Document:

Exhibit 10.4

 

 

August 17, 2022

 

Per Regnarsson

Chief Executive Officer

50 Sloane Avenue, London, SW3 3DD,

United Kingdom

 

RE: Advisory Services

 

Dear Mr. Regnarsson:

 

1. Relationship.

 

A. ClimateRock,
collectively with its subsidiaries (the “Company”) engages Maxim Group LLC (“Maxim” and together
with the Company, the “Parties”) as its advisor with respect to providing services in connection with one or several
Transactions (as defined in Section 1(D) herein) involving one or several entities and/or assets identified by the Company (or any agent
of the Company other than Maxim) (the “Target”). It is understood and agreed that the Company’s engagement of
Maxim pursuant to this agreement (the “Agreement”) is on a non-exclusive basis.

 

During the Term (as defined
below), if requested by the Company, Maxim shall provide the following services (collectively referred to herein as the “Advisory
Services”) in connection with a potential Transaction(s):

 

		(i)	analyze and assist the Company with respect to the successful execution
of PIPE and/or other financing alternatives; 

 

		(ii)	provide the Company with advice regarding communications with and marketing
to investors and liaise with investors on behalf of the Company regarding potential Transactions also with a view to minimizing redemptions;

 

		(iii)	at the Company’s request, meet with the Company’s Board of Directors
to discuss the proposed Transaction(s) and its/their financial implications; and

 

		(iv)	provide such other financial advisory and investment banking services upon
which the Parties may mutually agree.

 

B. The
Parties understand and agree that, during the Term, Maxim shall be required to perform only such tasks as may be reasonably requested
by the Company in connection with the Advisory Services and therefore may not necessarily perform all the tasks listed above.

 

The Parties further understand
that Maxim’s tasks may not be limited to those listed in this paragraph and that additional tasks may be included, as mutually agreed
by the Parties. The Parties further understand and agree that the Company will not utilize the Advisory Services performed by Maxim for
any purpose other than those stated in this Agreement, and that the existence of this Agreement and the product of Maxim’s Advisory
Services are confidential and shall not in any way be communicated by the Company or Maxim to any third party(s) interested in engaging
in a Transaction, except to the extent that such disclosure is required by law, including the federal securities laws, rule, regulation,
the Securities and Exchange Commission (“SEC”) or any self-regulatory organization or stock exchange requirement or
judicial or administrative process (the foregoing, collectively, “Legal Requirement”). The Parties further understand
and agree that the Advisory Services rendered by Maxim do not include providing a fairness opinion for use in any filing with the SEC
or in any proxy materials to be sent to the Company’s shareholders and that the Company shall not use any of the materials prepared
by Maxim for any purpose other than internal use without the express written consent of Maxim, except to the extent such use is required
by the Company to comply with its obligations under any Legal Requirement.

 

{01134868.DOCX.4}Members FINRA & SIPC

300 Park Ave. * New York, NY 10022 * tel (212)
895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com

 

     

     

    

 

	ClimateRock

August 17, 2022

Page 2 of 9

	

 

C. Notwithstanding
anything contained herein, the Company understands and agrees that Maxim shall not provide “proxy
solicitation” services to the Company and shall not be specifically recommending to shareholders of
the Company the manner in which such shareholders should vote with respect to any Transaction.

 

D. As
used in this Agreement, the term “Transaction” shall mean, the following: in each case, constituting a business combination
(i) the acquisition of stock, options, warrants or other securities or rights to acquire stock (a) constituting a majority of the then
outstanding common stock of a Target(s) or (b) possessing a majority of the then outstanding voting power of a Target(s); (ii) any similar
purchase or other acquisition of a majority of the total equity interest in a Target(s) by the Company; (iii) a merger, acquisition, reverse
takeover, reverse merger or consolidation involving the Company and a Target(s); (iv) the acquisition by the Company of any of the businesses
or assets of a Target(s); (v) the formation of a joint venture or partnership between the Company and Target(s), or (vi) an acquisition
of a majority of the Company by a strategic partner or other similarly situated entity. As used in this Agreement, the term (A) “Control”
of a person shall mean, the possession, directly or indirectly, of the power to direct or cause the direction of the management and business
of such person, whether through the ownership of voting securities, by contract or otherwise; (B) “Closing” shall mean,
with respect to a Transaction, the consummation of the Transaction pursuant to a definitive written agreement with respect to the Transaction
(the “Transaction Agreement”) and (C) “Representatives” with respect to any person shall mean such
person’s affiliates and its and its affiliate’s respective directors, managers, officers, employees, consultants, shareholders,
advisors, agents and other representatives, and in the case of the Company, Target and the Company’s actual and potential financing
sources for the Transaction; provided, that for purposes of this Agreement, Maxim and the Company shall not be deemed to be Representatives
of each other.

 

2. Term
of Agreement. The term of this Agreement shall run until the consummation of a Transaction or the liquidation of the Company (such
period, subject to earlier termination in accordance with this Section 2, the “Term”); provided, that the Company may
terminate this Agreement for Cause by providing written notice to Maxim (a “Cause Termination”). Upon the termination
or expiration of this Agreement, neither party will have any continuing liability or continuing obligation hereunder, except that (i)
Maxim shall nonetheless be entitled to receive all amounts due to Maxim in consideration for services rendered hereunder by Maxim to the
extent provided in Sections 3 and 4 hereof, (ii) the terms and provisions of Sections 5 through 20 (including Exhibit A hereto) shall
survive the termination or expiration of this Agreement and (iii) termination or expiration of this Agreement shall not relieve a party
of liability for breach of this Agreement prior to such termination or expiration. For the purposes of this Agreement, “Cause”
shall mean any willful misconduct or gross negligence in the performance of the Advisory Services hereunder or a material breach of this
Agreement by Maxim or its Representatives that has not been addressed or cured by Maxim within twenty (20) days after receipt by Maxim
of written notice from the Company specifying in reasonable detail the facts and circumstances that it believes constitute “Cause”
hereunder.

 

3. Fees.

 

A. If
the Company Closes a Transaction(s) with a Target(s), during the Term, then the Company shall pay to Maxim in cash, upon Closing of such
Transaction(s), a fixed fee of $1 million provided that no such fee shall be due if this Agreement is terminated for Cause in accordance
with Section 2. For the sake of clarity, it is understood and agreed that Maxim shall receive its fee upon Closing of such Transaction(s)
and when consideration is received by the Company.

B. The
Company acknowledges and agrees that any compensation payable or paid to Maxim hereunder shall not be construed or characterized as compensation
to an underwriter within the meaning of the rules of the Financial Industry Regulatory Authority, Inc. The Company hereby recognizes that
the fees contemplated by this Agreement do not waive or in any way obviate the Company’s obligation to pay any of the previously
agreed upon deferred compensation due and payable to Maxim under the Underwriting Agreement dated April 29, 2022, between Maxim and the
Company (the “Underwriting Agreement”).

 

{01134868.DOCX.4}Members FINRA & SIPC

300 Park Ave. * New York, NY 10022 * tel (212)
895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com

 

     

     

    

 

	ClimateRock

August 17, 2022

Page 3  of 9

	

 

4. Expenses.
Subject to Section 18 below, in addition to any fees payable hereunder, the Company shall reimburse Maxim for all reasonable and documented
out-of-pocket expenses incurred by Maxim for travel (business class tickets), food, lodging and other reasonable documented out-of-pocket
expenses incurred by Maxim in connection with the services performed by Maxim pursuant to this Agreement provided that any individual
travel expenses in excess of $1,500 (one thousand five hundred Dollars) shall need the prior approval (including via electronic mail)
of the Company and provided that expenses shall not exceed $15,000 (fifteen thousand Dollars) in the aggregate unless approved by the
Company in writing or e-mail. In each case, after the submission of properly evidenced expenses to the Company, the expenses shall be
reimbursed thirty (30) days from the date the Company receives the invoice.

 

5. Independent Contractor.
The Parties agree that Maxim is acting solely as an independent contractor under this Agreement. Maxim is not authorized to make any representations,
warranties, covenants or commitments of any nature whatsoever on behalf of the Company, unless it has obtained the previous authorization
of the Company in writing.

 

6.
Indemnification. The Company agrees to indemnify and hold harmless the Indemnified Parties in accordance with the terms set forth
in Exhibit A of this Agreement. For the avoidance of doubt, Exhibit A and this Section 6 shall in all respects be subject
to Section 18.

 

7. Confidentiality

 

		A.	During the Term, the Company agrees to reasonably cooperate with Maxim and to furnish to Maxim any and
all information and data concerning the Company and a proposed Transaction reasonably requested by Maxim that Maxim deems reasonably necessary
and requests for the rendering of its services hereunder.

 

		B.	Maxim acknowledges that, in connection with the services to be provided pursuant to this Agreement, certain
confidential, non-public and proprietary information concerning the Company, any Target or the Transaction and any potential investors
in connection therewith (“Confidential Information”) has been or may be directly or indirectly disclosed by the Company,
any Target or their respective Representatives to Maxim or its Representatives. Maxim agrees that, without the Company’s prior consent,
no Confidential Information will be (x) used by Maxim or its Representatives other than in connection with performing the services under
this Agreement or (y) disclosed, in whole or in part, by Maxim or its Representatives to any other person other than: (i) to those Representatives
of Maxim who need access to such Confidential Information for purposes of performing the services to be provided hereunder, who are informed
of the confidential nature of such information and bound by non-disclosure and non-use obligations consistent with the provisions of this
Agreement; (ii) to the Company, its Board of Directors or executive officers and each of the Company’s other Representatives bound
by confidentiality obligations; or (iii) as may be required by Legal Requirement.

 

The term “Confidential
Information” does not include any information: (a) that was already in the possession of Maxim or any of its Representatives on
a non-confidential basis prior to the time of disclosure to Maxim or such Representatives; (b) obtained by Maxim or any of its Representatives
from a third person which, insofar as is known to Maxim or such Representatives after reasonably inquiry, is not subject to any prohibition
against disclosure; (c) which was or is independently developed by Maxim or any of its Representatives without use of or reference to
any Confidential Information or violating any confidentiality obligations under this Agreement; or (d) which was or becomes generally
available to the public through no fault of or breach of this Agreement by Maxim or its Representatives. If Maxim or its Representative
becomes required by Legal Requirement to disclose any Confidential Information, (x) Maxim shall provide prompt notice thereof (to the
extent permitted by Legal Requirement) to the Company reasonably in advance of any disclosure, (y) Maxim will (and will cause its Representatives
to) reasonably cooperate (at the sole expense of the Company) with any reasonable request of the Company to seek an order or other remedy
to prevent or narrow such disclosure, and (z) if after compliance with clauses (x) and (y) above, such disclosure is still required after
giving effect to any successful efforts by the Company to prevent or narrow such disclosure, Maxim or its Representative, as applicable,
may disclose only that Confidential Information which its counsel advises it is required by Legal Requirement to disclose.

 

Maxim acknowledges that U.S.
securities laws and other laws prohibit any person who has material, non-public information concerning a public company from purchasing
or selling any of its securities, and from communicating such information to any person under circumstances in which it is reasonably
foreseeable that such person is likely to purchase or sell such securities. Maxim acknowledges that the confidentiality provisions of
this Section 7B shall be deemed to be an agreement to keep the Confidential Information in confidence as contemplated by Regulation FD
promulgated by the SEC. In addition, Maxim acknowledges and agrees that some of the Confidential Information may be considered “material
non-public information” for purposes of the federal securities laws and that Maxim and its Representatives will abide by all securities
laws relating to the handling of and acting upon material non-public information of the Company. The obligations of Maxim set forth in
this Section 7B shall remain in effect during the term of this Agreement and for a period of two (2) years after the termination or expiration
of this Agreement.

 

{01134868.DOCX.4}Members FINRA & SIPC

300 Park Ave. * New York, NY 10022 * tel (212)
895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com

 

     

     

    

 

	ClimateRock

August 17, 2022

Page 4 of 9

	

 

8. Certain Representations
and Warranties of the Company. The Company represents and warrants to Maxim that neither the execution of this Agreement nor the
Company’s performance of its obligations hereunder will conflict with or result in a breach of any of the terms and provisions of,
or constitute a default (or an event which with notice or the lapse of time, or both, would constitute a default) under, or result in
the creation or imposition of any lien, or encumbrance upon any property or assets of the Company, pursuant to any oral or written agreement,
understanding or arrangement to which the Company or its subsidiaries is a party. In addition, the Company represents and warrants:

 

		A.	Maxim will be afforded full access to all due diligence in connection with any Transaction hereunder;
and
	 	 	 

		B.	The Company will obtain a fairness opinion from a third-party FINRA member broker-dealer with respect
to any Transaction hereunder.

 

9. Choice of Law; Venue; Attorney’s
Fees; Waiver of Jury Trial. 

 

This Agreement
shall be enforced, governed by and construed in accordance with the laws of New York without regard to principles of conflict of laws.
Any controversy between the Parties shall be resolved by arbitration before the American Arbitration Association (“AAA”)
in New York City. The foregoing arbitration agreement should be read in conjunction with these disclosures:

 

		(a)	ARBITRATION IS FINAL AND BINDING ON THE PARTIES;

 

		(b)	THE PARTIES ARE WAIVING THEIR RIGHT TO SEEK REMEDIES IN COURT, INCLUDING THE RIGHT TO JURY TRIAL;

 

		(c)	PRE-ARBITRATION DISCOVERY IS GENERALLY MORE LIMITED THAN AND DIFFERENT FROM COURT PROCEEDING; AND

 

		(d)	THE ARBITRATORS’ AWARD IS NOT REQUIRED TO INCLUDE FACTUAL FINDING OR LEGAL REASONING AND ANY PARTY’S
RIGHT TO APPEAL OR TO SEEK MODIFICATION OF RULINGS BY THE ARBITRATORS IS STRICTLY LIMITED.

 

ARBITRATION AGREEMENT.
ANY AND ALL CONTROVERSIES, DISPUTES OR CLAIMS BETWEEN MAXIM AND THE COMPANY OR THEIR RESPECTIVE REPRESENTATIVES (OTHER THAN APPLICATIONS
FOR INJUNCTIVE OR OTHER EQUITABLE RELIEF OR APPLICATION FOR ENFORCEMENT OF A RESOLUTION OR AWARD UNDER THIS SECTION 9) ARISING
OUT OF, IN CONNECTION WITH, FROM OR WITH RESPECT TO (a) ANY PROVISIONS OF OR THE VALIDITY OF THIS AGREEMENT OR ANY RELATED AGREEMENTS,
(b) THE RELATIONSHIP OF THE PARTIES HERETO, OR (c) ANY CONTROVERSY ARISING OUT OF the Company’s BUSINESS SHALL BE CONDUCTED PURSUANT
TO THE COMMERCIAL ARBITRATION RULES OF AAA. ARBITRATION MUST BE COMMENCED BY SERVICE OF A WRITTEN DEMAND FOR ARBITRATION OR A WRITTEN
NOTICE OF INTENTION TO ARBITRATE. IF the Company is A PARTY TO SUCH ARBITRATION, TO THE EXTENT PERMITTED BY THE RULES OF THE APPLICABLE
ARBITRATION TRIBUNAL, THE ARBITRATION SHALL BE CONDUCTED IN NEW YORK, NEW YORK. THE DECISION AND AWARD OF THE ARBITRATORS(S) SHALL BE
CONCLUSIVE AND BINDING UPON ALL PARTIES, AND ANY JUDGMENT UPON ANY AWARD RENDERED MAY BE ENTERED IN THE STATE OR FEDERAL COURTS LOCATED
IN NEW YORK COUNTY, OR ANY OTHER COURT HAVING JURISDICTION THEREOF, AND NEITHER PARTY SHALL OPPOSE SUCH ENTRY.

 

10. Parties.
This Agreement has been and is made solely for the benefit of the parties and their respective successors and assigns. Nothing in this
Agreement, expressed or implied, is intended to confer or does confer on any person or entity other than the Parties and their respective
successors and assigns and, to the extent expressly set forth herein, the Indemnified Parties (as defined on Exhibit A hereto),
any rights or remedies under or by reason of this Agreement or as a result of the services to be rendered by Maxim hereunder; provided,
that no Indemnified Party (other than Maxim as a direct party to this Agreement) will have any direct rights under this Agreement or Exhibit
A hereto (and any actions on behalf of such persons must be taken on their behalf by Maxim) unless they first agree in writing with
the Company to be subject to the provisions of Section 18 of this Agreement that apply to Maxim. Neither Maxim nor the Company shall assign
any of its obligations hereunder without the prior written consent of the other party (such consent not to be unreasonably withheld, delayed
or conditioned), and any purported assignment without such consent shall be null and void ab initio.

 

{01134868.DOCX.4}Members FINRA & SIPC

300 Park Ave. * New York, NY 10022 * tel (212)
895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com

 

     

     

    

 

	ClimateRock

August 17, 2022

Page 5  of 9

	

 

11. Severability.
If provision of this Agreement shall for any reason be determined to be void or unenforceable, any such provision shall be curtailed and
limited only to the extent necessary for the remaining terms and provisions to have full force and effect.

 

12. Review by Counsel.
This Agreement has been reviewed by the signatories hereto and their counsel.

 

13. Credit.
Subject to Section 7B, Maxim may, at its own expense, place announcements in financial and other newspapers and periodicals describing
its services in connection with the Transaction after public announcement of the definitive agreement for the Transaction. The content
of any such announcement shall be subject to the Company’s prior written approval. The Company agrees not to unreasonably withhold
or delay such approval.

 

14. Limitation of Liability.
Maxim and the Company further agree that neither Maxim nor any other Indemnified Party shall have any liability to the Company, its
security holders or creditors, or any person asserting claims on behalf of or in the right of the Company (whether direct or indirect,
in contract, tort, for an act of negligence or otherwise) for any losses, fees, damages, liabilities, costs, expenses or equitable relief
arising out of or relating to this Agreement or the Advisory Services rendered herein, except to the extent such losses, fees, damages,
liabilities, costs or expenses arise out of or are based on any action of or failure to act by Maxim and that are finally and fully judicially
determined to have resulted from the gross negligence or willful misconduct of Maxim or any other Indemnified Party.

 

15. Entire Agreement;
Modification; Waiver. This Agreement contains the entire agreement of the Parties with respect to the subject matter hereof and
supersedes all prior understandings or agreements with respect thereto. This Agreement may not be altered, amended, changed or modified,
nor can any of its provisions be waived, except by written amendment signed by the Parties or as specifically set forth herein. Any waiver
or any breach of any of the terms or conditions of this Agreement shall not operate as a waiver of any other breach of such terms or conditions
or of any other term or condition, nor shall any failure to insist upon strict performance or to enforce any provision hereof on any one
occasion operate as a waiver of such provision or of any other provision hereof or a waiver of the right to insist upon strict performance
or to enforce such provision or any other provision on any subsequent occasion.

 

16. Counterparts.
This Agreement may be executed in any number of counterparts and by facsimile transmission (or by transmission of signatures by email
attachment), each of which shall be deemed to be an original instrument, but all of which taken together shall constitute one and the
same agreement. Facsimile or other electronically scanned and transmitted signatures (including by email attachment) shall be deemed to
be original signatures for all purposes of this Agreement.

 

17. Notices.
All notices provided hereunder shall be given in writing and writing and will be effective when delivered (i) in person, (ii) three (3)
business days after being sent via registered or certified U.S. Mail, prepaid and return receipt requested, (iii) one (1) business day
after being sent prepaid by reputable, nationally recognized overnight courier service or (iv) via facsimile or email, with affirmative
confirmation of receipt, in any case, to the party to whom it is addressed at the following addresses or such other address as such party
may advise the other in writing in accordance with the requirements of this Section 17:

 

if to Maxim, to:

 

Maxim Group
LLC 

300 Park Avenue

New York, New
York 10022

Attention: James
E. Siegel, General Counsel

Tel. No. (212)
895-3508 / Fax No. (212) 895-3860.

 

If to the Company, to:

 

ClimateRock

50 Sloane Avenue

London, SW3 3DD, United Kingdom

Attn: Per Regnarsson, Chief Executive Officer

Tel. No. +44 7747 767496

 

{01134868.DOCX.4}Members FINRA & SIPC

300 Park Ave. * New York, NY 10022 * tel (212)
895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com

 

     

     

    

 

	ClimateRock

August 17, 2022

Page 6  of 9

	

 

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

 

Ellenoff Grossman & Schole
LLP

1345 Avenue of the Americas,
11th Floor

New York, New York 10105

Attn: Barry I. Grossman, Esq.

Email:
bigrossman@egsllp.com

 

18. Trust Waiver.
Reference is made to the final prospectus of the Company, dated as of April 27, 2022 and filed with the SEC (File No. 333- 263542) on
April 29, 2022 (the “Prospectus”). Maxim understands that The Company has established a trust account (the “
Trust Account” ) containing the proceeds of its initial public offering (the “ IPO” ) and the overallotment securities
acquired by its underwriters and from certain private placements occurring simultaneously with the IPO (including interest accrued from
time to time thereon) for the benefit of the Company’ s public stockholders (including overallotment shares acquired by the Company’s
underwriters), and that, the Company may disburse monies from the Trust Account only as described in the Prospectus, its organizational
documents or the Investment Management Trust Agreement entered into in connection with the IPO. For and in consideration of the Company
entering into this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
Maxim hereby agrees on behalf of itself and its affiliates that, notwithstanding anything to the contrary in this Agreement, neither Maxim
nor any of its affiliates do now or shall at any time hereafter have any right, title, interest or claim of any kind in or to any monies
in the Trust Account or distributions therefrom, or make any claim against the Trust Account (including any distributions therefrom),
regardless of whether such claim arises as a result of, in connection with or relating in any way to, this Agreement or any other matter,
and regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability (collectively, the
“Released Claims”). Maxim on behalf of itself and its affiliates hereby irrevocably waives any Released Claims that
Maxim or any of its affiliates may have against the Trust Account (including any distributions therefrom) now or in the future as a result
of, or arising out of, this Agreement and will not seek recourse against the Trust Account (including any distributions therefrom) for
any reason whatsoever. Maxim agrees and acknowledges that such irrevocable waiver is material to this Agreement and specifically relied
upon by the Company and its affiliates to induce the Company to enter in this Agreement, and Maxim further intends and understands such
waiver to be valid, binding and enforceable against Maxim and each of its affiliates under applicable law. The provisions of this Section
18 shall survive any expiration or termination of this Agreement and continue indefinitely.

 

19.
Successors and Assigns. The benefits of this Agreement shall inure to the Parties, their respective successors and permitted
assigns and to the indemnified parties hereunder and their respective successors and assigns, and the obligations and liabilities assumed
in this Agreement shall be binding upon the Parties and their respective successors and permitted assigns. Notwithstanding anything contained
herein to the contrary, neither Maxim nor the Company shall assign any of its obligations hereunder without the prior written consent
of the other party.

 

 

20. Interpretation. 

 

The section headings in this
Agreement have been inserted as a matter of reference and are not part of this Agreement. In this Agreement, unless the context otherwise
requires: (i) any pronoun used shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns
and verbs shall include the plural and vice versa; (ii) “including” (and with correlative meaning “include”) shall
be deemed in each case to be followed by the words “without limitation”; and (iii) the words “herein”, “hereto”
and “hereby” and other words of similar import shall be deemed in each case to refer to this Agreement as a whole and not
to any particular portion of this Agreement. As used in this Agreement, the term: (x) “business day” means any day other than
a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by Law to close or unable to
open, excluding as a result of “stay at home”, “shelter-in-place”, “non-essential employee” or any
other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so
long as the electronic funds transfer systems, including for wire transfers, of commercially banking institutions in New York, New York
are generally open for use by customers on such day; (y) “person” shall refer to any individual, corporation, partnership,
trust, limited liability company or other entity or association, including any governmental or regulatory body, whether acting in an individual,
fiduciary or any other capacity; and (z) “affiliate” shall mean, with respect to any specified person, any other person or
group of persons acting together that, directly or indirectly, through one or more intermediaries Controls, is Controlled by or is under
common Control with such specified person (for the avoidance of doubt, any reference in this Agreement to an affiliate of the Company
prior to the closing of a business combination will include its sponsor, U.N. SDG Support LLC.

 

(Signature Page, Exhibit
A)

 

 

{01134868.DOCX.4}Members FINRA & SIPC

300 Park Ave. * New York, NY 10022 * tel (212)
895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com

 

     

     

    

 

	ClimateRock

August 17, 2022

Page 7  of 9

	

 

If the foregoing correctly
sets forth our agreement with respect to the matters addressed herein, please so confirm by signing and returning one copy of this Agreement.
Your signature below shall indicate the Company’s agreement to the terms hereof. We look forward to working with you.

 

	 	Very truly yours,
	 	 
	 	MAXIM GROUP LLC
	 	 
	 	By:	 /s/ Justin Rabinowitz
	 	Justin Rabinowitz
	 	Director, Investment Banking
	 	 
	 	By: 	/s/ Clifford A. Teller
	 	Clifford A. Teller
	 	Co-President, Maxim Group

 

Agreed to and accepted
this 17th day of August, 2022

 

	ClimateRock 	 
	 	 	 
	By: 	/s/ Per Regnarsson	 
	 	Per Regnarsson	
	 	Chief Executive Officer	

 

 

(Exhibit A Follows)

 

{01134868.DOCX.4}Members FINRA & SIPC

300 Park Ave. * New York, NY 10022 * tel (212)
895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com

 

     

     

    

 

	ClimateRock

August 17, 2022

Page 8  of 9

	

 

Exhibit A

 

INDEMNIFICATION PROVISIONS

 

Capitalized terms used in
this Exhibit A shall have the meanings ascribed to such terms in the Agreement to which this Exhibit A is attached. Notwithstanding anything
to the contrary contained herein, the provisions of this Exhibit A (these “Indemnification Provisions”) shall in all cases
be subject to Section 18 of the Agreement.

 

The Company agrees to indemnify
and hold harmless Maxim and each of the other Indemnified Parties (as hereinafter defined) from and against any and all losses, claims,
damages, obligations, penalties, judgments, awards, liabilities, costs, expenses and disbursements, and any and all actions, suits, proceedings
and investigations in respect thereof and any and all legal and other costs, expenses and disbursements in giving testimony or furnishing
documents in response to a subpoena or otherwise (including, without limitation, the costs, expenses and disbursements, as and when incurred,
of investigating, preparing, pursing or defending any such action, suit, proceeding or investigation (whether or not in connection with
litigation in which any Indemnified Party is a party)) (collectively, “Losses”), directly or indirectly, caused by,
relating to, based upon, arising out of, or in connection with, Maxim’s activities on behalf of the Company, (the “Agreement”),
any breach by the Company of any representation, warranty, covenant or agreement contained in the Agreement (or in any instrument, document
or agreement relating thereto, including any agency agreement), or the enforcement by Maxim of its rights under the Agreement or these
indemnification provisions, except to the extent that any such Losses are found in a final judgment by a court of competent jurisdiction
(not subject to further appeal) (or by the arbitrator pursuant to Section 9 of the Agreement and confirmed by a court of competent jurisdiction
not subject to further appeal) to have resulted primarily and directly from the gross negligence or willful misconduct of the Indemnified
Party seeking indemnification hereunder. The Company also agrees that no Indemnified Party shall have any liability (whether direct or
indirect, in contract or tort or otherwise) to the Company for or in connection with the engagement of Maxim by the Company or for any
other reason, except to the extent that any such liability is found in a final judgment by a court of competent jurisdiction (not subject
to further appeal) (or by the arbitrator pursuant to Section 9 of the Agreement and confirmed by a court of competent jurisdiction not
subject to further appeal) to have resulted primarily and directly from such Indemnified Party’s gross negligence or willful misconduct.

 

{01134868.DOCX.4}Members FINRA & SIPC

300 Park Ave. * New York, NY 10022 * tel (212)
895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com

 

     

     

    

 

	ClimateRock

August 17, 2022

Page 9  of 9

	

 

These Indemnification Provisions
shall extend to the following persons (collectively, the “Indemnified Parties”): Maxim, its managers, members, officers,
and employees. These indemnification provisions shall be in addition to any liability which the Company may otherwise have to any Indemnified
Party.

 

If any action, suit, proceeding
or investigation is commenced, as to which an Indemnified Party proposes to demand indemnification, it shall notify the Company with reasonable
promptness; provided, however, that any failure by an Indemnified Party to notify the Company shall not relieve the Company
from its obligations hereunder. The Company shall have the right to assume and control the defense of a third party claim for which indemnification
is sought by providing written notice thereof to the Indemnified Party. The Indemnified Parties shall have the right to retain one separate
counsel of their own choice to represent them, and the reasonable out-of-pocket fees, expenses and disbursements of such counsel shall
be borne by the Company. Any such counsel shall, to the extent consistent with its professional responsibilities, cooperate with the Company
and any counsel designated by the Company. The Company shall be liable for any settlement of any claim against any Indemnified Party (for
which indemnification is sought hereunder prior to such settlement) made with the Company’s prior written consent (such consent
not to be unreasonably withheld, conditioned or delayed). The Company shall not, without the prior written consent of Maxim (such consent
not to be unreasonably withheld, conditioned or delayed), settle or compromise any claim, or permit a default or consent to the entry
of any judgment in respect thereof, unless such settlement, compromise or consent (i) includes, as an unconditional term thereof, the
giving by the claimant to all of the Indemnified Parties of an unconditional release from all liability in respect of such claim (other
than customary confidentiality obligations), and (ii) does not contain any factual or legal admission by or with respect to an Indemnified
Party or an adverse statement with respect to the character, professionalism, expertise or reputation of any Indemnified Party or any
action or inaction of any Indemnified Party.

 

In order to provide for just
and equitable contribution, if a claim for indemnification pursuant to these indemnification provisions is made but it is found in a final
judgment by a court of competent jurisdiction (not subject to further appeal) that such indemnification may not be enforced in such case,
even though the express provisions hereof provide for indemnification in such case, then the Company shall contribute to the Losses to
which any Indemnified Party may be subject (i) in accordance with the relative benefits received by the Company and its stockholders,
subsidiaries and affiliates, on the one hand, and the Indemnified Party, on the other hand, and (ii) if (and only if) the allocation provided
in clause (i) of this sentence is not permitted by applicable law, in such proportion as to reflect not only the relative benefits, but
also the relative fault of the Company, on the one hand, and the Indemnified Party, on the other hand, in connection with the statements,
acts or omissions which resulted in such Losses as well as any relevant equitable considerations. No person found liable for a fraudulent
misrepresentation shall be entitled to contribution from any person who is not also found liable for fraudulent misrepresentation. The
relative benefits received (or anticipated to be received) by the Company and its stockholders, subsidiaries and affiliates shall be deemed
to be equal to the aggregate consideration payable or receivable by such parties in connection with the transaction or transactions to
which the Agreement relates relative to the amount of fees actually received by Maxim in connection with such transaction or transactions.
Notwithstanding the foregoing, in no event shall the amount contributed by all Indemnified Parties exceed the amount of fees previously
received by Maxim pursuant to the Agreement.

 

Neither termination nor completion
of the Agreement shall affect these Indemnification Provisions which shall remain operative and in full force and effect. The Indemnification
Provisions shall be binding upon the Company, Maxim and their successors and assigns and shall inure to the benefit of the Indemnified
Parties and their respective successors, assigns, heirs and personal representatives.

 

 

{01134868.DOCX.4}Members FINRA & SIPC

300 Park Ave. * New York, NY 10022 * tel (212)
895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.comExhibit 10.5

 

AMENDMENT NO. 1 TO

LETTER AGREEMENT

 

This First Amendment (the
“Amendment”) to the letter agreement dated August 17, 2022 (the “Letter Agreement”) is made and entered
into as of the 20th day of September 2022 by and between ClimateRock (the “Company”) and Maxim Group LLC (“Maxim”).
The Company and Maxim are herein collectively referred to as the “Parties” with each individually being a “Party.”

 

WITNESSETH:

 

Whereas,
the Parties entered into that certain Letter Agreement; and

 

Whereas,
the Parties desire to modify certain terms of the Letter Agreement, all as more fully described herein.

 

Now,
therefore, in consideration of the foregoing and the mutual covenants and agreements contained herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

		1.	Definitions. Capitalized terms used and not otherwise defined herein shall have the meaning ascribed
to such terms in the Letter Agreement.

 

		2.	Amendments.

 

The following are hereby added as Sections
3(B) and 3(C) of the Letter Agreement (replacing prior Section 3(B)):

 

B. With
respect to any financing undertaken by the Company (or any successor to the Company) during the term of the Agreement, the Company (or
any successor of the Company) shall use Maxim as its sole underwriter, placement agent and/or financial advisor with respect to such financings
upon the economic terms set forth below, it being understood that such other customary terms and conditions of Maxim’s engagement
shall be memorialized under a separate agreement consistent with this Section, and provided, also, that Company shall not be obligated
to pay to Maxim any compensation with respect to investors who are introduced by the Target. With respect to any financing, the Company
agrees to reimburse Maxim for, or otherwise pay and bear, the expenses and fees incurred by Maxim for the full amount of its reasonable
and documented out-of-pocket accountable expenses (which shall include, but shall not be limited to, all fees and disbursements of Maxim’s
counsel, travel, lodging and other “road show” expenses, mailing, printing and reproduction expenses, and expenses incurred
by Maxim in conducting its due diligence, including background checks of the Company’s officers and directors), up to a maximum
of $125,000:

 

		i.	For an issuance of the Company’s senior debt securities, a cash fee payable at any closing equal
to two and one-half percent (2.5%) of the gross proceeds received by the Company at such closing;

 

		ii.	For an issuance of the Company’s subordinated and/or mezzanine debt securities, a cash fee payable
at each closing equal to four percent (4.0%) of the gross proceeds received by the Company at such closing; and

 

		iii.	For equity, equity-linked or convertible securities, a cash fee payable at each closing equal to eight
percent (8.0%) of the gross proceeds received by the Company at such closing.

 

If, within twelve (12) months after
the Term, the Company or any successor to the Company completes any public or private offering of equity, equity-linked or debt securities
or other capital raising activity from any of the investors who were contacted by Maxim in connection with this Agreement, the Company
or any successor to the Company will pay to Maxim upon the closing of such financing or the receipt of such proceeds the compensation
set forth in this Section 3(B).

 

C. The
Company acknowledges and agrees that any compensation payable or paid to Maxim hereunder shall not be construed or characterized as compensation
to an underwriter within the meaning of the rules of the Financial Industry Regulatory Authority, Inc. The Company hereby recognizes that
the fees contemplated by this Agreement do not waive or in any way obviate the Company’s obligation to pay any of the previously
agreed upon deferred compensation due and payable to Maxim under the Underwriting Agreement dated April 29, 2022, between Maxim and the
Company (the “Underwriting Agreement”).

 

		3.	Reference to and Effect on the Letter Agreement. Except as specifically modified or amended by
the terms of this Amendment, the Letter Agreement and all provisions contained therein are, and shall continue, in full force and effect
and are hereby ratified and confirmed. All references in the Letter Agreement to itself shall be deemed references to the Letter Agreement
as amended hereby.

 

		4.	Counterparts. This Amendment may be executed in any number of separate counterparts, each of which
shall be deemed an original and all of which shall be deemed to be one and the same instrument.

 

		5.	Governing Law. This Amendment shall be governed by the laws of New York without regard to principles
of conflict of laws.

 

		6.	Successors and Assigns. This Amendment shall be binding upon the parties and their respective successors
and assigns.

 

		7.	Headings. Headings in this Amendment are included for convenience of reference purposes only and
shall not constitute a part of this Amendment for any other purpose.

 

    

     

    

 

In
witness whereof, the Parties hereto have executed this Amendment as of the day and year first above written.

 

	CLIMATEROCK	 
	 	 	 
	By:	/s/ Per Regnarsson	 
	Name: 	Per Regnarsson	 
	Title:	Chief Executive Officer	 
	 	 	 
	MAXIM GROUP LLC	 
	 	 	 
	By:	/s/ Clifford A. Teller 	 
	Name:	Clifford A. Teller	 
	Title:	Co-President	 
	 	 	 
	By:	/s/ Justin Rabinowitz	 
	Name:	Justin Rabinowitz	 
	Title:	Director, Investment Banking

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