Document:

Exhibit 10.1

    

    

    

    

    

    June 11, 2021

    

    

    George Montague

    gjmontague@gmail.com

    

    

    Re: Employment Terms

    

    

    Dear George:

    

    

    We are pleased to offer you employment with Nuwellis, Inc., a Delaware corporation (the “Company”). 

      The terms of your offer are as follows:

    

    

    Your initial position with us will be as  Chief Financial Officer (CFO), reporting to the President and CEO. This is a position exempt from overtime
      requirements on the basis of Minnesota Statute, Chapter 177.  Your annualized salary will be three hundred twenty-five thousand dollars ($325,000.00), paid in semi-monthly installments of $13,541.67.  The regularly scheduled paydays are the 15th and
      last day of each month in accordance with our normal payroll procedures. The number of days in the pay period varies from 13 to 16 depending on the month.  In addition to the above base salary, you will be eligible to earn a bonus of up to 45% of
      your base salary, applied on a pro-rata basis in 2021.  One condition of receiving a bonus is that you must be employed in good standing with the Company as of the bonus payment date. 

     

    

    Also, the Company is pleased to offer you stock options as detailed in ATTACHMENT 1, “Stock Option
        Grant”. It is the Company’s philosophy and practice to regularly assess whether management of the company is adequately incentivized on at least an annual basis. It is our intention during the course of your employment to regularly review on
      not less than annual basis your equity position with the company and to make awards based on the Company’s existing capitalization at that time. As part of such assessment, the company intends to make any necessary awards to ensure such incentive as
      it relates to your equity position as determined and approved by the CEO and Board of Directors.

    

    During your employment, you will be eligible to participate in the employee stock options program, benefit programs and arrangements that we make
      available to our employees, including contributory and non-contributory welfare and benefit plans. You will be eligible for an annual accrual of 152 hours of Personal Time Off which will be earned/accrued on a semi-monthly basis. You may also
      participate in the Company’s 401(k) Plan.

    

    

    Your job duties, title, responsibility and reporting level, compensation and benefits, as well as personnel policies and procedures, are subject to
      change.

    

    

    Your employment is effective June 28, 2021 or other mutually agreed upon date.  Based on this start date, the first payment of wages earned will be on
      July 15, 2021.  By signing this letter agreement, you acknowledge and agree that your employment with the Company is “at will,” meaning that either you or the Company are entitled to terminate your employment at any time for any reason, with or
      without cause.  Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express writing
      signed by you and a duly authorized officer of the Company.

    

    

    Though your employment is at-will, you are eligible for a severance benefit, as follows:

    

    

    (a)          If the Company terminates your employment without Cause (as
        defined below), then the Company will: (i) pay you an amount equal to your then current base salary during the one-year period following the end of your employment (the “Severance Period”),

        payable semi-monthly or otherwise pursuant to the Company’s regular payroll policies (the “Severance Payments”); and (ii) during the Severance Period, if you elect and remain eligible for
        continuation coverage under COBRA, reimburse the monthly COBRA premium paid by you, subject to satisfactory evidence of payment, continued copayment of premiums at the same level as if you were an employee, and such payment being in compliance with
        applicable law.  The Severance Payments will be reduced by the amount of any compensation you receive, directly or indirectly, with respect to any other employment or engagement during the Severance Period.  Upon request, you must furnish the
        Company with a true and complete certificate specifying any compensation earned during the Severance Period.

    
      

      

      

    
      

      
        

      

    

    
      

    

    (b)          To be eligible for any post-termination payments set forth
        above, you must: (i) within thirty (30) days following termination, sign, continue to honor, and not revoke a comprehensive release in a form prepared by the Company; and (ii) remain in compliance with your post-employment obligations under the
        Employee Proprietary Information, Inventions Assignment and Non-Competition Agreement attached hereto as EXHIBIT A and any similar agreements.  The Severance Payments and COBRA reimbursements will start being paid on the first payroll date
        occurring more than forty-five (45) days following your last date of employment, with the first payment being retroactive to your last date of employment.

    

    

    (c)          “Cause”
        shall mean the Company’s good faith determination that one or more of the following has occurred with respect to you: (i) the commission or conviction of (including upon a plea) a felony, a crime involving moral turpitude, or any other crime the
        conviction of which will likely result in incarceration (ii) the commission of any act or omission involving dishonesty, disloyalty or fraud with respect to the Company or any of its affiliates or subsidiaries or any of their customers or
        suppliers, (iii) reporting to work under the influence of alcohol, the use of illegal drugs, the abuse of prescription drugs, or other conduct having the potential to cause the Company or any of its subsidiaries or affiliates public disgrace,
        disrepute or economic harm, (iv) insubordination and/or the failure to timely perform duties reasonably directed by the Company, (v) breach of fiduciary duty, gross negligence or willful misconduct with respect to the Company, any of its
        subsidiaries or any of your services; or (vi) any material breach of this Agreement, any other agreement with the Company or any subsidiary or affiliate thereof, or any internal policies or procedures of the Company in effect from time to time.

    

    

    This offer of employment is contingent upon the satisfactory completion of a drug screen, background check/consumer report, which may include
      verification of job required licensure, and the truthfulness of the information presented in your job application, résumé, and interview, as well as you providing us with proof of your eligibility to work in the United States within three (3) days of
      your start date.  Also, you are required as a condition to your employment with the Company to; 1) sign the Company’s standard Employee Proprietary Information, Inventions Assignment and Non-Competition Agreement attached hereto as EXHIBIT A,
      and 2) read the attached Nuwellis Code of Business Conduct and Ethics.

    

    

    This letter agreement and its attachments contain all of the terms of your employment with the Company and supersede any prior understandings or
      agreements, whether oral or written, between you and the Company.

    

    

    Nuwellis complies with all mandated payroll deductions such as federal and state income taxes, social security taxes and any other deductions required by
      law. In addition, we comply with any deductions required by court order such as wage garnishments or child support orders. Employee benefit deductions may also be made for group health, dental, vision, retirement savings, HSA/FSA accounts and other
      benefits elected by the employee.

    

    

    This letter agreement may not be amended or modified except by an express written agreement signed by you and a duly authorized officer of the Company. 
      The terms of this Agreement shall be governed by and construed in accordance with the internal laws of the State of Minnesota, without regard to its principles of conflicts of laws.  By signing this Agreement, you irrevocably submit to the exclusive
      jurisdiction of the courts of the State of Minnesota for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby.  By signing this Agreement, you also waive any
      right to request a trial by jury in any litigation with respect to this letter agreement and represent that counsel has been consulted specifically as to this waiver. Please notify Human Resources if you require this document in another language.

    

    

    

    

    

    
      

      
        

      

    

    
      

    

        

        We hope that you find the foregoing terms acceptable.  You may indicate your agreement with these terms and accept this offer by signing and dating this letter agreement and the
            enclosed Employee Proprietary Information, Inventions Assignment and Non-Competition Agreement and returning them to me by June 14, 2021.

     
     

    

     

    

    Sincerely,

    

    

    
      	
              
                 /s/ Sandra Eayrs

              

            	 	 
	
              Sandra Eayrs

               

              

              
                Sr. Vice President, Human Resources

              

            	 	

            

    

    

    _ _ _ _ _

    

    

    I have read and accept the employment offer as set forth in this Agreement.  By signing this Agreement, I represent and warrant to the Company that I am under no
      contractual commitments inconsistent with my obligations to the Company.  I hereby acknowledge that I have received and read the Company’s Code of Business Conduct and Ethics, and that I understand the Code and its application to my performance of
      services to the Company.

    

    

    

    

    

    

    	
            /s/ George Montague

          	 	 6/12/21
	
            George Montague

          	 	
            Date

          

     

    

    

    

    

    

    
      

      
        

      

    

    
      

    

    

    

    
      ATTACHMENT 1

      

      

      Stock Option Grant

      

      

      Stock Options for 62,535 shares under the New Hire Plan will be granted subject to approval by the Board of Directors.

      

      

      One-fourth of the shares vest on the one-year anniversary of the Vesting Commencement Date; the balance of the shares vest in a series of thirty-six (36) successive equal
        monthly installments measured from the first anniversary of the Vesting Commencement Date.

      

    

    

    

    

    

    

    

    ATTACHMENT 1 - 1Exhibit 4.4

 

RIGHTS
AGREEMENT

 

This
Rights Agreement (this “Agreement”) is made as of ______, 2021 between Clover Leaf Capital Corp., a Delaware corporation
(the “Company”), and Continental Stock Transfer & Trust Company, a limited purpose trust company, with offices at 1 State
Street, New York, New York 10004 (the “Right Agent”).

 

WHEREAS,
the Company has received a firm commitment from Maxim Group LLC (the “Representative”), as representative of the several
underwriters, to purchase up to an aggregate of 14,375,000 units, each unit (“Unit”) comprised of one share of common stock
of the Company, par value $.0001 (the “Common Stock”), one-right (a “Public Detachable Right”) to receive one-twentieth
(1/20) of a share of Class A Common Stock upon the consummation of the Company’s initial business combination and a contingent
right (a “Contingent Right”) to receive at least one-fifteenth (1/15) of a share of Class A Common Stock upon the happening
of the triggering event described in the Company’s Registration Statement (as defined below),  and in connection therewith,
will issue and deliver up to an aggregate of 14,375,000 Detachable Rights upon consummation of such public offering, 1,875,000 of which
are attributable to the over-allotment option (“Public Offering”);

 

WHEREAS,
simultaneously with the consummation of the Public Offering, the Company will issue and deliver to the Representative and Yntegra Capital
Investments, LLC (the “Sponsor”), respectively, up to 550,875 private placement units (the “Sponsor Private Placement Units”)
and up to 71,875 private placement units (the “Maxim Private Placement Units,” together with the Sponsor Private Placement
Units, the “Private Placement Units”), each Private Placement Unit consisting (i) one share of Class A Common Stock, (ii)
one Detachable Right, and (iii) a Contingent Right, in a private placement transaction occurring simultaneously with the closing of the
Public Offering, and in connection therewith, will issue and deliver up to an aggregate of 622,750 Detachable Rights underlying the Private
Placement Units (the “Private Detachable Rights”);

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, File
No. 333-255111 (“Registration Statement”), for the registration, under the Securities Act of 1933, as amended (“Act”)
of, among other securities, the Public Detachable Rights and the Common Stock issuable to the holders of the Public Detachable Rights;

 

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

 

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

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Detachable Rights, when executed on behalf of the Company
and countersigned by or on behalf of the Right 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 Right Agent. The Company hereby appoints the Right Agent to act as agent for the Company for the Detachable Rights, and the
    Right Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth
    in this Agreement.

 

	2.	Detachable
    Rights.

 

	 	2.1.	Form
    of Detachable Right. Each Detachable Right shall be issued in registered or book entry form, as requested by the Company or the
    holder of a Detachable Right. Any Detachable Rights issued in registered form 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 or Chief Executive Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall bear a
    facsimile of the Company’s seal, if any. In the event the person whose facsimile signature has been placed upon any Detachable
    Right shall have ceased to serve in the capacity in which such person signed the Detachable Right before such Detachable 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 Right Agent pursuant to this Agreement, a registered Detachable Right
    shall be invalid and of no effect and may not be exchanged for Common Stock.

 

	 	2.3.	Registration.

 

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

 

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

 

	 	2.4.	Detachability
    of Rights. The securities comprising the Units, including the Detachable Rights, will not be separately transferable until the
    fifty-second (52nd) day after the date hereof unless the Representative informs the Company and the Right Agent of its
    decision to allow earlier separate trading, but in no event will separate trading of the securities comprising the Units begin until
    (i) the Company files a Current Report on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company
    of the gross proceeds of the Public Offering including the proceeds received by the Company from the exercise of the over-allotment
    option, if the over-allotment option is exercised on the date hereof, and (ii) the Company issues a press release and files a Current
    Report on Form 8-K announcing when such separate trading shall begin.

 

	3.	Terms
    and Exchange of Rights.

 

	 	3.1.	Rights.
    Each Detachable Right shall entitle the holder thereof to receive one-twentieth of one share of Common Stock upon the happening of
    the Exchange Event (described below). No additional consideration shall be paid by a holder of Detachable Rights in order to receive
    his, her or its shares of Common Stock upon the 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 Detachable Rights or issue fractional
    shares of Common Stock. The provisions of this Section 3.1 may not be modified, amended or deleted without the prior written consent
    of the Representative.

 

	 	3.2.	Exchange
    Event. The Exchange Event shall be the Company’s consummation of an initial Business Combination (as defined in the Company’s
    Amended and Restated Certificate of Incorporation).

 

	 	3.3.	Exchange
    of Rights.

 

	 	3.3.1.	Issuance
    of Certificates. As soon as practicable upon the occurrence of the Exchange Event, the Company shall direct holders of the Detachable
    Rights to return their Rights Certificates to the Right Agent. If the Company is not the surviving entity in a Business Combination,
    the holder of Detachable Rights must affirmatively elect to such conversion. Upon receipt of a valid Rights Certificate, the Right
    Agent shall issue to the registered holder of such Right(s) a certificate or certificates for 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. 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 Detachable Rights. The Company shall not issue fractional shares upon exchange of Detachable Rights. At the time of the
    Exchange Event, the Company will instruct the Right Agent to round up to the nearest whole share of Common Stock.

  

    2

    

    

 

	 	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 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.

 

	 	3.3.4.	Company
    Not Surviving Following Exchange Event. If the Exchange Event results in the Company not continuing as a publicly held reporting
    entity, the definitive agreement will provide for the holders of Rights to receive the same per share consideration as the holders
    of the Common Stock will receive in with the Exchange Event, for the number of shares such holder is entitled to pursuant to Section
    3.1 above.

 

	 	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 Detachable Rights shall expire and shall be worthless.

 

	4.	Transfer
    and Exchange of Detachable Rights.

 

	 	4.1.	Registration
    of Transfer. The Right Agent shall register the transfer, from time to time, of any outstanding Detachable 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 Detachable Right representing an equal aggregate number of Rights shall
    be issued and the old Detachable Right shall be cancelled by the Right Agent.

 

	 	4.2.	Procedure
    for Surrender of Detachable Rights. Detachable Rights may be surrendered to the Right Agent, together with a written request
    for exchange or transfer, and thereupon the Right Agent shall issue in exchange therefor one or more new Detachable Rights as requested
    by the registered holder of the Detachable Rights so surrendered, representing an equal aggregate number of Detachable Rights; provided,
    however, that in the event that a Detachable Right surrendered for transfer bears a restrictive legend, the Right Agent shall not
    cancel such Detachable Right and issue new Rights in exchange therefor until the Right Agent has received an opinion of counsel for
    the Company stating that such transfer may be made and indicating whether the new Detachable Rights must also bear a restrictive
    legend.

 

	 	4.3.	Fractional
    Rights. The Right 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 Detachable Right.

 

	 	4.4.	Service
    Charges. There shall be a reasonable service charge paid to the Right Agent for any exchange or registration of transfer of Detachable
    Rights.

 

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

 

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

 

	 	5.1.	No
    Rights as Shareholder. Until exchange of a Detachable Right for shares of Common Stock as provided for herein, a Detachable Right
    does not entitle the registered holder thereof to any of the rights of a shareholder 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 shareholders in respect of the meetings of shareholders or the election of directors of the Company or any other matter. 

 

    3

    

    

 

	 	5.2.	Lost,
    Stolen, Mutilated, or Destroyed Rights. If any Detachable Right is lost, stolen, mutilated, or destroyed, the Company and the
    Right 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 Detachable Right, include the surrender thereof), issue a new Detachable Right of like denomination, tenor, and date as
    the Detachable Right so lost, stolen, mutilated, or destroyed. Any such new Detachable Right shall constitute a substitute contractual
    obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Detachable Right shall be at any time
    enforceable by anyone.

 

	 	5.3.	Reservation
    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 Detachable Rights issued pursuant to this Agreement.

 

	6.	Concerning
    the Right 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 Right
    Agent in respect of the issuance or delivery of shares of Common Stock upon the exchange of Detachable Rights, but the Company shall
    not be obligated to pay any transfer taxes in respect of the Detachable Rights or such shares.

 

	 	6.2.	Resignation,
    Consolidation, or Merger of Right Agent.

 

	 	6.2.1.	Appointment
    of Successor Right Agent. The Right 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 Right Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a
    successor Right Agent in place of the Right 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 Right Agent or by the holder of the Detachable Right
    (who shall, with such notice, submit his, her or its Detachable Right for inspection by the Company), then the holder of any Detachable
    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 Right
    Agent at the Company’s cost. Any successor Right 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 Right Agent shall be vested with all the authority,
    powers, rights, immunities, duties, and obligations of its predecessor Right Agent with like effect as if originally named as Right
    Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Right
    Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Right Agent all the
    authority, powers, and rights of such predecessor Right Agent hereunder; and upon request of any successor Right 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 Right Agent all such authority, powers, rights, immunities, duties, and obligations.

 

	 	6.2.2.	Notice
    of Successor Right Agent. In the event a successor Right Agent shall be appointed, the Company shall give notice thereof to the
    predecessor Right 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 Right Agent. Any corporation into which the Right Agent may be merged or with which it may be consolidated
    or any corporation resulting from any merger or consolidation to which the Right Agent shall be a party shall be the successor Right
    Agent under this Agreement without any further act.

 

    4

    

    

 

	 	6.3.	Fees
    and Expenses of Right Agent.

 

	 	6.3.1.	Remuneration.
    The Company agrees to pay the Right Agent reasonable remuneration for its services as such Right Agent hereunder and will reimburse
    the Right Agent upon demand for all expenditures that the Right 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 Right Agent for the
    carrying out or performing of the provisions of this Agreement.

 

	 	6.4.	Liability
    of Right Agent.

 

	 	6.4.1.	Reliance
    on Company Statement. Whenever in the performance of its duties under this Agreement, the Right 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 Right Agent.
    The Right 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 Right Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees
    to indemnify the Right Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel
    fees, for anything done or omitted by the Right Agent in the execution of this Agreement except as a result of the Right Agent’s
    gross negligence, willful misconduct, or bad faith.

 

	 	6.4.3.	Exclusions.
    The Right Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
    of any Detachable 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 Detachable 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 Detachable
    Right or as to whether any shares of Common Stock will, when issued, be valid and fully paid and nonassessable.

 

	 	6.5.	Acceptance
    of Agency. The Right 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 Right 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 Right 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 Right Agent shall bind and inure to
    the benefit of their respective successors and assigns.

 

    5

    

    

 

	 	7.2.	Notices.
    Any notice, statement or demand authorized by this Agreement to be given or made by the Right Agent or by the holder of any Detachable
    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 Right Agent), as follows:

 

	 	Clover
    Leaf Capital Corp.

    c/o
    Yntegra Capital Investments, LLC

    1450
    Brickell Avenue, Suite 2520

    Miami,
    FL 33131

    Attn:
    Felipe MacLean

 

	 	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 Right 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 Right Agent with the Company), as follows:

 

Continental
Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn: Administration Department 

 

and
 

 

Ellenoff
Grossman & Schole LLP

1345 Park Avenue

New York, New York 10105

Attn: Barry Grossman, Esq.

Telephone:
(212) 370-1300

 

and
 

 

Maxim
Group LLC

405 Lexington Avenue

New
York, New York 10174

Attn: Clifford A. Teller, Executive Managing Director

 

and
 

 

Loeb
& Loeb LLP

35 Park Avenue

New York, New York 10154

Attn.: Mitchell S. Nussbaum, Esq.

Telephone:
(212) 407-4000

 

 

	 	7.3.	Applicable
    Law; Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Detachable Rights shall be governed
    in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the
    application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against
    it 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. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
    forum. Notwithstanding the foregoing, (i) the provisions of this paragraph will not apply to suits brought to enforce any liability
    or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America are
    the sole and exclusive forum, and (ii) unless the Company consents in writing to the selection of an alternative forum, the federal
    district courts of the United States of America shall, to the full extent permitted by law, be the exclusive form for the resolution
    of any complaint asserting a cause of action arising under the Securities Act or the rules and regulations promulgated thereunder.
    Any person or entity purchasing or otherwise acquiring any interest in the Detachable 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 Detachable Rights holder, such Detachable
    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 warrant holder in any Enforcement Action by service upon such warrant holder’s counsel in the Foreign Action as agent
    for such warrant holder.

 

    6

    

    

 

	 	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 Detachable Rights and, for the purposes of Sections 3.1, 7.4 and 7.8 hereof, the Representative, any
    right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof.
    The Representative shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 3.1, 7.4 and 7.8 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 the Representative with respect to Sections 3.1, 7.4 and 7.8 hereof) and their successors and
    assigns and of the registered holders of the Detachable Rights.

 

	 	7.5.	Examination
    of this Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Right Agent in the
    County of Nassau County, State of New York, for inspection by the registered holder of any Detachable Right. The Right Agent may
    require any such holder to submit his, her or its Detachable 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. The provisions of this Section 7.8 may not
    be modified, amended or deleted without the prior written consent of the Representative.

 

	 	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]

 

    7

    

    

 

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

 

	 	CLOVER
    LEAF CAPITAL CORP.
	 	 
	 	By:  	 
	 	 	Name:	Felipe
    MacLean 
	 	 	Title:	Chief
    Executive Officer
	 	 	 
	 	CONTINENTAL
    STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

[Signature
page to Rights Agreement between Clover Leaf Capital Corp. and

Continental
Stock Transfer & Trust Company]

 

     

    

    

 

EXHIBIT
A

 

Form
of Right

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