Document:

Exhibit 10.10

 

Environmental Impact Acquisition Corp. 

99 High Street

Boston, MA 02110

 

December 21, 2020

 

Environmental Impact Acquisition Corp.

99 High Street

Boston, MA 02110

 

		RE:	Warrant Subscription Agreement

 

Ladies and Gentlemen:

 

This agreement (the
“Agreement”) is entered into on [__], 2020 by and between CG Investments Inc. VI (the “Subscriber”
or “you”), and Environmental Impact Acquisition Corp., a Delaware corporation (the “Company,”
“we” or “us”). Pursuant to the terms hereof, the Company hereby accepts the offer the Subscriber
has made to purchase 600,000 warrants (the “Sponsor Warrants”) to purchase shares of Class A common stock, $0.0001
par value per share (the “Common Stock”). The shares of Common Stock underlying the Warrants are hereinafter
referred to as the “Warrant Shares”. The Sponsor Warrants and Warrant Shares, collectively, are hereinafter
referred to as the “Securities.” Each Warrant is exercisable to purchase one share of Common Stock at an exercise
price of $11.50 per share during the period commencing on the later of (i) twelve (12) months from the date of the closing of the
Company’s initial public offering of units (the “IPO”) and (ii) 30 days following the consummation of
the Company’s initial business combination (the “Business Combination”), as such term is defined in the
registration statement in connection with the IPO, as amended at the time it becomes effective (the “Registration Statement”),
and expiring on the fifth anniversary of the effective date of the Registration Statement. The Company and the Subscriber’s
agreements regarding such Sponsor Warrants are as follows:

 

1. Purchase
of Securities.

 

1.1. Purchase
and Issuance of the Sponsor Warrants. Upon the terms and subject to the conditions of this Agreement, Subscriber hereby agrees
to purchase from the Company, and the Company hereby agrees to sell to Subscriber, on the Closing Date (as defined below) the Sponsor
Warrants in consideration of the payment of the Purchase Price (as defined below). On the Closing Date, the Company shall deliver
(via book entry) to Subscriber the Sponsor Warrants purchased.

 

1.2. Purchase Price.
As payment in full for the Sponsor Warrants being purchased under this Agreement, Subscriber shall pay an aggregate of $6,000.00
(the “Purchase Price”) by wire transfer of immediately available funds or by such other method as may be reasonably
acceptable to the Company, to the trust account (the “Trust Account”) at a financial institution to be chosen
by the Company, maintained by Continental Stock Transfer & Trust Company, acting as trustee (“Continental”),
no later than one (1) business day prior to the date of effectiveness of the Registration Statement.

 

1.3. Closing.
The closing of the purchase and sale of the Sponsor Warrants shall take place simultaneously with the closing of the IPO (“Closing
Date”). The closing of the purchase and sale of the Sponsor Warrants shall take place at the offices of Ellenoff Grossman
& Schole LLP, 1345 Avenue of the Americas, New York, New York, 10105, or such other place as may be agreed upon by the parties
hereto.

 

1.4 Termination.
This Agreement and each of the obligations of the undersigned shall be null and void and without effect if the IPO does not close
prior to March 31, 2021.

 

     

     

    

 

2. Representations,
Warranties and Agreements.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    2

     

    

 

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

 

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

 

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

 

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

 

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

 

2.2.3. Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and that certain warrant agreement
to be entered into between the Company and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant
Agreement”), the Sponsor Warrants will be duly and validly issued, and the Warrant Shares will be duly and validly issued,
fully paid and non-assessable. On the date of issuance of the Sponsor Warrants, the Warrant Shares shall have been reserved for
issuance. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, Subscriber will
have or receive good title to the Sponsor Warrants, free and clear of all liens, claims and encumbrances of any kind, other than
(i) transfer restrictions hereunder and pursuant to the Insider Letter and (ii) transfer restrictions under federal and state securities
laws..

 

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

 

3. Terms
of Sponsor Warrants.

 

3.1 Terms. Each
Sponsor Warrant shall have the terms set forth in the Warrant Agreement. The Sponsor Warrants and their component parts are substantially
identical to the warrants to be offered in the IPO except that: (i) the Sponsor Warrants will be subject to transfer restrictions,
except in limited circumstances, until 30 days following the consummation of the Business Combination, (ii) the Sponsor Warrants
will be non-redeemable so long as they are held by Subscriber (or any of its permitted transferees), and may be exercisable on
a “cashless” basis if held by Subscriber or its permitted transferees, as further described in the Warrant Agreement,
and (iii) the Sponsor Warrants and component parts are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after the expiration of the lockup described above in clause (i) and
they are registered pursuant to the Registration Rights Agreement to be signed on or before the date of the Prospectus or an exemption
from registration is available, and the restrictions described above in clause (i) has expired.

 

    3

     

    

 

3.2. Failure to
Consummate Business Combination. The Sponsor Warrants shall be terminated upon the dissolution of the Company or in the event
that the Company does not consummate the Business Combination within 18 months from the consummation of the IPO, unless otherwise
extended by the Company.

 

3.3. Termination
of Rights as Holder. If the Sponsor Warrants are terminated in accordance with Section 6.1, then after such time Subscriber
(or its successor in interest) shall no longer have any rights as a holder of such Sponsor Warrants and the Company shall take
such action as is appropriate to cancel such Sponsor Warrants. Subscriber hereby irrevocably grants the Company a limited power
of attorney for the purpose of effectuating the foregoing and agrees to take any and all measures reasonably requested by the Company
necessary to effect the foregoing.

 

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

 

5. Restrictions
on Transfer.

 

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

 

5.2. Restrictive
Legends. Any certificates representing the Securities shall have endorsed thereon legends substantially as follows:

 

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

 

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

 

6. Other
Agreements.

 

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

 

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

 

6.3. Entire
Agreement. This Agreement, together with the Insider Letter and the Registration Rights Agreement, each substantially in the
form to be filed as an exhibit to the Registration Statement on Form S-1 associated with the Company’s IPO, embodies the
entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes
all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty,
covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict,
the express terms and provisions of this Agreement. 

 

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

 

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

 

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

 

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

 

6.8. Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the
conflict of law principles thereof.

 

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

 

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

 

    5

     

    

 

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

 

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

 

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

 

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

 

6.15. Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of
intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement.
The words “include,” “includes,” and “including” will be deemed to be
followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include
any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise
requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
“hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision
unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have
independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect,
the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the
relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party
hereto is in breach of the first representation, warranty, or covenant.

 

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

 

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

 

[Signature Page Follows]

 

    6

     

    

 

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

 

	 	Very truly yours,
	 	 
	 	ENVIRONMENTAL IMPACT ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Daniel Coyne
	 	 	Name: Daniel Coyne
	 	 	Title:   President and Chief Executive Officer 

 

	Accepted and agreed as of the date first written above.	 
	 	 
	CG Investments Inc. VI 	 
	 	 
	By:	/s/  Jeffrey Barlow	

	 	
        Name: Jeffrey Barlow

        Title:  President & Chief Executive Officer
	 

 

[Signature Page to Warrant Subscription
Agreement]Exhibit 10.11

 

WARRANT GRANT AGREEMENT

  

This Warrant Grant
Agreement (this “Agreement”), dated as of [__], 2020, is made and entered into by and between Environmental
Impact Acquisition Corp., a Delaware corporation (the “Company”) and the person identified on the signature
page hereto (the “Recipient”).

 

WHEREAS,
in order to induce the Recipient to serve in his or her capacity as a director of the Company, and on the terms and subject to
the conditions set forth in this Agreement, the Company wishes to issue such number of its warrants (“Warrants”)
to purchase shares of Class A common stock (“Warrant Shares” and, together with the Warrants, the “Securities”)
as set forth on Schedule A hereto to the Recipient, and the Recipient agrees to accept the Warrants and be bound by the
terms of this Agreement.

 

NOW, THEREFORE,
in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other
good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto, intending
to be legally bound, hereby agree as follows:

  

Section 1 
Issuance of Securities. The Company hereby agrees to issue, at the closing of the Company’s
initial public offering, the Warrants to the Recipient as set forth on Schedule A, subject to the terms and conditions of
this Agreement. The Recipient and the Company agree that the Warrants are being issued to the Recipient as consideration for the
services performed by the Recipient to the Company.

  

Section 2 No
Conflicts. Each party represents and warrants that neither the execution and delivery of this Agreement by such party, nor
the consummation or performance by such party of any of the transactions contemplated hereby, will with or without notice or lapse
of time, constitute, create or result in a breach or violation of, default under, loss of benefit or right under or acceleration
of performance of any obligation required under any agreement to which it is a party.

 

 Section 3
Representations.  The Recipient hereby acknowledges that an investment in the Warrants involves certain significant
risks. The Recipient has no need for liquidity in his or her investment in the Securities for the foreseeable future and is able
to bear the risk of that investment for an indefinite period. The Recipient acknowledges and hereby agrees that the Securities
will not be transferable under any circumstances unless the Recipient either registers the Securities in accordance with federal
and state securities laws or finds and complies with an exemption under such laws and such transfer complies with all applicable
lock-up restrictions (described in the Section 5(i), below) that apply to the Securities. The Recipient further understands that
any certificates evidencing the Securities may bear a legend referring to the foregoing transfer restrictions. The Securities are
being acquired solely for the Recipient's own account, for investment purposes only, and are not being acquired with a view to
or for the resale, distribution, subdivision or fractionalization thereof; and the Recipient has no present plans to enter into
any contract, undertaking, agreement or arrangement for such resale, distribution, subdivision or fractionalization. The Recipient
has been given the opportunity to (i) ask questions of and receive answers from the Company concerning the terms and conditions
of the Securities, and the business and financial condition of the Company and (ii) obtain any additional information that
the Company possesses or can acquire without unreasonable effort or expense that is necessary to assist the Recipient in evaluating
the advisability of the receipt of the Securities. The Recipient is not relying on any oral representation made by any person as
to the Company or its operations, financial condition or prospects. The Recipient is an “accredited investor” as defined
in Regulation D promulgated by the Securities and Exchange Commission under the Securities Act of 1933.

 

     

     

    

 

Section 4 Intentionally
Omitted. 

 

Section 5 Recipient’s
Obligations. (i) The Recipient hereby agrees that the Securities are subject to certain restrictions and obligations, including
certain lockup periods as described in the Company’s Registration Statement on Form S-1, as amended, filed with the Securities
and Exchange Commission (the “Registration Statement”) that will be set forth in the letter agreement
described in the next sentence. The Recipient hereby agrees to be a party to that certain letter agreement between the Company
and the Recipient in the form anticipated to be filed with the Securities Exchange Commission.

 

(ii) In the event the
Recipient’s status as a director of the Company terminates for any reason prior to the date of consummation of the Company’s
initial business combination as defined in the Registration Statement, 100% of such Recipient’s Warrants shall be automatically
deemed forfeited to the Company and cancelled, without consideration therefor, unless the remaining members of the Company’s
board of directors determine otherwise. 

 

Section 6 Miscellaneous. This
Agreement, together with the certificates, documents, instruments and writings that are delivered pursuant hereto, constitutes
the entire agreement and understanding of the parties hereto in respect of its subject matter. This Agreement may be executed in
two or more counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument.
This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by
all parties hereto. Except as otherwise provided herein, no party hereto may assign either this Agreement or any of its rights,
interests, or obligations hereunder without the prior written approval of the other party.

 

[The remainder of this
page has been intentionally left blank.]

 

    2

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	 	 
	 	Environmental Impact Acquisition Corp.
	 	 	 
	 	By:	              
	 	Name: 	 
	 	Title:  	 

 

	 	RECIPIENT:
	 	 
	 	Name: 

 

    3

     

    

 

Schedule
A

 

	

Recipient’s Name	 	Number of Director Warrants
	[______]	 	50,000

 

 

3

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