Document:

Exhibit 10.2

   

  

   

  

  [●], 2021

   

  Heartland Media Acquisition Corp. 

  3282 Northside Pkwy 

  Suite 275 

  Atlanta, GA 30327 

  Attention: Robert S. Prather, Jr.

   

  Re: Initial Public Offering

   

  Ladies and Gentlemen:

   

  This letter (this “Letter Agreement”) is being delivered to you in accordance with the
      Underwriting Agreement (the “Underwriting Agreement”) entered into or proposed to be entered into by and among Heartland Media Acquisition Corp., a Delaware corporation (the “Company”), and BofA Securities, Inc. and Moelis & Company
      LLC, as the representatives (the “Representatives”) of the several underwriters named therein (collectively, the “Underwriters”), relating to an underwritten initial public offering (the “Public Offering”) of up to 23,000,000 of
      the Company’s units (including up to 3,000,000 units that may be purchased to cover over-allotments, if any) (the “Units”), each comprised of one share of the Company’s Class A common stock, par value $0.0001 per share (“Common Stock”),
      and one-half of one redeemable warrant (each, a “Warrant”). Each whole Warrant entitles the holder thereof to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment. The Units will be sold in the Public
      Offering pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”) filed by the Company with the Securities and Exchange Commission (the “Commission”) and the Company has applied to have the Units listed on the
      New York Stock Exchange. Certain capitalized terms used herein are defined in paragraph 11 hereof.

   

  In order to induce the Company and the Underwriters to enter into the Underwriting Agreement
      and to proceed with the Public Offering and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of Heartland Sponsor LLC (the “Sponsor”) and the undersigned individuals, each of whom is
      a member of the Company’s board of directors, a nominee for membership on the Company’s board of directors and/or a member of the Company’s management team (each, an “Insider” and collectively, the “Insiders”), hereby agrees, severally
      but not jointly, with the Company as follows:

   

  1.            The Sponsor and each Insider agrees that if the Company seeks stockholder
      approval of a proposed Business Combination, then in connection with such proposed Business Combination, it, he or she shall (i) vote any shares of Capital Stock owned by it, him or her in favor of any proposed Business Combination and (ii) not
      redeem any shares of Capital Stock owned by it, him or her in connection with such stockholder approval. If the Company engages in a tender offer in connection with any proposed Business Combination, the Sponsor and each Insider agrees that it, he or
      she will not sell or tender any shares of Capital Stock owned by it, him or her to the Company in connection therewith.

   

  
     

    
      
 

  

   

  2.            The Sponsor and each Insider hereby agrees that in the event that the Company
      fails to consummate a Business Combination within 18 months from the closing of the Public Offering, or such later period as a result of either (a) the election of the Company, to extend such time up to an additional three months, subject to certain
      conditions, including the deposit of $2,000,000 (or $0.10 per Unit) into the Trust Account or (b) the approval by the Company’s stockholders in accordance with the Company’s amended and restated certificate of incorporation (any such additional
      period, an “Extension Period”), it, he or she shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten (10) Business
      Days thereafter, redeem 100% of the shares of Common Stock sold as part of the Units in the Public Offering (the “Offering Shares”), at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account,
      including interest earned on the funds held in the Trust Account (net of taxes payable and less up to $100,0000 of interest to pay dissolution expenses), divided by the number of then outstanding Offering Shares, which redemption will completely
      extinguish all Public Stockholders’ rights as stockholders of the Company (including the right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
      the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and other requirements of applicable law. The
      Sponsor and each Insider agrees not to propose any amendment to the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial
      Business Combination or to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within 18 months from the closing of the Public Offering or during any Extension Period, or with respect to any other provision
      relating to stockholders rights or pre-initial Business Combination activity, unless the Company provides Public Stockholders with the opportunity to redeem their Offering Shares upon approval of any such amendment at a per share price, payable in
      cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (net of taxes payable), divided by the number of then outstanding Offering Shares.

    

   

  The Sponsor and each Insider acknowledges that, with respect to the Founder Shares and Private
      Placement Warrants held by it, he or she, it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account as a result of any liquidation of the Company (although the Sponsor and the Insiders shall be
      entitled to redemption and liquidation rights with respect to any Offering Shares it or they hold if the Company fails to consummate a Business Combination within 18 months from the date of the closing of the Public Offering or during any Extension
      Period). The Sponsor and each Insider hereby further waives, with respect to any shares of Capital Stock held by it, him or her, if any, any redemption rights it, he or she may have in connection with (A) the consummation of a Business Combination,
      including, without limitation, any such rights available in the context of a stockholder vote to approve such Business Combination or in the context of a tender offer made by the Company to purchase shares of Common Stock, or (B) a stockholder vote
      to approve an amendment to the Company’s amended and restated certificate of incorporation (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to
      redeem 100% of the Offering Shares if the Company has not consummated a Business Combination within 18 months from the closing of the Public Offering or during any Extension Period, or (ii) with respect to any other provision relating to stockholders
      rights or pre-initial Business Combination activity.

   

  3.            Notwithstanding the provisions set forth in paragraphs 7(a) and (b) below,
      during the period commencing on the date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall not, without the prior written consent of the Representatives, (i) offer, pledge, hypothecate, sell,
      contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of or agree to transfer or dispose of, directly or indirectly,
      any Units, shares of Common Stock, Founder Shares, Warrants or any securities convertible into, or exercisable, or exchangeable for, any Units, Common Stock, Founder Shares or Warrants, (ii) file with, or submit to, the Commission a registration
      statement under the Securities Act of 1933, as amended (the “Securities Act”) relating to any Units, shares of Common Stock, Founder Shares, Warrants or any securities convertible into, or exercisable, or exchangeable for, any Units, Common
      Stock, Founder Shares or Warrants, (iii) establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (“Section 16”)
      with respect to any Units, shares of Common Stock, Founder Shares, Warrants or any securities convertible into, or exercisable, or exchangeable for, any Units, Common Stock, Founder Shares or Warrants, (iv) enter into any swap or other arrangement
      that transfers, in whole or in part, any of the economic consequences of ownership of any Units, shares of Common Stock, Founder Shares, Warrants or any securities convertible into, or exercisable, or exchangeable for, any Units, Common Stock,
      Founder Shares or Warrants whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (v) publicly disclose the intention to undertake any transaction specified in clause (i), (ii), (iii) or (iv) above; provided,
      however, the foregoing shall not apply to the forfeiture of any Founder Shares pursuant to their terms.

    

   

  
     

    
      
 

  

   

  4.            In the event of the liquidation of the Trust Account upon the failure of the
      Company to consummate a Business Combination within 18 months from the date of the closing of the Public Offering or during any Extension Period, the Sponsor (which for purposes of clarification shall not extend to the stockholders, members or
      managers of the Sponsor or any of the other undersigned) agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses
      reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any claim by (i) any third party (other than the
      Company’s independent registered public accounting firm) for services rendered or products sold to the Company or (ii) a prospective target business with which the Company has discussed entering into a transaction agreement (a “Target”); provided,
      however, that such indemnification of the Company by the Sponsor (x) shall apply only to the extent necessary to ensure that such claims by a third party (other than the Company’s independent registered public accounting firm) for services
      rendered or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below (i) $10.20 per Offering Share or (ii) such lesser amount per Offering Share held in the Trust Account as of the date of the
      liquidation of the Trust Account due to reductions in the value of the trust assets, in each case, net of the amount of interest earned on the property in the Trust Account which may be withdrawn to pay the Company’s taxes (less up to $100,000 of
      interest to pay dissolution expenses), (y) shall not apply to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and (z) shall not apply to any claims under the Company’s indemnity of the
      Underwriters against certain liabilities, including liabilities under the Securities Act. In the event that any such executed waiver is deemed to be unenforceable against such third party, the Sponsor shall not be responsible to the extent of any
      liability for such third party claims. The Sponsor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the
      Sponsor, the Sponsor notifies the Company in writing that it shall undertake such defense.

   

  5.            To the extent that the Underwriters do not exercise their over-allotment option
      to purchase up to an additional 3,000,000 Units within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees that it shall forfeit, at no cost, a number of Founder Shares equal to the product of
      750,000 multiplied by a fraction, (i) the numerator of which is 3,000,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 3,000,000. The forfeiture will be
      adjusted to the extent that the over-allotment option is not exercised in full by the Underwriters so that the number of Founder Shares will represent an aggregate of 20.0% of the Company’s issued and outstanding shares of Capital Stock after the
      Public Offering (not including shares of Common Stock underlying the Warrants or the Private Placement Warrants). The Initial Stockholders agree that to the extent that the size of the Public Offering is increased or decreased, the Company will
      effect a stock dividend or share repurchase or contribution back to capital, as applicable, immediately prior to the consummation of the Public Offering in such amount as to maintain the number of Founder Shares at 20.0% of its issued and outstanding
      shares of Capital Stock upon the consummation of the Public Offering (not including shares of Common Stock underlying the Warrants or the Private Placement Warrants). In connection with such increase or decrease in the size of the Public Offering,
      then (A) the references to 3,000,000 in the numerator and denominator of the formula in the first sentence of this paragraph shall be changed to a number equal to 15.0% of the number of shares included in the Units issued in the Public Offering and
      (B) the reference to 750,000 in the formula set forth in the first sentence of this paragraph 5 shall be adjusted to such number of Founder Shares that the Sponsor would have to return to the Company in order for the number of Founder Shares to equal
      an aggregate of 20.0% of the Company’s issued and outstanding shares of Capital Stock after the Public Offering (not including shares of Common Stock underlying the Warrants or the Private Placement Warrants).

    

   

  
     

    
      
 

  

   

  6.            The Sponsor and each Insider hereby agrees and acknowledges that: (i) the
      Underwriters and the Company would be irreparably injured in the event of a breach by such Sponsor or Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 7(a), 7(b), 8 and 9 of this Letter Agreement, (ii) monetary damages may not
      be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to seek injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach.

    

   

  7.            (a) The Sponsor and each Insider agrees that it, he or she shall not Transfer
      any Founder Shares (or shares of Common Stock issuable upon conversion thereof) until the earlier of (A) one year after the completion of the Company’s initial Business Combination and (B) subsequent to the Company’s initial Business Combination, if
      the last reported sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
      at least 150 days after the Company’s initial Business Combination, or the date on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having
      the right to exchange their shares of common stock for cash, securities or other property (the “Founder Shares Lock-up Period”).

   

  (b) The Sponsor and each Insider agrees that, to the extent it, he or she holds Private
      Placement Warrants, it, he or she shall not Transfer any Private Placement Warrants (or shares of Common Stock issued or issuable upon the exercise of the Private Placement Warrants), until 30 days after the completion of the Company’s initial
      Business Combination (the “Private Placement Warrants Lock-up Period,” together with the Founder Shares Lock-up Period, the “Lock-up Periods”).

    

   

  (c) Notwithstanding the provisions set forth in paragraphs 7(a) and (b), Transfers of the
      Founder Shares, Private Placement Warrants and shares of Common Stock issued or issuable upon the exercise or conversion of the Private Placement Warrants or the Founder Shares and that are held by the Sponsor, any Insider or any of their permitted
      transferees (that have complied with this paragraph 7(c)), are permitted (a) to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, any members of the Sponsor or any affiliates of the
      Sponsor; (b) in the case of an individual, by gift to a member of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate family or an affiliate of such person, or to a charitable
      organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in
      connection with the consummation of a Business Combination at prices no greater than the price at which the Founder Shares, Private Placement Warrants and shares of Common Stock were originally purchased; (f) in the event of the Company’s liquidation
      prior to the completion of its initial Business Combination; (g) by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement, as amended, upon dissolution of the Sponsor; or (h) in the event of the Company’s
      completion of a liquidation, merger, stock exchange, reorganization or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property
      subsequent to the Company’s completion of a Business Combination; provided, however, that in the case of clauses (a) through (g), these permitted transferees must enter into a written agreement with the Company agreeing to be bound by the transfer
      restrictions herein and the other restrictions contained in this Agreement (including provisions relating to voting, the Trust Account and liquidating distributions).

    

   

  
     

    
      
 

  

   

   

  8.            The Sponsor and each Insider represents and warrants that it, he or she has
      never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. Each Insider’s biographical information furnished to
      the Company (including any such information included in the Prospectus) is true and accurate in all respects and does not omit any material information with respect to the undersigned’s background. Each Insider’s questionnaire furnished to the
      Company and the Representatives is true and accurate in all respects. Each Insider represents and warrants that: such Insider is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to
      desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; such Insider has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or
      handling of funds of another person or (iii) pertaining to any dealings in any securities and it is not currently a defendant in any such criminal proceeding.

   

  9.            Except as disclosed in, or expressly contemplated by, the Prospectus, none of
      the Sponsor, any officer or director of the Company or any affiliate of the Sponsor or any director or officer of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any repayment of a
      loan or other compensation prior to, or in connection with any services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is).

    

   

  10.          The Sponsor and each Insider has full right and power, without violating any
      agreement to which it is bound (including, without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and, as applicable, to serve as an officer and/or a director
      of the Company, as applicable, and hereby consents to being named in the Prospectus as an officer and/or director of the Company, as applicable.

    

   

  11.          As used herein, (i) “Business Combination” shall mean any merger, capital stock
      exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Business Day” means each day that is not a Saturday, Sunday or other day on which banking
      institutions in The City of New York, New York, are authorized or required by law to close; (iii) “Capital Stock” shall mean, collectively, the Common Stock and the Founder Shares; (iv) “Founder Shares” shall mean the 5,750,500 shares of the
      Company’s Class B common stock, par value $0.0001 per share, issued and outstanding as of the date hereof (up to 750,000 of which are subject to forfeiture by the Sponsor depending on the extent to which the Underwriters’ over-allotment option is
      exercised); (v) “Initial Stockholders” shall mean the Sponsor and any Insider that holds Founder Shares prior to the consummation of the Public Offering; (vi) “Private Placement Warrants” shall mean the 10,000,000 warrants (11,200,000 warrants if the
      Underwriters’ over-allotment option is exercised in full) to purchase shares of Common Stock of the Company that the Sponsor has agreed to purchase for an aggregate purchase price of $10,000,000 (or $11,200,000 if the Underwriters’ over-allotment
      option is exercised in full) in a private placement that shall occur simultaneously with the consummation of the Public Offering; (vii) “Public Stockholders” shall mean the holders of the Offering Shares; (viii) “Trust Account” shall mean the trust
      fund into which a portion of the net proceeds of the Public Offering and the sale of the Private Placement Warrants shall be deposited; and (ix) “Transfer” shall mean the (a) sale or assignment of, offer to sell, contract or agreement to sell,
      hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent
      position within the meaning of Section 16 and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the
      economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise or (c) public announcement of any intention to effect any transaction specified in clause (a) or
      (b).

   

  
     

    
      
 

  

   

  12.          The Company will maintain an insurance policy or policies providing directors’
      and officers’ liability insurance, and each officer or director of the Company shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company’s officers or
      directors.

    

   

  13.          This Letter Agreement constitutes the entire agreement and understanding of the
      parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the
      transactions contemplated hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by (1) each Insider that is
      the subject of any such change, amendment, modification or waiver, (2) the Company and (3) the Sponsor.

    

   

  14.          No party hereto may assign either this Letter Agreement or any of its rights,
      interests or obligations hereunder without the prior written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the
      purported assignee. This Letter Agreement shall be binding on the Company, the Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees.

    

   

  15.          This Letter Agreement may be executed in any number of original, facsimile or
      other electronic 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.

    

   

  16.          This Letter 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 Letter 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 Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

    

   

  17.          This Letter Agreement shall be governed by and construed and enforced in
      accordance with the laws of the State of New York (including, without limitation, Sections 5-1401 and 5-1402 of the New York General Obligations Law and New York Civil Practice Laws and Rules 327(b)), without giving effect to conflicts of law
      principles that would result in the application of the substantive laws of another jurisdiction. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement shall be
      brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and
      venue or that such courts represent an inconvenient forum.

    

   

  
     

    
      
 

  

   

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

   

  19.          This Letter Agreement shall terminate on the earlier of (i) the expiration of
      the Lock-up Periods and (ii) the liquidation of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated by December 31, 2021; provided further
      that paragraph 4 of this Letter Agreement shall survive such liquidation.

      

    

   

  [Signature Page Follows]

   

   

  
     

    
      
 

  

   

  

  	 	Sincerely,
	 	 	 
	 	HEARTLAND SPONSOR LLC
	 	 	 
	 	By:	 
	 	 	Name:	Robert S. Prather, Jr.
	 	 	Title:	Managing Member
	 	 	 
	 	 	 
	 	 	Robert S. Prather, Jr.
	 	 	 
	 	 	 
	 	 	Salvatore Muoio
	 	 	 
	 	 	 
	 	 	Steven Shapiro
	 	 	 
	 	 	 
	 	 	Alan Weber
	 	 	 
	 	 	 
	 	 	John Zieser

  

   

  [Signature Page to Letter Agreement]

  
     

    
      
 

  

   

  	 	Acknowledged and Agreed:
	 	
          HEARTLAND MEDIA ACQUISITION CORP. 

        
	 	 
	 	By:	 
	 	 	Name:	 Robert S. Prather, Jr.
	 	 	Title:    	 Chief Executive Officer

   

  [Signature Page to Letter Agreement]Exhibit 10.3

   

  Investment Management trust agreement

   

  This Investment Management Trust Agreement (this “Agreement”)

      is made effective as of [●], 2021, by and between Heartland Media Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York limited purpose trust company (the “Trustee”).

   

  WHEREAS, the Company’s registration statement on Form
      S-1, File No. 333-[●] (the “Registration Statement”) and prospectus (the “Prospectus”) for the initial public offering of the Company’s units (the “Units”), each of which consists of one share of the
      Company’s shares of Class A common stock, par value $0.0001 per share (“Common Stock”), and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Common Stock, subject to adjustment
      (such initial public offering hereinafter referred to as the “Offering”), has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission; and

   

  WHEREAS, the Company has entered into an Underwriting
      Agreement, dated as of [●], 2021 (the “Underwriting Agreement”), with BofA Securities, Inc. and Moelis & Company LLC, as representatives (the “Representatives”) of the several underwriters (the “Underwriters”)

      named therein; and

   

  WHEREAS, as described in the Prospectus, $204,000,000
      of the gross proceeds of the Offering and sale of the Private Placement Warrants (as defined in the Underwriting Agreement) (or $234,600,000 if the Underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be
      deposited and held in a segregated trust account located at all times in the United States (the “Trust Account”) for the benefit of the Company, the holders of the shares of Common Stock issued in the Offering and the Underwriters as
      hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,” the stockholders for whose benefit the Trustee shall hold the Property are referred
      to as the “Public Stockholders,” and the Public Stockholders, the Company and the Underwriters are referred to together as the “Beneficiaries”); and

   

  WHEREAS, pursuant to the Underwriting Agreement, a
      portion of the Property equal to $7,000,000, or $8,050,000 if the Underwriters’ over-allotment option is exercised in full (the “General Deferred Discount”), is attributable to deferred underwriting discounts and commissions that will
      be payable by the Company to the Underwriters upon and concurrently with the consummation of a Business Combination (as defined below); and

   

  WHEREAS, the Company and the Trustee desire to enter
      into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.

   

  NOW THEREFORE, IT IS AGREED:

   

  		1.	Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:

   

  (a)          Hold the Property in trust for the
      Beneficiaries in accordance with the terms of this Agreement in the Trust Account, which Trust Account shall be established by the Trustee in the United States at [●] (or at another U.S. chartered commercial bank with consolidated assets of $100
      billion or more) and maintained by the Trustee, and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the Company;

   

  (b)          Manage, supervise and administer the Trust
      Account subject to the terms and conditions set forth herein;

   

  
     

    
      
 

  

   

  (c)          In a timely manner, upon the written
      instruction of the Company, invest and reinvest the Property solely in United States government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), having a
      maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act (or any successor rule), which invest only in direct U.S.
      government treasury obligations, as determined by the Company; the Trustee may not invest in any other securities or assets, it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s
      instructions hereunder and the Trustee may earn bank credits or other consideration during such periods;

   

  (d)          Collect and receive, when due, all
      principal, interest or other income arising from the Property, which shall become part of the Property, as such term is used herein;

   

  (e)          Promptly notify the Company and the
      Representatives of all communications received by the Trustee with respect to any Property requiring action by the Company;

   

  (f)          Supply any necessary information or
      documents as may be requested by the Company (or its authorized agents) in connection with the Company’s preparation of the tax returns relating to assets held in the Trust Account or in connection with the preparation or completion of the audit of
      the Company’s financial statements by the Company’s auditors;

   

  (g)          Participate in any plan or proceeding for
      protecting or enforcing any right or interest arising from the Property if, as and when instructed by the Company to do so;

   

  (h)          Render to the Company, and to such other
      persons as the Company may instruct, monthly written statements of the activities of, and amounts in, the Trust Account reflecting all receipts and disbursements of the Trust Account;

   

  (i)          Commence liquidation of the Trust Account
      only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit
        B, as applicable, signed on behalf of the Company by its Chief Executive Officer, President, Chief Operating Officer, Chief Financial Officer or Secretary or the Chairman of its Board of Directors (the “Board”) or by any other
      authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest earned on the funds held in the Trust Account (net of taxes payable and, in the case of a
      Termination Letter in the form of Exhibit B hereto, less up to $100,000 of interest that may be released to the Company to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein, or
      (y) the date which is, the later of (1) 18 months after the closing of the Offering, or up to 21 months after the closing of the Offering at the election of the Company, subject to certain conditions, including the deposit of $2,000,000 (or $0.10 per
      unit) into the Trust Account, and (2) such later date as may be approved by the Company’s stockholders in accordance with the Company’s amended and restated certificate of incorporation, as the same may be amended (the “Certificate of
          Incorporation”), if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached hereto as
      Exhibit B and the Property in the Trust Account, including interest earned on the funds held in the Trust Account (net of taxable payable and less up to $100,000 of interest that may be released to the Company to pay dissolution expenses)
      shall be distributed to the Public Stockholders of record as of such date. It is acknowledged and agreed that there should be no reduction in the principal amount per share initially deposited in the Trust Account;

   

  
    2

    
      
 

  

   

  (j)          Upon written request from the Company,
      which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C (a “Withdrawal Instruction”), withdraw from the Trust Account and distribute to the Company the amount of interest earned
      on the Property requested by the Company to cover any tax obligations owed by the Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company by electronic
      funds transfer or other method of prompt payment, and the Company shall forward such payment to the relevant taxing authority; provided, however, that to the extent there is not sufficient cash in the Trust Account to pay such tax
      obligation, the Trustee shall liquidate such assets held in the Trust Account as shall be designated by the Company in writing to make such distribution; so long as such distribution shall not result in a reduction in the principal amount per Unit
      initially deposited in the Trust Account; provided, however, that if the tax to be paid is a franchise tax, the written request by the Company to make such distribution shall be accompanied by a copy of the franchise tax bill from the
      State of Delaware for the Company and a written statement from the principal financial officer of the Company setting forth the actual amount payable (it being acknowledged and agreed that no amount in excess of interest income earned on the Property
      shall be payable from the Trust Account). The Withdrawal Instruction of the Company referenced above shall constitute presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said
      request;

   

  (k)          Upon written request from the Company,
      which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D (a “Stockholder Redemption Withdrawal Instruction”), the Trustee shall distribute on behalf of the Company the amount
      requested by the Company to be used to redeem shares of Common Stock from Public Stockholders properly submitted for redemption in connection with a stockholder vote to approve an amendment to the Certificate of Incorporation (A) to modify the
      substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or the Company’s obligation to redeem 100% of the shares of Common Stock included in the Units sold in the Offering
      (such shares, the “Public Shares”) if the Company has not consummated an initial Business Combination within such time as is described in the Certificate of Incorporation or (B) with respect to any other provision relating to
      stockholders’ rights or pre-initial Business Combination activity. The Stockholder Redemption Withdrawal Instruction of the Company referenced above shall constitute presumptive evidence that the Company is entitled to distribute said funds, and the
      Trustee shall have no responsibility to look beyond said request; and

   

  (l)          Not make any withdrawals or distributions
      from the Trust Account other than pursuant to Section 1(i), (j) or (k) above.

   

  		2.	Agreements and Covenants of the Company. The Company hereby agrees and covenants to:

   

  (a)          Give all instructions to the Trustee
      hereunder in writing, signed by the Company’s Chairman of the Board, Chief Executive Officer, President, Chief Operating Officer, Chief Financial Officer or Secretary or another authorized officer of the Company. In addition, except with respect to
      its duties under Sections 1(i), (j) and (k) hereof, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable
      care, believes to be given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in writing;

   

  (b)          Subject to Section 4 hereof, hold
      the Trustee harmless and indemnify the Trustee from and against any and all documented expenses, including reasonable outside counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder and in
      connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or
      the Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence, fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement
      of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”).
      The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; provided that the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be
      unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which such consent shall not be unreasonably withheld. The Company may participate in such action with its own counsel;

   

  
    3

    
      
 

  

   

  (c)          Pay the Trustee the fees set forth on Schedule

        A hereto, including an initial acceptance fee, annual administration fee, and transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property shall not be
      used to pay such fees unless and until it is distributed to, or on behalf of, the Company pursuant to Section 1(i) hereof. The Company shall pay the Trustee the initial acceptance fee and the first annual administration fee at the
      consummation of the Offering. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c), Schedule A and as may be provided in Section 2(b) hereof;

   

  (d)          In connection with any vote of the
      Company’s stockholders regarding any merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving the Company and one or more businesses (a “Business Combination”), provide
      to the Trustee an affidavit or certificate of the inspector of elections for the stockholder meeting verifying the vote of such stockholders regarding such Business Combination;

   

  (e)          Provide the Representatives with a copy of
      any Termination Letter(s) and/or any other correspondence that is sent to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after it issues the same;

   

  (f)          Instruct the Trustee to make only those
      distributions that are permitted under this Agreement, and refrain from instructing the Trustee to make any distributions that are not permitted under this Agreement;

   

  (g)          Expressly provide in any Instruction
      Letter (as defined in Exhibit A) delivered in connection with a Termination Letter in the form attached hereto as Exhibit A that the General Deferred Discount be paid directly to the account or accounts directed by the
      Representatives; and

   

  (h)          Within four (4) business days after the
      Underwriters’ exercise of the over-allotment option (or any unexercised portion thereof) or such over-allotment option expires, provide the Trustee with a notice in writing of the total amount of the General Deferred Discount, which shall in no event
      be less than $7,000,000 (or $8,050,000 if the Underwriters’ over-allotment option is exercised in full).

   

  		3.	Limitations of Liability. The Trustee shall have no responsibility or liability to:

   

  (a)          Imply obligations, perform duties, inquire
      or otherwise be subject to the provisions of any agreement or document other than this Agreement and that which is expressly set forth herein;

   

  (b)          Take any action with respect to the
      Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability to any party under this Agreement except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;

   

  
    4

    
      
 

  

   

  (c)          Institute any proceeding for the
      collection of any principal and income arising from, or institute, appear in or defend any proceeding of any kind with respect to, any of the Property unless and until it shall have received written instructions from the Company given as provided
      herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;

   

  (d)          Change the investment of any Property,
      other than in compliance with Section 1 hereof;

   

  (e)          Refund any depreciation in principal of
      any Property;

   

  (f)          Assume that the authority of any person
      designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

   

  (g)          The Company or to anyone else for any
      action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct. The Trustee may rely conclusively and shall
      be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee, which counsel may be the Company’s counsel), statement, instrument, report or other paper or document (not only
      as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which the Trustee believes, in good faith and with reasonable care, to be genuine and to be
      signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument
      delivered to the Trustee, signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto;

   

  (h)          Verify the accuracy of the information
      contained in the Registration Statement;

   

  (i)          Provide any assurance that any Business
      Combination entered into by the Company or any other action taken by the Company is as contemplated by the Registration Statement;

   

  (j)          File information returns with respect to
      the Trust Account with any local, state or federal taxing authority or provide periodic written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property;

   

  (k)          Prepare, execute and file tax reports,
      income or other tax returns and pay any taxes with respect to any income generated by, and activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited to,
      franchise and income tax obligations, except pursuant to Section 1(j) hereof; or

   

  (l)          Verify calculations, qualify or otherwise
      approve the Company’s written requests for distributions pursuant to Sections 1(i), (j) and (k) hereof.

   

  4.           Trust Account Waiver.
      The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may
      have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation, under Section 2(b) or (c) hereof, the Trustee shall pursue such Claim solely against the
      Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.

   

  
    5

    
      
 

  

   

  		5.	Termination. This Agreement shall terminate as follows:

   

  (a)          If the Trustee gives written notice to the
      Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such time that the Company
      notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but
      not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that in the event that the Company does not locate a successor trustee
      within ninety (90) days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with any court in the State of New York or with the United States District Court for the Southern
      District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever; or

   

  (b)          At such time that the Trustee has
      completed the liquidation of the Trust Account and its obligations in accordance with the provisions of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall
      terminate except with respect to Section 2(b).

   

  		6.	Miscellaneous.

   

  (a)          The Company and the Trustee each
      acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating to such security
      procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such confidential information, or of any change in its authorized personnel. In
      executing funds transfers, the Trustee shall rely upon all information supplied to it by the Company, including, account names, account numbers, and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary bank.
      Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any error in the information or transmission of the funds.

   

  (b)          This Agreement shall be governed by and
      construed and enforced in accordance with 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. This Agreement may be executed in
      several original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute but one instrument.

   

  (c)          This Agreement contains the entire
      agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for Sections 1(i), 1(j) and 1(k) hereof (which sections may not be modified, amended or deleted without the affirmative vote
      of sixty-five percent (65%) or more of the then outstanding shares of Common Stock and Class B common stock, par value $0.0001 per share, of the Company, voting together as a single class; provided that no such amendment will affect any
      Public Stockholder who has properly elected to redeem his, her or its Public Shares in connection with a stockholder vote to amend this Agreement), this Agreement or any provision hereof may only be changed, amended or modified (other than to correct
      a typographical error) by a writing signed by each of the parties hereto; provided, however, that no such change, amendment or modification to Section 1(i), 2(g) or Exhibit A may be made without the prior
      written consent of the Representatives.

   

  
    6

    
      
 

  

   

  (d)          The parties hereto consent to the
      jurisdiction and venue of any state or federal court located in the City of New York, State of New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT, EACH
        PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

   

  (e)          Any notice, consent or request to be given
      in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or by electronic mail:

   

  if to the Trustee, to:

   

  Continental Stock Transfer &
      Trust Company

      1 State Street, 30th Floor

      New York, New York 10004

      Attn: Francis Wolf

      Email: fwolf@continentalstock.com

   

  if to the Company, to:

   

  Heartland Media Acquisition Corp.

      3282 Northside Parkway, Suite 275

      Atlanta, Georgia 30327

      Attn: Robert S. Prather, Jr.

      Email: bob@heartlandtv.com

   

  in each case, with copies to:

   

  Proskauer Rose LLP

      Eleven Times Square

      New York, New York 10036

      Attn: Daniel Forman

      Email: dforman@proskauer.com

   

  if to the Underwriters, to

   

  BofA Securities, Inc.

      One Bryant Park

      New York, New York 10036

      Attn: ECM Legal

   

  Moelis & Company LLC

      399 Park Avenue, 5th Floor

      New York, New York 10022

      Attn: Steven Halperin

      Email: steven.halperin@moelis.com

      

      and

      

      Davis Polk & Wardwell LLP

      450 Lexington Avenue

      New York, New York 10017

      Attn: Derek Dostal

      Email: derek.dostal@davispolk.com

   

  
    7

    
      
 

  

   

  (f)          Each of the Company and the Trustee hereby
      represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or
      proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance.

   

  (g)          This Agreement is the joint product of the
      Trustee and the Company and each provision hereof has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

   

  (h)          This Agreement may be executed in
      counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same instrument. The words “execution,” “signed,” “signature” and words of like import in this Agreement
      or in any other certificate, agreement or document related to this Agreement shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf,” “tif” or “jpg”) and other
      electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or
      stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal
      Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the
      Uniform Commercial Code.

   

  (i)          Each of the Company and the Trustee hereby
      acknowledges and agrees that the Representatives, on behalf of the Underwriters, are third party beneficiaries of this Agreement.

   

  (j)          Except as specified herein, no party to
      this Agreement may assign its rights or delegate its obligations hereunder to any other person or entity.

   

  [Signature Page Follows]

   

  
    8

    
      
 

  

   

  IN WITNESS WHEREOF, the
      parties have duly executed this Investment Management Trust Agreement as of the date first written above.

    

  	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 	 
	 	By:	 
	 	Name:  Francis Wolf
	 	Title:   Vice President
	 	 	 
	 	HEARTLAND MEDIA ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	Name:  Robert S. Prather, Jr.
	 	Title:   Chief Executive Officer and Director

   

  [Signature Page to Investment Management Trust Agreement]

   

  
     

    
      
 

  

   

  Schedule A

   

  	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500	 
	 	 	 	 	 	 
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective
            date of the IPO by wire transfer or check	 	$	10,000	 
	 	 	 	 	 	 
	Transaction processing fee for disbursements to Company under Sections 1(i), (j), and (k)	 	Billed by Trustee to Company under Section 1	 	$	250	 
	 	 	 	 	 	 
	Paying Agent services as required pursuant to Section 1(i) 	 	Billed to Company upon delivery of service pursuant to Section 1(i)	 	Prevailing rates	 

   

  
     

    
      
 

  

   

  Exhibit A

   

  [letterhead of company]

      [insert date]

   

  Continental Stock Transfer & Trust Company

      1 State Street, 30th Floor

      New York, New York 10004

      Attn: Francis Wolf

   

  Re: Trust Account – Termination Letter

   

  Dear Mr. Wolf:

   

  Pursuant to Section 1(i) of the Investment Management
      Trust Agreement between Heartland Media Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2021 (the “Trust Agreement”), this is to advise
      you that the Company has entered into an agreement with [●] (the “Target Business”) to consummate a business combination with Target Business (the “Business Combination”) on or about [●]. The Company shall notify you at
      least seventy-two (72) hours in advance of the actual date (or such shorter time period as you may agree) of the consummation of the Business Combination (the “Consummation Date”). Capitalized terms used but not defined herein shall
      have the meanings set forth in the Trust Agreement.

   

  In accordance with the terms of the Trust Agreement, we
      hereby authorize you to commence to liquidate all of the assets of the Trust Account, such that, on the Consummation Date, all of funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company
      and the Representatives, solely with respect to the General Deferred Discount, shall direct on the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in the Trust Account awaiting distribution, none of the Company or
      the Representatives will earn any interest or dividends.

   

  On the Consummation Date (i) counsel for the Company
      shall deliver to you written notification that the Business Combination has been consummated, or will be consummated substantially, concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”)
      and (ii) the Company shall deliver to you (a) a certificate of the Chief Executive Officer of the Company (the “Vote Verification Certificate”), which verifies that either (i) the Business Combination has been approved by a vote of the
      Company’s stockholders, if a vote is held or (ii) no vote of the Company’s stockholders for the approval of the Business Combination is required and none has been held, and (b) a joint written instruction signed by the Company and the Representatives
      with respect to the transfer of the funds held in the Trust Account, including payment of amounts owed to Public Stockholders who have properly exercised their redemption rights and express instructions to pay the General Deferred Discount from the
      Trust Account directly to the account or accounts directed by the Representatives (the “Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the
      Notification, the Vote Verification Certificate and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without
      penalty, you will notify the Company in writing of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company. Upon the distribution of all the
      funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

   

  
    A-1

    
      
 

  

   

  In the event that the Business Combination is not
      consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the
      funds held in the Trust Account shall be reinvested as provided in Section 1(c) of the Trust Agreement on the business day immediately following such original Consummation Date as set forth in such notice as soon thereafter as possible.

   

  	 	Very truly yours,
	 	 	 
	 	Heartland Media Acquisition Corp.
	 	 	 
	 	By:	 
	 	Name: 
	 	Title: 

   

  		Cc:	BofA Securities, Inc.

  			Moelis & Company LLC

   

  
    A-2

    
      
 

  

   

  Exhibit B

   

  [Letterhead of Company]

      [Insert date]

   

  Continental Stock Transfer & Trust Company

      1 State Street, 30th Floor

      New York, New York 10004

      Attn: Francis Wolf

   

  Re: Trust Account – Termination Letter

   

   Dear Mr. Wolf:

   

  Pursuant to Section 1(i) of the Investment Management
      Trust Agreement between Heartland Media Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2021 (the “Trust Agreement”), this is to advise
      you that the Company has been unable to effect a Business Combination within the time frame specified in the Certificate of Incorporation, as described in the Company’s Prospectus relating to the Offering. Capitalized terms used but not defined
      herein shall have the meanings set forth in the Trust Agreement.

   

  In accordance with the terms of the Trust Agreement, we
      hereby authorize you to liquidate all of the assets in the Trust Account and keep the total proceeds thereof in the Trust Account to await distribution to the Public Stockholders. The Company has selected [●] as the effective date for the purpose of
      determining when the Public Stockholders will be entitled to receive their share of the liquidation proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation proceeds while on deposit in the Trust Account. You
      agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly to the Public Stockholders in accordance with the terms of the Trust Agreement and the Certificate of Incorporation. Upon
      the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in
      Section 1(i) of the Trust Agreement.

   

  	 	Very truly yours,
	 	 	 
	 	Heartland Media Acquisition Corp.
	 	 	 
	 	By:	 
	 	Name: 
	 	Title:

   

  		Cc:	BofA Securities, Inc.

  			Moelis & Company LLC

   

  
    B-1

    
      
 

  

   

  Exhibit C

   

  [Letterhead of company]

      [insert date]

   

  

      Continental Stock Transfer & Trust Company

      1 State Street, 30th Floor

      New York, New York 10004

      Attn: Francis Wolf

   

  Re: Trust Account Tax Payment Withdrawal Instruction

   

  Dear Mr. Wolf:

   

  Pursuant to Section 1(j) of the Investment
      Management Trust Agreement between Heartland Media Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2021 (the “Trust Agreement”), the
      Company hereby requests that you deliver to the Company $_____________ of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

   

  The Company needs such funds to pay for the tax
      obligations as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to
      the Company’s operating account at:

   

  [WIRE INSTRUCTION INFORMATION]

   

  	 	Very truly yours,
	 	 	 
	 	Heartland Media Acquisition Corp.
	 	 	 
	 	By:	 
	 	Name: 
	 	Title:

   

  		Cc:	BofA Securities, Inc.

  		 	Moelis & Company LLC

   

  
    C-1

    
      
 

  

   

  Exhibit D

   

  [Letterhead of company]

      [insert date]

   

  Continental Stock Transfer & Trust Company

      1 State Street, 30th Floor

      New York, New York 10004

      Attn: Francis Wolf

   

  Re: Trust Account – Stockholder Redemption Withdrawal Instruction

   

  Dear Mr. Wolf:

   

  Pursuant to Section 1(k) of the Investment
      Management Trust Agreement between Heartland Media Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2021 (“Trust Agreement”), the Company
      hereby requests that you deliver $[●] of the principal and interest income earned on the Property as of the date hereof to the Public Stockholders who have properly elected to have their Public Shares redeemed by the Company as described below.
      Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

   

  The Company needs such funds to pay the Public
      Stockholders who have properly elected to have their Public Shares redeemed by the Company in connection with a stockholder vote to approve an amendment to the Certificate of Incorporation (A) to modify the substance or timing of the Company’s
      obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Public Shares if the Company has not consummated its initial Business Combination within such time as is described in the
      Certificate of Incorporation or (B) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity. As such, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly
      upon your receipt of this letter to a segregated account held by you on behalf of such Public Stockholders in accordance with your customary procedures.

   

  	 	Very truly yours,
	 	 	 
	 	Heartland Media Acquisition Corp.
	 	 	 
	 	By:	 
	 	Name: 
	 	Title: 

   

  		Cc:	BofA Securities, Inc.

  		 	Moelis & Company LLC

   

  D-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}]]