Document:

Exhibit 10.12

 

Makara Strategic Acquisition Corp.

5 Independence Way, Suite 430

Princeton, NJ 08540

 

January 1, 2022

 

Makara Capital Limited

 

Re: Administrative
Support Agreement

 

Ladies and Gentlemen:

 

This letter agreement by and
between Makara Strategic Acquisition Corp. (the “Company”) and Makara Capital Limited (“Makara Capital”), dated
as of the date hereof, will confirm our agreement that, commencing on the date hereof in connection with the filing by the Company of
a Registration Statement on Form S-1 and related prospectus filed with the U.S. Securities and Exchange Commission (the “Registration
Statement”) and continuing until the earlier of the consummation by the Company of an initial business combination or the Company’s
liquidation (in each case as described in the Registration Statement) (such earlier date hereinafter referred to as the “Termination
Date”):

 

(i) Commencing on the
date hereof, Makara Capital shall provide the Company with an email domain, server storage space, and related services for which Makara
Capital will invoice the Company on a monthly basis expected to be not more than $1,000 per month and continuing monthly thereafter until
the Termination Date; and

 

(ii) Makara Capital hereby
irrevocably waives any and all right, title, interest, causes of action and claims of any kind as a result of, or arising out of, this
letter agreement in or to, and any and all right to seek payment of any amounts due to it (each, a “Claim”) out of, the trust
account established for the benefit of the public stockholders of the Company and into which substantially all of the proceeds of the
Company’s initial public offering will be deposited (the “Trust Account”) as a result of, or arising out of, this letter
agreement, and hereby irrevocably waives any Claim it may have in the future, which Claim would reduce, encumber or otherwise adversely
affect the Trust Account or any monies or other assets in the Trust Account, and further agrees not to seek recourse, reimbursement, payment
or satisfaction of any Claim against the Trust Account or any monies or other assets in the Trust Account for any reason whatsoever.

 

This letter agreement constitutes
the entire agreement and understanding of the parties hereto in respect of its subject matter 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 amended, modified or waived as to any particular provision, except by a written instrument executed by the parties hereto.

 

No party hereto may assign
either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written approval 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 constitutes
the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law
or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York, without
giving effect to its choice of law principles.

 

[Signature Page Follows]

 

    Page 1 of 2

     

    

 

AGREED TO AND ACCEPTED BY:

 

	 	Makara Strategic Acquisition Corp.
	 	 	 
	 	By:	 
	 	 	Name:	Alexander
    C. Booth
	 	 	Title:	CFO & Secretary

 

	 	Makara Capital Limited
	 	 	 
	 	By:	 
	 	 	Name:	Ali Ijaz Ahmad
	 	 	Title:	President

 

[Signature Page to Administrative Support
Agreement]

 

    Page 2 of 2Exhibit 10.13

 

AMENDMENT TO PROMISSORY NOTE

 

THIS AMENDMENT TO PROMISSORY
NOTE (the “Amendment”), dated as of December 17, 2021, is entered into by Makara Strategic Acquisition Corp., a Delaware corporation
and blank check company (the “Maker”) and Makara Strategic Sponsor, Inc., a corporation formed under the laws of the United
States Virgin Islands, or its registered assigns or successors in interest (the “Payee”).

 

WHEREAS, on June 30, 2021,
the Maker made a Promissory Note in favor of the Payee in the principal Amount up to $2,000,000 (the “Promissory Note”); and

WHEREAS, the maturity date
of the Promissory Note is currently the earlier of: (i) December 31, 2021, or (ii) the date on which Maker consummates an initial public
offering of its securities and the Maker and the Payee desire to extend the maturity date of the Promissory Note as set forth herein.

 

NOW, THEREFORE, in consideration
of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby
agreed by each party hereto as follows:

 

Amendment to the Promissory
Note. It is hereby agreed and understood that the Promissory Note shall be amended as follows:

 

	 	1.	Principal. The paragraph of the Promissory Note entitled “PRINCIPAL” is hereby amended and restated in its entirety to read as follows:

 

1.       Principal.
The principal balance of this Note shall be payable by the Maker on the earlier of: (i) February 28, 2022, or (ii) the date on which Maker
consummates an initial public offering of its securities. The principal balance may be prepaid at any time. Under no circumstances shall
any individual, including but not limited to any officer, director, employee or shareholder of the Maker, be obligated personally for
any obligations or liabilities of the Maker hereunder.

 

	 	2.	Miscellaneous.

 

(a) Except as expressly amended
and modified by this Amendment, the Promissory Note is and shall continue to be in full force and effect in accordance with the terms
thereof.

 

(b) This Amendment may be
executed by the parties hereto in counterparts, and all of such counterparts taken together shall be deemed to constitute one and the
same instrument.

 

(c) This Amendment shall be
construed in accordance and governed by the internal laws of the state of Delaware.

 

(d) The headings contained
in this Amendment are for ease of reference only and shall not be considered in construing this Amendment.

 

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to the Promissory Note to duly executed as of the day and year first written above.

 

	MAKARA STRATEGIC
    ACQUISITION CORP.	MAKARA STRATEGIC
    SPONSOR, INC.  
	 	 
	 By:	/s/
    Alexander C. Booth	By:	/s/
    Ali Ijaz Ahmad
	 	Name: Alexander C. Booth	 	Name: Ali Ijaz Ahmad 
	 	Title: Chief Financial Officer
     	 	Title: PresidentExhibit 10.14

 

SECOND AMENDMENT TO PROMISSORY NOTE

 

THIS AMENDMENT TO PROMISSORY
NOTE (the “Amendment”), dated as of February 18, 2022, is entered into by Makara Strategic Acquisition Corp., a Delaware corporation
and blank check company (the “Maker”) and Makara Strategic Sponsor, Inc., a corporation formed under the laws of the United
States Virgin Islands, or its registered assigns or successors in interest (the “Payee”).

 

WHEREAS, on June 30, 2021,
the Maker made a Promissory Note in favor of the Payee in the principal Amount up to $2,000,000 (the “Promissory Note”) with
the maturity date of the Promissory Note set for the earlier of: (i) December 31, 2021, or (ii) the date on which Maker consummates an
initial public offering of its securities; and

 

WHEREAS, on December 17,
2021, the Maker and the Payee agreed to extend the maturity to the earlier of (i) February 28, 2022, or (ii) the date on which Maker consummates
an initial public offering of its securities.; and

 

WHEREAS, the Maker and the
Payee desire to extend the maturity date of the Promissory Note as set forth herein.

 

NOW, THEREFORE, in consideration
of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby
agreed by each party hereto as follows:

 

Amendment to the Promissory
Note. It is hereby agreed and understood that the Promissory Note shall be amended as follows:

 

	 	1.	Principal.  The paragraph of the Promissory Note entitled “PRINCIPAL” is hereby amended and restated in its entirety to read as follows:

 

1.       Principal.
The principal balance of this Note shall be payable by the Maker on the earlier of: (i) April 30, 2022, or (ii) the date on which Maker
consummates an initial public offering of its securities. The principal balance may be prepaid at any time. Under no circumstances shall
any individual, including but not limited to any officer, director, employee or shareholder of the Maker, be obligated personally for
any obligations or liabilities of the Maker hereunder.

 

	 	2.	Miscellaneous.

 

(a) Except as expressly amended
and modified by this Amendment, the Promissory Note is and shall continue to be in full force and effect in accordance with the terms
thereof.

 

(b) This Amendment may be
executed by the parties hereto in counterparts, and all of such counterparts taken together shall be deemed to constitute one and the
same instrument.

 

(c) This Amendment shall be
construed in accordance and governed by the internal laws of the state of Delaware.

 

(d) The headings contained
in this Amendment are for ease of reference only and shall not be considered in construing this Amendment.

 

 

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

 

 

IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to the Promissory Note to be duly executed as of the day and year first written above.

 

 

	MAKARA STRATEGIC ACQUISITION CORP. 	 	MAKARA STRATEGIC SPONSOR, INC. 
	 	 	 
	 	 	 
	By:	/s/ Alexander C. Booth	 	By:	/s/ Ali Ijaz Ahmad
	 	Name: Alexander C. Booth	 	 	Name: Ali Ijaz Ahmad
	 	Title: Chief Financial Officer	 	 	Title: President

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