Common Stock or such other securities, in cash or otherwise, or (iii) publicly announce any intention
to effect any transaction specified in clause (c)(i) or (c)(ii).

 

(d) Notwithstanding the
provisions contained in paragraphs 3(b) and 3(c) hereof, any Insider may transfer, as applicable, the Founder Shares and/or
Placement Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement Warrants (1) in connection
with an initial Business Combination with the consent of the Company to any third party that agrees in writing to be bound by the provisions
of this agreement applicable to Insiders (other than paragraph 1 and the second sentence of paragraph 2(d)); and (2) (a) to
the Company’s officers, the Company’s directors, the Initial Holders, or other Insiders, (b) to an affiliate or immediate
family member of any of the Company’s officers and directors, Initial Holders, or other Insiders, (c) to any member, officer
or director of the Sponsor, or any immediate family member, partner, affiliate or employee of a member of the Sponsor, (d) by gift
to any Permitted Transferee under any of the immediately preceding subsections (a) through (c), a trust, the beneficiaries of which
are one or more Permitted Transferees under any of the immediately preceding subsections (a) through (c), or a charitable organization,
(e) by virtue of laws of descent and distribution upon death of any of the Company’s officers, the Company’s directors,
the Initial Holders, or members of the Sponsor, (f) pursuant to a qualified domestic relations order, (g) in the event of the
Company’s liquidation prior to consummation of its initial Business Combination, (h) by virtue of the laws of Delaware, the
Sponsor’s limited liability company agreement upon dissolution of the Sponsor, (i) subsequent to the Company’s consummation
of its initial Business Combination, in the event of a liquidation, merger, stock exchange 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,
(j) subsequent to the Company’s consummation of its initial Business Combination, in the event of a consolidation, merger or
other similar transaction in which the Company is the surviving entity that results in the directors and officers of the Company ceasing
to comprise a majority of the Board (in the case of directors) or management (in the case of officers) of the surviving entity or (k) through
private sales or transfers made in connection with any forward purchase agreement or similar arrangement or in connection with the consummation
of the Company’s initial Business Combination at prices no greater than the price at which the Founder Shares, Placement Shares
or Placement Warrants were originally purchased (each, a “Permitted Transferee”); provided, however,
that, in the case of subclauses (a) through (f), (h) and (k), these transferees enter into a written agreement with the Company
agreeing to be bound by the transfer restrictions set forth herein. For the avoidance of doubt, for the purposes of this Agreement, a
managed account managed by the same investment manager of any member of the Sponsor shall be deemed an affiliate of such member.

 

(e) Further, each Insider
agrees that after the Founder Lock-Up Period or the Placement Unit Lock-Up Period, as applicable, has elapsed, the Founder Shares and/or
Placement Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement Warrants owned by such Insider
shall only be transferable or saleable pursuant to a sale registered under the Securities Act or pursuant to an available exemption from
registration under the Securities Act. The Company and each Insider acknowledges that pursuant to that certain registration rights agreement
to be entered into among the Company and certain security holders of the Company, parties to the agreement may request that a registration
statement relating to the Founder Shares and/or Placement Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying
the Placement Warrants be filed by the Company with the Commission prior to the end of the Founder Lock-Up Period or the Placement Unit
Lock-Up Period, as the case may be; provided, however, that such registration statement does not become effective prior
to the end of the Founder Lock-Up Period or the Placement Unit Lock-Up Period, as applicable.

 

    

     

    

 

(f) Subject to the limitations
described herein, each Insider shall retain all of such Insider’s rights as a security holder during, as applicable, the Founder
Lock-Up Period and/or Placement Unit Lock-Up Period including, without limitation, the right to vote, as the case may be, the Founder
Shares and/or Placement Shares.

 

(g) During the Founder
Lock-Up Period and Placement Unit Lock-Up Period, all dividends payable in cash with respect to such securities shall be paid, as applicable,
to each security holder, but all dividends payable in Common Stock or other non-cash property shall become subject to the applicable lock-up
period as described herein and shall only be released from such lock-up in accordance with the provisions of this paragraph 3.

 

4. Without limiting the provisions of paragraph
3(d) hereof, during the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date,
each of the undersigned shall not (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase
or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to any Units, Placement
Units, shares of Common Stock, Warrants, Placement Shares, Placement Warrants or any securities convertible into, or exercisable, or exchangeable
for, shares of Common Stock owned by an undersigned party, (ii) enter into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of any Units, Placement Units, shares of Common Stock, Warrants, Placement
Shares, Placement Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by the
undersigned, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly
announce any intention to effect any transaction specified in clause (i) or (ii); provided, however, that the restrictions
of this Section 4 shall not apply to any distributions by the Sponsor to its members of Units, Placement Units, shares of Common
Stock, Warrants, Placement Shares, Placement Warrants or any securities convertible into, or exercisable, or exchangeable for, shares
of Common Stock.

 

5. (a) In the event of the liquidation
of the Trust Account without the consummation of a Business Combination, the Sponsor (the “Indemnitor”) 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 for services rendered or products sold to the Company or (ii) any prospective target business (a “Target”)
as described in the Prospectus; provided, however, that such indemnification of the Company by the Indemnitor shall apply
only to the extent necessary to ensure that such claims by a third party 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 $10.10 (regardless of whether or not the Underwriters exercise any portion
of their overallotment option) per Offering Share and only if such third party or Target has not executed an agreement waiving claims
against any and all rights to seek access to the Trust Account, regardless of whether such agreement is enforceable. In the event that
any such executed waiver is deemed to be unenforceable against such third party, the Indemnitor shall not be responsible for any liability
as a result of any such third party claims. Notwithstanding any of the foregoing, indemnification of the Company by the Indemnitor pursuant
to this paragraph 5 shall not apply as to any claims arising from the Company’s obligation pursuant to the Underwriting Agreement
to indemnify the Underwriters.

 

(b) If the Company is
liquidated within the Completion Window, to the extent that interest income on the balance of the Trust Account (net of any taxes payable)
released to the Company in an amount up to $100,000 to pay dissolution expenses and any other interest released to, or reserved for use
by, the Company to pay franchise and income taxes and loans from the Sponsor (each as described in the Prospectus) are insufficient to
fund the costs and expenses of liquidation, the Indemnitor agrees to pay the balance of the amount necessary to complete the liquidation
of the Company.

 

6. The Company agrees that the
Company will not engage any third party to render services, agree to purchase any products from such third party, or enter into any
discussion or any acquisition agreement with a Target unless (i) such third party or Target has agreed to execute a waiver
against any right, title, interest or claim of any kind in or to any monies held in the Trust Account or any proceeds from the Trust
Account, that is acceptable to the Board or (ii) the Board and the Sponsor have each consented in writing to dispense with such
waiver with respect to such services, product, discussions or acquisition agreement, in each case with the written consent of the
Indemnitor as part of the consent of the Board. In addition the Company shall endeavor, together with the officers and directors of
any acquisition target for its initial Business Combination, to obtain waivers of claims to the monies held in the Trust Account
from creditors of such acquisition target (which, for the avoidance of doubt, shall include creditors existing prior to the initial
Business Combination as well as after completion of the initial Business Combination).

 

    

     

    

 

7. In order to minimize potential conflicts
of interest that may arise from multiple corporate affiliations, each officer and director of the Company who is signatory to this Agreement
agrees that until the earliest of the Company’s initial Business Combination, liquidation or the time at which such person ceases
to be an officer or director of the Company, such person shall present to the Company for its consideration, prior to presentation to
any other entity, any suitable Business Combination opportunities of which such person (or companies or entities which such person manages
or controls) becomes aware, subject to any current or future fiduciary or contractual obligations of such person that such person discloses
to the Company.

 

8. Each officer and director signatory
hereto represents and warrants that the biographical information furnished to the Company by him or her is true and accurate in all material
respects and does not omit any material information with respect to such person’s background. Each of the answers of such person
to the items in questionnaires furnished to the Company by such officer and director is true and accurate in all material respects.

 

9. Each of the undersigned represents and
warrants that her, she or it:

 

(a) 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;

 

(b) 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 the undersigned is not currently a defendant in any such
criminal proceeding; and

 

(c) 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.

 

10. Each Insider agrees that he, she or
it shall receive no finder’s fees, consulting fees or other similar compensation from the Company prior to, or for any services
they render in order to effectuate, the consummation of the initial Business Combination, other than the following:

 

(a) repayment of loans
made to the Company by the Sponsor or its affiliate prior to completion of the Offering in connection with organizational expenses and
the preparation, filing and consummation of the Offering;

 

(b) payments to the Sponsor
or its affiliate of a total of $30,000 per month for office space, administrative and shared personnel support services, pursuant to an
Administrative Services Agreement;

 

(c) repayment of loans,
if any, and on such terms as to be determined by the Company from time to time, made by the Sponsor or one of its affiliates to finance
transaction costs in connection with an intended initial Business Combination, provided, that, if the Company does not consummate
an initial Business Combination, a portion of the working capital held outside the Trust Account may be used by the Company to repay such
loaned amounts. Up to $2,000,000 of such loans may be convertible into units at a price of $10.00 per unit at the option of the lender.
Such units would be identical to the Placement Units;

 

(d) payment of certain
consulting fees to persons engaged by an entity affiliated with certain Insiders;

 

(e) at the closing of
an initial Business Combination, a customary advisory fee to affiliates of the Sponsor, in an amount that constitutes a market standard
advisory fee for comparable transactions and services provided; and

 

(f) reimbursement for
any out-of-pocket expenses related to identifying, investigating and consummating an initial Business Combination, provided that
no proceeds of the Offering placed in the Trust Account may be applied to the payment of such expenses prior to the consummation of an
initial Business Combination.

 

    

     

    

 

11. Each of the undersigned acknowledges
and understands that the Underwriters and the Company will rely upon the agreements, representations, and warranties set forth herein
in proceeding with the Offering.

 

12. Each of the undersigned authorizes
any employer, financial institution, or consumer credit reporting agency to release to the Underwriters and their legal representatives
or agents (including any investigative search firm retained by the Underwriters) any information they may have about such undersigned
party’s background and finances (“Information”), purely for the purposes of performing required due diligence
examinations in connection with the Offering (provided that the Underwriters agree to hold such Information in confidence). Each of the
undersigned agrees that neither the Underwriters nor their agents shall be violating such undersigned party’s right of privacy by
requesting and obtaining the Information in accordance with this Section 12.

 

13. Each of the undersigned acknowledges
and agrees that the Company will not consummate any initial Business Combination that involves a company which is affiliated with such
undersigned party unless the Company obtains an opinion from an independent investment banking firm that is a member of the Financial
Industry Regulatory Authority that the Business Combination is fair to the Company’s stockholders from a financial perspective.

 

14. Each officer and director signatory
hereto represents and warrants that he or she has full right and power, without violating any agreement to which such person 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 to serve as an officer of the Company or as a director on the Board, as applicable, and hereby consents to being
named in the Prospectus as an officer and/or as a director of the Company, as applicable.

 

15. As used in this Letter Agreement, (i) “Business
Combination” shall mean a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar Business
Combination, involving the Company and one or more businesses; (ii) “Founder Shares” shall mean the 8,763,333
shares of Class B common stock of the Company, par value $0.0001 per share, acquired by the Sponsor and the other Initial Holders
for an aggregate purchase price of $25,000 prior to the consummation of the Offering; (iii) “Initial Holders”
shall mean Emerald ESG Sponsor, LLC and Emerald ESG Advisors, LLC; (iii) “Offering Shares” shall mean the
shares of Common Stock included in the units sold in the Offering; (iv) “Placement Shares” shall mean the
shares of Common Stock sold as part of the Placement Units; (v) “Placement Warrants” shall mean the Warrants
to purchase up to an aggregate of 495,000 shares of the Common Stock that are included in the Placement Units; (vi) “Placement
Units” shall mean the aggregate of up to 990,000 Units of the Company (each Placement Unit consists of one-half of a Placement
Warrant and one Placement Share) sold in the Private Placement for an aggregate purchase price of up to $9,900,000; (vii) “Trust
Account” shall mean the trust account into which net proceeds of the Offering and the Private Placement will be deposited;
(viii) “Prospectus” shall mean the prospectus included in the registration statement filed by the Company
in connection with the Offering, as supplemented or amended from time to time; (ix) “Private Placement”
shall mean that certain private placement transaction occurring simultaneously with the closing of the Offering pursuant to which the
Company has agreed to sell an aggregate of up to 990,000 Placement Units to Emerald ESG Sponsor, LLC, a Delaware limited liability company;
(x) “Sponsor” shall mean, collectively, Emerald ESG Sponsor, LLC, a Delaware limited liability company,
and Emerald ESG Advisors, LLC, a Delaware limited liability company, (xi) “Insiders” shall mean the Sponsor,
any holders of Founder Shares, any person who receives Placement Units, Founder Shares or their respective underlying securities as a
Permitted Transferee and each officer and director of the Company; and (y) references to completion of the Offering shall exclude
any exercise of the Underwriters’ over-allotment option.

 

16. 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 the parties hereto.

 

17. No party may assign either this Letter
Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other party. Any purported
assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title
to the purported assignee. This Letter Agreement shall be binding on each undersigned party and each of such undersigned party’s,
as applicable, heirs, personal representatives, successors and assigns.

 

    

     

    

 

18. This Letter Agreement shall be governed
by and construed and enforced in accordance with the laws of the State of New York applicable to contracts entered into within the borders
of such state and without giving effect to conflicts of law principles that would result in the application of the substantive laws of
another jurisdiction. The parties (i) 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 federal or state courts in the borough of Manhattan in the City of New
York, and irrevocably submits 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.

 

19. 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, electronic or facsimile transmission.

 

20. This Letter Agreement shall terminate
in the event that the Offering is not completed by January 31, 2022; and, provided, further, that paragraph 5 of this Letter
Agreement shall survive any liquidation of the Company.

 

[Signature page follows]

 

    

     

    

 

	 	Sincerely,
	 	 
	 	FTAC EMERALD ACQUISITION CORP.

a Delaware corporation
	 	 
	 	By:	 /s/ Bracebridge H. Young, Jr.
	 	Name:	Bracebridge H. Young, Jr.
	 	Title:	Chief Executive Officer

 

	 	EMERALD ESG SPONSOR, LLC,

a Delaware limited liability company
	 	 
	 	By:	 /s/ Betsy Cohen
	 	Name:	Betsy Cohen
	 	Title:	Manager

 

	 	EMERALD ESG ADVISORS, LLC,

a Delaware limited liability company
	 	 
	 	By:	 /s/ Betsy Cohen
	 	Name:	Betsy Cohen
	 	Title:	Manager

 

[Signature Page to Letter Agreement]

 

    

     

    

 

	 	/s/ Betsy Cohen
	 	Betsy Cohen, individually

 

	 	/s/ Bracebridge H. Young, Jr.
	 	Bracebridge H. Young, Jr., individually
	 	 
	 	/s/ Doug Listman
	 	Doug Listman, individually
	 	 
	 	/s/ Mark Tercek
	 	Mark Tercek, individually
	 	 
	 	/s/ Tensie Whelan
	 	Tensie Whelan, individually
	 	 
	 	/s/ Andrew Hohns
	 	Andrew Hohns, individually
	 	 
	 	/s/ Therese Rein
	 	Therese Rein, individually
	 	 
	 	/s/ Lisa Shalett
	 	Lisa Shalett, individually

 

[Signature Page to Letter Agreement]Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management
Trust Agreement (this “Agreement”) is made effective as of December 15, 2021 by and between FTAC Emerald Acquisition
Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York
corporation (the “Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, No. 333-261254 (the “Registration Statement”) and related prospectus
(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 Class A common stock, par value $0.0001 per share (the “Common
Stock”), and one-half of one warrant, each whole warrant to purchase one share of Common Stock (such initial public offering
hereinafter referred to as the “Offering”), was declared effective by the U.S. Securities and Exchange Commission
on December 15, 2021; and

 

WHEREAS, the Company has entered
into an Underwriting Agreement (the “Underwriting Agreement”) with Goldman Sachs & Co. LLC (“Representative”),
as representative of the several underwriters named therein (the “Underwriters”); and

 

WHEREAS, as described in the
Registration Statement, $222,200,000 of the gross proceeds of the Offering and sale of the Private Placement Units (as defined in the
Underwriting Agreement) (or $255,530,000 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 in the United States (the “Trust Account”)
for the benefit of the Company and the holders of the Company’s Common Stock included in the Units issued in the Offering 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 herein to as the “Public Stockholders,”
and the Public Stockholders and the Company together are referred to herein as the “Beneficiaries”); and

 

WHEREAS, pursuant to the Underwriting
Agreement, $7,700,000, or up to $8,855,000 if the Underwriters’ over-allotment option is exercised in full, of the Property is attributable
to deferred underwriting discounts and commissions that may be payable by the Company to the Representative upon the consummation of the
Business Combination (as defined below) (the “Deferred Discount”); 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 established by the Trustee in the United States
at JPMorgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100 billion or more) 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 in United States government securities within the meaning of
Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in money market funds meeting
the conditions of paragraphs (d)(2), (d)(3), (d)(4) and (d)(5) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended,
which invest only in direct U.S. government treasury obligations, as determined by the Company; it being understood that the Trust Account
will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder; and while the account funds
are invested or uninvested, the Trustee may earn bank credits or other consideration;

 

    

     

    

 

(d) Collect and receive, when
due, all 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
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;

 

(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;

 

(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 Financial Officer or Chairman of the board of directors
(the “Board”) or other authorized officer of the Company (and in the case of Exhibit A, jointly signed
by the Representative), and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including
any amounts representing interest earned on the Trust Account, less interest previously released to, or reserved for use by, the Company
in an amount up to $100,000 to pay dissolution expenses (as applicable) and less any other interest released to, or reserved for use by,
the Company to pay franchise and income taxes as provided in this Agreement only as directed in the Termination Letter and the other documents
referred to therein, or (y) the Company has not consummated a business combination within 18 months from the Offering, or 21 months
from the closing of the Offering if the Company executes a letter of intent, agreement in principle or definitive agreement for its initial
business combination within 18 months from the closing of the Offering (“Termination Date”), 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 as Exhibit B and the Property in the Trust Account, including any amounts
representing interest earned on the Trust Account, less interest previously released to, or reserved for use by, the Company in an amount
up to $100,000 to pay dissolution expenses (as applicable) and less any other interest released to, or reserved for use by, the Company
to pay franchise and income taxes, shall be distributed to the Public Stockholders of record as of such date; The Trustee agrees to serve
as the paying agent of record (“Paying Agent”) with respect to any distribution of Property that is to be made
to the Public Stockholders and, in its separate capacity as Paying Agent, agrees to distribute such Property directly to the Company’s
Public Stockholders in accordance with the terms of this Agreement and the Company’s Certificate of Incorporation in effect at the
time of such distribution;

 

(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
Request”), withdraw from the Trust Account and distribute to the Company interest in an amount up to $100,000 to pay dissolution
expenses and any interest to cover any tax obligation owed by the Company as a result of assets of the Company or any franchise or income
taxes of the Company which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment.
Any Withdrawal Request for a distribution to pay a franchise tax 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. To the extent there is not sufficient cash in the Trust Account to fulfill a Withdrawal Request, 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 there is
no reduction in the principal amount per share initially deposited in the Trust Account. The Trustee acknowledges and agrees that no amount
in excess of interest income earned on the Property shall be payable from the Trust Account to the Company pursuant to this Section
1(j). A Withdrawal Request shall constitute presumptive evidence that the Company is entitled to said funds, and the Trustee shall
have no responsibility to look beyond said request; and

 

    

     

    

  

(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, 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 in connection with a stockholder vote to approve an amendment to the Company’s amended and restated
certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of its public shares of
Common Stock if the Company has not consummated an initial Business Combination within such time as is described in Section 1(i)
of this Agreement or to allow redemption in connection with an initial Business Combination. The written request 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) through 1(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, President, Chief Executive Officer or Chief Financial
Officer. In addition, except with respect to its duties under Sections 1(i), 1(j) and 1(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;

 

(b) Subject to Section 4
hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all expenses, including reasonable 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), the Trustee 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 shall 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 the Business Combination is consummated. 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) and as may be provided in Section 2(b) hereof;

 

(d) In connection with any vote
of the Company’s stockholders regarding a 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 Representative 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; and

  

(g) Within four (4) business
days after the Underwriters exercise the over-allotment option (or any portion thereof) or such over-allotment expires, provide the Trustee
with a notice in writing of the total amount of the Deferred Discount due with respect to such exercise, which shall be up to $8,855,000.

 

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;

 

(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 third party 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 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) 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
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;

 

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

 

(h) 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;

 

(i) 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;

 

(j) 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, income tax obligations,
except pursuant to Section 1(j) hereof; or

 

(k) Verify calculations, qualify
or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i), 1(j) and 1(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 Section 2(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. 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 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) and distributed
the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except as set forth in 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 Section 1(i)
hereof (which may not be modified, amended or deleted without the affirmative vote of sixty five percent (65%) of the then outstanding
shares of Common Stock; provided, that an amendment to Section 1(i) shall also require the consent of the Representative;
provided further that no such amendment will affect any Public Stockholder who has elected to redeem shares of Common Stock in
connection with a stockholder vote to amend this Agreement to extend the Termination Date, and such amendment shall provide for redemption
rights), 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.

 

(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 facsimile transmission:

  

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 GonzalezEmail:
fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

 

if to the Company, to:

 

FTAC Emerald Acquisition Corp.

2929 Arch Street, Suite 1703

Philadelphia, PA 19104

Attn: Bracebridge H. Young, Jr.

 

in each case, with copies to:

 

McDermott Will & Emery LLP

One Vanderbilt Avenue

New York, NY 10017-3852

Attn: Ari Edelman

 

and

 

Goldman Sachs & Co. LLC

200 West Street

New York, New York 10282-2198

Attn: Registration Department

 

and

 

Winston & Strawn LLP

800 Capitol Street, Suite 2400

Houston, TX 77002

Attn:      Michael Blankenship

Dominick DeChiara

 

    

     

    

 

(g) 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.

 

(h) 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.

 

(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 acknowledges and agrees that Goldman Sachs & Co. LLC, on behalf of the Underwriters, is a third party beneficiary
of this Agreement.

 

(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 without the other
parties written consent.

 

[Signature Page Follows]

 

    

     

    

 

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

 

 

	 	FTAC Emerald Acquisition Corp. 
	 	 	 
	 	By:	 /s/ Bracebridge H. Young, Jr.
	 	 	Name:  Bracebridge H. Young, Jr.
	 	 	Title:  Chief Executive Officer

 

[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	 	$	3,500.00	 
	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	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Section 1	 	Billed to Company following disbursement made to Company under Section 1	 	$	250.00	 
	Paying Agent services as required pursuant to Section 1	 	Billed to Company upon delivery of service pursuant to Section 1	 	Prevailing rates	 

 

    Sch. A-1

     

    

 

EXHIBIT A

 

[Letterhead of Company] 

 

[Insert date] 

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Fran Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement between FTAC Emerald Acquisition Corp. (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of [---------] (“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 seventy-two (72) hours in advance of the actual date of the consummation of the Business Combination (“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 and to transfer the proceeds
into the trust operating account at JPMorgan Chase Bank, N.A. so 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 operating account at JPMorgan Chase Bank, N.A. 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, or will be consummated
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 by the Chief Executive Officer or President, which verifies that the Business
Combination has been approved by a vote of the Company’s stockholders, if a vote is held, and (b) a joint written instruction signed
by the Company and the Representative with respect to the transfer of the funds held in the Trust Account, including payment of the Deferred
Discount from the Trust Account (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 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 from
the Trust Account, your obligations under 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 Section 1(c) of the Trust Agreement on the business day immediately
following the Consummation Date as set forth in the notice as soon thereafter as possible.

 

    A-1

     

    

 

	 	Very truly yours,
	 
	 	FTAC Emerald Acquisition Corp. 
	 	 
	 	By:	 
	 	 	Name:  Bracebridge H. Young, Jr.
	 	 	Title:  Chief Executive Officer

 

	AGREED TO AND	 
	ACKNOWLEDGED BY	 
	 	 
	GOLDMAN SACHS & CO. LLC	 
	 	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    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: Fran Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez :

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement between FTAC Emerald Acquisition Corp. (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of [----------] (“Trust Agreement”),
this is to advise you that [the Company’s board of director has approved and commenced with the liquidation and dissolution of the
Company] [the Company has been unable to effect a business combination with a Target Business within the time frame specified in Section
1(i) of the Trust Agreement]. 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 to transfer the total proceeds
into the trust operating account at JPMorgan Chase Bank, N.A. to await distribution to the Public Stockholders. The Company has selected
[___], 202_, as the effective date for the purpose of determining when the Public Stockholders will be entitled to receive their share
of the liquidation proceeds. In your capacity as Paying Agent, we hereby direct you to distribute said funds directly to the Company’s
Public Stockholders in accordance with the terms of the Trust Agreement and the Amended and Restated Certificate of Incorporation of the
Company as in effect at the time of such distribution. Upon the distribution of all funds in the Trust Account, your obligations under
the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(j) of the Trust Agreement.

 

	 	Very truly yours,
	 
	 	FTAC Emerald Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name: Bracebridge H. Young, Jr.
	 	 	Title:  Chief Executive Officer

 

	cc:	Goldman Sachs & Co. 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: ]Fran Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account - Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez :

 

Pursuant to Section 1(j)
of the Investment Management Trust Agreement between FTAC Emerald Acquisition Corp. (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of [-----] (“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 connection with its dissolution [upon the
expiration of the 18 to 21 month period following completion of the Offering] [prior to Termination Date]]. 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,
	 
	 	FTAC Emerald Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:  Bracebridge H. Young, Jr.
	 	 	Title:  Chief Executive Officer

 

	cc:	Goldman Sachs & Co. 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: Fran Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account Stockholder Redemption Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez :

 

Pursuant to Section 1(j)
of the Investment Management Trust Agreement between FTAC Emerald Acquisition Corp. (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of [--------] (“Trust Agreement”),
the Company hereby requests that you liquidate sufficient amounts from the trust account and deliver to the redeeming Public Stockholders
of the Company $____ of the principal and interest income earned on the Property as of the date hereof to a segregated account held by
you on behalf of the Beneficiaries. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds
to pay its Public Stockholders who have properly elected to have their shares of Common Stock redeemed by the Company in connection with
a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation to modify the substance
or timing of the Company’s obligation to redeem 100% of its public shares of Common Stock if the Company has not consummated an
initial Business Combination within such time as is described in Section 1(i) of the Trust Agreement. 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 the Beneficiaries.

 

	 	Very truly yours,
	 	 
	 	FTAC Emerald Acquisition Corp. 
	 	 
	 	By:	 
	 	 	Name:  Bracebridge H. Young, Jr.
	 	 	Title:  Chief Executive Officer

 

	cc:	Goldman Sachs & Co. LLC

 

    D-1

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