Document:

EX-10.2

 Exhibit 10.2 

INVESTMENT MANAGEMENT TRUST AGREEMENT 

This Investment Management Trust Agreement (this “Agreement”) is made effective as of October 28, 2021, by and between
AltEnergy Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York limited purpose trust company (the “Trustee”). 

WHEREAS, the Company’s registration statement on Form S-1, File
No. 333-258594 (the “Registration Statement”) and prospectus (the “Prospectus”) for the initial public offering of the Company’s units (the
“Units”), each of which consists of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), and one-half of
one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Common Stock (such initial public offering hereinafter referred to as the “Offering”), has been declared effective as of the
date hereof (the “Effective Date”) by the U.S. Securities and Exchange Commission (capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement); 

WHEREAS, the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”) with B. Riley
Securities, Inc., as representative (the “Representative”) of the several underwriters (the “Underwriters”) named therein; 

WHEREAS, as described in the Prospectus, and in accordance with the Company’s amended and restated certificate of incorporation, as the
same may be amended from time to time (the “Charter”), $204,000,000 of the proceeds of the Offering and sale of the Private Placement Units (as defined in the Underwriting Agreement) (or $234,600,000, if the
Underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United States (the “Trust Account”) for the
benefit of the Company and the holders of the Common Stock 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 stockholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the Public Stockholders and the Company will be referred to
together as the “Beneficiaries”); 
 WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property
equal to $7,000,000, or $8,050,000 if the Underwriters’ over-allotment option is exercised in full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters upon and concurrently
with the consummation of 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 in the United States at J.P. Morgan Chase Bank, N.A. (or at another U.S.-chartered commercial bank with consolidated assets of
$100 billion or more) in the United States, maintained by the Trustee and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the Company; 

 (b) Manage, supervise and administer the Trust Account subject to the terms and conditions
set forth herein; 
 (c) In a timely manner, upon the written instruction of the Company, invest and reinvest the Property solely in United
States government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3)
and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations, as determined by the Company;
the trustee may not invest in any other securities or assets, it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder; and while account funds are
invested or uninvested, and the Trustee may earn bank credits or other consideration during such periods; 
 (d) Collect and receive, when
due, all principal, interest or other income arising from the Property, which shall become part of the “Property,” as such term is used herein; 

(e) Promptly notify the Company and the Representative of all communications received by the Trustee with respect to any Property requiring
action by the Company; 
 (f) Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in
connection with the Company’s preparation of the tax returns relating to assets held in the Trust Account; 
 (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, Chief Financial Officer, President, Executive Vice President, Vice President, 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 not previously released to the Company
to pay its tax obligations (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein, or (y) upon the date which is,
the later of (1) 18 months after the closing of the Offering and (2) such later date as may be approved by the Company’s stockholders in accordance with the Charter 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 not previously released to
the Company to pay its tax obligations (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses) shall be distributed to the Public Stockholders of record as of such date; provided, however, that the Trustee
has no obligation to monitor or question the Company’s position that an allocation has been made for taxes payable; 

  
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 (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, 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, including any franchise tax
obligations, owed by the Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment, and the
Company shall forward such payment to the relevant taxing authority, as applicable; 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 per share initially deposited in the Trust Account; provided, further, that if the tax to be paid
is a franchise tax, the written request by the Company to make such distribution shall be accompanied by a copy of the franchise tax bill from the State of Delaware for the Company and a written statement from the principal financial officer of the
Company setting forth the actual amount payable (it being acknowledged and agreed that 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, the Trustee shall distribute to the remitting brokers on behalf of Public Stockholders redeeming shares of Common Stock the amount required to pay redeemed shares of Common Stock from Public Stockholders; and 

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

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

(a) Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Chief Executive Officer,
Chief Financial Officer, President, Executive Vice President, Vice President 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 counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder and in connection with any action, suit or other proceeding brought against the
Trustee involving any claim, or in connection with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any interest earned on the Property, except for expenses
and losses resulting from the Trustee’s gross negligence, fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee
intends to seek indemnification under this Section 2(b), it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct

  
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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 the disbursements are made to the Company pursuant to
Section 1(i) solely in connection with the completion of a Business Combination (defined below). The Company shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the Offering and
thereafter on the anniversary of the Effective Date. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c), Schedule A and as may be provided in Section 2(b) hereof; 

(d) In connection with any vote of the Company’s stockholders regarding 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”), provide to the Trustee an affidavit or certificate of the inspector of elections for the
stockholder meeting (which inspector of elections may be the Trustee) verifying the vote of such stockholders regarding such Business Combination; 

(e) Provide the Representative 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) Unless otherwise agreed between the
Company and the Representative, ensure that any Instruction Letter (as defined in Exhibit A) delivered in connection with a Termination Letter in the form of Exhibit A expressly provides that the Deferred Discount is paid directly to the account or
accounts directed by the Representative on behalf of the Underwriters prior to any transfer of the funds held in the Trust Account to the Company or any other person; 

(g) In connection with the Trustee acting as Paying/Disbursing Agent pursuant to Exhibit B, the Company will not give the Trustee
disbursement instructions which would be prohibited under this Agreement; 
 (h) In the event the Company is entitled to receive a tax refund
on its tax obligation, and promptly after the amount of such refund is determined on a final basis, provide the Trustee with notice in writing (with a copy to the Representative) of the amount of such tax refund; 

(i) If the Company seeks to amend any provisions of its Charter that would affect the substance or timing of the Company’s Public
Stockholders’ ability to convert or sell their shares to the Company in connection with a Business Combination or with respect to any other provisions relating to the rights of holders of the Common Stock, (in each case, an
“Amendment”), the Company will provide the Trustee with a letter (an “Amendment Notification Letter”) in the form of Exhibit D providing instructions for the distribution of funds to Public
Stockholders who exercise their conversion option in connection with such Amendment; and 

  
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 (j) Within five (5) business days after the Representative, on behalf of the
Underwriters, exercise the over-allotment option (or any unexercised portion thereof) or such over-allotment option expires, provide the Trustee with a notice in writing (with a copy to the Representative) of the total amount of the Deferred
Discount. 
 3. Limitations of Liability. The Trustee shall have no responsibility or liability to: 

(a) 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, fraud or willful misconduct; 
 (b) 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; 

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

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

(h) File local, state and/or federal tax returns or information returns with any taxing authority on behalf of the Trust Account and payee
statements with the Company documenting the taxes, if any, payable by the Company or the Trust Account, relating to the income earned on the Property; 

(i) Pay any taxes on behalf of the Trust Account (it being expressly understood that the Property shall not be used to pay any such taxes and
that such taxes, if any, shall be paid by the Company from funds not held in the Trust Account, except in accordance with Section 1(j)); 

(j) 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; or 

  
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 (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 by the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer
of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that in the event that the Company does not locate a successor trustee within ninety (90) days of receipt of the
resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with any court in the State of New York or with the United States District Court for the Southern District of New York and upon such deposit,
the Trustee shall be immune from any liability whatsoever; or 
 (b) At such time that the Trustee has completed the liquidation of the Trust
Account and its obligations in accordance with the provisions of Section 1(i) hereof (which section may not be amended under any circumstances) and distributed the Property in accordance with the provisions of the Termination Letter, this
Agreement shall terminate except with respect to Section 2(b) and Section 4. 
 6. Miscellaneous. 

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

(b) This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect
to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. This Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and
together shall constitute but one instrument. 
 (c) This Agreement contains the entire agreement and understanding of the parties hereto
with respect to the subject matter hereof. 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. 

  
 6 

 (d) This Agreement or any provision hereof may only be changed, amended or modified pursuant
to Section 6(c) hereof with the Consent of the Stockholders. For purposes of this Section 6(d), the “Consent of the Stockholders” means (i) receipt by the Trustee of a certificate from the inspector of
elections of the stockholder meeting certifying that the Company’s stockholders of record as of a record date established in accordance with Section 213(a) of the Delaware General Corporation Law, as amended (or any successor rule), who
hold sixty-five percent (65%) or more of all then outstanding shares of the Common Stock and Class B common stock, par value $0.0001 per share, of the Company voting together as a single class, have voted in favor of such change, amendment or
modification, or (ii) the Company’s stockholders of record as of the record date who hold sixty-five percent (65%) or more of all then outstanding shares of the Common Stock and Class B common stock, par value $0.0001 per share, of
the Company voting together as a single class, have delivered to the Trustee a signed writing approving such change, amendment or modification. No such amendment will affect any Public Stockholder who has otherwise indicated his, her or its election
to redeem his, her or its shares of Common Stock in connection with a stockholder vote sought to amend this Agreement, including a corresponding change to the Charter. Except for any liability arising out of the Trustee’s gross negligence,
fraud or willful misconduct, the Trustee may rely conclusively on the certification from the inspector or elections referenced above and shall be relieved of all liability to any party for executing the proposed amendment in reliance thereon. 

(e) 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. 

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

if to the Trustee, to: 

Continental Stock Transfer & Trust Company 

1 State Street, 30th Floor 

New York, NY 10004 

Attn: Francis Wolf & Celeste Gonzalez 

Email: fwolf@continentalstock.com 

Email: cgonzalez@continentalstock.com 

if to the Company, to: 

AltEnergy Acquisition Corp. 

600 Lexington Avenue, 9th Floor 

New York, NY 10022 

Attn: Russell Stidolph 

Email: rstidolph@altenergyllc.com 

  
 7 

 in each case, with copies to: 

Morrison Cohen, LLP 

909 Third Avenue 

New York, NY 10022 

Attn: Jack Levy, Esq. and Anthony M. Saur, Esq. 

Email: jacklevy@morrisoncohen.com and amsaur@morrisoncohen.com 

and: 
 B. Riley
Securities, Inc. 
 299 Park Avenue, 21st Floor 

New York, New York 10017 

Attn: Syndicate Department 

and: 
 Paul
Hastings LLP 
 515 South Flower Street, 25th Floor 

Los Angeles, CA 90071 

Attn: Jonathan Ko, Esq. 

Email: jonathanko@paulhastings.com 

(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 Representative on behalf of the Underwriters are third party
beneficiaries 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] 

  
 8 

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

			
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
		
	By:	 	 /s/ Francis Wolf

	Name: Francis Wolf
	Title: Vice President
	
	ALTENERGY ACQUISITION CORP.
		
	By:	 	 /s/ Russell Stidolph

	Name: Russell Stidolph
	Title: Chief Executive Officer

 [Signature Page to Investment Management Trust Agreement] 

 SCHEDULE A 
  

							
	Fee Item	  	Time and method of payment	  	Amount	 
			
	Initial set-up fee	  	Initial closing of Offering by wire transfer	  	$	 3,500.00	 
			
	Trustee administration fee	  	First year, initial closing of 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), 1(j) and 1(k)	  	Billed to Company following disbursement made to Company under Sections 1(i), 1(j), and 1(k)	  	$	 250.00	 
			
	Paying Agent services as required pursuant to Sections 1(i) and 1(k)	  	Billed to Company upon delivery of service pursuant to Sections 1(i) and 1(k)	  	 	Prevailing rates	 

 EXHIBIT A 

[Letterhead of Company] 

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

New York, New York 10004 
 Attn: Francis Wolf & 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 AltEnergy Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [_], 2021 (the
“Trust Agreement”), this is to advise you that the Company has entered into an agreement with ____________ (the “Target Business”) to consummate a business combination with the Target Business
(the “Business Combination”) on or about [insert date]. The Company shall notify you at least seventy-two (72) hours in advance (or such shorter time as you may agree) of the
actual date of the consummation of the Business Combination (the “Consummation Date”). Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 

In accordance with the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account
and transfer the proceeds to a segregated account held by you on behalf of the Beneficiaries to the effect that, on the Consummation Date, all of the funds held in the Trust Account at J.P. Morgan Chase Bank, N.A will be immediately available for
transfer to the account or accounts that the Company shall direct on the Consummation Date (including as directed to it by the Representative on behalf of the Underwriters (with respect to the Deferred Discount)). It is acknowledged and agreed that
while the funds are on deposit in the Trust Account at J.P. Morgan Chase Bank, N.A awaiting distribution, the Company will not earn any interest or dividends. 

On the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been
consummated, or will be consummated substantially concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”) and (ii) the Company shall deliver to you (a) a certificate
of the Chief Executive Officer, which verifies that the Business Combination has been approved by a vote of the Company’s stockholders, if a vote is held and (b) a joint written instruction signed by the Company and the Representative with
respect to the transfer of the funds held in the Trust Account, including payment of amounts owed to public stockholders who have properly exercised their redemption rights and payment of the Deferred Discount to account or accounts directed by the
Representative 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. 

  
 A-1 

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

 

			
	Very truly yours,
	
	AltEnergy Acquisition Corp.
		
	By:	 	              

	Name:	 	
	Title:	 	

 Acknowledged and Agreed: 
  

			
	B. Riley Securities, Inc.
		
	By:	 	              

	Name:	 	
	Title:	 	

  
 A-2 

 EXHIBIT B 

[Letterhead of Company] 

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

New York, New York 10004 
 Attn: Francis Wolf & 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 AltEnergy Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of
[_], 2021 (the “Trust Agreement”), this is to advise you that the Company did not effect a business combination with a Target Business (the “Business Combination”) within the time frame
specified in the Company’s Charter, as described in the Company’s Prospectus relating to the Offering. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 

In accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and transfer
the total proceeds into a segregated account held by you on behalf of the Beneficiaries to await distribution to the 
 Public Stockholders.
The Company has selected [            , 20 ]1 as the effective date for the purpose of determining when the Public Stockholders
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 Stockholders in
accordance with the terms of the Trust Agreement and the Company’s Charter. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations
under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(i) of the Trust Agreement. 
  

			
	Very truly yours,
	
	AltEnergy Acquisition Corp.
		
	By:	 	              

	Name: Russell Stidolph
	Title: Chief Executive Officer

  

	cc:	 B. Riley Securities, Inc. 

 

	1 	 1-18 months from the closing of the Offering, or at a later date, if
extended. 

  
 B-1 

 EXHIBIT C 

[Letterhead of Company] 

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

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

	 	Re:	 Trust Account - Withdrawal Instruction  

Dear Mr. Wolf and Ms. Gonzalez: 
 Pursuant to
Section 1(j) of the Investment Management Trust Agreement between AltEnergy Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of
[_], 2021 (the “Trust Agreement”), the Company hereby requests that you deliver to the Company $[ ] of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined
herein shall have the meanings set forth in the Trust Agreement. 
 The Company needs such funds [to pay for the tax obligations as set
forth on the attached tax return or tax statement]. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the
Company’s operating account at: 
 [WIRE INSTRUCTION INFORMATION] 

 

			
	Very truly yours,
	
	AltEnergy Acquisition Corporation
		
	By:	 	              

	Name:	 	
	Title:	 	

  

	cc:	 B. Riley Securities, Inc. 

  
 C-1 

 EXHIBIT D 

[Letterhead of Company] 

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

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

	 	Re:	 Trust Account - Stockholder Redemption Withdrawal Instruction  

Dear Mr. Wolf and Ms. Gonzalez 
 Pursuant to
Section 1(k) of the Investment Management Trust Agreement between AltEnergy Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [_],
2021 (the “Trust Agreement”), the Company hereby requests that you deliver to the redeeming Public Stockholders of the Company $[        ] of the principal and interest
income earned on the Property as of the date hereof to a segregated account held by you on behalf of the Beneficiaries for distribution to the Public Stockholders who have requested redemption of their shares of Common Stock. 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
Stockholders who have properly elected to have their shares of Common Stock redeemed by the Company in connection with a stockholder vote to approve an amendment to the Company’s Charter to (i) modify the substance or timing of the
Company’s obligation to allow redemption in connection with a Business Combination or to redeem 100% of the shares of Common Stock included in the Units sold in the Offering if the Company does not complete a Business Combination within the
time period set forth in the Company’s Charter or (ii) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity. As such, you are hereby
directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter. 
  

			
	Very truly yours,
	
	AltEnergy Acquisition Corp.
		
	By:	 	
                 

	Name:	 	
	Title:

  

	cc:	 Nomura Securities International, Inc. 

  
 D-1EX-10.3

 Exhibit 10.3 

PRIVATE PLACEMENT WARRANT SUBSCRIPTION AGREEMENT 

This PRIVATE PLACEMENT WARRANT SUBSCRIPTION AGREEMENT (this “Agreement”) is made as of the 28th day of October, 2021,
by and between AltEnergy Acquisition Corp, a Delaware corporation (the “Company”), and AltEnergy Acquisition Sponsor, LLC (the “Subscriber”). 

WHEREAS, the Company has filed with the Securities and Exchange Commission (“SEC”) a Registration Statement on
Form S-1 (the “Registration Statement”) in connection with an underwritten initial public offering (“IPO”) of 23,000,000 units of the Company (the
“Public Units”) (including up to 3,000,000 Public Units to the extent the over-allotment option of the underwriters of the IPO is exercised (the “Over-allotment Option”)), with each such Public Unit
consisting of one share of Class A common stock, par value $0.0001 per share (the “Class A Common Stock”, together with the Class B common stock, par value $0.0001 per share (the
“Class B Common Stock”), of the Company, the “Common Stock”), of the Company and one-half of one redeemable warrant, where each
whole warrant entitles the holder to purchase one share of Class A Common Stock (“Warrant”) at an exercise price of $11.50 per share (subject to adjustments); 

WHEREAS, the Company desires to sell to the Subscriber on a private placement basis an aggregate of 11,600,000 Private Placement
Warrants (including up to 1,200,000 Private Placement Warrants to be issued and sold to the extent the Over-allotment Option is exercised) (the “Private Placement Warrants”) of the Company for a purchase price of $1.00 per
Private Placement Warrant, each Private Placement Warrant exercisable to purchase one share of Class A Common Stock. The shares of Class A Common Stock underlying the Private Placement Warrants are hereinafter referred to as the
“Private Shares.” The Private Placement Warrants and Private Shares, collectively, are hereinafter referred to as the “Securities.” Each Private Placement Warrant is exercisable to purchase one share
of Class A Common Stock at an exercise price of $11.50, subject to the adjustments as set forth in the Warrant Agreement (as defined below), during the period commencing 30 days following the consummation of the Company’s initial business
combination (the “Business Combination”), as such term is defined in the Registration Statement, and expiring on the fifth anniversary of the consummation of the Business Combination or earlier upon redemption or liquidation;
and 
 WHEREAS, the Subscriber wishes to purchase an aggregate of 11,600,000 Private Placement Warrants (including up to 1,200,000
Private Placement Warrants to the extent the Over-allotment Option is exercised) for the purchase price of $1.00 per Private Placement Warrant, and the Company wishes to accept such subscription from the Subscriber. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Subscriber hereby, intending legally to be bound, agree as follows: 

 1. Agreement to Subscribe. 

1.1 Purchase and Issuance of the Private Placement Warrants. Upon the terms and subject to the conditions of this Agreement: 

(a) The Company has duly authorized the issuance and sale of the Warrants to the Subscriber. 

(b) The Subscriber hereby agrees to purchase from the Company, and the Company hereby agrees to sell to the Subscriber, on the Initial Closing
Date (as defined below) 10,400,000 Private Placement Warrants (the “Initial Private Placement Warrants”), for $1.00 per Initial Private Placement Warrant, payable by the Subscriber by wire transfer of immediately available
funds or by such other method as may be reasonably acceptable to the Company as follows: (i) $7,600,000 to the trust account (the “Trust Account”) at a financial institution to be chosen by the Company, maintained by
Continental Stock Transfer & Trust Company, acting as trustee (“Continental”), at least one (1) business day prior to the Initial Closing Date, and (ii) $2,800,000 to the Company, at a financial institution to
be chosen by the Company, on the Initial Closing Date. On the Initial Closing Date, the Company shall, subject to receipt of funds pursuant to the immediately prior sentence, at its option, deliver to the Subscriber the certificates representing the
Initial Private Placement Warrants purchased by the Subscriber or effect such delivery in book-entry form. 
 (c) In the event the
Over-allotment Option is exercised in full or in part, the Subscriber hereby agrees to purchase from the Company, and the Company hereby agrees to sell to the Subscriber, up to 1,200,000 Private Placement Warrants (the “Additional Private
Placement Warrants”), in the same proportion as the amount of the Over-allotment Option that is then exercised, and simultaneously with such purchase of Additional Private Placement Warrants, as payment in full for the Additional
Private Placement Warrants being purchased hereunder, and at least one (1) business day prior to such closing of all or any portion of the Over-allotment Option, the Subscriber shall pay $1.00 per Additional Private Placement Warrant, by wire
transfer of immediately available funds or by such other method as may be reasonably acceptable to the Company, to the Trust Account. 
 1.2
Closing. The closing of the purchase and sale of the Initial Private Placement Warrants shall take place substantially simultaneously with the closing of the IPO (the “Initial Closing Date”). The closing of any
purchase and sale of the Additional Private Placement Warrants, if applicable, shall take place substantially simultaneously with the applicable closing of all or any portion of the Over-allotment Option (such closing dates, together with the
Initial Closing Date, the “Closing Date”). The closing of the purchase and sale of the Private Placement Warrants and the Additional Private Placement Warrants shall take place at the offices of Morrison Cohen, LLP, 909 Third
Avenue, New York, New York 10022, or such other place as may be agreed upon by the parties hereto. 
 1.3 Conditions to Closing. The
obligation of the Subscriber to purchase and pay for the Private Placement Warrants as provided herein shall be subject to the satisfaction of the conditions set forth in the Underwriting Agreement, dated the date hereof (the
“Underwriting Agreement”), by and between the Company and B. Riley Securities, Inc., as representative of the several underwriters named therein. 

  
 2 

 1.4 Termination. This Agreement and each of the obligations of the undersigned shall
be null and void and without effect if the Initial Closing Date does not occur on prior to November 2, 2021 or if the Underwriting Agreement is terminated for any reason. 

2. Representations and Warranties of the Subscriber. 

The Subscriber represents and warrants to the Company as follows: 

2.1 Organization and Authority. The Subscriber is duly organized, validly existing and in good standing under the laws of its
jurisdiction of organization and it possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. 

2.2 Authority. This Agreement has been validly authorized, executed and delivered by the Subscriber and is a valid and binding agreement
of the Subscriber, enforceable against the Subscriber in accordance with its terms, subject to the general principles of equity and to bankruptcy or other laws affecting the enforcement of creditors’ rights generally. 

2.3 No Conflicts. The execution, delivery and performance of this Agreement and the Private Placement Warrants and the consummation by
the Subscriber of the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the Subscriber’s organizational documents, (ii) any material agreement or instrument to which the Subscriber is a
party or (iii) any law, statute, rule or regulation to which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber is subject. 

2.4 Accredited Investor. The Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a)
of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges that the sale contemplated hereby is being made in reliance, among other things, on a private placement exemption to
“accredited investors” under the Securities Act and similar exemptions under state law. 
 2.5 Intent. The Subscriber is
purchasing the Securities solely for investment purposes, for the Subscriber’s own account (and/or for the account or benefit of its members or affiliates, as permitted, pursuant to the terms hereof), and not with a view to the distribution
thereof and the Subscriber has no present arrangement to sell the Securities to or through any person or entity except as may be permitted hereunder. 

2.6 Restrictions on Transfer. The Subscriber acknowledges and understands the Securities are being offered in a transaction not
involving a public offering in the United States within the meaning of the Securities Act. The Securities have not been registered under the Securities Act or any state securities laws, and may be offered, resold, pledged or otherwise transferred
only (i) pursuant to an effective registration statement filed under the Securities Act, (ii) pursuant to an exemption from registration under Rule 144 promulgated under the Securities Act, if available, or (iii) pursuant to any other
available exemption from the registration requirements of the Securities Act, and in each case in accordance with any applicable securities laws of any state or any other jurisdiction. 

  
 3 

 2.7 Sophisticated Investor. 

(a) The Subscriber is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Securities.

 (b) The Subscriber is aware that an investment in the Securities is highly speculative and subject to substantial risks because, among
other things, (i) the Securities are subject to transfer restrictions and have not been registered under the Securities Act and therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from such
registration is available and (ii) the Securities held by the Subscriber are not entitled to, and have no right, interest or claim to any monies held in the Trust Account, and the Subscriber may suffer a loss of a portion or all of its
investment in the Securities. The Subscriber is able to bear the economic risk of its investment in the Securities for an indefinite period of time. 

2.8 Reliance on Representations and Warranties. The Subscriber understands the Private Placement Warrants are being offered and sold to
the Subscriber in reliance on exemptions from the registration requirements under the Securities Act, and analogous provisions in the laws and regulations of various states, and that the Company is relying upon the truth and accuracy of the
representations, warranties, agreements, acknowledgments and understandings of the Subscriber set forth in this Agreement in order to determine the applicability of such provisions. 

2.9 No General Solicitation. The Subscriber is not subscribing for the Private Placement Warrants as a result of or subsequent to any
general solicitation or general advertising, including but not limited to any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media or broadcast over television or radio, or presented at any
seminar or meeting or in the Registration Statement. 
 2.10 Legend. Subscriber acknowledges and agrees the book-entries or
certificates, if any, evidencing each of the Securities shall bear a restrictive legend (the “Legend”), in form and substance substantially as set forth in Section 4 hereof. 

3. Representations, Warranties and Covenants of the Company. 

The Company represents and warrants to, and agrees with, the Subscriber that: 

3.1 Organization and Qualification. The Company is a corporation duly incorporated, validly existing and in good standing under the laws
of the State of Delaware and has the requisite corporate power to own its properties and assets and to carry on its business as now being conducted. 

3.2 Authorization; Enforcement. (i) The Company has the requisite corporate power and authority to enter into and perform its
obligations under this Agreement and to issue the Securities in accordance with the terms hereof, (ii) the execution, delivery and performance of this Agreement by the Company and the consummation by it of the transactions contemplated hereby
have been duly authorized by all necessary corporate action, and no further consent or authorization of the Company or its Board of Directors or stockholders is required, and (iii) this 

  
 4 

 
Agreement constitutes valid and binding obligations of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by equitable principles of general application and except as
enforcement of rights to indemnity and contribution may be limited by federal and state securities laws or principles of public policy. 

3.3 No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not (i) result in a violation of the Company’s certificate of incorporation or by-laws, (ii) conflict with, or constitute a default under any agreement or instrument to
which the Company is a party or (iii) any law statute, rule or regulation to which the Company is subject or any agreement, order, judgment or decree to which the Company is subject. Other than any SEC or state securities filings which may be
required to be made by the Company subsequent to the Closing Date, and any registration statement which may be filed pursuant thereto, the Company is not required under federal, state or local law, rule or regulation to obtain any consent,
authorization or order of, or make any filing or registration with, any court or governmental agency or self-regulatory entity in order for it to perform any of its obligations under this Agreement or issue the Private Placement Warrants or Warrant
Shares in accordance with the terms hereof. 
 3.4 Valid Issuance of Capital Stock. The total number of shares of all classes of
capital stock which the Company has authority to issue is 100,000,000 shares of Class A Common Stock, 10,000,000 shares of Class B Common Stock and 1,000,000 shares of preferred stock, $0.0001 par value per share (“Preferred
Stock”). As of the date hereof, the Company has issued and outstanding 5,750,000 shares of Class B Common Stock (of which up to 750,000 shares are subject to forfeiture as described in the Registration Statement), no shares of Class A
Common Stock and no shares of Preferred Stock. All of the issued shares of capital stock of the Company have been duly authorized, validly issued, and are fully paid and non-assessable. 

3.5 Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and that certain warrant agreement
(the “Warrant Agreement”) to be entered into between the Company and Continental, as warrant agent, as the case may be, each of the Private Placement Warrants and Warrant Shares will be duly and validly issued, fully paid and
non-assessable. On the date of issuance of the Private Placement Warrants, the Warrant Shares shall have been reserved for issuance. Upon issuance in accordance with, and payment pursuant to, the terms hereof
and the Warrant Agreement, as the case may be, the Subscriber will have or receive good title to the Private Placement Warrants free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and
(ii) transfer restrictions under federal and state securities laws. 
 3.6 Additional Representations and Warranties. The
representations and warranties of the Company set forth in the Underwriting Agreement are hereby incorporated herein and are true and correct with the same force and effect as though expressly made herein as of the date hereof. 

  
 5 

 4. Legend. 

4.1 Legend. The Company will issue the Private Placement Warrants, and when issued, the Warrant Shares, purchased by the Subscriber in
the name of the Subscriber. The Securities will bear the following Legend and appropriate “stop transfer” instructions: 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.” 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCK-UP PURSUANT TO
A PRIVATE PLACEMENT WARRANT SUBSCRIPTION AGREEMENT BETWEEN ALTENERGY ACQUISITION CORP. AND THE SUBSCRIBER PARTY THERETO AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE
LOCK-UP PURSUANT TO THE TERMS SET FORTH IN THE PRIVATE PLACEMENT WARRANT SUBSCRIPTION AGREEMENT.” 

4.2 Subscriber’s Compliance. Nothing in this Section 4 shall affect in any way the Subscriber’s obligations and
agreements to comply with all applicable securities laws upon resale of the Private Placement Warrants or any securities underlying the Private Placement Warrants. 

4.3 Registration Rights. The Subscriber shall be entitled to certain registration rights relating to the Private Placement Warrants and
the Private Shares that will be governed by a registration rights agreement (“Registration Rights Agreement”) to be entered into among the Company, the Subscriber and the other security holders party thereto, on or prior to
the effective date of the Registration Statement. 
 5. Waiver of Liquidation Distributions. 

In connection with the Securities purchased pursuant to this Agreement, the Subscriber hereby waives any and all right, title, interest or
claim of any kind in or to any distributions of the amounts in the Trust Account with respect to the Securities, whether (i) in connection with the exercise of redemption rights if the Company consummates the Business Combination, (ii) in
connection with any tender offer conducted by the Company prior to a Business Combination, (iii) upon the Company’s redemption of shares of Common Stock sold in the Company’s IPO upon the Company’s failure to timely complete the
Business Combination or (iv) in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of 

  
 6 

 
incorporation, (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Business Combination or to redeem 100% of the Company’s
public shares if the Company does not timely complete the Business Combination or (B) with respect to any other provision relating to stockholders’ rights or pre-Business Combination activity. In the
event Subscriber purchases shares of Common Stock in the IPO or in the aftermarket, any additional shares so purchased shall be eligible to receive the redemption value of such shares of Common Stock upon the same terms offered to all other
purchasers of Common Stock in the IPO in the event the Company fails to consummate the Business Combination. 
 6. Terms of Private
Placement Warrants. Each Private Placement Warrant shall have the terms set forth in the Warrant Agreement. 
 7. Lock-Up Period. 
 7.1 The Subscriber agrees that it shall not Transfer any Securities until 30 days
following the consummation of the Business Combination; provided, however, that Transfers of Securities are permitted (i) to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or
directors, any members of the Subscriber, or any affiliates of the Subscriber, as well as affiliates of such members and funds and accounts advised by such members; (ii) in the case of an individual, by gift to a member of the individual’s
immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate family, an affiliate of such person or to a charitable organization; (iii) in the case of an individual, by virtue of laws of descent and
distribution upon death of the individual; (iv) in the case of an individual, pursuant to a qualified domestic relations order; (v) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement
or in connection with the consummation of the Business Combination at prices no greater than the price at which the shares or warrants were originally purchased; (vi) in the event of the Company’s liquidation prior to the completion of the
Business Combination; (vii) by virtue of the laws of the State of Delaware or the Subscriber’s limited liability company agreement upon dissolution of the Subscriber; or (viii) 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 Business Combination, provided, however, that in the case of clauses (i) through (v) or (vii), these permitted transferees must enter into a written agreement with the Company agreeing to be bound by the Transfer and other restrictions
contained herein. 
 7.2 For purposes of Section 7.1, the term “Transfer” shall mean the (i) 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 Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder with respect to, any of the Securities,
(ii) 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 of the Securities, whether any such transaction is to be settled by delivery of such Securities,
in cash or otherwise, or (iii) public announcement of any intention to effect any transaction specified in clause (i) or (ii). 

  
 7 

 8. Terms of the Private Placement Warrants. 

8.1 The Private Placement Warrants are substantially identical to the warrants included in the units to be offered in the IPO except that:
(i) the Private Placement Warrants and Warrant Shares are subject to the transfer restrictions described in Section 7 hereof, (ii) the Private Placement Warrants will be non-redeemable and may
be exercisable on a “cashless” basis if held by a Subscriber or its permitted transferees, as further described in the Warrant Agreement, and (iii) the Private Placement Warrants and Warrant Shares are being purchased pursuant to an
exemption from the registration requirements of the Securities Act and will become freely tradable only after the expiration of the lockup described above in clause (i) and they are registered pursuant to the Registration Rights Agreement or an
exemption from registration is available, and the restrictions described above in clause (i) have expired. 
 9. Governing Law;
Jurisdiction; Waiver of Jury Trial. 
 This Agreement shall be governed by and construed in accordance with the laws of the State of New
York for agreements made and to be wholly performed within such state. THE PARTIES HERETO HEREBY WAIVE ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. 

10. Assignment; Entire Agreement; Amendment. 

10.1 Assignment. Neither this Agreement nor any rights hereunder may be assigned by any party to any other person other than by the
Subscriber to a person agreeing to be bound by the terms hereof, including the transfer restrictions contained in Section 7 hereof. 

10.2 Entire Agreement. This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter
thereof and merges and supersedes all prior discussions, agreements and understandings of any and every nature among them. 
 10.3
Amendment. Except as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed by all of the parties hereto. 

10.4 Binding upon Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their
respective heirs, legal representatives, successors and permitted assigns. 

  
 8 

 11. Notices. 

11.1 Notices. Unless otherwise provided herein, any notice or other communication to a party hereunder shall be sufficiently given if in
writing and personally delivered or sent by facsimile or other electronic transmission with copy sent in another manner herein provided or sent by courier (which for all purposes of this Agreement shall include Federal Express or other recognized
overnight courier) or mailed to said party by certified mail, return receipt requested, at its address provided for herein or such other address as either may designate for itself in such notice to the other. Communications shall be deemed to have
been received when delivered personally, on the scheduled arrival date when sent by next day or 2nd-day courier service, or if sent by facsimile upon receipt of confirmation of transmittal or, if sent by mail,
then three days after deposit in the mail. If given by electronic transmission, such notice shall be deemed to be delivered (i) if by electronic mail, when directed to an electronic mail address at which the stockholder has consented to receive
notice; (ii) if by a posting on an electronic network together with separate notice to the stockholder of such specific posting, upon the later of (1) such posting and (2) the giving of such separate notice; and (iii) if by any
other form of electronic transmission, when directed to the stockholder. 
 12. Counterparts. 

This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile
transmission or by e-mail delivery of a “pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with
the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. 
 13. Survival;
Severability. 
 13.1 Survival. The representations, warranties, covenants and agreements of the parties hereto shall survive the
Closing Date. 
 13.2 Severability. In the event that any provision of this Agreement becomes or is declared by a court of competent
jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall be effective if it materially changes the economic benefit of this Agreement
to any party. 
 14. Headings. 

The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this
Agreement. 
 [Remainder of Page Intentionally Left Blank] 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective
as of the date first set forth above. 
  

			
	ALTENERGY ACQUISITION CORP.
	By:	 	 /s/ Russell Stidolph

	Name:	 	Russell Stidolph
	Title:	 	Chief Executive Officer
	
	SUBSCRIBER:
	
	ALTENERGY ACQUISITION SPONSOR, LLC
	By:	 	 /s/ Russell Stidolph

	Name:	 	Russell Stidolph
	Title:	 	Manager
	
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	By:	 	 /s/ Doug C. Reed

	Name:	 	Doug C. Reed
	Title:	 	Vice President

 [Signature Page to Private Placement Warrant Subscription Agreement]

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