Document:

Exhibit 4.2

 

RIGHTS AGREEMENT

 

This Rights Agreement (this “Agreement”)
is made as of July 14, 2021, by and between CleanTech Acquisition Corp., a Delaware corporation (the “Company”), and Continental
Stock Transfer & Trust Company, a New York corporation (the “Rights Agent”).

 

WHEREAS, the Company is engaged in a public offering
(the “Public Offering”) of 15,000,000 units (the “Units”) of the Company (and up to 2,250,000 additional
Units if the underwriters’ over-allotment option is exercised in full), each Unit consisting of one share of common stock, par value
$0.0001 per share (the “Common Stock”), one right to receive one-twentieth of one share of Common Stock upon the happening
of the triggering event described herein (the “Right”), and one-half of a warrant to purchase one share of Common Stock
(the “Warrant”);

 

WHEREAS, the Company has filed with the Securities
and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, File No. 333-256578 (the “Registration
Statement”), and related Prospectus (the “Prospectus”) for the registration, under the Securities Act of
1933, as amended (the “Act”), of, among other securities, the Rights and the shares of Common Stock issuable to the
holders of the Rights;

 

WHEREAS, the Company desires the Rights Agent
to act on behalf of the Company, and the Rights Agent is willing to so act, in connection with the issuance, registration, transfer and
exchange of the Rights;

 

WHEREAS, the Company desires to provide for the
form and provisions of the Rights, the terms upon which they shall be issued, and the respective rights, limitation of rights, and immunities
of the Company, the Rights Agent, and the holders of the Rights; and

 

WHEREAS, all acts and things have been done and
performed which are necessary to make the Rights, when executed on behalf of the Company and countersigned by or on behalf of the Rights
Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this
Agreement.

 

NOW, THEREFORE, in consideration of the mutual
agreements herein contained, the parties hereto agree as follows:

 

1.
Appointment of Rights Agent. The Company hereby appoints the Rights Agent to act as agent for the Company for the Rights,
and the Rights Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth
in this Agreement.

 

2.
Rights.

 

2.1 Form of Right. Each
Right shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions of which
are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board, the Chief Executive Officer
or the Chief Financial Officer of the Company. In the event the person whose facsimile signature has been placed upon any Right shall
have ceased to serve in the capacity in which such person signed the Right before such Right is issued, it may be issued with the same
effect as if he or she had not ceased to be such at the date of issuance.

 

    

     

    

 

2.2 Effect of Countersignature.
Unless and until countersigned by the Rights Agent pursuant to this Agreement, a Right shall be invalid and of no effect and may not be
exchanged for shares of Common Stock.

 

2.3 Registration.

 

2.3.1 Right Register.
The Rights Agent shall maintain books (the “Right Register”) for the registration of original issuance and the registration
of transfer of the Rights. Upon the initial issuance of the Rights, the Rights Agent shall issue and register the Rights in the names
of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Rights Agent by
the Company.

 

2.3.2 Registered Holder.
Prior to due presentment for registration of transfer of any Right, the Company and the Rights Agent may deem and treat the person in
whose name such Right shall be registered upon the Right Register (the “registered holder”) as the absolute owner of
such Right and of each Right represented thereby (notwithstanding any notation of ownership or other writing on the Right Certificate
made by anyone other than the Company or the Rights Agent), for the purpose of the exchange thereof, and for all other purposes, and neither
the Company nor the Rights Agent shall be affected by any notice to the contrary.

 

2.4 Detachability of Rights.
Each of the securities comprising the Units will begin to trade separately on (i) the 90th day after the effectiveness of the Registration
Statement, or (ii) such earlier date as Chardan Capital Markets, LLC, as representative of the underwriters, shall determine is acceptable
(such date, the “Detachment Date”). In no event will separate trading of the securities comprising the Units commence
until the Company (i) files a Current Report on Form 8-K with the SEC including audited balance sheet reflecting the Company’s receipt
of the gross proceeds of the Public Offering and (ii) issues a press release announcing when such separate trading will begin. Upon the
Detachment Date, the Units will no longer trade, and each holder of Units will become, without any action by such holder, the holder of
that number of shares of Common Stock, Warrants and Rights comprising the Units held by such holder.

 

3.
Terms and Exchange of Rights

 

3.1 Rights. Each Right
shall entitle the holder thereof to receive one-twentieth of one share of Common Stock upon the happening of an Exchange Event (defined
below). No additional consideration shall be paid by a holder of Rights in order to receive his, her or its shares of Common Stock upon
an Exchange Event as the purchase price for such shares of Common Stock has been included in the purchase price for the Units. In no event
will the Company be required to net cash settle the Rights or issue fractional shares of Common Stock.

 

3.2 Exchange Event. An
“Exchange Event” shall occur upon the Company’s consummation of an initial Business Combination (as defined in
the Company’s Amended and Restated Certificate of Incorporation).

 

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3.3 Exchange of Rights.

 

3.3.1 Issuance of Shares
of Common Stock. As soon as practicable upon the occurrence of an Exchange Event, the Company shall direct holders of the Rights to
return their Rights Certificates to the Rights Agent. Upon receipt of a valid Rights Certificate, the Company shall issue to the registered
holder of such Right(s) the number of full shares of Common Stock to which he, she or it is entitled, registered in such name or names
as may be directed by him, her or it and issue to such registered holder(s) a certificate or book-entry position for the such shares.
Notwithstanding the foregoing, or any provision contained in this Agreement to the contrary, in no event will the Company be required
to net cash settle the Rights. The Company shall not issue fractional shares upon exchange of Rights. In the event that any holder would
otherwise be entitled to any fractional share upon exchange of Rights, at the time of an Exchange Event, the Company will instruct the
Right Agent how any such entitlement will be addressed. To the fullest extent permitted by the Company’s Amended and Restated Certificate
of Incorporation the Company reserves the right to deal with any such fractional entitlement at the relevant time in any manner permitted
by the Act and the Amended and Restated Certificate of Incorporation, which would include the rounding down of any entitlement to receive
shares of Common Stock to the nearest whole share (and in effect extinguishing any fractional entitlement), or the holder being entitled
to hold any remaining fractional entitlement (without any share being issued) and to aggregate the same with any future fractional entitlement
to receive shares in the Company until the holder is entitled to receive a whole number. Any rounding down and extinguishment may be done
with or without any in lieu cash payment or other compensation being made to the holder of the relevant Rights, such that value received
on exchange of the Rights may be considered less than the value that the holder would otherwise expect to receive.

 

3.3.2 Valid Issuance.
All shares of Common Stock issued upon an Exchange Event in conformity with this Agreement shall be validly issued, fully paid and nonassessable.

 

3.3.3 Date of Issuance.
Each person in whose name any such certificate or book-entry position for shares of Common Stock is issued shall for all purposes be deemed
to have become the holder of record of such shares on the date of the Exchange Event, irrespective of the date of delivery of such certificate
or entry of position.

 

3.3.4 Company Not Surviving
Following Exchange Event. Upon an Exchange Event in which the Company does not continue as the publicly held reporting entity, the
definitive agreement will provide for the holders of Rights to receive the same per share consideration the holders of the shares of Common
Stock will receive in such transaction, for the number of shares such holder is entitled to pursuant to Section 3.3.1 above. If the
Company does not continue as the publicly held reporting entity upon an Exchange Event, each holder of a Right will be required to affirmatively
convert his/her or its rights in order to receive the one-twentieth of one share underlying each right (without paying any additional
consideration) upon consummation of the Exchange Event. In such a case, each holder of a Right will be required to indicate his, her or
its election to convert the Rights into underlying shares of Common Stock as well as to return the original certificates evidencing the
Rights to the Company.

 

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3.4 Duration of Rights.
If an Exchange Event does not occur within the time period set forth in the Company’s Amended and Restated Certificate of Incorporation,
as the same may be amended from time to time, the Rights shall expire and shall be worthless.

 

4.
Transfer and Exchange of Rights.

 

4.1 Registration of Transfer.
The Rights Agent shall register the transfer, from time to time, of any outstanding Right upon the Right Register, upon surrender of such
Right for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon
any such transfer, a new Right representing an equal aggregate number of Rights shall be issued and the old Right shall be cancelled by
the Rights Agent. The Rights so cancelled shall be delivered by the Rights Agent to the Company from time to time upon request.

 

4.2 Procedure for Surrender
of Rights. Rights may be surrendered to the Rights Agent, together with a written request for exchange or transfer, and thereupon
the Rights Agent shall issue in exchange therefor one or more new Rights as requested by the registered holder of the Rights so surrendered,
representing an equal aggregate number of Rights; provided, however, that in the event that a Right surrendered for transfer bears a restrictive
legend and the new Rights to be issued will not bear a restrictive legend, the Rights Agent shall not cancel such Right and issue new
Rights in exchange therefor until the Rights Agent has received an opinion of counsel for the Company stating that such transfer may be
made and indicating no restrictive legend is required.

 

4.3 Fractional Rights.
The Rights Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of a Right
Certificate for a fraction of a Right.

 

4.4 Service Charges.
No service charge shall be made for any exchange or registration of transfer of Rights.

 

4.5 Adjustments to Conversion
Ratios. The number of shares of Common Stock that the holders of Rights are entitled to receive as a result of the occurrence of an
Exchange Event shall be equitably adjusted to reflect appropriately the effect of any share split, reverse share split, share dividend,
reorganization, recapitalization, reclassification, combination, exchange of shares or other like change with respect to the shares of
Common Stock occurring on or after the date hereof and prior to the Exchange Event.

 

4.6 Right Execution and Countersignature.
The Rights Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Rights required
to be issued pursuant to the provisions of this Section 4, and the Company, whenever required by the Rights Agent, will supply the
Rights Agent with Rights duly executed on behalf of the Company for such purpose.

 

5.
Other Provisions Relating to Rights of Holders of Rights.

 

5.1 No Rights as Stockholder.
Until the exchange of a Right for shares of Common Stock as provided for herein, a Right does not entitle the registered holder thereof
to any of the rights of a stockholder of the Company, including, without limitation, the right to receive dividends, or other distributions,
exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or
the election of directors of the Company or any other matter.

 

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5.2 Lost, Stolen, Mutilated,
or Destroyed Rights. If any Right is lost, stolen, mutilated, or destroyed, the Company and the Rights Agent may on such terms as
to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Right, include the surrender
thereof), issue a new Right of like denomination, tenor, and date as the Right so lost, stolen, mutilated, or destroyed. Any such new
Right shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed
Right shall be at any time enforceable by anyone.

 

5.3 Reservation of Shares
of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common
Stock that will be sufficient to permit the exchange of all outstanding Rights issued pursuant to this Agreement.

 

6.
Concerning the Rights Agent and Other Matters.

 

6.1 Payment of Taxes.
The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Rights Agent in respect
of the issuance or delivery of shares of Common Stock upon the exchange of Rights, but the Company shall not be obligated to pay any transfer
taxes in respect of the Rights or such shares of Common Stock.

 

6.2 Resignation, Consolidation,
or Merger of Rights Agent.

 

6.2.1 Appointment of Successor
Rights Agent. The Rights Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further
duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Rights
Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Rights Agent in
place of the Rights Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified in
writing of such resignation or incapacity by the Rights Agent or by the holder of the Right (who shall, with such notice, submit his,
her or its Right for inspection by the Company), then the holder of any Right may apply to the Supreme Court of the State of New York
for the County of New York for the appointment of a successor Rights Agent at the Company’s cost. Any successor Rights Agent, whether
appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York, in good
standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise
corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Rights
Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Rights Agent with
like effect as if originally named as Rights Agent hereunder, without any further act or deed; but if for any reason it becomes necessary
or appropriate, the predecessor Rights Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such
successor Rights Agent all the authority, powers, and rights of such predecessor Rights Agent hereunder; and upon request of any successor
Rights Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually
vesting in and confirming to such successor Rights Agent all such authority, powers, rights, immunities, duties, and obligations.

 

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6.2.2 Notice of Successor
Rights Agent. In the event a successor Rights Agent shall be appointed, the Company shall give notice thereof to the predecessor Rights
Agent and the transfer agent for the shares of Common Stock not later than the effective date of any such appointment.

 

6.2.3 Merger or Consolidation
of Rights Agent. Any corporation into which the Rights Agent may be merged or with which it may be consolidated or any corporation
resulting from any merger or consolidation to which the Rights Agent shall be a party shall be the successor Rights Agent under this Agreement
without any further act.

 

6.3 Fees and Expenses of
Rights Agent.

 

6.3.1 Remuneration. The
Company agrees to pay the Rights Agent reasonable remuneration for its services as such Rights Agent hereunder and will reimburse the
Rights Agent upon demand for all expenditures that the Rights Agent may reasonably incur in the execution of its duties hereunder.

 

6.3.2 Further Assurances.
The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such
further and other acts, instruments, and assurances as may reasonably be required by the Rights Agent for the carrying out or performing
of the provisions of this Agreement.

 

6.4 Liability of Rights Agent.

 

6.4.1 Reliance on Company
Statement. Whenever in the performance of its duties under this Agreement, the Rights Agent shall deem it necessary or desirable that
any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless
other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement
signed by the Chief Executive Officer or Chief Financial Officer and delivered to the Rights Agent. The Rights Agent may rely upon such
statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.

 

6.4.2 Indemnity. The
Rights Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. Subject to Section 6.6
below, the Company agrees to indemnify the Rights Agent and save it harmless against any and all liabilities, including judgments, costs
and reasonable counsel fees, for anything done or omitted by the Rights Agent in the execution of this Agreement except as a result of
the Rights Agent’s gross negligence, willful misconduct, or bad faith.

 

6.4.3 Exclusions. The
Rights Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
of any Right (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Right; nor shall it by any act hereunder be deemed to make any representation or warranty as to
the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Right or as to whether any
shares of Common Stock will when issued be valid and fully paid and nonassessable.

 

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6.5 Acceptance of Agency.
The Rights Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions
herein set forth.

 

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

 

7.
Miscellaneous Provisions.

 

7.1 Successors. All the
covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the benefit
of their respective successors and assigns.

 

7.2 Notices. Any notice,
statement or demand authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Right to or on the Company
shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service
within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with
the Rights Agent), as follows:

 

CleanTech Acquisition Corp.

207 West 25th Street, 9th Floor

New York, NY 10001

 

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

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Giovanni Caruso

 

Any notice, statement or demand authorized by
this Agreement to be given or made by the holder of any Right or by the Company to or on the Rights Agent shall be sufficiently given
when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit
of such notice, postage prepaid, addressed (until another address is filed in writing by the Rights Agent with the Company), as follows:

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Compliance Department

 

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7.3 Applicable Law and Exclusive
Forum. The validity, interpretation, and performance of this Agreement and of the Rights shall be governed in all respects by the
laws of the State of New York, without giving effect to conflict of laws. Subject to applicable law, the Company and the Rights Agent
hereby agree that any action, proceeding or claim against either of them arising out of or relating in any way to this Agreement shall
be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York,
and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive forum for any such action, proceeding or claim. The
Company and the Rights Agent hereby waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any liability or duty
created by the Securities Exchange Act of 1934, as amended, or any other claim for which the federal district courts of the United States
of America are the sole and exclusive forum.

 

Any person or entity purchasing or otherwise acquiring
any interest in the Rights shall be deemed to have notice of and to have consented to the forum provisions in this Section 7.3. If
any action, the subject matter of which is within the scope the forum provisions above, is filed in a court other than a court located
within the State of New York or the United States District Court for the Southern District of New York (a “foreign action”)
in the name of any Rights holder, such Rights holder shall be deemed to have consented to: (x) the personal jurisdiction of the state
and federal courts located within the State of New York or the United States District Court for the Southern District of New York in connection
with any action brought in any such court to enforce the forum provisions (an “enforcement action”), and (y) having
service of process made upon such Rights holder in any such enforcement action by service upon such Rights holder’s counsel in the
foreign action as agent for such Rights holder.

 

7.4 Persons Having Rights
under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended,
or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders
of the Rights and any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise,
or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole
and exclusive benefit of the parties hereto and their successors and assigns and of the registered holders of the Rights.

 

7.5 Examination of the Right
Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Rights Agent in the Borough of
Manhattan, City and State of New York, for inspection by the registered holder of any Right. The Rights Agent may require any such holder
to submit his, her or its Right for inspection by it.

 

7.6 Counterparts. This
Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be
deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

7.7 Effect of Headings.
The Section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.

 

7.8 Amendments. This
Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity, or
of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect
to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not
adversely affect the interest of the registered holders. All other modifications or amendments shall require the written consent or vote
of the registered holders of a majority of the then outstanding Rights.

 

7.9 Severability. This
Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity
or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to
such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, this Agreement has been duly
executed by the parties hereto as of the day and year first above written.

 

	 	CLEANTECH ACQUISITION CORP.
	 	 
	 	By: 	/s/ Eli Spiro             
	 	 	Name: 	Eli Spiro
	 	 	Title:	Chief Executive Officer

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By: 	/s/ Erika Young
	 	 	Name:	Erika Young
	 	 	Title:	Vice President

 

[Signature Page to Rights Agreement]

 

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Exhibit A

Form of Right

 

	NUMBER	RIGHTS

 

 

CLEANTECH ACQUISITION CORP.

 

INCORPORATED UNDER THE LAWS OF DELAWARE

RIGHT

 

SEE REVERSE FOR

CERTAIN DEFINITIONS

 

CUSIP [__]

 

THIS CERTIFIES THAT, for value received,
______________________

 

is the registered holder of a right or rights
(each, a “Right”) to automatically receive one-twentieth of one share of common stock, $0.0001 par value (“Common Stock”),
of CleanTech Acquisition Corp. (the “Company”) for each Right evidenced by this Rights Certificate on the Company’s
completion of an initial Business Combination (as defined in the Company’s Amended and Restated Certificate of Incorporation) upon
surrender of this Right Certificate pursuant to the Rights Agreement between the Company and Continental Stock Transfer & Trust Company,
as Rights Agent. In no event will the Company be required to net cash settle any Right.

 

Upon liquidation of the Company in the event an
initial business combination is not consummated during the required period as identified in the Company’s Amended and Restated Certificate
of Incorporation, the Right shall expire and be worthless. As more fully described in the prospectus relating to the Company’s initial
public offering (“Prospectus”), the holder of a Right shall have no right or interest of any kind in the Company’s trust
account established in connection with the Company’s initial public offering.

 

Upon due presentment for registration of transfer
of the Right Certificate at the office or agency of the Rights Agent, a new Right Certificate or Right Certificates of like tenor and
evidencing in the aggregate a like number of Rights shall be issued to the transferee in exchange for this Right Certificate, without
charge except for any applicable tax or other governmental charge. The Company shall not issue fractional shares upon exchange of Rights.
The Company reserves the right to deal with any fractional entitlement at the relevant time in any manner (as provided in the Rights Agreement).

 

The Company and the Rights Agent may deem and
treat the registered holder as the absolute owner of this Right Certificate (notwithstanding any notation of ownership or other writing
hereon made by anyone), for the purpose of any conversion hereof, of any distribution to the registered holder, and for all other purposes,
and neither the Company nor the Right Agent shall be affected by any notice to the contrary.

 

    A-1

     

    

 

This Right does not entitle the registered holder
to any of the rights of a shareholder of the Company.

 

Dated:

 

	 	 	 
	CHAIRMAN	 	SECRETARY

 

	 	 
	Continental Stock Transfer & Trust Company, as Rights Agent	 

 

The following abbreviations, when used in the
inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or
regulations:

 

	TEN COM – as tenants in common	UNIF GIFT MIN ACT - __________ Custodian __________
	TEN ENT – as tenants by the entireties	(Cust) (Minor)
	JT TEN – as joint tenants with right of survivorship	under Uniform Gifts to Minors
	and not as tenants in common	Act __________
	 	(State)

 

 

Additional Abbreviations may also be used though
not in the above list.

 

    A-2

     

    

 

CleanTech Acquisition Corp.

 

The Company will furnish without
charge to each shareholder who so requests the powers, designations, preferences and relative, participating, optional or other special
rights of each class of shares or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences
and/or rights. This certificate and the rights represented thereby are issued and shall be held subject to all the provisions of the Amended
and Restated Certificate of Incorporation and all amendments thereto and resolutions of the Board of Directors providing for the issue
of shares of Common Stock (copies of which may be obtained from the secretary of the Company), to all of which the holder of this certificate
by acceptance hereof assents.

 

For value received, ___________________________
hereby sell, assign and transfer unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

 

	 	 

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING
ZIP CODE, OF ASSIGNEE)

 

	 	 
	 	 
	 	 
	 	 
	 	 rights
	represented by the within Certificate, and do hereby irrevocably constitute and appoint	 
	 	 Attorney
	to transfer said rights on the books of the within named Company will full power of substitution in the premises.	 

 

 

Dated _____________________

 

	 	Notice:	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

Signature(s) Guaranteed:

 

	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).	 

 

As more fully described in the Prospectus, the
holder of this certificate shall have no right or interest of any kind in or to the funds held in the Company’s trust account established
in connection with the Company’s initial public offering.

 

 

A-3Exhibit 10.1

 

July 14, 2021

 

 

CleanTech Acquisition Corp.

207 West 25th Street, 9th Floor

New York, NY 10001

 

Chardan Capital Markets, LLC

17 State Street, 21st Floor

New York, NY 10004

 

Re: Initial Public Offering

 

Gentlemen:

 

This letter is being
delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and
between CleanTech Acquisition Corp., a Delaware corporation (the “Company”) and Chardan Capital Markets, LLC, as
representative (the “Representative”) of the Underwriters named in Schedule A thereto (the “Underwriters”),
relating to an underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”),
each comprised of one share of Common Stock of the Company, par value$0.0001 per share (the “Common Stock”), one right
to receive one-twentieth of one share of Common Stock, and one-half of a warrant, with each warrant being exercisable to purchase
one share of Common Stock at a price of $11.50 per full share (“Warrant”). Certain capitalized terms used herein are
defined in paragraph 14 hereof.

 

In order to induce
the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit
that such IPO will confer upon the undersigned as a stockholder of the Company, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

 

 1. If the Company solicits approval of its shareholders of a Business Combination, the undersigned will vote all shares of Common Stock beneficially owned by him, her or it, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

 2. (a) In the event that the Company fails to consummate a Business Combination within 12 months (or in the event the Company extended the time to complete a Business Combination up to 18 months) from the closing of the Company’s IPO, the undersigned shall take all reasonable steps to (i) cause the Trust Fund to be liquidated and distributed to the holders of IPO Shares and (ii) cause the Company to liquidate as promptly as reasonably possible but not more than five business days after the date we are required to consummate a Business Combination.

 

 (b) The undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and any remaining net assets of the Company as a result of such liquidation with respect to any shares he, she or it owns, including his, her or its Insider Shares, IPO Shares and Private Warrants purchased during or after the offering, if any, (“Claim”) and hereby waives any Claim the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Fund for any reason whatsoever. The undersigned acknowledges and agrees that there will be no distribution from the Trust Fund with respect to any Common Stock underlying the Private Warrants, all rights of which will terminate on the Company’s liquidation.

 

     

     

    

 

 3. The undersigned will place into escrow all of his, her or its Insider Shares pursuant to the terms of a Stock Escrow Agreement which the Company will enter into with the undersigned and an escrow agent acceptable to the Company.

 

 4. In order to minimize potential conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present to the Company for its consideration, prior to presentation to any other person or entity, any suitable opportunity to acquire a target business, until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company, subject to any pre-existing fiduciary and contractual obligations the undersigned might have.

 

 5. The undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated with any Insiders of the Company or their affiliates, including any company that is a portfolio company of, or otherwise affiliated with, or has received financial investment from, an entity with which any Insider or their affiliates is affiliated, such transaction must be approved by a majority of the Company’s disinterested independent directors and the Company must obtain an opinion from an independent investment banking firm that such Business Combination is fair to the Company’s unaffiliated stockholders from a financial point of view.

 

 6. Neither the undersigned, any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive or accept a finder’s fee or any other compensation in the event the undersigned, any member of the family of the undersigned or any affiliate of the undersigned originates a Business Combination.

 

 7. The undersigned agrees to be a director or officer of the Company, as applicable, until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company. The undersigned’s biographical information previously furnished to the Company and the Representative is true and accurate in all material respects, does not omit any material information with respect to the undersigned’s biography and contains all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities Act of 1933. The undersigned’s FINRA Questionnaire and Director and Officer Questionnaire previously furnished to the Company and the Representative is true and accurate in all material respects. The undersigned represents and warrants that, except as disclosed in the undersigned’s Director and Officer Questionnaire:

 

		(a)	he/she/it has never had a petition under the federal bankruptcy
laws or any state insolvency law been filed by or against (i) him/her/it or any partnership in which he/she/it was a general partner
at or within two years before the time of filing; or (ii) any corporation or business association of which he/she/it was an executive
officer at or within two years before the time of such filing;

 

 

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		(b)	he/she/it has never had a receiver, fiscal agent or similar officer been appointed by a court for his/her/its
business or property, or any such partnership;

 

		(c)	he/she/it has never been convicted of fraud in a civil or criminal proceeding;

 

		(d)	he/she/it/ has never been convicted in a criminal proceeding or named the subject of a pending criminal
proceeding (excluding traffic violations and minor offenses);

 

		(e)	he/she/it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended
or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting him/her/it from (i) acting
as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction
merchant, any other person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person
of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director
or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing any
conduct or practice in connection with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging in any
activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state
securities or federal commodities laws;

 

		(f)	he/she/it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended
or vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days his/her/its right to engage
in any activity described in 9(e)(i) above, or to be associated with persons engaged in any such activity;

 

		(g)	he/she/it has never been found by a court of competent jurisdiction in a civil action or by the SEC to
have violated any federal or state securities law, where the judgment in such civil action or finding by the SEC has not been subsequently
reversed, suspended or vacated;

 

		(h)	he/she/it has never been found by a court of competent jurisdiction in a civil action or by the CFTC to
have violated any federal commodities law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed,
suspended or vacated;

 

		(i)	he/she/it has never been the subject of, or a party to, any Federal or State judicial or administrative
order, judgment, decree or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal
or State securities or commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies
including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary
or permanent cease-and desist order, or removal or prohibition order or (iii) any law or regulation prohibiting
mail or wire fraud or fraud in connection with any business entity;

 

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		(j)	he/she/it has never been the subject of, or party to, any sanction or order, not subsequently reversed,
suspended or vacated, or any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization
that has disciplinary authority over its members or persons associated with a member;

 

		(k)	he/she/it has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or
sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business
of an underwriter, broker, dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

		(l)	he/she/it was never subject to a final order of a state securities commission (or an agency of officer
of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a
state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the
CFTC; or the National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative,
or deceptive conduct;

 

		(m)	he/she/it has never been subject to any order, judgment or decree of any court of competent jurisdiction,
that, at the time of such sale, restrained or enjoined him/her/it from engaging or continuing to engage in any conduct or practice: (i)
in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising
out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor
of purchasers of securities;

 

		(n)	he/she/it has never been subject to any order of the SEC that orders him/her/it to cease and desist from
committing or causing a future violation of: (i) any scienter- based anti-fraud provision of the federal securities laws, including, but
not limited to, Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section 206(1)
of the Advisers Act or any other rule or regulation thereunder; or (ii) Section 5 of the Securities Act;

 

		(o)	he/she/it has never been named as an underwriter in any registration statement or Regulation A offering
statement filed with the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is,
currently, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued;

 

		(p)	he/she/it has never been subject to a United States Postal Service false representation order, or is
                                                                 currently subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States
                                                                 Postal Service to constitute a scheme or device for obtaining
money or property through the mail by means of false representations;

 

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		(q)	he/she/it is not subject to a final order of a state securities commission (or an agency of officer of
a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state
insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the CFTC;
or the National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission,
authority, agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association
or credit union activities;

 

		(r)	he/she/it is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities
Exchange Act of 1934 (the “Exchange Act”) or section 203(e) or 203(f) of the Investment Advisers Act of 1940 (the “Advisers
Act”) that: (i) suspends
or revokes the undersigned’s registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) places limitations
on the activities, functions or operations of, or imposes civil money penalties on, such person; or (iii) bars the undersigned from being
associated with any entity or from participating in the offering of any penny stock; and

 

		(s)	he/she/it has never been suspended or expelled from membership in, or suspended or barred from association
with a member of, a securities self-regulatory organization (e.g., a registered national securities exchange or a registered national
or affiliated securities association) for any act or omission to act constituting conduct inconsistent with just and equitable principles
of trade.

 

 8. The undersigned has full right and power, without violating any agreement by which he, she or it is bound, to enter into this letter agreement and to serve as a director or officer of the Company, as applicable.

 

 9. The undersigned hereby waives his, her or its right to exercise conversion rights with respect to any shares of Common Stock owned or to be owned by the undersigned, directly or indirectly, whether purchased by the undersigned prior to the IPO, in the IPO or in the aftermarket, and agrees that he, she or it will not seek conversion with respect to or otherwise sell, such shares in connection with any vote to approve a Business Combination with respect thereto, a vote to amend the provisions of the Company’s Amended and Restated Certificate of Incorporation, or a tender offer by the Company prior to a Business Combination.

 

 10. The undersigned hereby agrees to not propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate of Incorporation with respect to stockholder’s rights or the Company’s pre-Business Combination activities (including the substance or timing within which we have to complete a business combination) of a Business Combination unless the Company offers holders of IPO Shares the right to receive their pro rata portion of the funds then held in the Trust Fund upon approval of any amendment.

 

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 11. In connection with Section 5-1401 of the General Obligations Law of the State of New York, this letter agreement shall be governed by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts of law that would result in the application of the substantive law of another jurisdiction. The parties hereto agree that any action, proceeding or claim arising out of or relating in any way to this letter agreement shall be resolved through final and binding arbitration in accordance with the International Arbitration Rules of the American Arbitration Association (“AAA”). The arbitration shall be brought before the AAA International Center for Dispute Resolution’s offices in New York City, New York, will be conducted in English and will be decided by a panel of three arbitrators selected from the AAA Commercial Disputes Panel and that the arbitrator panel’s decision shall be final and enforceable by any court having jurisdiction over the party from whom enforcement is sought. The cost of such arbitrators and arbitration services, together with the prevailing party’s legal fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators.

 

 12. As used herein, (i) a “Business Combination” shall mean a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders” shall mean all officers, directors and stockholders of the Company immediately prior to the IPO; (iii) “Insider Shares” shall mean all of the shares of Common Stock of the Company acquired by an Insider prior to the IPO and the purchase of the Private Warrants; (iv) “IPO Shares” shall mean the shares of Common Stock issued in the Company’s IPO; (v) “Private Warrants” shall mean the 6,500,000 warrants (or up to 7,175,000 warrants if the over-allotment option granted to the Underwriters in connection with the IPO is exercised in full) purchased in the private placement taking place simultaneously with the consummation of the Company’s IPO; (vi) “Registration Statement” means the registration statement on Form S-1 filed by the Company with respect to the IPO; and (vii) “Trust Fund” shall mean the trust fund into which a portion of the net proceeds of the Company’s IPO will be deposited.

 

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

 

If to the Representative:

 

Chardan Capital Markets, LLC

17 State Street, 21st Floor

New York, NY 10004

Attn: Jonas Grossman

Facsimile: (646) 465-9002

 

Copy (which copy shall not constitute notice) to:

 

Cooley LLP

55 Hudson Yards

New York, New York 10001

Attn: Yvan-Claude Pierre; Peter Byrne

  Email:
ypierre@cooley.com

  pbyrne@cooley.com

 

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Fax:

 

If to the Company:

 

CleanTech Acquisition Corp.

207 West 25th Street, 9th Floor

New York, NY 10001

Attn: Eli Spiro

Facsimile:

 

Copy (which copy shall not constitute notice) to:

 

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154

Attn: Mitchell S. Nussbaum, Esq. and Giovanni Caruso

Facsimile:
(212) 504-3013

 

 14. No party hereto may assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other 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 the parties hereto and any successors and assigns thereof.

 

 15. 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 IPO. Nothing contained herein shall be deemed to render the Underwriters a representative of, or a fiduciary with respect to, the Company, its stockholders or any creditor or vendor of the company with respect to the subject matter hereof.

 

[Signature page to follow]

 

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	Sincerely,	 	 
	 	 	 
	 	 	/s/ Eli Spiro
	 	 	 
	 	 	/s/ Eli Spiro
	 	 	 
	 	 	/s/ Allen Weiss
	 	 	 
	 	 	/s/ Ankur Dhanuka
	 	 	 
	 	 	/s/ Brendan Riley_
	 	 	 
	 	 	/s/ Douglas Cole
	 	 	 
	 	 	/s/ Dan Reicher
	 	 	 
	 	 	/s/ Dan Reicher
	 	 	 
	 	 	/s/ Richard Fitzgerald
	 	 	 
	 	 	/s/ Louis Buffalino
	 	 	 
	 	 	/s/ Jonas Grossman
	 	 	 
	 	 	/s/ Jon Najarian

 

[Signature Page to Insider Letter]

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