Document:

Exhibit 4.5

 

CONTINGENT RIGHTS AGREEMENT

 

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

 

WHEREAS,
the Company is engaged in an initial public offering (the “Offering”) of units of its equity securities (the “Units”)
for the purposes of financing its initial business combination through a merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination involving the Company and one or more businesses (the “Business Combination”);

 

WHEREAS, the Company has agreed
to issue and sell to Maxim Group LLC (the “Representative”), as representative of the several underwriters, an aggregate of
12,500,000 Units (or 14,375,000 Units assuming full exercise of the underwriters’ over-allotment option) in the Offering, each unit
comprised of one share of Class A common stock of the Company, par value $.0001 per share (the “Class A Common Stock”),
one-right (a “Detachable Right”) to receive one-twentieth (1/20) of a share of Class A Common Stock upon the consummation
of the Company’s initial business combination and a contingent right (a “Contingent Right”) to receive one-fifteenth
(1/15) of a share of Class A Common Stock (a “Distributable Share”) upon the happening of the triggering event described herein,
and in connection therewith, will deliver up to an aggregate of 833,333 Distributable Shares (or 958,333 Distributable Shares assuming
full exercise of the underwriter’s over-allotment option);

 

WHEREAS, the Company has agreed to issue and sell
to the Representative and Yntegra Capital Investments, LLC (the “Sponsor”), respectively, 504,000 private placement units
(or 550,875 private placement units if the underwriter’s over-allotment option is exercised in full) at a price of $10.00 per private
placement unit (the “Sponsor Private Placement Units”) and 62,500 private placement units (or up to 71,875 private
placement units if the underwriter’s over-allotment option to purchase additional units in connection with the Company’s initial
public offering is exercised in full) at a price of $10.00 per private placement unit (the “Maxim Private Placement Units,”
together with the Sponsor Private Placement Units, the “Private Placement Units”), each Private Placement Unit consisting
(i) one share of Class A Common Stock, (ii) one Detachable Right, and (iii) one Contingent Right, in a private placement transaction occurring
simultaneously with the closing of the Company’s initial public offering;

  

WHEREAS, the Detachable Rights
are governed by that certain Rights Agreement, dated as of the date hereof (the “Rights Agreement”), by and between the Company
and Continental Stock Transfer & Trust Company as rights agent;

 

WHEREAS, the Company has filed
with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, File No. 333-255111,
for the registration, under the Securities Act of 1933, as amended (“Act”) of the Units, the shares of Class A Common Stock,
the Detachable Rights, the shares of Class A Common Stock underlying the Detachable Rights, the Contingent Rights, the shares of Class
A Common Stock issued pursuant to the Contingent Rights and the shares of Class A Common Stock issued to the Representative at the closing
of the Public Offering;

 

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

 

WHEREAS, all acts and things
have been done and performed which are necessary to make the Contingent Rights, when executed on behalf of the Company and countersigned
by or on behalf of the Rights Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the
execution and delivery of this Agreement.

 

     

     

    

 

NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:

 

	1.	Appointment of Rights Agent. The Company hereby appoints the Rights Agent to act as agent for the Company for the Contingent Rights, and the Rights Agent hereby accepts such appointment and agrees to act in accordance with the terms and conditions set forth in this Agreement.

 

	2.	Contingent Rights.

 

	 	2.1.	Form of Contingent Right. The Contingent Rights shall be considered to be attached to the shares of Class A Common Stock sold as part of the Units, with each single Contingent Right attached to one share of Class A Common Stock, and each single share of Class A Common Stock having attached to it one Contingent Right. The Contingent Rights are not separately transferable, assignable or salable, and will not be evidenced by any form of certificate or instrument.

 

	 	2.2	No Rights as Shareholder. A Contingent Right does not entitle the holder thereof to any of the rights of a holder of the shares of Class A Common Stock of the Company, including, without limitation, the rights to receive dividends or other distributions, exercise any preemptive rights, vote, consent, receive notice as shareholders in respect of meetings of shareholders or the election of directors of the Company, or any other matter.

 

	3.	Terms of Contingent Rights.

 

	 	3.1.	Contingent Rights. Each Contingent Right shall entitle the holder thereof to receive one-fifteenth
    of one Distributable Share immediately following the time at which the Company redeems the shares of Class A Common Stock included
    as part of the Units that the holders thereof have elected to redeem in connection with the Business Combination and immediately
    prior to the closing of the Business Combination (the “Distribution Time”), as follows: (i) if no public holders of Class
    A Common Stock (such holders, “Public Stockholders”) redeem their Class A Common Stock in connection with the Business
    Combination, each Public Stockholder will receive one-fifteenth (1/15) of a share of Class A Common Stock and (ii) to the extent
    that any Public Stockholders redeem any of their public shares of Class A Common Stock in connection with the Company’s Business
    Combination, then one-fifteenth (1/15) of a share of Class A Common Stock will be issued per public share that is not redeemed
    (the “Remaining Public Shares”). Public Stockholders who exercise their redemption rights are not entitled to receive
    any Distributable Shares in respect of such redeemed public shares. The holder of any Contingent Rights underlying the Private Placement
    Units shall be entitled to receive one-fifteenth (1/15) of one Distributable Share per Contingent Right at the Distribution Time.
    No additional consideration shall be paid by a holder of Contingent Rights in order to receive his, her or its Distributable Shares
    at the Distribution Time. In no event will the Company be required to net cash settle any Contingent Rights or distribute any fractional
    Distributable Shares. No fractional shares will be issued upon conversion of any contingent rights. As a result, you must have fifteen
    (15) contingent rights to receive a distributable share at the distribution time. If, upon conversion of the contingent rights, a
    holder would be entitled to receive a fractional interest in a share, fractional shares will either be rounded up to the nearest
    whole share or otherwise addressed in accordance with the applicable provisions of Delaware Law.

 

	 	3.2.	Distribution Time. At the Distribution Time, the Company will effect a distribution of a number of Distributable Shares pursuant to the terms and conditions of this Agreement.

 

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	 	3.3.	Duration of Contingent Rights. If a Public Stockholder submits a share of Class A Common Stock for redemption in accordance with the Company’s Amended and Restated Certificate of Incorporation, the Contingent Right attached to such share of Class A Common Stock shall expire and shall be worthless. If the Company is unable to complete the Business Combination within the required time period described in the Company’s Amended and Restated Certificate of Incorporation, the Company shall liquidate the funds held in the Company’s Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and the Rights Agent as trustee), holders of Contingent Rights will not receive any such funds with respect to any of their Contingent Rights, nor will they receive any distribution from our assets held outside of the trust account with respect to such Contingent Rights, and all Contingent Rights will expire worthless.

 

	4.	Provisions Concerning the Rights Agent and Other Matters.

 

	 	4.1.	Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Rights Agent in respect of the Contingent Rights.

 

	 	4.2.	Resignation, Consolidation, or Merger of Rights Agent.

 

	 	4.2.1.	Appointment of Successor Rights Agent. The Rights Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Rights Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Rights Agent in place of the Rights Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity by the Rights Agent or by the holder of the Contingent Right, then the holder of any Contingent Right may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Rights Agent at the Company’s cost. Any successor Rights Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Rights Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Rights Agent with like effect as if originally named as Rights Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Rights Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Rights Agent all the authority, powers, and rights of such predecessor Rights Agent hereunder; and upon request of any successor Rights Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Rights Agent all such authority, powers, rights, immunities, duties, and obligations.

 

	 	4.2.2.	Notice of Successor Rights Agent. In the event a successor Rights Agent shall be appointed, the Company shall give notice thereof to the predecessor Rights Agent and the transfer agent for the Warrants not later than the effective date of any such appointment.

 

	 	4.2.3.	Merger or Consolidation of Rights Agent. Any corporation into which the Rights Agent may be merged or with which it may be consolidated or any corporation resulting from any merger or consolidation to which the Rights Agent shall be a party shall be the successor Rights Agent under this Agreement without any further act.

 

	 	4.3.	Fees and Expenses of Rights Agent.

 

	 	4.3.1.	Remuneration. The Company agrees to pay the Rights Agent reasonable remuneration for its services as s Rights Agent hereunder and will reimburse the Rights Agent upon demand for all expenditures that the Rights Agent may reasonably incur in the execution of its duties hereunder.

 

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	 	4.3.2.	Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Rights Agent for the carrying out or performing of the provisions of this Agreement.

 

	 	4.4.	Liability of Rights Agent.

 

	 	4.4.1.	Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Rights Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by the Chief Executive Officer or Chief Financial Officer and delivered to the Rights Agent. The Rights Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.

 

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

  

	 	4.4.3.	Exclusions. The Rights Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity of any Contingent Right; nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Contingent Right; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization any Distributable Warrants to be distributed pursuant to this Agreement or any Contingent Right or as to whether any Warrant will, when distributed, be an enforceable obligation of the Company.

 

	 	4.5.	Acceptance of Agency. The Rights Agent hereby accepts the agency established by this Agreement and agrees to act upon the terms and conditions herein set forth.

 

	 	4.6.	Waiver. The Rights Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of, the Trust Account and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

	5.	Miscellaneous Provisions.

 

	 	5.1.	Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the benefit of their respective successors and assigns.

 

	 	5.2.	Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Contingent Right to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Rights Agent), as follows:

 

Clover Leaf Capital Corp.

1450 Brickell Avenue, Suite 2520

Miami, FL 33131

Attn: Felipe MacLean

 

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Any notice, statement or demand authorized
by this Agreement to be given or made by the holder of any Contingent Right or by the Company to or on the Rights Agent shall be sufficiently
given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after
deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Rights Agent with the Company), as
follows:

 

Continental Stock Transfer &
Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn: Administration Department

Email: fwolf@continentalstock.com

 

with a copy to:

 

Ellenoff Grossman & Schole,
LLP

1345 Avenue of the Americas

New York, NY 10105

Attn: Barry I. Grossman, Esq.

Email: bigrossman@egsllp.com

 

and

 

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154

Attn: Mitchell S. Nussbaum, Esq.

Email: mnussbaum@loeb.com

 

and

 

Maxim Group LLC

405 Lexington Ave., 2nd Floor

New York, NY 10174

Attn: Clifford A. Teller, Executive
Managing Director, Investment Banking

Email: cteller@maximgrp.com

 

	 	5.3.	Applicable Law; Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Contingent Rights shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction forum for any such action, proceeding or claim. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, (i) the provisions of this paragraph will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum, and (ii) unless the Company consents in writing to the selection of an alternative forum, the federal district courts of the United States of America shall, to the full extent permitted by law, be the exclusive form for the resolution of any complaint asserting a cause of action arising under the Securities Act or the rules and regulations promulgated thereunder. Any person or entity purchasing or otherwise acquiring any interest in the Contingent Rights shall be deemed to have notice of and to have consented to the forum provisions in this Section 5.3. If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court other than a court located within the State of New York or the United States District Court for the Southern District of New York (a “Foreign Action”) in the name of any Contingent Rights holder, such Contingent Rights holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located within the State of New York or the United States District Court for the Southern District of New York in connection with any action brought in any such court to enforce the forum provisions (an “Enforcement Action”), and (y) having service of process made upon such warrant holder in any Enforcement Action by service upon such warrant holder’s counsel in the Foreign Action as agent for such warrant holder.

 

	 	5.4.	Persons Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the holders of the Contingent Rights, any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representative shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 3.1, 5.2 and 5.8 hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto (and the Representative with respect to Sections 3.1, 5.2 and 5.8 hereof) and their successors and assigns and of the holders of the Contingent Rights.

 

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	 	5.5.	Examination of this Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Rights Agent in the County of New York, State of New York, for inspection by the holder of any Contingent Right.

 

	 	5.6.	Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
	 	 	 
	 	5.7.	Effect of Headings. The Section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.

 

	 	5.8.	Amendments. This Agreement may be amended by the parties hereto without the consent of any holder of any Contingent Right for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable; provided, however, that any amendment that will adversely affect the interests of holders of Contingent Rights shall require the consent or vote of the holders of not less than two-thirds of the then-outstanding Contingent Rights, as evidenced by their ownership of the Ordinary Shares. The provisions of this Section 5.8 may not be modified, amended or deleted without the prior written consent of the Representative.

 

	 	5.9.	Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

[Signature Page Follows]

 

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

 

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

 

[Signature page to Contingent Rights Agreement]Exhibit 10.1

 

[   ], 2021

 

Clover Leaf Capital Corp.

c/o Yntegra Capital Investments, LLC

1450 Brickell Avenue, Suite 2520

Miami, FL 33131 

 

	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 by and among Clover Leaf Capital Corp., a Delaware corporation (the “Company”), and Maxim Group
LLC, as representative (the “Representative”) of the several underwriters (each, an “Underwriter”
and collectively, the “Underwriters”), relating to an underwritten initial public offering (the “Public Offering”),
of 14,375,000 of the Company’s units (including up to 1,875,000 units that may be purchased to cover over-allotments, if any) (the
“Units”), each comprised of (i) one share of the Company’s Class A common stock, par value $0.0001 per
share (the “Common Stock”), one-right (a “Detachable Right”) to
receive one-twentieth (1/20) of a share of Class A Common Stock upon the consummation of a Business Combination and a contingent right
(a “Contingent Right”) to receive at least one-fifteenth (1/15) of a share of Class A Common Stock (a “Distributable
Share”) upon the happening of the triggering event described in the Prospectus (as defined below). The Units will be sold
in the Public Offering pursuant to a registration statement on Form S-1 (File No. 333-255111) and prospectus (the “Prospectus”)
filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”) and the Company has
applied to have the Units listed on The Nasdaq Capital Market. 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 Yntegra Capital Investments, LLC (the “Sponsor”) and
the undersigned individuals, each of whom is a member of the Company’s board of directors and/or management team or an advisor of
the Company (each, an “Insider” and collectively, the “Insiders”), hereby agrees 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 Common 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
seek to sell its, his or her shares of Capital Stock to the Company in connection with such tender offer.

 

2. (a) The Sponsor hereby
agrees that in the event that the Company fails to consummate a Business Combination within 15 months, the time period by which the Company
must consummate a Business Combination may be extended by up to nine months (or, if the Office of the Delaware Division of Corporations
shall not be open for business (including filing of corporate documents) on such date the next date upon which the Office of the Delaware
Division of Corporations shall be open). For such extension, the Sponsor will deposit into the Trust Account, for each additional three
month period, $1,250,000, or up to $1,437,500 if the Underwriters’ over-allotment option is exercised in full ($0.10 per share)
on or prior to the date of the applicable deadline. Such extension payments would be made in the form of non-interest bearing loans to
the Company (the “Extension Loans”), which are due and payable on the consummation of the initial Business Combination out
of the proceeds of the Trust Account released to the Company, or at the option of the Sponsor, all or a portion of all of the total loan
amount may be converted into units at a price of $10.00 per unit, which units will be identical to the Private Placement Units.

 

     

     

    

 

(b)The Sponsor and each Insider
hereby agrees that in the event that the Company fails to consummate a Business Combination within the timeframe set forth in the Company’s
amended and restated certificate of incorporation, as it may be amended from time to time (the “Charter”) and
Section 2(a) herein, the Sponsor and each Insider 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 10 business days thereafter, subject to lawfully
available funds therefor, redeem 100% of the 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 (as defined below), including
interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000
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 (including the right to receive further liquidation distributions, if
any), subject to applicable law, 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 the case of clauses
(ii) and (iii) 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 Charter to modify (i) the substance or timing of the ability
of holders of Offering Shares to seek redemption in connection with a Business Combination or amendments to the Charter prior thereto
or (ii) (A) the Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete a Business Combination
within such time set forth in the Charter or (B) any other provisions relating to stockholders’ rights or pre-initial Business Combination
activity, unless the Company provides its public stockholders with the opportunity to redeem their shares of Common Stock 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 and not previously released to the Company to pay its taxes, divided by the number
of then outstanding Offering Shares.

 

The Sponsor and each Insider
acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any
other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares or Private Placement Shares
held by it, him or her. The Sponsor and each Insider hereby further waives, with respect to any shares of Common Stock held by it, him
or her, if any, whether acquired now or hereafter, any redemption rights it, he or she may have in connection with the consummation of
a Business Combination or amendments to the Charter prior thereto, including, without limitation, any such rights available in the context
of a stockholder vote to approve such Business Combination or a stockholder vote to approve an amendment to the Charter to modify (i)
(A) the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company has not consummated
a Business Combination within the time period set forth in the Charter or (B) any other provisions relating to stockholders’ rights
or pre-initial Business Combination activity or (ii) in the context of a tender offer made by the Company to purchase shares of Common
Stock (although the Sponsor, the Insiders and their respective affiliates 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 the time period set forth
in the Charter).

 

3. 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 Representative, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase
or otherwise dispose of or agree to dispose of, directly or indirectly, or 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 (the “Exchange
Act”), and the rules and regulations of the Commission promulgated thereunder, with respect to any Units, shares of Capital
Stock, Detachable Rights, Contingent Rights or any securities convertible into, or exercisable, or exchangeable for, shares of Capital
Stock owned by it, him or her, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of any Units, shares of Capital Stock, Detachable Rights, Contingent Rights or any securities convertible
into, or exercisable, or exchangeable for, shares of Capital Stock owned by it, him or her, whether any such transaction is to be settled
by delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction specified in
clause (i) or (ii). Each of the Insiders and the Sponsor acknowledges and agrees that, prior to the effective date of any release or waiver,
of the restrictions set forth in this paragraph 3 or paragraph 7 below, the Company shall announce the impending release or waiver by
press release through a major news service at least two business days before the effective date of the release or waiver. Any release
or waiver granted shall only be effective two business days after the publication date of such press release. The provisions of this paragraph
will not apply if the release or waiver is effected solely to permit a transfer not for consideration and the transferee has agreed in
writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such terms remain in
effect at the time of the transfer.

 

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4. In the event of the liquidation
of the Trust Account upon the failure of the Company to consummate its initial Business Combination within the time period set forth in
the Charter, the Sponsor (which for purposes of clarification shall not extend to any other shareholders, members or managers of the Sponsor
) (the “Indemnitor”) 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) to which the Company may become subject as a result of any
claim by (i) any third party for services rendered or products sold to the Company or (ii) any prospective target business with which
the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement
(a “Target”); provided, however, that such indemnification of the Company by the Indemnitor shall
(x) apply only to the extent necessary to ensure that such claims by a third party or a Target do not reduce the amount of funds in the
Trust Account to below the lesser of (i) $10.10 per Offering Share and (ii) the actual amount per Offering Share held in the Trust Account
as of the date of the liquidation of the Trust Account, if less than $10.10 per Offering Share is then held in the Trust Account due to
reductions in the value of the trust assets, less interest earned on the Trust Account which may be withdrawn to pay taxes, (y) not apply
to any claims by a third party or a Target which executed a waiver of any and all rights to the monies held in the Trust Account (whether
or not such waiver is enforceable) and (z) not apply to any claims under the Company’s indemnity of the Underwriters against certain
liabilities, including liabilities under the Securities Act of 1933, as amended. The Indemnitor 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 Indemnitor, the Indemnitor 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 1,875,000 Units in full within 45 days from
the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at no cost, a number of Founder
Shares in the aggregate equal to 468,750 multiplied by a fraction, (i) the numerator of which is 1,875,000 minus the number of Units
purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 1,875,000. The Sponsor
will be required to forfeit only that number of Founder Shares as is necessary so that the Initial Stockholders will own an aggregate
of 20.0% of the Company’s issued and outstanding shares of Capital Stock after the Public Offering.

 

6. (a) Reserved.

 

(b) 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 an Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 7(a), 7(b), and 9, as applicable, 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 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) six months after the completion of the Company’s initial Business Combination or (B) subsequent to the Business Combination,
(x) if the last 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 after the Company’s initial
Business Combination or (y) the date on which the Company completes a liquidation, merger, capital 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 it, he or she shall not Transfer any Private Placement Units, Private Placement Shares, or shares of Common Stock issued or issuable
upon the conversion of the Detachable Rights or Contingent Rights included in the Private Placement Units, until 30 days after the completion
of a Business Combination (the “Private Placement Lock-up Period”,
together with the Founder Shares Lock-up Period, the “Lock-up Periods”).

 

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(c) Notwithstanding the provisions set
forth in paragraphs 7(a) and (b), Transfers of the Founder Shares, Private Placement Units, Private Placement Shares, or shares of Common
Stock issued or issuable upon the conversion of the Detachable Rights or Contingent Rights included in the Private Placement Units or
the Founder Shares 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 affiliate or family member of any of the Company’s officers
or directors or any affiliate of the Sponsor or to any member(s) of the Sponsor; (b) in the case of an individual, by gift to a member
of such individual’s immediate family or to a trust, the beneficiary of which is a member of such individual’s immediate family,
an affiliate of such individual or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution
upon death of such 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 an initial Business Combination at prices no greater than the price at which
the securities were originally purchased; (f) in the event of the Company’s liquidation prior to the completion of an initial Business
Combination; (g) by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement upon dissolution
of the Sponsor, or (h) in the event of the Company’s liquidation, merger, capital 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 completion of the Company’s initial Business Combination; provided, however,
that in the case of clauses (a) through (e) or (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 Insider’s background. Each Insider’s questionnaire furnished
to the Company is true and accurate in all respects. Each Insider represents and warrants that: it, he or she 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; it, he or she 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, he or she is not currently a defendant in any such criminal proceeding.

 

9. Except as disclosed in
the Prospectus, neither the Sponsor nor any officer, director, advisor or affiliate of the Sponsor, nor any officer, director or advisor
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) other than the following, none of which
will be made from the proceeds held in the Trust Account prior to the completion of the initial Business Combination: repayment of up
to an aggregate of $300,000 in loans made to the Company by the Sponsor to cover offering-related and organizational expenses; payment
to an affiliate of the Sponsor of $10,000 per month, for up to 24 months, for office space, utilities and secretarial and administrative
support; reimbursement for any reasonable out-of-pocket expenses related to identifying, investigating and completing an initial Business
Combination; repayment of Extension Loans; and repayment of non-interest bearing loans which may be made by the Sponsor or an affiliate
of the Sponsor or certain of the Company’s officers and directors to finance transaction costs in connection with an intended initial
Business Combination, the terms of which (other than as described above) have not been determined nor have any written agreements been
executed with respect thereto. Up to $1,500,000 of such working capital loans may be convertible into units, at a price of $10.00 per
unit at the option of the lender, upon consummation of the initial Business Combination. The units would be identical to the Private Placement
Units.

 

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 director on the board of directors or an advisor of the Company and hereby consents to being named in the Prospectus
as an officer and/or director of the Company or an advisor of the Company.

 

    4

     

    

 

11. As used herein, (i) “Business Combination”
shall mean a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving
the Company and one or more businesses; (ii) “Capital Stock” shall mean, collectively, the
Common Stock, the Private Placement Shares and the Founder Shares; (iii) “Founder Shares”
shall mean (a) the 3,593,750 shares of the Company’s Class B common stock, par value $0.0001 per share, initially issued to the
Sponsor (up to 468,750 Shares of which are subject to complete or partial forfeiture by the Sponsor if the over-allotment option is not
exercised by the Underwriters) for an aggregate purchase price of $25,000, or $0.007 per share, prior to the consummation of the Public
Offering; (iv) “Initial Stockholders” shall mean the Sponsor and any Insider that holds Founder
Shares; (v) “Private Placement Units” shall mean 556,500 units (504,000
units to be purchased by the Sponsor and 62,500 units to be purchased by the Representative), or up to 622,750 placement units if the
over-allotment option is exercised in full (up to 550,875 units to be purchased by the Sponsor and 71,875 units to be purchased by the
Representative), each comprised of one share of Common Stock (a “Private Placement Share”), one Detachable Right and a Contingent
Right, that the Sponsor and the Representative have agreed to purchase for an aggregate purchase price of $5,565,000 (or up to $6,227,500
if the over-allotment option is exercised in full), or purchase price of $10.00 per Private Placement Unit, in a private placement that
shall occur simultaneously with the consummation of the Public Offering; (vi) “Public Stockholders”
shall mean the holders of securities issued in the Public Offering; (vii) “Trust Account”
shall mean the trust fund into which a portion of the net proceeds of the Public Offering shall be deposited; and (viii) “Transfer”
shall mean the (a) sale 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 of the Exchange Act, 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 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 directors or officers.

 

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 all parties hereto.

 

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 Sponsor and each Insider and their respective
successors, heirs and assigns and permitted transferees.

 

15. Nothing in this Letter
Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto any right, remedy or
claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement hereof. All covenants,
conditions, stipulations, promises and agreements contained in this Letter Agreement shall be for the sole and exclusive benefit of the
parties hereto and their successors, heirs, personal representatives and assigns and permitted transferees; provided, however, that the
Representatives on behalf of the Underwriters are third party beneficiaries of this Letter Agreement.

 

16. This Letter Agreement
may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and all such counterparts shall together constitute but one and the same instrument.

 

    5

     

    

 

17. 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.

 

18. This Letter 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. 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.

 

19. 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.

  

20. This Letter Agreement
shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (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 and closed by [   ], 2021; provided
further that paragraph 4 of this Letter Agreement shall survive such liquidation.

 

[Signature Page Follows]

  

    6

     

    

 

	 	Sincerely,
	 	 
	 	YNTEGRA CAPITAL INVESTMENTS, LLC
	 	 
	 	
    By:
	
    Felipe MacLean, its Sole Manager

	 	 	 
	 	By:	 
	 	 	Name: 	Felipe MacLean
	 	 	Title:	Sole Manager

 

	 	 
	 	Name: Felipe MacLean

 

	 	 
	 	Name: Chris Rebentisch

 

	 	 
	 	Name: Luis A. Guerra 

 

	 	 
	 	Name: Per Bjorkman

 

	 	 
	 	Name: Marcos Angelini

 

	 	 
	 	Name: Manuel Rocha

 

	Acknowledged and Agreed:	 
	 	 
	CLOVER LEAF CAPITAL CORP.	 
	 	 	 
	By:	 	 
	 	Name: 	Felipe MacLean	 
	 	Title:	Chief Executive Officer	 

 

[Signature Page to Letter Agreement]

 

 

7

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