Document:

EXHIBIT
4.1

 

DESCRIPTION
OF SECURITIES

REGISTERED
PURSUANT TO SECTION 12 OF

THE
SECURITIES EXCHANGE ACT OF 1934

 

The
following summary describes the common stock of U.S. Energy Corp., a Wyoming corporation (“U.S. Energy” or the “Company”),
which common stock is registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Only the Company’s common stock is registered under Section 12 of the Exchange Act.

 

Description
of Common Stock

 

The
following description of our common stock is a summary and is qualified in its entirety by reference to our Amended and Restated Articles
of Incorporation and our Amended and Restated Bylaws, which are incorporated by reference as exhibits to this Annual Report on Form 10-K,
and by applicable law (including the Wyoming Business Corporation Act). For purposes of this description, references to “U.S.
Energy,” “we,” “our” and “us” refer only to the Company and not to
its subsidiaries.

 

Authorized
Capitalization

 

Our
authorized capital stock consists of an unlimited number of shares of common stock with a $0.01 par value per share and 100,000 shares
of preferred stock, $0.01 par value per share.

 

The
terms of our preferred stock are not included herein as such preferred stock is not registered under Section 12 of the Exchange Act.

 

Common
Stock

 

Voting
Rights. Holders of common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders,
except that cumulative voting in the election of directors is permitted (as discussed below).

 

The
presence of the persons entitled to vote a majority of the outstanding voting shares on a matter before the stockholders constitute the
quorum necessary for the consideration of the matter at a stockholders’ meeting.

 

Except
as otherwise required by law, the Amended and Restated Articles of Incorporation, or any certificate of designation, (i) at all meetings
of stockholders for the election of directors, a plurality of votes cast are sufficient to elect such directors; (ii) any other action
taken by stockholders are valid and binding upon the Company if the number of votes cast in favor of the action exceeds the number of
votes cast in opposition to the action, at a meeting at which a quorum is present; and (iii) broker non-votes and abstentions are considered
for purposes of establishing a quorum but not considered as votes cast for or against a proposal or director nominee.

 

In
all elections for directors, every holder of the common stock has the right to vote in person, by proxy or by voting trustee under any
voting trust, the number of shares of stock owned by him, her or it, for as many persons as there are directors to be elected, or to
cumulate such shares and to give one candidate as many votes equal to the number of directors multiplied by the number of his, her or
its shares of stock or to distribute them on the same principle among as many candidates as he, she or it desires.

 

Dividend
Rights. Holders are entitled to receive dividends when and as declared by the Board of Directors out of funds legally available
therefor. We may declare dividends in the future but we expect to retain most or all of our earnings and cash to fund investments and
business development.

 

Liquidation
and Dissolution Rights. Upon liquidation, dissolution or winding-up of the Company, and after payment to our creditors and preferred
stockholders, if any, our assets will be divided pro rata on a share-for-share basis among the holders of our common stock, subject to
the rights of any holders of preferred stock.

 

    	 

    	 

    

 

Consideration
for Shares. Shares of common stock may be issued for such consideration and on such terms as determined by the Board of Directors,
without stockholder approval.

 

Fully
Paid Status. All outstanding shares of the Company’s common stock are validly issued, fully paid and non-assessable.

 

Listing.
Our common stock is listed and traded on The Nasdaq Capital Market under the symbol “USEG”.

 

Other
Matters. No holder of any shares of our common stock has a preemptive right to subscribe for any of our securities, nor are any
shares of our common stock subject to redemption or convertible into other securities.

 

Anti-Takeover
Effects of our Amended and Restated Articles of Incorporation and Wyoming Law

 

Our
Amended and Restated Articles of Incorporation provide for the issuance of up to an unlimited number of shares of common stock, par value
$0.01 per share. Our authorized but unissued shares of common stock will be available for future issuance without stockholder approval.
These additional shares may be utilized for a variety of corporate purposes, including future public offerings to raise additional capital,
corporate acquisitions and employee benefit plans. Our board has the authority to issue an unlimited additional number of shares. The
existence of unlimited authorized but unissued shares of common stock could render more difficult or discourage an attempt to obtain
control of a majority of our common stock by means of a proxy contest, tender offer, merger or otherwise.

 

We
may be or in the future we may become subject to Wyoming’s control share law. The law focuses on the acquisition of a “controlling
interest” which means the ownership of outstanding voting shares sufficient, but for the control share law, to enable the acquiring
person to exercise the following proportions of the voting power of the corporation in the election of directors: (i) one-fifth or more
but less than one-third, (ii) one-third or more but less than a majority, or (iii) a majority or more. The ability to exercise such voting
power may be direct or indirect, as well as individual or in association with others. The effect of the control share law is that the
acquiring person, and those acting in association with it, obtains only such voting rights in the control shares as are conferred by
a resolution of the stockholders of the corporation, approved at a special or annual meeting of stockholders. The control share law contemplates
that voting rights will be considered only once by the other stockholders. Thus, there is no authority to strip voting rights from the
control shares of an acquiring person once those rights have been approved. If the stockholders do not grant voting rights to the control
shares acquired by an acquiring person, those shares do not become permanent non-voting shares. The acquiring person is free to sell
its shares to others. If the buyers of those shares themselves do not acquire a controlling interest, their shares do not become governed
by the control share law. If control shares are accorded full voting rights and the acquiring person has acquired control shares with
a majority or more of the voting power, any stockholder of record, other than an acquiring person, who has not voted in favor of approval
of voting rights is entitled to demand fair value for such stockholder’s shares.

 

Wyoming’s
control share law may have the effect of discouraging takeovers of the corporation. In addition to the control share law, Wyoming has
a business combination law which prohibits certain business combinations between Wyoming corporations and “interested stockholders”
for three years after the “interested stockholder” first becomes an “interested stockholder,” unless
the corporation’s Board of Directors approves the combination in advance. For purposes of Wyoming law, an “interested
stockholder” is any person who is (i) the beneficial owner, directly or indirectly, of ten percent or more of the voting power
of the outstanding voting shares of the corporation, or (ii) an affiliate or associate of the corporation and at any time within the
three previous years was the beneficial owner, directly or indirectly, of ten percent or more of the voting power of the then outstanding
shares of the corporation. The definition of the term “business combination” is sufficiently broad to cover virtually
any kind of transaction that would allow a potential acquiror to use the corporation’s assets to finance the acquisition or otherwise
to benefit its own interests rather than the interests of the corporation and its other stockholders. The effect of Wyoming’s business
combination law is to potentially discourage parties interested in taking control of the Company from doing so if it cannot obtain the
approval of our Board of Directors.

 

Separately,
our authorized but unissued shares of common stock and preferred stock are available for future issuance without stockholder approval,
subject to any limitations imposed by the listing standards of The NASDAQ Capital Market. These additional shares may be used for a variety
of corporate finance transactions, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved common
stock and preferred stock could make more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender
offer, merger or otherwise.

 

    	 

    	 

    

 

Anti-Takeover
Effects of Our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws

 

The
following provisions of our Amended and Restated Articles of Incorporation, as amended, and Amended and Restated Bylaws could have the
effect of delaying or discouraging another party from acquiring control of us and could encourage persons seeking to acquire control
of us to first negotiate with our Board of Directors:

 

	 	●	cumulative
    voting in the election of directors, which gives majority shareholders a disproportionate ability to elect director candidates;
	 	 	 
	 	●	the
    right of our Board of Directors to elect a director to fill a vacancy created by the expansion of the Board of Directors or the resignation,
    death or removal of a director, with our shareholders only allowed to fill such a vacancy if not filled by the board;
	 	 	 
	 	●	the
    ability of our Board of Directors to alter our bylaws without obtaining shareholder approval; and
	 	 	 
	 	●	the
    requirement that a special meeting of shareholders may be called only by (i) the President, (ii) the Board, or (iii) one or more
    written demands of the holders of twenty-five percent (25%) of all the votes entitled to be cast at the proposed special meeting.EX-10.3

 Exhibit 10.3 

INVESTMENT MANAGEMENT TRUST AGREEMENT 

This Investment Management Trust Agreement (this “Agreement”) is made effective as of
[ 🌑 ], 2021, by and between RMG Acquisition Corp. V, a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company, a New York
corporation (the “Trustee”). 
 WHEREAS, the Company’s registration statement on Form S-1, File No. 333-253640 (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 of the Company’s Class A ordinary shares, par value $0.0001 per share (each, an “Ordinary Share”), and one-fifth of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Ordinary Share (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 (the “Underwriting Agreement”) with BofA Securities Inc. and Barclays Capital Inc., as representatives (the “Representatives”) of the several underwriters (the
“Underwriters”) named therein; and 
 WHEREAS, as described in the Prospectus, $425,000,000 of the gross
proceeds of the Offering and sale of the Private Placement Warrants (as defined in the Underwriting Agreement) (or $488,750,000 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 and the holders of Ordinary Shares included in the Units issued in the Offering 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 shareholders for whose benefit the Trustee shall hold the
Property will be referred to as the “Public Shareholders,” and the Public Shareholders and the Company will be referred to together as the “Beneficiaries”); and 

WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property equal to $17,000,000, or $19,550,000 if the
Underwriters’ over-allotment option is exercised in full, is attributable to deferred underwriting discounts and commissions that may be payable by the Company to the Underwriters upon the consummation of the Business Combination (as defined
below) (the “Deferred Discount”); 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 established by the
Trustee located in the United States at JPMorgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100 billion or more) 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 in United States government
securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, 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 (or any successor rule) promulgated under the Investment Company Act of 1940, as amended, which invest only in direct U.S. government treasury obligations, as determined by the Company; it being understood that
the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder; while on deposit, the Trustee may earn bank credits or other consideration; 

 (d) Collect and receive, when due, all 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 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 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 Financial Officer, Chief Operating Officer, General Counsel, Secretary or Chairman of the board of directors of the Company (the “Board”) or other authorized officer of the Company, and, in the case of Exhibit A,
acknowledged and agreed to by the Representative, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest (less up to $100,000 of interest that may be released to the Company to pay
dissolution expenses and which interest shall be net of any taxes payable, it being understood that the Trustee has no obligation to monitor or question the Company’s position that an allocation has been made for taxes payable, and expenses
relating to the administration of the Trust Account), only as directed in the Termination Letter and the other documents referred to therein; provided, that, in the case a Termination Letter in the form of Exhibit A is received, or
(y) upon the date which is twenty-four (24) months after the closing of the Offering (or 30 months after the closing of the Offering if the Company has executed a letter of intent, agreement in principle or definitive agreement for a
Business Combination (as defined below) within 24 months after the closing of the Offering), or such later date as may be approved by the Company’s shareholders in accordance with the Company’s amended and restated memorandum and articles
of association, as amended from time to time, 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 as Exhibit B and the Property in the Trust Account, including interest (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses and which interest shall be net of any taxes payable and expenses
relating to the administration of the Trust Account), shall be distributed to the Public Shareholders of record as of such date; 
 (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 “Payment 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 obligation owed by the Company as a result of assets of the Company or interest or other income earned on the Property, and expenses relating to
the administration of the Trust Account, which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment, and, in the case of a distribution to cover tax obligations, 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 there is no reduction in the principal amount initially deposited in the Trust Account; provided, further, 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 for the Company (it being acknowledged and agreed that any such amount in excess of interest income earned on the
Property shall not be payable from the Trust Account). The written request 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 “Working Capital 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 fund working capital compliance requirements (a “Working Capital Withdrawal”), which amount shall be delivered directly to the Company; provided, however, that to the extent there is not
sufficient cash in the Trust Account to fund such Working Capital Withdrawal, 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 there is no
reduction in the principal amount initially deposited in the Trust account. The written request 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; 
 (l) 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 E (a “Shareholder Redemption Withdrawal Instruction”), the Trustee shall distribute on behalf of the Company the amount requested by the Company to be used to redeem
Ordinary Shares from Public Shareholders properly submitted in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of
the Company’s obligation to allow redemption in connection with the Company’s initial merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination involving the Company and one or
more businesses (a “Business Combination”) or to redeem 100% of the Company’s public shares if it does not complete its initial Business Combination within twenty-four (24) months from the closing of the Offering
(or 30 months after the closing of the Offering if the Company has executed a letter of intent, agreement in principle or definitive agreement for a Business Combination within 24 months after the closing of the Offering) or (B) with respect to
any other provision relating to shareholders’ rights or pre- initial Business Combination activity. The written request 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 
 (m) Not make
any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j), (k) or (l) 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, President, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, General Counsel or Secretary. In addition, except with respect to its duties under
Sections 1(i), 1(j) and 1(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
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 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; 

(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 the Company pursuant to Sections
1(i) through 1(j) 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) and as may be provided in Section 2(b) hereof; 

 (d) In connection with any vote of the Company’s shareholders regarding a Business
Combination, provide to the Trustee an affidavit or certificate of the inspector of elections for the shareholder meeting verifying the vote of such shareholders 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) Ensure that any Instruction Letter (as
defined in Exhibit A) delivered in connection with a Termination Letter in the Form of Exhibit A expressly provide that the Deferred Discount be paid directly to the account or accounts directed by the Representative prior to or concurrently with
the transfer of the funds held in the Trust Account to the Company or any other person; 
 (g) 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; and 

(h) Promptly after the consummating the exercise by the Underwriters of their 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 Deferred Discount. 
 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 third party except for liability arising out of the Trustee’s gross negligence, willful misconduct or bad faith; 

(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 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) Refund any depreciation in principal of any Property; 

(e) 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; 
 (f) The
other parties hereto 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, 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 with written notification to the Company, 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; 

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

(h) 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; 
 (i) 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; 

(j) 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 
 (k) Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to
Sections 1(i), 1(j) or 1(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 Section 2(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. 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 and has agreed to become subject
to the terms of this Agreement (whether following the Trustee giving notice that it desires to resign under this Agreement or the Company otherwise electing to replace the Trustee under 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; 

(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); or 

(c) If the Offering is not consummated within ten (10) business days of the date of this Agreement, in which case any funds received by
the Trustee from the Company or RMG Sponsor V, LLC for purposes of funding the Trust Account shall be promptly returned to the Company or RMG Sponsor V, LLC, as applicable. 

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 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. 

(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), 1(k), 1(l) and 1(m) hereof (which sections may not be modified, amended or deleted without the affirmative vote of sixty five percent (65%) of the then outstanding Ordinary Shares and
Class B ordinary shares, par value $0.0001 per share, of the Company voting together as a single class; provided that no such amendment will affect any Public Shareholder who has otherwise indicated his, her or its election to redeem
his, her or its Ordinary Shares in connection with a shareholder vote sought 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. 
 (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, by electronic mail or by facsimile transmission: 

if to the Trustee, to: 

Continental Stock Transfer & Trust Company 

One State Street, 30th Floor 
 New
York, New York 10004 
 Attn: Francis Wolf and Celeste Gonzalez 

Email: fwolf@continentalstock.com 

Email: cgonzalez@continentalstock.com 

if to the Company, to: 
 RMG
Acquisition Corp. V 
 50 West Street, Suite 40C 

New York, NY 10006 
 Attn: Philip
Kassin, President 
 Email: pkassin@rmginvestments.com 

in each case, with copies to: 

Latham & Watkins LLP 

811 Main St., Suite 3700 

Houston, TX 77002 
 Attn: Ryan
Maierson, David Allinson 
 Fax No.: (713) 546-7420 

 and 

Ropes & Gray LLP 
 1211
Avenue of the Americas 
 New York, NY 10036 

Attn: Paul Tropp 
 Email:
paul.tropp@ropesgray.com 
 and 

BofA Securities Inc. 
 One Bryant
Park, 
 New York, NY 10010 

Syndicate Department 
 Attn: ECM
Legal 
 Fax No.: (212) 230-8730 

and 
 Barclays Capital Inc. 

745 Seventh Avenue 
 New York, New
York 10019 
 Attn: General Counsel 

Fax No.: (212) 412-7300 

(f) This Agreement may not be assigned by the Trustee without the prior consent of the Company. 

(g) 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. 
 (h)
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. 

(i) This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission shall constitute valid and sufficient delivery thereof. 

(j) Each of the Company and the Trustee hereby acknowledges and agrees that the Representatives, on behalf of the Underwriters, are a third
party beneficiary of this Agreement. 
 (k) 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] 

 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
	
	RMG Acquisition Corp. V
		
	By:	 	  

		 	Name: Wesley Sima
		 	Title: Chief Financial Officer

 SCHEDULE A 
  

							
	Fee Item	  	Time and method of payment	  	Amount	 
	 Initial acceptance fee
	  	Initial closing of the Offering by wire transfer.	  	$	3,500.00	 
			
	 Annual fee
	  	First year fee payable at initial closing of the Offering by wire transfer, thereafter on the anniversary of the effective date of the Offering by wire transfer or check.	  	$	10,000.00	 
			
	 Transaction processing fee for disbursements to Company under Sections 1(i) and 1(j)
	  	Billed to Company following disbursement made to Company under Sections 1(i) and 1(j)	  	$	250.00	 
			
	 Paying Agent services as required pursuant to Section 1(i) and 1(k)
	  	Billed to Company upon delivery of service pursuant to Section 1(i) and 1(k)	  	 	Prevailing rates	 

 EXHIBIT A 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company One State Street, 30th Floor 
 New York, New York 10004 

Attn: Francis Wolf and Celeste Gonzalez 
 Re:
Trust Account – Termination Letter 
 Dear Mr. Wolf and Ms. Gonzalez: 

Pursuant to Section 1(i) of the Investment Management Trust Agreement between RMG Acquisition Corp. V (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 merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with the Target Business (the “Business Combination”) on or about [insert date]. 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
(“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
and to transfer the proceeds into the above-referenced trust operating account at JPMorgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of the funds held in the Trust Operating Account will be immediately available for transfer
to the account or accounts that BofA Securities, Inc. and Barclays Capital Inc. (the “Representatives”) (with respect to the Deferred Discount) and the Company shall direct on the Consummation Date. It is acknowledged
and agreed that while the funds are on deposit in the trust operating account at JPMorgan Chase Bank, N.A., awaiting distribution, neither the Company nor the Representatives will earn any interest. 

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, which verifies that the Business Combination has been approved by a vote of the Company’s shareholders, if a vote is held and (b) 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 the Deferred Discount directly to the account or accounts directed by the Representatives from the Trust Account (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 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. 
 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 the Consummation Date as set forth in the notice as soon thereafter as possible. 

 
			
	Very truly yours,
	
	RMG Acquisition Corp. V
		
	By:	 	  

		 	Title:
		 	Name:

  

			
	Agreed and Acknowledged:
	
	BofA Securities, Inc.
		
	By:	 	  

		 	Name:
		 	Title:
	
	Barclays Capital Inc.
		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT B 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 One State Street, 30th Floor 

New York, New York 10004 
 Attn: Francis Wolf and Celeste Gonzalez

 Re: Trust Account – Termination Letter 

Dear Mr. Wolf and Ms. Gonzalez: 

Pursuant to Section 1(i) of the Investment Management Trust Agreement between RMG Acquisition Corp. V (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 merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with a target business (the
“Business Combination”) within the time frame specified in the Company’s amended and restated memorandum and articles of association, 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 Operating Account and to transfer the total proceeds into the trust operating account at JPMorgan Chase Bank, N.A. to await distribution to the Public Shareholders. The
Company has selected [●] as the effective date for the purpose of determining when the Public Shareholders will be entitled to receive their share of the liquidation proceeds. 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 Company’s Public Shareholders in accordance with the terms of the Trust Agreement and the amended and restated memorandum and articles of association of the Company. Upon
the distribution of all the funds, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(j) of the Trust Agreement. 

 

			
	Very truly yours,
	
	RMG Acquisition Corp. V
		
	By:	 	  

		 	Name:
		 	Title:

 cc: BofA Securities, Inc. and Barclays Capital Inc. 

 EXHIBIT C 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 One State Street, 30th Floor 

New York, New York 10004 
 Attn: Francis Wolf and Celeste Gonzalez

 Re: Trust Account –Payment Withdrawal Instruction 

Dear Mr. Wolf and Ms. Gonzalez: 

Pursuant to Section 1(j) of the Investment Management Trust Agreement between RMG Acquisition Corp. V (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 or administrative expenses as described by the Company. 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,
	
	RMG Acquisition Corp. V
		
	By:	 	  

		 	Name:
		 	Title:

 cc: BofA Securities, Inc. and Barclays Capital Inc. 

 EXHIBIT D 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 One State Street, 30th Floor 

New York, New York 10004 
 Attn: Francis Wolf and Celeste Gonzalez

 Re: Trust Account – Working Capital Withdrawal Instruction 

Dear Mr. Wolf and Ms. Gonzalez: 

Pursuant to Section 1(k) of the Investment Management Trust Agreement between RMG Acquisition Corp. V (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 fund its working
capital requirements. 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,
	
	RMG Acquisition Corp. V
		
	By:	 	  

		 	Name:
		 	Title:

 cc: BofA Securities, Inc. and Barclays Capital Inc. 

 EXHIBIT E 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 One State Street, 30th Floor 

New York, New York 10004 
 Attn: Francis Wolf and Celeste Gonzalez
Dear Mr. Wolf and Ms. Gonzalez: 
 Re: Trust Account – Shareholder Redemption Withdrawal Instruction 

Pursuant to Section 1(l) of the Investment Management Trust Agreement between RMG Acquisition Corp. V (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 redeeming Public Shareholders on behalf of the Company $            of the principal and 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 its Public Shareholders who have properly elected to have their Ordinary Shares redeemed by the Company in
connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association (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 Company’s public shares if it does not complete its initial Business Combination within such time as is described in the Company’s amended and
restated certificate of memorandum and articles of association or (B) with respect to any other provision relating to shareholders’ 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 the redeeming Public Shareholders in accordance with your customary procedures. 

 

			
	Very truly yours,
	
	RMG Acquisition Corp. V
		
	By:	 	  

		 	Name:
		 	Title:

 cc: BofA Securities, Inc. and Barclays Capital Inc.

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