Document:

Exhibit
4.1

 

RIGHTS
AGREEMENT

 

This
Rights Agreement (this “Agreement”) is made as of September 13, 2021 between Pacifico Acquisition Corp., a Delaware
corporation (the “Company”), and American Stock Transfer & Trust Company, LLC, with offices at 6201 15th Avenue,
Brooklyn, NY 11219 (the “Right Agent”).

 

WHEREAS,
the Company has received a firm commitment from Chardan Capital Markets, LLC (the “Representative”), as representative of
the several underwriters, to purchase up to an aggregate of 5,750,000 units, each unit (“Unit”) comprised of one share of
common stock of the Company, par value $.0001 (the “Common Stock”) and one right to receive one-tenth of one share of Common
Stock (a “Public Right”) upon the happening of the triggering event described herein, and in connection therewith, will issue
and deliver up to an aggregate of 5,750,000 Public Rights upon consummation of such public offering, 750,000 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 up to an aggregate of 307,500 rights
underlying private units (the “Private Rights”);

 

WHEREAS,
in connection with the Public Offering, the Company will issue and deliver up to 158,125 rights (underlying the unit purchase option)
to the Representative or its designees (“Representative Rights”);

 

WHEREAS,
the Company may issue up to an additional 115,000 Rights, which will be identical to the Private Rights, in consideration of the extension
loans that may be made by Pacifico Capital LLC, the Company’s sponsor, or the Company’s officers, directors or affiliates
(“Extension Loan Rights”);

 

WHEREAS,
the Company may issue up to an additional 60,000 Rights, which will be identical to the Private Rights, in consideration of certain working
capital loans that may be made by Pacifico Capital LLC, the Company’s sponsor, or the Company’s officers, directors or affiliates
(together with the Public Rights, the Private Rights, the Representative Rights, the Extension Loan Rights, and along with such other
rights as the Company issues from time to time hereunder, the “Rights”);

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, File
No. 333-258038 (“Registration Statement”), for the registration, under the Securities Act of 1933, as amended (“Act”)
of, among other securities, the Public Rights and the Common Stock issuable to the holders of the Public 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 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 Right 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 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 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.	Rights.

 

	 	2.1.	Form
    of Right. Each Right shall be issued in registered or book entry form, as requested by the Company or the holder of a Right. Any
    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 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 Right Agent pursuant to this Agreement, a registered 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 Rights. Upon the initial issuance of the Rights, the Right 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
    Right Agent by the Company.

 

	 	2.3.2.	Registered
    Holder. Prior to due presentment for registration of transfer of any Right, the Company and the Right Agent may deem and treat
    the person in whose name such Right shall be registered upon the Right Register (“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 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 Rights, will not be separately transferable until the ninetieth
    (90th) 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 Right shall entitle the holder thereof to receive one-tenth 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 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 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).

 

    2

     

    

 

	 	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 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 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 Rights. The
    Company shall not issue fractional shares upon exchange of Rights. At the time of the Exchange Event, the Company will instruct the
    Right Agent to round down to the nearest whole share of Common Stock or otherwise inform it how fractional shares will be addressed
    in accordance with Delaware law.

 

	 	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 Rights shall expire and shall be worthless.

 

	4.	Transfer
    and Exchange of Rights.

 

	 	4.1.	Registration
    of Transfer. The Right 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 Right Agent.

 

	 	4.2.	Procedure
    for Surrender of Rights. 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 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, the Right Agent shall not cancel such 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 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 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 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 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 Rights duly executed on behalf of the Company for such purpose.

 

    3

     

    

 

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

 

	 	5.1.	No
    Rights as Stockholder. Until 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.

     

	 	5.2.	Lost,
    Stolen, Mutilated, or Destroyed Rights. If any 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 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 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 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 Rights, but the Company shall not be
    obligated to pay any transfer taxes in respect of the 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 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 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.

 

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	 	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.

 

	 	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 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.

 

	 	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.

 

    5

     

    

 

	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.

 

	 	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 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:

 

	 	Pacifico
    Acquisition Corp.

    521
    Fifth Avenue 17th Floor

    New
    York, NY 10175

    Attn:
    Edward Cong Wang

 

	 	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:

  

American
Stock Transfer & Trust Company, LLC

6201
15th Avenue

Brooklyn,
NY 11219

Attn:
Relationship Management

Email:
ReorgWarrants@astfinancial.com

 

and
 

 

Loeb
& Loeb LLP

35 Park Avenue

New York, New York 10154

Attn: Giovanni Caruso, Esq.  

 

and
 

 

Chardan
Capital Markets, LLC

17
State Street, Suite 1600

New York, New York 10004

Attn: Shai Gerson 

 

and
 

 

Reed
Smith LLP

599 Lexington Avenue, 22nd Floor

New
York, New York 10022

Attn: Ari Edelman, Esq.  

 
    

	 	7.3.	Applicable
    Law. 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 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. Any such process
    or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt
    requested, postage prepaid, addressed to it at the address set forth in Section 7.2 hereof. Such mailing shall be deemed personal
    service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

    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 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 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 Kings County, State of New York, for inspection by the registered holder of any Right. The Right 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. 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.

 

	 	PACIFICO
    ACQUISITION CORP.
	 	 
	 	By:	/s/
    Edward Cong Wang
	 	 	Name: 
    	Edward
    Cong Wang 
	 	 	Title:	Chief
    Executive Officer
	 	 	 
	 	AMERICAN
STOCK TRANSFER & TRUST COMPANY, LLC

	 	 	 
	 	By:	/s/
Michael A. Nespoli
	 	 	Name:	 Michael A. Nespoli
	 	 	Title:	 Executive Director

 

Signature
Page to the Rights Agreement

 

     

     

    

 

EXHIBIT
A

 

Form
of Right

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit
AExhibit 4.2

 

THE REGISTERED HOLDER OF THIS PURCHASE OPTION
BY ITS ACCEPTANCE HEREOF AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN PROVIDED AND THE REGISTERED
HOLDER OF THIS PURCHASE OPTION AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION OR CAUSE IT
TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION
OF THE PURCHASE OPTION BY ANY PERSON FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FROM THE COMMENCEMENT OF SALES IN THE OFFERING TO ANYONE
OTHER THAN TO (I) CHARDAN CAPITAL MARKETS, LLC (“CHARDAN”) OR AN UNDERWRITER OR SELECTED DEALER PARTICIPATING
IN THE OFFERING OR (II) AN OFFICER OR PARTNER OF CHARDAN OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER AND IN ACCORDANCE WITH FINRA RULE
5110(E)(2).

 

THIS PURCHASE OPTION IS NOT EXERCISABLE PRIOR
TO THE CONSUMMATION BY PACIFICO ACQUISITION CORP. (THE “COMPANY”) OF A MERGER, SHARE EXCHANGE, ASSET ACQUISITION,
RECAPITALIZATION, REORGANIZATION OR OTHER SIMILAR BUSINESS COMBINATION (THE “BUSINESS COMBINATION”) (AS DESCRIBED
MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (AS DEFINED HEREIN), AND VOID AFTER 5:00 P.M. NEW YORK CITY LOCAL TIME, ON THE
EARLIER OF THE EXPIRATION DATE (AS DEFINED HEREIN) OR THE DAY IMMEDIATELY PRIOR TO THE DAY ON WHICH THE COMPANY AND ALL OF ITS SUCCESSORS
HAVE BEEN DISSOLVED.

 

UNIT PURCHASE OPTION

FOR THE PURCHASE OF

UP TO 137,500 UNITS

(OR UP TO 158,125 IF THE OVER-ALLOTMENT

IS EXERCISED IN FULL) OF

PACIFICO ACQUISITION CORP.

 

		1.	PURCHASE OPTION.

 

THIS CERTIFIES THAT, in consideration of $100.00
duly paid by or on behalf of Chardan Capital Markets, LLC (the “Holder”), as registered owner of this Purchase
Option, to Pacifico Acquisition Corp. (the “Company”), Holder is entitled, at any time or from time to time
upon the consummation by the Company of a Business Combination (the “Commencement Date”), until, at or before
5:00 p.m., New York City local time, on the earlier of the five year anniversary of the effective date of the Registration Statement and
the day immediately prior to the day on which the Company and all of its successors have been dissolved, but not thereafter (the “Expiration
Date”), as described in the Company’s registration statement (the “Registration Statement”)
pursuant to which Units are offered for sale to the public in the Company’s initial public offering (the “Offering”),
to subscribe for, purchase and receive, in whole or in part, up to One Hundred and Thirty-Seven Thousand Five Hundred (137,500) units
(“Units”) of the Company (or up to 158,125 if the over-allotment is exercised in full), each Unit consisting
of one (1) share of common stock, par value $0.0001 per share, of the Company (“Share(s)”) and one (1) right
to receive one-tenth (1/10) of a Share upon the consummation of a Business Combination (“Right(s)”). Each Right
has the same terms as the rights included in the units being registered for sale to the public by way of the Registration Statement (“Public
Rights”). Notwithstanding anything to the contrary, the original Holder of this Purchase Option agrees that it will not
be permitted to exercise this Purchase Option after the five year anniversary of the commencement of sales of the Offering. During the
period ending on the Expiration Date, the Company agrees not to take any action that would terminate the Purchase Option. This Purchase
Option is initially exercisable at $11.50 per Unit so purchased; provided, however, that upon the occurrence of any of the
events specified in Section 6 hereof, the rights granted by this Purchase Option, including the exercise price per Unit and the
number of Units (and Shares and Rights) to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise
Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context.

 

     

     

    

 

		2.	EXERCISE OF PURCHASE OPTION

 

2.1 Exercise Form.
In order to exercise this Purchase Option, the exercise form attached hereto must be duly executed and completed and delivered to the
Company, together with this Purchase Option and payment of the Exercise Price for the Units being purchased payable in cash or by certified
check or official bank check or pursuant to Section 2.3 hereof. If the subscription rights represented hereby shall not be exercised at
or before 5:00 p.m., New York City local time, on the Expiration Date, this Purchase Option shall become and be void without further force
or effect, and all rights represented hereby shall cease and expire.

 

2.2 Legend. Each certificate
for the securities purchased under this Purchase Option shall bear a legend as follows, unless such securities have been registered under
the Securities Act of 1933, as amended (“Act”):

 

“The securities represented by this
certificate have not been registered under the Securities Act of 1933, as amended (“Act”) or the laws of applicable states
or other jurisdictions. The securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration
statement under the Act, or pursuant to an exemption from registration under the Act and applicable laws of states or other jurisdictions.”

 

2.3 Cashless Exercise.

 

2.3.1 Determination of Amount.
In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Purchase Option is exercisable (and in lieu
of being entitled to receive Shares) in the manner required by Section 2.1, and subject to Section 6.1 hereof, the Holder
shall have the right (but not the obligation) to convert any exercisable but unexercised portion of this Purchase Option into Units (“Cashless
Exercise Right”) as follows: upon exercise of the Cashless Exercise Right, the Company shall deliver to the Holder (without
payment by the Holder of any of the Exercise Price in cash) that number of Units (or that number of Shares and Rights comprising that
number of Units) equal to the number of Units to be exercised multiplied by the quotient obtained by dividing (x) the “Value”
(as defined below) of the portion of the Purchase Option being converted by (y) the Current Market Value (as defined below). The “Value”
of the portion of the Purchase Option being converted shall equal the remainder derived from subtracting (a) (i) the Exercise Price multiplied
by (ii) the number of Units underlying the portion of this Purchase Option being converted from (b) the Current Market Value of a Unit
multiplied by the number of Units underlying the portion of the Purchase Option being converted. As used herein, the term “Current
Market Value” per Unit at any date means: (A) in the event that the Units, Shares and Public Rights are still trading, (i)
if the Units are listed on a national securities exchange or quoted on the OTC Bulletin Board or successor exchange, the average reported
last sale price of the Units in the principal trading market for the Units as reported by the exchange, Nasdaq or the Financial Industry
Regulatory Authority (“FINRA”), as the case may be, for the three trading days preceding the date in question;
or (ii) if the Units are not listed on a national securities exchange or quoted on the OTC Bulletin Board (or successor exchange), but
are traded in the residual over-the-counter market, the average reported last sale price for Units for the three trading days preceding
the date in question for which such quotations are reported by the Pink Sheets, LLC, or similar publisher of such quotations; or (B) in
the event that the Units are not still trading but the Shares underlying the Units are still trading, the aggregate of (i) the product
of (x) the Current Market Price of the Share and (y) the number of the Shares underlying one Unit (which shall include the portion of
a Share the holder of a Unit would automatically receive in connection with the Right included in each such Unit). The “Current
Market Price” shall mean (i) if the Shares are listed on a national securities exchange or quoted on the OTC Bulletin Board (or
successor exchange), the average reported last sale price of the Shares in the principal trading market for the Shares as reported by
the exchange, Nasdaq or FINRA, as the case may be, for the three trading days preceding the date in question; (ii) if the Shares are not
listed on a national securities exchange or quoted on the OTC Bulletin Board (or successor exchange), but are traded in the residual over-the-counter
market, the average reported last sale price for the Shares on for the three (3) trading days preceding the date in question for which
such quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; and (iii) if the fair market value of the
Shares cannot be determined pursuant to clause (i) or (ii) above, such price as the Board of Directors of the Company shall determine,
in good faith.

 

2.3.2 Mechanics of Cashless
Exercise. The Cashless Exercise Right may be exercised by the Holder on any business day on or after the Commencement Date and not
later than the Expiration Date by delivering the Purchase Option with the duly executed exercise form attached hereto with the cashless
exercise section completed to the Company, exercising the Cashless Exercise Right and specifying the total number of Units the Holder
will purchase pursuant to such Cashless Exercise Right.

 

    2

     

    

 

2.4 No Obligation to Net
Cash Settle. Notwithstanding anything to the contrary contained in this Purchase Option, in no event will the Company be required
to net cash settle the exercise of the Purchase Option. The holder of the Purchase Option will not be entitled to exercise the Purchase
Option unless it exercises such Purchase Option pursuant to the Cashless Exercise Right or a registration statement is effective, or an
exemption from the registration requirements is available at such time and, if the holder is not able to exercise the Purchase Option,
the Purchase Option, as applicable, will expire worthless.

 

		3.	TRANSFER OF PURCHASE OPTION.

 

3.1 General Restrictions.
The registered Holder of this Purchase Option, by its acceptance hereof, agrees that it will not sell, transfer, assign, pledge or hypothecate
this Purchase Option (or the Shares and Rights underlying this Purchase Option), or cause the Purchase Option (or the Shares and Rights
underlying this Purchase Option) to be the subject of any hedging, short sale, derivative, put, or call transaction that would result
in the effective economic disposition of the Purchase Option by any person, for a period of 180 days (pursuant to Rule 5110(e)(1) of the
Conduct Rules of FINRA following the commencement of sales of the Offering to anyone other than (i) Chardan or an underwriter or selected
dealer in connection with the Offering, or (ii) a bona fide officer or partner of Chardan or of any such underwriter or selected dealer.
On and after the 181st day following the following the commencement of sales of the Offering, transfers to others may be made subject
to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to
the Company the assignment form attached hereto duly executed and completed, together with the Purchase Option and payment of all transfer
taxes, if any, payable in connection therewith. The Company shall within 5 business days transfer this Purchase Option on the books of
the Company and shall execute and deliver a new Purchase Option of like tenor to the appropriate assignee(s) expressly evidencing the
right to purchase the aggregate number of Units purchasable hereunder or such portion of such number as shall be contemplated by any such
assignment.

 

3.2 Restrictions Imposed
by the Act. The securities evidenced by this Purchase Option shall not be transferred unless and until (i) the Company has received
the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from registration under the Act
and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company (the Company
hereby agreeing that the opinion of Loeb & Loeb LLP shall be deemed satisfactory evidence of the availability of an exemption), or
(ii) a registration statement or a post-effective amendment to the Registration Statement relating to such securities has been filed by
the Company and declared effective by the Securities and Exchange Commission (the “Commission”) and compliance
with applicable state securities law has been established.

 

		4.	NEW PURCHASE OPTION TO BE ISSUED.

 

4.1 Partial Exercise or
Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Option may be exercised or assigned in whole or in
part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Option for cancellation, together
with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price (except to the extent that the Holder
elects to exercise this Purchase Option by means of a cashless exercise as provided in Section 2.3 above) and/or transfer tax,
the Company shall cause to be delivered to the Holder without charge a new Purchase Option of like tenor to this Purchase Option in the
name of the Holder evidencing the right of the Holder to purchase the number of Units purchasable hereunder as to which this Purchase
Option has not been exercised or assigned

 

4.2 Lost Certificate.
Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Option and of
reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Option of like
tenor and date. Any such new Purchase Option executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute
a substitute contractual obligation on the part of the Company.

 

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		5.	REGISTRATION RIGHTS.

 

5.1 Demand Registration.

 

5.1.1 Grant of Right.
The Company, upon written demand (“Initial Demand Notice”) of the Holder(s) of at least 51% of the Purchase
Option and/or the underlying Units and/or the underlying securities (“Majority Holders”), agrees to use its
best efforts to register (the “Demand Registration”) under the Act on one (1) occasion, all or any portion of
the (i) Purchase Option requested by the Majority Holders in the Initial Demand Notice and all of the securities underlying such Purchase
Option, including the Units, Shares, and the Shares underlying the Rights and (ii) the units issued to the Holder prior to or concurrently
with the Offering and all securities underlying such units (collectively, the “Registrable Securities”). On
such occasion, the Company will use its best efforts to file a registration statement or a post-effective amendment to the Registration
Statement covering the Registrable Securities as expeditiously as possible, and in any event within forty-five (45) days, after receipt
of the Initial Demand Notice and use its best efforts to have such registration statement or post-effective amendment declared effective
as soon as possible thereafter. The demand for registration may be made at any time during a period of five years from the commencement
of sales in the Offering. The Initial Demand Notice shall specify the number of shares of Registrable Securities proposed to be sold and
the intended method(s) of distribution thereof. The Company will notify all holders of the Purchase Option and/or Registrable Securities
of the demand within ten days from the date of the receipt of any such Initial Demand Notice. Each holder of Registrable Securities who
wishes to include all or a portion of such holder’s Registrable Securities in the Demand Registration (each such holder including
shares of Registrable Securities in such registration, a “Demanding Holder”) shall so notify the Company within
fifteen (15) days after the receipt by the holder of the notice from the Company. Upon any such request, the Demanding Holders shall be
entitled to have their Registrable Securities included in the Demand Registration, subject to Section 5.1.4. The Company shall
not be required to effect more than one (1) Demand Registration under this Section 5.1 in respect of all Registrable Securities.

 

5.1.2 Effective Registration.
Notwithstanding Section 5.1.5, a registration will not count as a Demand Registration until the registration statement filed with
the Commission, with respect to such Demand Registration, has been declared effective and the Company has complied with all of its obligations
under this Purchase Option with respect thereto.

 

5.1.3 Underwritten Offering.
If the Majority Holders so elect and such holders so advise the Company as part of the Initial Demand Notice, the offering of such Registrable
Securities pursuant to such Demand Registration shall be in the form of an underwritten offering. In such event, the right of any holder
to include its Registrable Securities in such registration shall be conditioned upon such holder’s participation in such underwriting
and the inclusion of such holder’s Registrable Securities in the underwriting to the extent provided herein. All Demanding Holders
proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the
underwriter or underwriters selected for such underwriting by the Majority Holders.

 

5.1.4 Reduction of Offering.
If the managing underwriter or underwriters for a Demand Registration that is to be an underwritten offering advises the Company and the
Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the Demanding Holders desire to
sell, taken together with all other Shares or other securities which the Company desires to sell and the Shares, if any, as to which registration
has been requested pursuant to written contractual piggy-back registration rights held by other stockholders of the Company who desire
to sell, exceeds the maximum dollar amount or maximum number of shares that can be sold in such offering without adversely affecting the
proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount
or maximum number of shares, as applicable, the “Maximum Number of Shares”), then the Company shall include
in such registration: (i) first, the Registrable Securities as to which Demand Registration has been requested by the Demanding Holders
(pro rata in accordance with the number of shares that each such person has requested be included in such registration, regardless of
the number of shares held by each such person (such proportion is referred to herein as “Pro Rata”)) that can
be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clause (i), the Shares or other securities that the Company desires to sell that can be sold without exceeding the
Maximum Number of Shares; (iii) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses
(i) and (ii), the Shares or other securities registrable pursuant to the terms of the Registration Rights Agreement between the Company
and the initial investors in the Company and Chardan, dated as of September 13, 2021 (the “Registration Rights Agreement”
and such registrable securities, the “Investor Securities”) as to which “piggy-back” registration
has been requested by the holders thereof, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (iv) fourth,
to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i), (ii), and (iii), the Shares or other
securities for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements with
such persons and that can be sold without exceeding the Maximum Number of Shares.

 

    4

     

    

 

5.1.5 Withdrawal. If
a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include all of their
Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from such offering by
giving written notice to the Company and the underwriter or underwriters of their request to withdraw prior to the effectiveness of the
registration statement filed with the Commission with respect to such Demand Registration. If the majority-in-interest of the Demanding
Holders withdraws from a proposed offering relating to a Demand Registration, then the Company does not have to continue its obligations
under Section 5.1, provided that, any such withdrawal will not count as the Demand Registration if the Demanding Holders
pay all of the Company’s out-of-pocket expenses, with respect to such withdrawn registration.

 

5.1.6 Terms. The Company
shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses of one legal counsel selected
by the Holders to represent them in connection with the sale of the Registrable Securities, but the Holders shall pay any and all underwriting
commissions. The Company agrees to use its reasonable best efforts to qualify or register the Registrable Securities in such states as
are reasonably requested by the Majority Holder(s); provided, however, that in no event shall the Company be required to
register the Registrable Securities in a state in which such registration would cause (i) the Company to be obligated to qualify to do
business in such state, or would subject the Company to taxation as a foreign corporation doing business in such jurisdiction or (ii)
the principal stockholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall use
its best efforts to cause any registration statement or post-effective amendment filed pursuant to the demand rights granted under Section
5.1.1 to remain effective for a period of nine consecutive months from the effective date of such registration statement or post-effective
amendment.

 

5.2 Piggy-Back Registration.

 

5.2.1 Piggy-Back Rights.
If at any time during the seven year period commencing on the date of commencement of sales in the Offering, the Company proposes to file
a registration statement under the Act with respect to an offering of equity securities, or securities or other obligations exercisable
or exchangeable for, or convertible into, equity securities, by the Company for its own account or for stockholders of the Company for
their account (or by the Company and by stockholders of the Company including, without limitation, pursuant to Section 5.1), other
than a registration statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer
or offering of securities solely to the Company’s existing stockholders, (iii) for an offering of debt that is convertible into
equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall (x) give written notice of such proposed
filing to the holders of Registrable Securities as soon as practicable but in no event less than ten (10) days before the anticipated
filing date, which notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of
distribution, and the name of the proposed managing underwriter or underwriters, if any, of the offering, and (y) offer to the holders
of Registrable Securities in such notice the opportunity to register the sale of such number of shares of Registrable Securities as such
holders may request in writing within five (5) days following receipt of such notice (a “Piggy-Back Registration”).
The Company shall cause such Registrable Securities to be included in such registration and shall use its best efforts to cause the managing
underwriter or underwriters of a proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back
Registration on the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition of
such Registrable Securities in accordance with the intended method(s) of distribution thereof. All holders of Registrable Securities proposing
to distribute their securities through a Piggy-Back Registration that involves an underwriter or underwriters shall enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for such Piggy-Back Registration.

 

    5

     

    

 

5.2.2 Reduction of Offering.
If the managing underwriter or underwriters for a Piggy-Back Registration that is to be an underwritten offering advises the Company and
the holders of Registrable Securities in writing that the dollar amount or number of Shares which the Company desires to sell, taken together
with Shares, if any, as to which registration has been demanded pursuant to written contractual arrangements with persons other than the
holders of Registrable Securities hereunder, the Registrable Securities as to which registration has been requested under this Section
5.2, and the Shares, if any, as to which registration has been requested pursuant to the written contractual piggy-back registration
rights of other stockholders of the Company, exceeds the Maximum Number of Shares, then the Company shall include in any such registration:

 

(a) If the registration is
undertaken for the Company’s account: (A) first, Shares or other securities that the Company desires to sell that can be sold without
exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (A), the Shares or other securities, if any, comprised of Registrable Securities and Investor Securities, as to which registration
has been requested pursuant to the applicable written contractual piggy-back registration rights of such security holders, Pro Rata, that
can be sold without exceeding the Maximum Number of Shares; and (C) third, to the extent that the Maximum Number of shares has not been
reached under the foregoing clauses (A) and (B), the Shares or other securities for the account of other persons that the Company is obligated
to register pursuant to written contractual piggy-back registration rights with such persons and that can be sold without exceeding the
Maximum Number of Shares;

 

(b) If the registration is
a “demand” registration undertaken at the demand of holders of Investor Securities, (A) first, the Shares or other securities
for the account of the demanding persons, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; (B) second, to the
extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the Shares or other securities that the
Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number
of Shares has not been reached under the foregoing clauses (A) and (B), the shares of Registrable Securities, Pro Rata, as to which registration
has been requested pursuant to the terms hereof, that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the
extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the Shares or other securities
for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements with such persons,
that can be sold without exceeding the Maximum Number of Shares; and

 

(c) If the registration is
a “demand” registration undertaken at the demand of persons other than either the holders of Registrable Securities or of
Investor Securities, (A) first, the Shares or other securities for the account of the demanding persons that can be sold without exceeding
the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause
(A), the Shares or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares;
(C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), collectively
the Shares or other securities comprised of Registrable Securities and Investor Securities, Pro Rata, as to which registration has been
requested pursuant to the terms hereof and of the Registration Rights Agreement, as applicable, that can be sold without exceeding the
Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses
(A), (B) and (C), the Shares or other securities for the account of other persons that the Company is obligated to register pursuant to
written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares.

 

5.2.3 Withdrawal. Any
holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities in any Piggy-Back
Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of the registration statement.
The Company (whether on its own determination or as the result of a withdrawal by persons making a demand pursuant to written contractual
obligations) may withdraw a registration statement at any time prior to the effectiveness of the registration statement. Notwithstanding
any such withdrawal, the Company shall pay all expenses incurred by the holders of Registrable Securities in connection with such Piggy-Back
Registration as provided in Section 5.2.4.

 

5.2.4 Terms. The Company
shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses of one legal counsel selected
by the Holders to represent them in connection with the sale of the Registrable Securities but the Holders shall pay any and all underwriting
commissions related to the Registrable Securities. In the event of such a proposed registration, the Company shall furnish the then Holders
of outstanding Registrable Securities with not less than fifteen days written notice prior to the proposed date of filing of such registration
statement. Such notice to the Holders shall continue to be given for each applicable registration statement filed (during the period in
which the Purchase Option is exercisable) by the Company until such time as all of the Registrable Securities have been registered and
sold. The Holders of the Registrable Securities shall exercise the “piggy-back” rights provided for herein by giving written
notice within ten days of the receipt of the Company’s notice of its intention to file a registration statement. The Company shall
use its best efforts to cause any registration statement filed pursuant to the above “piggyback” rights to remain effective
for at least nine months from the date that the Holders of the Registrable Securities are first given the opportunity to sell all of such
securities.

 

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5.3 General Terms.

 

5.3.1 Indemnification.
The Company shall, to the fullest extent permitted by applicable law, indemnify the Holder(s) of the Registrable Securities to be sold
pursuant to any registration statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of
the Act or Section 20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss,
claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating,
preparing or defending against litigation, commenced or threatened, or any claim whatsoever whether arising out of any action between
the underwriter and the Company or between the underwriter and any third party or otherwise) to which any of them may become subject under
the Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same effect
as the provisions pursuant to which the Company has agreed to indemnify the underwriters contained in Section 5 of the Underwriting Agreement
between the Company, Chardan and the other underwriters named therein dated September 13, 2021 (“Underwriting Agreement”).
The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall
severally, and not jointly, indemnify the Company, its officers and directors and each person, if any, who controls the Company within
the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, against all loss, claim, damage, expense or liability (including
all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim
whatsoever) to which they may become subject under the Act, the Exchange Act or otherwise, arising from information furnished by or on
behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such registration statement or arising from
any omission or the alleged omission to state a material fact required to be stated therein or necessary to make the statement contained
therein not misleading in connection with the registration of the Registrable Securities, to the same extent and with the same effect
as the provisions contained in Section 5 of the Underwriting Agreement pursuant to which the underwriters have agreed to indemnify the
Company.

 

5.3.2 Exercise of Purchase
Option. Nothing contained in this Purchase Option shall be construed as requiring the Holder(s) to exercise their Purchase Option
prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

5.3.3 Documents Delivered
to Holders. The Company shall furnish Chardan, as representative of the Holders participating in any of the foregoing offerings, a
signed counterpart, addressed to the participating Holders, of (i) an opinion of counsel to the Company, dated the effective date of such
registration statement (and, if such registration includes an underwritten public offering, an opinion dated the date of the closing under
any underwriting agreement related thereto), and (ii) a “cold comfort” letter dated the effective date of such registration
statement (and, if such registration includes an underwritten public offering, a letter dated the date of the closing under the underwriting
agreement) signed by the independent public accountants who have issued a report on the Company’s financial statements included
in such registration statement, in each case covering substantially the same matters with respect to such registration statement (and
the prospectus included therein) and, in the case of such accountants’ letter, with respect to events subsequent to the date of
such financial statements, as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered
to underwriters in underwritten public offerings of securities. The Company shall also deliver promptly to Chardan, as representative
of the Holders participating in the offering, the correspondence and memoranda described below and copies of all correspondence between
the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or its staff with
respect to the registration statement and permit Chardan, as representative of the Holders, to do such investigation, upon reasonable
advance notice, with respect to information contained in or omitted from the registration statement as it deems reasonably necessary to
comply with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records and properties and
opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent and at
such reasonable times and as often as Chardan, as representative of the Holders, shall reasonably request. The Company shall not be required
to disclose any confidential information or other records to Chardan, as representative of the Holders, or to any other person, until
and unless such persons shall have entered into reasonable confidentiality agreements (in form and substance reasonably satisfactory to
the Company), with the Company with respect thereto.

 

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5.3.4 Underwriting Agreement.
The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any Holders whose Registrable
Securities are being registered pursuant to this Section 5, which managing underwriter shall be reasonably acceptable to the Company.
Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters, and
shall contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements
of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten
sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of
the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not
be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate
to such Holders and their intended methods of distribution. Such Holders, however, shall agree to such covenants and indemnification and
contribution obligations for selling stockholders as are customarily contained in agreements of that type used by the managing underwriter.
Further, such Holders shall execute appropriate custody agreements and otherwise cooperate fully in the preparation of the registration
statement and other documents relating to any offering in which they include securities pursuant to this Section 5. Each Holder shall
also furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition
of such securities as shall be reasonably required to effect the registration of the Registrable Securities.

 

5.3.5 Rule 144 Sale.
Notwithstanding anything contained in this Section 5 to the contrary, the Company shall have no obligation pursuant to Sections
5.1 or 5.2 to use its best efforts to obtain the registration of Registrable Securities held by any Holder (i) where such Holder
would then be entitled to sell under Rule 144 within any three-month period (or such other period prescribed under Rule 144 as may be
provided by amendment thereof) all of the Registrable Securities then held by such Holder, or (ii) where the number of Registrable Securities
held by such Holder is within the volume limitations under paragraph (e) of Rule 144 (calculated as if such Holder were an affiliate within
the meaning of Rule 144).

 

5.3.6 Supplemental Prospectus.
Each Holder agrees, that upon receipt of any notice from the Company of the happening of any event as a result of which the prospectus
included in the registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing,
such Holder will immediately discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable
Securities until such Holder’s receipt of the copies of a supplemental or amended prospectus, and, if so desired by the Company,
such Holder shall deliver to the Company (at the expense of the Company) or destroy (and deliver to the Company a certificate of such
destruction) all copies, other than permanent file copies then in such Holder’s possession, of the prospectus covering such Registrable
Securities current at the time of receipt of such notice.

 

		6.	ADJUSTMENTS.

 

6.1 Adjustments to Exercise
Price and Number of Securities. The Exercise Price and the number of Units underlying the Purchase Option shall be subject to adjustment
from time to time as hereinafter set forth:

 

6.1.1 Stock Dividends - Split-Ups.
If after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Shares is increased by
a stock dividend payable in Shares or by a split-up of Shares or other similar event, then, on the effective date thereof, the number
of Shares underlying each of the Units purchasable hereunder shall be increased in proportion to such increase in outstanding shares.

 

6.1.2 Aggregation of Shares.
If after the date hereof, and subject to the provisions of Section 6.3, the number of outstanding Shares is decreased by a consolidation,
combination or reclassification of Shares or other similar event, then, on the effective date thereof, the number of Shares underlying
each of the Units purchasable hereunder shall be decreased in proportion to such decrease in outstanding shares and the Exercise Price
shall be proportionately increased.

 

6.1.3 Replacement of Securities
upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares other than a change covered
by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Shares, or in the case of any merger or consolidation
of the Company with or into another company (other than a consolidation or merger in which the Company is the continuing entity and that
does not result in any reclassification or reorganization of the outstanding Shares), or in the case of any sale or conveyance to another
company or entity of the property of the Company as an entirety or substantially as an entirety in connection with which the Company is
dissolved, the Holder of this Purchase Option shall have the right thereafter (until the expiration of the right of exercise of this Purchase
Option) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event,
the kind and amount of shares or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of Shares of the Company
obtainable upon exercise of this Purchase Option immediately prior to such event; and if any reclassification also results in a change
in Shares covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2
and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations,
mergers or consolidations, sales or other transfers.

 

    8

     

    

 

6.1.4 Changes in Form of
Purchase Option. This form of Purchase Option need not be changed because of any change pursuant to this Section, and a Purchase Option
issued after such change may state the same Exercise Price and the same number of Units as are stated in the Purchase Option as initially
issued. The acceptance by any Holder of the issuance of a new Purchase Option reflecting a required or permissive change shall not be
deemed to waive any rights to an adjustment occurring after the Commencement Date or the computation thereof.

 

6.2 Substitute Purchase
Option. In case of any consolidation of the Company with, or merger of the Company with, or merger of the Company into, another entity
(other than a consolidation or merger which does not result in any reclassification or change of the outstanding Shares), the entity formed
by such consolidation or merger shall execute and deliver to the Holder a supplemental Purchase Option providing that the holder of each
Purchase Option then outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Option)
to receive, upon exercise of such Purchase Option, the kind and amount of shares and other securities and property receivable upon such
consolidation or merger, by a holder of the number of Shares of the Company for which such Purchase Option might have been exercised immediately
prior to such consolidation, merger, sale or transfer. Such supplemental Purchase Option shall provide for adjustments which shall be
identical to the adjustments provided in Section 6. The above provision of this Section shall similarly apply to successive consolidations
or mergers.

 

6.3 Elimination of Fractional
Interests. The Company shall not be required to issue certificates representing fractions of Shares or Rights upon the exercise of
the Purchase Option, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the
parties that all fractional interests shall be eliminated by rounding any fraction up to the nearest whole number of Rights, Shares or
other securities, properties or rights (or as otherwise provided pursuant to the Rights Agreement).

 

7. RESERVATION
AND LISTING. The Company shall at all times reserve and keep available out of its authorized but unissued Shares, solely for
the purpose of issuance upon exercise of the Purchase Option or the Rights underlying the Purchase Option, such number of Shares or other
securities, properties or rights as shall be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise
of the Purchase Option and payment of the Exercise Price therefor, all Shares and other securities issuable upon such exercise shall be
duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any stockholder. The Company further covenants
and agrees that upon conversion of the Rights underlying the Purchase Option, all Shares and other securities issuable upon such conversion
shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any stockholders. As long as the
Purchase Option shall be outstanding, the Company shall use its best efforts to cause all (i) Units and Shares issuable upon exercise
of the Purchase Option, (ii) Rights issuable upon exercise of the Purchase Option and (iii) Shares underlying the Rights included in the
Units issuable upon exercise of the Purchase Option to be listed and/or quoted (subject to official notice of issuance) on all securities
exchanges (or, if applicable, on the OTC Bulletin Board or OTC Markets Group, Inc. or any successor trading market) on which the Units,
Shares, or Rights may then be listed and/or quoted.

 

8. CERTAIN NOTICE REQUIREMENTS.

 

8.1 Holder’s Right
to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent as a stockholders
for the election of directors or any other matter, or as having any rights whatsoever as a stockholders of the Company. If, however, at
any time prior to the expiration of the Purchase Option and its exercise, any of the events described in Section 8.2 shall occur,
then, in each such event, the Company shall give written notice of such event at least fifteen days prior to the date fixed as a record
date or the date of closing the transfer books for the determination of the stockholders entitled to such dividend, distribution, conversion
or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such
notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing,
the Company shall deliver to each Holder a copy of each notice given to the other stockholders of the Company at the same time and in
the same manner that such notice is given to the stockholders.

 

    9

     

    

 

8.2 Events Requiring Notice.
The Company shall be required to give the notice described in this Section 8 upon one or more of the following events: (i) if the Company
shall take a record of the holders of its Shares for the purpose of entitling them to receive a dividend or distribution payable otherwise
than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated by the accounting treatment
of such dividend or distribution on the books of the Company, or (ii) the Company shall offer to all the holders of its Shares any additional
shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any
option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company (other than in connection
with a consolidation or merger) or a sale of all or substantially all of its property, assets and business shall be proposed.

 

8.3 Notice of Change in
Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section 6 hereof,
send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe the event
causing the change and the method of calculating same and shall be certified as being true and accurate by the Company’s Chief Executive
Officer.

 

8.4 Transmittal of Notices.
All notices, requests, consents and other communications under this Purchase Option shall be in writing and shall be deemed to have been
duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered Holder of the Purchase Option,
to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to the following address or to such other
address as the Company may designate by notice to the Holders:

 

Pacifico Acquisition Corp.

521 Fifth Avenue 17th
Floor

New York, New York 10175

Attn: Edward Cong
Wang, Chief Executive Officer

Telephone: (646)
886 - 8892

 

    10

     

    

 

 

9. MISCELLANEOUS.

 

9.1 Amendment The Company
and Chardan may from time to time supplement or amend this Purchase Option without the approval of any of the Holders in order to cure
any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions
herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and Chardan may deem necessary
or desirable and that the Company and Chardan deem shall not adversely affect the interest of the Holders. All other modifications or
amendments shall require the written consent of and be signed by the party against whom enforcement of the modification or amendment is
sought.

 

9.2 Headings. The headings
contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation
of any of the terms or provisions of this Purchase Option.

 

9.3 Entire Agreement.
This Purchase Option (together with the other agreements and documents being delivered pursuant to or in connection with this Purchase
Option) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements
and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4 Binding Effect.
This Purchase Option shall inure solely to the benefit of and shall be binding upon the Holder and the Company and their permitted assignees,
respective successors, legal representative and assigns, and no other person shall have or be construed to have any legal or equitable
right, remedy or claim under or in respect of or by virtue of this Purchase Option or any provisions herein contained.

 

9.5 Governing Law; Submission
to Jurisdiction. This Purchase Option shall be governed by and construed and enforced in accordance with the laws of the State of
New York, without giving effect to conflict of laws principles thereof. Each of the Holder and the Company hereby agrees that any action,
proceeding or claim against it arising out of, or relating in any way to this Purchase Option shall be brought and enforced in the New
York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the Holder and the Company hereby waives any objection to
such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company
may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to
it at the address set forth in Section 8.4 hereof. Such mailing shall be deemed personal service and shall be legal and binding
upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any such action
shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such action
or proceeding and/or incurred in connection with the preparation therefore.

 

9.6 Waiver, Etc. The
failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Option shall not be deemed or construed
to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Option or any provision hereof or the right
of the Company or any Holder to thereafter enforce each and every provision of this Purchase Option. No waiver of any breach, non-compliance
or non-fulfillment of any of the provisions of this Purchase Option shall be effective unless set forth in a written instrument executed
by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or
non- fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach or non-compliance.

 

9.7 Execution in Counterparts.
This Purchase Option may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of
which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become
effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto.

 

9.8 Exchange Agreement.
As a condition of the Holder’s receipt and acceptance of this Purchase Option, Holder agrees that, at any time prior to the complete
exercise of this Purchase Option by Holder, if the Company and Chardan enter into an agreement (“Exchange Agreement”)
pursuant to which they agree that all outstanding Purchase Options will be exchanged for securities or cash or a combination of both,
then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

    11

     

    

 

IN WITNESS WHEREOF, the Company has caused this
Purchase Option to be signed by its duly authorized officer as of the 16th day of September, 2021.

 

	 	
    PACIFICO ACQUISITION CORP.

	 	
     

	 	By:	/s/ Edward Cong Wang
	 	 	Name: 	Edward Cong Wang
	 	 	Title:	Chief Executive Officer

 

Signature Page to Purchase Option

 

    12

     

    

 

Form to be used to exercise Purchase Option

 

Pacifico Acquisition Corp.

521 Fifth Avenue 17th Floor

New York, New York 10175

 

Date:_________________, 20___

 

The undersigned hereby elects irrevocably to exercise
all or a portion of the within Purchase Option and to purchase ____ Units of Pacifico Acquisition Corp. and hereby makes payment of $____________
(at the rate of $_________ per Unit) in payment of the Exercise Price pursuant thereto. Please issue the securities as to which this Purchase
Option is exercised in accordance with the instructions given below.

 

Or

 

The undersigned hereby elects irrevocably to convert
its right to purchase _________ Units purchasable under the within Purchase Option by surrender of the unexercised portion of the attached
Purchase Option (with a “Value” based of $_______ based on a “Market Price” of $_______). Please issue the securities
comprising the Units as to which this Purchase Option is exercised in accordance with the instructions given below.

 

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

Signature(s) Guaranteed:

 

THE SIGNATURE(S) SHOULD 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).

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

	Name
	(Print in Block Letters)
	Address

 

 

 

    13

     

    

 

Form to be used to assign Purchase Option:

 

ASSIGNMENT

 

(To be executed by the registered Holder to effect
a transfer of the within Purchase Option):

 

FOR VALUE RECEIVED,______________________________________________
does hereby sell, assign and transfer unto___________________________________________ the right to purchase __________ Units of Pacifico
Acquisition Corp. (“Company”) evidenced by the within Purchase Option and does hereby authorize the Company
to transfer such right on the books of the Company.

 

Dated:___________________, 20___

 

	 	 
	 	
    Signature 

 

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

Signature(s) Guaranteed:

	 

THE SIGNATURE(S) SHOULD 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).

 

 

14

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