Document:

Exhibit
10.3

 

December
20, 2021

Sagaliam
Acquisition Corp.

1800
Avenue of the Stars, Suite 1475

Los
Angeles, CA 90067

 

Re:
Initial Public Offering

 

Ladies
and Gentlemen:

 

This
letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the
“Underwriting AgreementI”) entered into by and among Sagaliam Acquisition Corp., a Delaware corporation (the
“Company”), and EF Hutton, a division of Benchmark Investments, LLC, as representative (the “Representative”)
of the several underwriters (each, an “Underwriter” and collectively, the “Underwriters”),
relating to an underwritten initial public offering (the “Public Offering”), of 11,500,000 of the Company’s
units (including up to 1,500,000 units that may be purchased to cover over-allotments, if any) (the “Units”),
each comprised of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”),
and one right (the “Right”). Each Right entitles the holder thereof to receive one-eighth (1/8) of one share
of Common Stock upon consummation of the initial business combination, subject to adjustment. The Units will be sold in the Public Offering
pursuant to a registration statement and prospectus (the “Prospectus”) filed by the Company with the U.S. Securities
and Exchange Commission (the “Commission”) and the Company has applied to have the Units listed on The Nasdaq
Capital Market. Certain capitalized terms used herein are defined in paragraph 11 hereof.

 

In
order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of Sagaliam Sponsor LLC
(the “Sponsor”) and the undersigned individuals, each of whom is a member of the Company’s board of directors
and/or management team or an advisor of the Company (each, an “Insider” and collectively, the “Insiders”),
hereby agrees with the Company as follows:

 

	1.	The
    Sponsor and each Insider agrees that if the Company seeks stockholder approval of a proposed Business Combination, then in connection
    with such proposed Business Combination, it, he or she shall (i) vote any shares of Capital Stock owned by it, him or her in favor
    of any proposed Business Combination and (ii) not redeem any shares of Common Stock owned by it, him or her in connection with such
    stockholder approval. If the Company engages in a tender offer in connection with any proposed Business Combination, the Sponsor
    and each Insider agrees that it, he or she will not seek to sell its, his or her shares of Capital Stock to the Company in connection
    with such tender offer.
	 	 
	2.	The
    Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within the timeframe
    set forth in the Company’s amended and restated certificate of incorporation, as it may be amended from time to time (the “Charter”),
    the Sponsor and each Insider shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose
    of winding up, (ii) as promptly as reasonably possible but not more than 10 business days thereafter, subject to lawfully available
    funds therefor, redeem 100% of the Common Stock sold as part of the Units in the Public Offering (the “Offering Shares”),
    at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account (as defined below), including
    interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $150,000
    of interest to pay dissolution expenses), divided by the number of then outstanding Offering Shares, which redemption will completely
    extinguish all Public Stockholders’ rights as stockholders (including the right to receive further liquidation distributions,
    if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval
    of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in the
    case of clauses (ii) and (iii) to the Company’s obligations under Delaware law to provide for claims of creditors and other
    requirements of applicable law. The Sponsor and each Insider agrees not to propose any amendment to the Charter to modify (i) the
    substance or timing of the ability of holders of Offering Shares to seek redemption in connection with a Business Combination or
    amendments to the Charter prior thereto or (ii) (A) the Company’s obligation to redeem 100% of the Offering Shares if the Company
    does not complete a Business Combination within such time set forth in the Charter or (B) any other provisions relating to stockholders’
    rights or pre-initial Business Combination activity, unless the Company provides its public stockholders with the opportunity to
    redeem their shares of Common Stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
    amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously
    released to the Company to pay its taxes, divided by the number of then outstanding Offering Shares.

 

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	 	The
    Sponsor and each Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies held
    in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder
    Shares held by it, him or her. The Sponsor and each Insider hereby further waives, with respect to any shares of Common Stock held
    by it, him or her, if any, whether acquired now or hereafter, any redemption rights it, he or she may have in connection with the
    consummation of a Business Combination or amendments to the Charter prior thereto, including, without limitation, any such rights
    available in the context of a stockholder vote to approve such Business Combination or a stockholder vote to approve an amendment
    to the Charter to modify (i) (A) the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares
    if the Company has not consummated a Business Combination within the time period set forth in the Charter or (B) any other provisions
    relating to stockholders’ rights or pre-initial Business Combination activity or (ii) in the context of a tender offer made
    by the Company to purchase shares of Common Stock (although the Sponsor, the Insiders and their respective affiliates shall be entitled
    to redemption and liquidation rights with respect to any Offering Shares it or they hold if the Company fails to consummate a Business
    Combination within the time period set forth in the Charter).
	 	 
	3.	During
    the period commencing on the date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider
    shall not, without the prior written consent of the Representative, (i) sell, offer to sell, contract or agree to sell, hypothecate,
    pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase
    a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities
    Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations of the Commission
    promulgated thereunder, with respect to any Units, shares of Capital Stock, Rights or any securities convertible into, or exercisable,
    or exchangeable for, shares of Capital Stock owned by it, him or her, (ii) enter into any swap or other arrangement that transfers
    to another, in whole or in part, any of the economic consequences of ownership of any Units, shares of Capital Stock, Rights or any
    securities convertible into, or exercisable, or exchangeable for, shares of Capital Stock owned by it, him or her, whether any such
    transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention to effect
    any transaction specified in clause (i) or (ii). Each of the Insiders and the Sponsor acknowledges and agrees that, prior to the
    effective date of any release or waiver, of the restrictions set forth in this paragraph 3 or paragraph 7 below, the Company shall
    announce the impending release or waiver by press release through a major news service at least two business days before the effective
    date of the release or waiver. Any release or waiver granted shall only be effective two business days after the publication date
    of such press release. The provisions of this paragraph will not apply if the release or waiver is effected solely to permit a transfer
    not for consideration and the transferee has agreed in writing to be bound by the same terms described in this Letter Agreement to
    the extent and for the duration that such terms remain in effect at the time of the transfer.
	 	 
	4.	In
    the event of the liquidation of the Trust Account upon the failure of the Company to consummate its initial Business Combination
    within the time period set forth in the Charter, the Sponsor (which for purposes of clarification shall not extend to any other shareholders,
    members or managers of the Sponsor ) (the “Indemnitor”), agrees to indemnify and hold harmless the Company
    against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal or other
    expenses reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened) to which
    the Company may become subject as a result of any claim by (i) any third party for services rendered (other than the Company’s
    independent public accountants) or products sold to the Company or (ii) any prospective target business with which the Company has
    entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement (a “Target”);
    provided, however, that such indemnification of the Company by the Indemnitor shall (x) apply only to the extent necessary to ensure
    that such claims by a third party or a Target do not reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00
    per Offering Share and (ii) the actual amount per Offering Share held in the Trust Account as of the date of the liquidation of the
    Trust Account, if less than $10.00 per Offering Share is then held in the Trust Account due to reductions in the value of the trust
    assets, less interest earned on the Trust Account which may be withdrawn to pay taxes, (y) not apply to any claims by a third party
    or a Target which executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is
    enforceable) and (z) not apply to any claims under the Company’s indemnity of the Underwriters against certain liabilities,
    including liabilities under the Securities Act of 1933, as amended. The Indemnitor shall have the right to defend against any such
    claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of
    the claim to the Indemnitor, the Indemnitor notifies the Company in writing that it shall undertake such defense.

 

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	5.	To
    the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 1,500,000 Units in full
    within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at no
    cost, a number of Founder Shares in the aggregate equal to 375,000 multiplied by a fraction, (i) the numerator of which is 1,500,000
    minus the number of Units purchased by the Underwriters upon the exercise of their overallotment option, and (ii) the denominator
    of which is 1,500,000. The Sponsor will be required to forfeit only that number of Founder Shares as is necessary so that the Initial
    Stockholders will own an aggregate of 20.0% of the Company’s issued and outstanding shares of Capital Stock after the Public
    Offering.
	 	 
	6.	The
    Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured in
    the event of a breach by such Sponsor or an Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 7(a), 7(b), and
    9, as applicable, of this Letter Agreement (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching
    party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the
    event of such breach.

 

	7.	(a)	The
    Sponsor and each Insider agrees that it, he or she shall not Transfer any Founder Shares (or shares of Common Stock issuable upon
    conversion thereof) until the earlier of (A) one year after the completion of the Company’s initial Business Combination or
    (B) subsequent to the Business Combination, (x) if the last sale price of the Common Stock equals or exceeds $12.00 per share (as
    adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
    day period commencing at least 150 days after the Company’s initial Business Combination or (y) the date on which the Company
    completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s
    stockholders having the right to exchange their shares of Common Stock for cash, securities or other property (the “Founder
    Shares Lock-up Period”).
	 	 	 
	 	 	 
	 	(b)	The Sponsor
    and each Insider agrees that it, he or she shall not Transfer any Private Placement Units (including the underlying Rights), until
    30 days after the completion of a Business Combination (the “Private Placement Lock-up Period”, together
    with the Founder Shares Lock-up Period, the “Lock-up Periods”).
	 	 	 
	 	(c)	Notwithstanding
    the provisions set forth in paragraphs 7(a) and (b), Transfers of the Founder Shares and Private Placement Units (including the Private
    Shares and Private Rights), are permitted (a) to the Company’s officers or directors, any affiliate or family member of any
    of the Company’s officers or directors or any affiliate of the Sponsor or to any member(s) of the Sponsor; (b) in the case
    of an individual, by gift to a member of such individual’s immediate family or to a trust, the beneficiary of which is a member
    of such individual’s immediate family, an affiliate of such individual or to a charitable organization; (c) in the case of
    an individual, by virtue of laws of descent and distribution upon death of such individual; (d) in the case of an individual, pursuant
    to a qualified domestic relations order; (e) by private sales or transfers made in connection with the consummation of an initial
    Business Combination at prices no greater than the price at which the securities were originally purchased; (f) in the event of the
    Company’s liquidation prior to the completion of an initial Business Combination; (g) by virtue of the laws of the State of
    Delaware or the Sponsor’s limited liability company agreement upon dissolution of the Sponsor, or (h) in the event of the Company’s
    liquidation, merger, capital stock exchange, reorganization or other similar transaction which results in all of the Company’s
    stockholders having the right to exchange their shares of common stock for cash, securities or other property subsequent to the completion
    of the Company’s initial Business Combination; provided, however, that in the case of clauses (a) through (e) or (g), these
    permitted transferees must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions herein.

 

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	8.	The
    Sponsor and each Insider represents and warrants that it, he or she has never been suspended or expelled from membership in any securities
    or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. Each
    Insider’s biographical information furnished to the Company (including any such information included in the Prospectus) is
    true and accurate in all respects and does not omit any material information with respect to the Insider’s background. Each
    Insider’s questionnaire furnished to the Company is true and accurate in all respects. Each Insider represents and warrants
    that: it, he or she is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or
    stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; it, he or she
    has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling
    of funds of another person, or (iii) pertaining to any dealings in any securities and it, he or she is not currently a defendant
    in any such criminal proceeding.
	 	 
	9.	Except
    as disclosed in the Prospectus, neither the Sponsor nor any officer, director, advisor or affiliate of the Sponsor, nor any officer,
    director or advisor of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies
    in respect of any repayment of a loan or other compensation prior to, or in connection with any services rendered in order to effectuate,
    the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is).
	 	 
	10.	The
    Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including, without limitation,
    any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and,
    as applicable, to serve as an officer and/or director on the board of directors or an advisor of the Company and hereby consents
    to being named in the Prospectus as an officer and/or director of the Company or an advisor of the Company.
	 	 
	11.	As
    used herein, (i) “Business Combination” shall mean a merger, capital stock exchange, asset acquisition,
    stock purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Capital
    Stock” shall mean, collectively, the Common Stock and the Founder Shares; (iii) “Founder Shares”
    shall mean (a) the 2,875,000 shares of the Company’s Class B common stock, par value $0.0001 per share, initially issued to
    the Sponsor (up to 375,000 Shares of which are subject to complete or partial forfeiture by the Sponsor if the over-allotment option
    is not exercised by the Underwriters) for an aggregate purchase price of $25,000, or $0.009 per share, prior to the consummation
    of the Public Offering; (iv) “Initial Stockholders” shall mean the Sponsor and any Insider that holds Founder
    Shares; (v) “Private Placement Units” shall mean 370,000 units (or 400,000 units if the over-allotment
    option is exercised in full) that the Sponsor has agreed to purchase for an aggregate purchase price of $3,000,000 (or $4,000,000
    if the over-allotment option is exercised in full) in the aggregate, or $10.00 per Unit, in a private placement that shall occur
    simultaneously with the consummation of the Public Offering; (vi) “Private Rights” shall mean the rights
    underlying the Private Units, (vi) “Private Common Stock” shall mean the Ordinary Shares underlying the
    Private Units, (vii) “Public Stockholders” shall mean the holders of securities issued in the Public Offering;
    (viii) “Trust Account” shall mean the trust fund into which a portion of the net proceeds of the Public
    Offering shall be deposited; and (ix) “Transfer” shall mean the (a) sale of, offer to sell, contract or
    agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly
    or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent
    position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the Commission promulgated thereunder
    with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of
    the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities,
    in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b).
	 	 
	12.	The
    Company will maintain an insurance policy or policies providing directors’ and officers’ liability insurance, and each
    director of the Company shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent
    of the coverage available for any of the Company’s directors or officers.

 

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	13.	This
    Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof
    and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent
    they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed,
    amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument
    executed by all parties hereto.
	 	 
	14.	No
    party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior
    written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall
    not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the
    Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees.
	 	 
	15.	Nothing
    in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto any
    right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement
    hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall be for the sole
    and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns and permitted transferees;
    provided, however, that the Representatives on behalf of the Underwriters are third party beneficiaries of this Letter Agreement.
	 	 
	16.	This
    Letter Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all
    purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
	 	 
	17.	This
    Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
    the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such
    invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Letter Agreement
    a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.
	 	 
	18.	This
    Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
    effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties
    hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement
    shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction
    and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue
    or that such courts represent an inconvenient forum.
	 	 
	19.	Any
    notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing
    and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery
    or facsimile transmission.
	 	 
	20.	This
    Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation of the Company;
    provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated and
    closed by December 31, 2021; provided further that paragraph 4 of this Letter Agreement shall survive such liquidation.

 

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	 	Sincerely,
	 	 	 
	 	SAGALIAM
    SPONSOR LLC
	 	 	 
	 	By:	/s/
    Barry Kostiner
	 	Name:	Barry Kostiner
	 	Title:	Managing Member
	 	 	 
	 	 	/s/
    Barry Kostiner
	 	Name:	Barry Kostiner
	 	 	 
	 	 	/s/
    Thomas Neukranz
	 	Name:	Thomas Neukranz
	 	 	 
	 	 	/s/
    Jane Liu
	 	Name:	Jane Liu
	 	 	 
	 	 	/s/
    George Caruolo
	 	Name:	George Caruolo
	 	 	 
	 	 	/s/
    Gabriel Del Virginia
	 	Name:	Gabriel Del Virginia
	 	 	 
	 	 	/s/
    Glauco Lolli-Ghetti
	 	Name:	Glauco Lolli-Ghetti

 

	Acknowledged
    and Agreed:	 
	 		 
	SAGALIAM
    ACQUISITION CORP.	 
	 	 	 
	By:	/s/ Barry Kostiner	 
	Name:	Barry Kostiner	 
	Title:	Chief Executive Officer	 

 

[Signature
Page to Letter Agreement]Exhibit
10.4

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of December 20, 2021, is made and entered into by
and among Sagaliam Acquisition Corp., a Delaware corporation (the “Company”) and Sagaliam Sponsor LLC, a Delaware
limited liability company (the “Sponsor,” together with any person or entity who hereafter becomes a party
to this Agreement pursuant to Section 5.2 of this Agreement, a “Holder” and collectively the “Holders”).

 

RECITALS

 

WHEREAS,
on April 7, 2021, the Sponsor purchased an aggregate of 2,875,000 Founder Shares outstanding, up to 375,000 of which would be forfeited
to the Company for no consideration depending on the extent to which the underwriters of the Company’s initial public offering
exercise their over-allotment option;

 

WHEREAS,
the Founder Shares are convertible into shares of the Company’s Class A common stock, par value $0.0001 per share (the “Common
Stock”), on the terms and conditions provided in the Company’s amended and restated certificate of incorporation;

 

WHEREAS,
on December 20, 2021, the Company and the Sponsor entered into that certain Private Placement Units Purchase Agreement, pursuant to which
the Sponsor agreed to purchase 370,000 units (or 400,000 units if the over-allotment option is exercised in full) at a price of $10.00
per unit (the “Private Placement Units”), in a private placement transaction occurring simultaneously with
the closing of the Company’s initial public offering;

 

WHEREAS,
each Private Unit consisting of one share of Common Stock (“Private Common Stock”), and one right (the “Private
Right”). Each Right entitles the holder thereof to receive one-eighth (1/8) of one ordinary share upon the consummation
of the Company’s it initial business combination;

 

WHEREAS,
in order to finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined below)
the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may loan to the Company funds as
the Company may require, of which up to $1,500,000 of such loans may be convertible into private placement units (“Working
Capital Units”) at a price of $10.00 per unit; and

 

WHEREAS,
the Company and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration
rights with respect to certain securities of the Company, as set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby
agree as follows:

 

ARTICLE
I

DEFINITIONS

 

	1.1	Definitions.
    The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth
    below:
	 	 
	 	“Adverse
    Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith
    judgment of the Chief Executive Officer or principal financial officer of the Company, after consultation with counsel to the Company,
    (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or
    Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
    contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they
    were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed,
    and (iii) the Company has a bona fide business purpose for not making such information public.

 

    	 

    	 

    

 

“Agreement”
shall have the meaning given in the Preamble.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Business
Combination” shall mean any merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other
similar business combination with one or more businesses, involving the Company.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Common
Stock” shall have the meaning given in the Recitals hereto.

 

“Company”
shall have the meaning given in the Preamble.

 

“Demand
Registration” shall have the meaning given in subsection 2.1.1.

 

“Demanding
Holder” shall have the meaning given in subsection 2.1.1.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Form
S-1” shall have the meaning given in subsection 2.1.1.

 

“Form
S-3” shall have the meaning given in subsection 2.3.

 

“Founder
Shares” shall have the meaning given in the Recitals hereto and shall be deemed to include the shares of Common Stock issuable
upon conversion thereof.

 

“Founder
Shares Lock-up Period” shall mean, with respect to the Founder Shares, the period ending on the earlier of (A) one year
after the completion of the Company’s initial Business Combination or (B) subsequent to the Business Combination, (x) if the last
sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial
Business Combination or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or
other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of Common
Stock for cash, securities or other property.

 

“Holders”
shall have the meaning given in the Preamble.

 

“Insider
Letter” shall mean that certain letter agreement, dated as of December 20, 2021, by and among the Company, the Sponsor
and each of the Company’s officers, directors, director nominees and advisors.

 

“Maximum
Number of Securities” shall have the meaning given in subsection 2.1.4.

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the light of the circumstances under
which they were made) not misleading.

 

“Permitted
Transferees” shall mean any person or entity to whom a Holder of Registrable Securities is permitted to transfer such Registrable
Securities prior to the expiration of the Founder Shares Lock-up Period or Private Placement Lock-up Period, as the case may be, under
the Insider Letter, this Agreement and any other applicable agreement between such Holder and the Company, and to any transferee thereafter.

 

“Piggyback
Registration” shall have the meaning given in subsection 2.2.1.

 

    	2

     

    

 

“Private
Placement Lock-up Period” shall mean, with respect to Private Placement Units that are held by the initial purchasers of
such Private Placement Units or their Permitted Transferees, and any of the securities underlying the Private Placement Units, including
the Private Units issued or issuable upon the conversion of any such Private Rights), that are held by the initial purchasers of the
Private Placement Units or their Permitted Transferees, the period ending 30 days after the completion of the Company’s initial
Business Combination.

 

“Private
Placement Units” shall have the meaning given in the Recitals hereto.

 

“Pro
Rata” shall have the meaning given in subsection 2.1.4.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable
Security” shall mean (a) the Founder Shares and the shares of Common Stock issued or issuable upon the conversion of any
Founder Shares, (b) the Private Placement Units and the Common Stock issued or issuable upon the exercise of the Private Placement Units,
(c) any outstanding share of the Common Stock or any other equity security (including the shares of Common Stock issued or issuable upon
the exercise of any other equity security) of the Company held by a Holder as of the date of this Agreement, (d) any Working Capital
Units (including the Common Stock issued or issuable upon the exercise of the Working Capital Units), and (e) any other equity security
of the Company issued or issuable with respect to any such share of the Common Stock by way of a stock dividend or stock split or in
connection with a combination of shares, recapitalization, merger, consolidation or reorganization; provided, however,
that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when: (A) a Registration Statement
with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been
sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (B) such securities shall have been otherwise
transferred, new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the
Company and subsequent public distribution of such securities shall not require registration under the Securities Act; (C) such securities
shall have ceased to be outstanding; (D) such securities may be sold without registration pursuant to Rule 144 promulgated under the
Securities Act (or any successor rule promulgated thereafter by the Commission) (but with no volume or other restrictions or limitations);
or (E) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities
transaction.

 

“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements
of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.

 

“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

	 	(A)	all registration
    and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.)
    and any securities exchange on which the Common Stock is then listed;
	 	 	 
	 	(B)	fees
    and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters
    in connection with blue sky qualifications of Registrable Securities);
	 	 	 
	 	(C)	printing,
    messenger, telephone and delivery expenses;
	 	 	 
	 	(D)	reasonable
    fees and disbursements of counsel for the Company;
	 	 	 
	 	(E)	reasonable
    fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with such
    Registration; and

 

    	3

     

    

 

	 	(F)	reasonable
    fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand Registration
    to be registered for offer and sale in the applicable Registration.

 

“Registration
Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this
Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements
to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

 

“Requesting
Holder” shall have the meaning given in subsection 2.1.1.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

 

“Sponsor”
shall have the meaning given in the Recitals hereto.

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such
dealer’s market-making activities.

 

“Underwritten
Registration” or “Underwritten Offering” shall mean a Registration in which securities of the
Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

 

“Working
Capital Units” shall have the meaning given in the Recitals hereto.

 

ARTICLE
II

REGISTRATIONS

 

	2.1	Demand
    Registration.

 

	 	2.1.1	Request
    for Registration. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, at any time and from time to time
    on or after the date the Company consummates the Business Combination, the Holders of at least a majority in interest of the then-outstanding
    number of Registrable Securities (the “Demanding Holders”) may make a written demand for Registration of
    all or part of their Registrable Securities, which written demand shall describe the amount and type of securities to be included
    in such Registration and the intended method(s) of distribution thereof (such written demand a “Demand Registration”).
    The Company shall, within ten (10) days of the Company’s receipt of the Demand Registration, notify, in writing, all other
    Holders of Registrable Securities of such demand, and each Holder of Registrable Securities who thereafter wishes to include all
    or a portion of such Holder’s Registrable Securities in a Registration pursuant to a Demand Registration (each such Holder
    that includes all or a portion of such Holder’s Registrable Securities in such Registration, a “Requesting Holder”)
    shall so notify the Company, in writing, within five (5) days after the receipt by the Holder of the notice from the Company. Upon
    receipt by the Company of any such written notification from a Requesting Holder(s) to the Company, such Requesting Holder(s) shall
    be entitled to have their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall
    effect, as soon thereafter as practicable, but not more than forty five (45) days immediately after the Company’s receipt of
    the Demand Registration, the Registration of all Registrable Securities requested by the Demanding Holders and Requesting Holders
    pursuant to such Demand Registration. Under no circumstances shall the Company be obligated to effect more than an aggregate of three
    (3) Registrations pursuant to a Demand Registration under this subsection 2.1.1 with respect to any or all Registrable Securities;
    provided, however, that a Registration shall not be counted for such purposes unless a Form S-1 or any similar long-form
    registration statement that may be available at such time (“Form S-1”) has become effective and all of
    the Registrable Securities requested by the Requesting Holders to be registered on behalf of the Requesting Holders in such Form
    S-1 Registration have been sold, in accordance with Section 3.1 of this Agreement.

 

    	4

     

    

 

	 	2.1.2	Effective
    Registration. Notwithstanding the provisions of subsection 2.1.1 above or any other part of this Agreement, a Registration
    pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed with the
    Commission with respect to a Registration pursuant to a Demand Registration has been declared effective by the Commission and (ii)
    the Company has complied with all of its obligations under this Agreement with respect thereto; provided, further,
    that if, after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant
    to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or state court
    or any other governmental agency the Registration Statement with respect to such Registration shall be deemed not to have been declared
    effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest
    of the Demanding Holders initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and
    accordingly notify the Company in writing, but in no event later than five (5) days, of such election; and provided, further,
    that the Company shall not be obligated or required to file another Registration Statement until the Registration Statement that
    has been previously filed with respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated.
	 	 	 
	 	2.1.3	Underwritten
    Offering. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, if a majority-in-interest of the
    Demanding Holders so advise the Company as part of their Demand Registration that the offering of the Registrable Securities pursuant
    to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Holder or Requesting
    Holder (if any) to include its Registrable Securities in such Registration shall be conditioned upon such Holder’s participation
    in such Underwritten Offering and the inclusion of such Holder’s Registrable Securities in such Underwritten Offering to the
    extent provided herein. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under
    this subsection 2.1.3 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such
    Underwritten Offering by the majority-in-interest of the Demanding Holders initiating the Demand Registration.
	 	 	 
	 	2.1.4	Reduction
    of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand Registration,
    in good faith, advises the Company, the Demanding Holders and the Requesting Holders (if any) in writing that the dollar amount or
    number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with
    all other Common Stock or other equity securities that the Company desires to sell and the Common Stock, if any, as to which a Registration
    has been requested pursuant to separate written contractual piggy-back registration rights held by any other stockholders who desire
    to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without
    adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering
    (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”),
    then the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding
    Holders and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities that each Demanding
    Holder and Requesting Holder (if any) has requested be included in such Underwritten Registration and the aggregate number of Registrable
    Securities that the Demanding Holders and Requesting Holders have requested be included in such Underwritten Registration (such proportion
    is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Securities;
    (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable
    Securities of Holders (Pro Rata, based on the respective number of Registrable Securities that each Holder has so requested) exercising
    their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof, without exceeding the Maximum Number
    of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
    (i) and (ii), the Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the
    Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the
    foregoing clauses (i), (ii) and (iii), the Common Stock or other equity securities of other persons or entities that the Company
    is obligated to register in a Registration pursuant to separate written contractual arrangements with such persons and that can be
    sold without exceeding the Maximum Number of Securities.

 

    	5

     

    

 

	 	2.1.5	Demand
    Registration Withdrawal. A majority-in-interest of the Demanding Holders initiating a Demand Registration or a majority-in-interest
    of the Requesting Holders (if any), pursuant to a Registration under subsection 2.1.1 shall have the right to withdraw from
    a Registration pursuant to such Demand Registration for any or no reason whatsoever upon written notification to the Company and
    the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness of the
    Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such
    Demand Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration
    Expenses incurred in connection with a Registration pursuant to a Demand Registration prior to its withdrawal under this subsection
    2.1.5.

 

	2.2	Piggyback
    Registration.

 

	 	2.2.1	Piggyback
    Rights. If, at any time on or after the date the Company consummates a Business Combination, the Company proposes to file a Registration
    Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable
    or exchangeable for, or convertible into equity securities, for its own account or for the account of stockholders of the Company
    (or by the Company and by the stockholders of the Company including, without limitation, pursuant to Section 2.1 hereof),
    other than a Registration Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange
    offer or offering of securities solely to the Company’s existing stockholders, (iii) for an offering of debt that is convertible
    into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall give written notice of such
    proposed filing to all of the Holders of Registrable Securities as soon as practicable but not less than ten (10) days before the
    anticipated filing date of such Registration Statement, which notice shall (A) describe the amount and type of securities to be included
    in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any,
    in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to register the sale of such number
    of Registrable Securities as such Holders may request in writing within five (5) days after receipt of such written notice (such
    Registration a “Piggyback Registration”). The Company shall, in good faith, cause such Registrable Securities
    to be included in such Piggyback Registration and shall use its best efforts to cause the managing Underwriter or Underwriters of
    a proposed Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to this subsection 2.2.1
    to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company included
    in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s)
    of distribution thereof. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under
    this subsection 2.2.1 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such
    Underwritten Offering by the Company.

 

    	6

     

    

 

	 	 	 
	 	2.2.2	Reduction
    of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that is to be a Piggyback
    Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration
    in writing that the dollar amount or number of the Common Stock that the Company desires to sell, taken together with (i) the Common
    Stock, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with persons or entities
    other than the Holders of Registrable Securities hereunder (ii) the Registrable Securities as to which registration has been requested
    pursuant to Section 2.2 hereof, and (iii) the Common Stock, if any, as to which Registration has been requested pursuant to
    separate written contractual piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Number of Securities,
    then:

 

	 	(a)	If the
    Registration is undertaken for the Company’s account, the Company shall include in any such Registration (A) first, the Common
    Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities;
    (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable
    Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof,
    Pro Rata, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number
    of Securities has not been reached under the foregoing clauses (A) and (B), the Common Stock, if any, as to which Registration has
    been requested pursuant to written contractual piggy-back registration rights of other stockholders of the Company, which can be
    sold without exceeding the Maximum Number of Securities;

  

	 	(b)	If the
    Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company shall
    include in any such Registration (A) first, the Common Stock or other equity securities, if any, of such requesting persons or entities,
    other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities; (B) second,
    to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities
    of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1, pro rata based on
    the number of Registrable Securities that each Holder has requested be included in such Underwritten Registration and the aggregate
    number of Registrable Securities that the Holders have requested to be included in such Underwritten Registration, which can be sold
    without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached
    under the foregoing clauses (A) and (B), the Common Stock or other equity securities that the Company desires to sell, which can
    be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has
    not been reached under the foregoing clauses (A), (B) and (C), the Common Stock or other equity securities for the account of other
    persons or entities that the Company is obligated to register pursuant to separate written contractual arrangements with such persons
    or entities, which can be sold without exceeding the Maximum Number of Securities.

 

	 	2.2.3	Piggyback
    Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration
    for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her
    or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with
    the Commission with respect to such Piggyback Registration. The Company (whether on its own good faith determination or as the result
    of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement
    filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration
    Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses
    incurred in connection with the Piggyback Registration prior to its withdrawal under this subsection 2.2.3.
	 	 	 
	 	2.2.4	Unlimited
    Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2 hereof shall
    not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof.

 

    	7

     

    

 

	2.3	Registrations
    on Form S-3. Any Holder of Registrable Securities may at any time, and from time to time, request in writing that the Company,
    pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the Commission), register the resale
    of any or all of their Registrable Securities on Form S-3 or any similar short form registration statement that may be available
    at such time (“Form S-3”); provided, however, that the Company shall not be obligated to
    effect such request through an Underwritten Offering. Within five (5) days of the Company’s receipt of a written request from
    a Holder or Holders of Registrable Securities for a Registration on Form S-3, the Company shall promptly give written notice of the
    proposed Registration on Form S-3 to all other Holders of Registrable Securities, and each Holder of Registrable Securities who thereafter
    wishes to include all or a portion of such Holder’s Registrable Securities in such Registration on Form S-3 shall so notify
    the Company, in writing, within ten (10) days after the receipt by the Holder of the notice from the Company. As soon as practicable
    thereafter, but not more than twelve (12) days after the Company’s initial receipt of such written request for a Registration
    on Form S-3, the Company shall register all or such portion of such Holder’s Registrable Securities as are specified in such
    written request, together with all or such portion of Registrable Securities of any other Holder or Holders joining in such request
    as are specified in the written notification given by such Holder or Holders; provided, however, that the Company shall
    not be obligated to effect any such Registration pursuant to Section 2.3 hereof if (i) a Form S-3 is not available for such
    offering; or (ii) the Holders of Registrable Securities, together with the Holders of any other equity securities of the Company
    entitled to inclusion in such Registration, propose to sell the Registrable Securities and such other equity securities (if any)
    at any aggregate price to the public of less than $1,000,000.

 

	2.4	Restrictions
    on Registration Rights. If (A) during the period starting with the date sixty (60) days prior to the Company’s good faith
    estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company
    initiated Registration and provided that the Company has delivered written notice to the Holders prior to receipt of a Demand Registration
    pursuant to subsection 2.1.1 and it continues to actively employ, in good faith, all reasonable efforts to cause the applicable
    Registration Statement to become effective; (B) the Holders have requested an Underwritten Registration and the Company and the Holders
    are unable to obtain the commitment of underwriters to firmly underwrite the offer; or (C) in the good faith judgment of the Board
    such Registration would be seriously detrimental to the Company and the Board concludes as a result that it is essential to defer
    the filing of such Registration Statement at such time, then in each case the Company shall furnish to such Holders a certificate
    signed by the Chairman of the Board stating that in the good faith judgment of the Board it would be seriously detrimental to the
    Company for such Registration Statement to be filed in the near future and that it is therefore essential to defer the filing of
    such Registration Statement. In such event, the Company shall have the right to defer such filing for a period of not more than thirty
    (30) days; provided, however, that the Company shall not defer its obligation in this manner more than once in any
    12-month period.

 

ARTICLE
III

COMPANY
PROCEDURES

 

	3.1	General
    Procedures. If at any time on or after the date the Company consummates a Business Combination the Company is required to effect
    the Registration of Registrable Securities, the Company shall use its best efforts to effect such Registration to permit the sale
    of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall,
    as expeditiously as possible:

 

	 	3.1.1	prepare
    and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use
    its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities
    covered by such Registration Statement have been sold;
	 	 	 
	 	3.1.2	prepare
    and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to
    the Prospectus, as may be requested by any Holder or any Underwriter of Registrable Securities or as may be required by the rules,
    regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations
    thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are
    sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;
	 	 	 
	 	3.1.3	prior
    to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
    if any, and each Holder of Registrable Securities included in such Registration, and each such Holder’s legal counsel, copies
    of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case
    including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement
    (including each preliminary Prospectus), and such other documents as the Underwriters and each Holder of Registrable Securities included
    in such Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable
    Securities owned by such Holders;

 

    	8

     

    

 

	 	3.1.4	prior
    to any public offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities covered
    by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as
    any Holder of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may
    request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered
    with or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company
    and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included
    in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided,
    however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not
    otherwise be required to qualify or take any action to which it would be subject to general service of process or taxation in any
    such jurisdiction where it is not then otherwise so subject;
	 	 	 
	 	3.1.5	cause
    all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities
    issued by the Company are then listed;
	 	 	 
	 	3.1.6	provide
    a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date
    of such Registration Statement;
	 	 	 
	 	3.1.7	advise
    each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of
    any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of
    any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain
    its withdrawal if such stop order should be issued;
	 	 	 
	 	3.1.8	at least
    five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
    Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus, furnish
    a copy thereof to each seller of such Registrable Securities and its counsel, including, without limitation, providing copies promptly
    upon receipt of any comment letters received with respect to any such Registration Statement or Prospectus;
	 	 	 
	 	3.1.9	notify
    the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities
    Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect,
    includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;
	 	 	 
	 	3.1.10	permit
    a representative of the Holders (such representative to be selected by a majority of the participating Holders), the Underwriters,
    if any, and any attorney or accountant retained by such Holders or Underwriter to participate, at each such person’s own expense,
    in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply all information
    reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration; provided,
    however, that such representatives or Underwriters enter into a confidentiality agreement, in form and substance reasonably
    satisfactory to the Company, prior to the release or disclosure of any such information; and provided further, the Company
    may not include the name of any Holder or Underwriter or any information regarding any Holder or Underwriter in any Registration
    Statement or Prospectus, any amendment or supplement to such Registration Statement or Prospectus, any document that is to be incorporated
    by reference into such Registration Statement or Prospectus, or any response to any comment letter, without the prior written consent
    of such Holder or Underwriter and providing each such Holder or Underwriter a reasonable amount of time to review and comment on
    such applicable document, which comments the Company shall include unless contrary to applicable law;

 

    	9

     

    

 

	 	3.1.11	obtain
    a “cold comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten
    Registration which the participating Holders may rely on, in customary form and covering such matters of the type customarily covered
    by “cold comfort” letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest
    of the participating Holders;
	 	 	 
	 	3.1.12	on the
    date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of counsel
    representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if
    any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion
    is being given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included
    in such opinions and negative assurance letters, and reasonably satisfactory to a majority in interest of the participating Holders;
	 	 	 
	 	3.1.13	in the
    event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
    form, with the managing Underwriter of such offering;
	 	 	 
	 	3.1.14	make
    available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve
    (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration
    Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor
    rule promulgated thereafter by the Commission);
	 	 	 
	 	3.1.15	if the
    Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $10,000,000, use its reasonable
    efforts to make available senior executives of the Company to participate in customary “road show” presentations that
    may be reasonably requested by the Underwriter in any Underwritten Offering; and
	 	 	 
	 	3.1.16	otherwise,
    in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection
    with such Registration.

 

	3.2	Registration
    Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that
    the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’
    commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration
    Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.
	 	 
	3.3	Requirements
    for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for equity securities of
    the Company pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s
    securities on the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes all customary
    questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may
    be reasonably required under the terms of such underwriting arrangements.
	 	 
	3.4	Suspension
    of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains
    a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies
    of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare
    and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing by
    the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration
    Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure or would require the
    inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s
    control, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness
    of, or suspend use of, such Registration Statement for the shortest period of time, but in no event more than thirty (30) days, determined
    in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under the preceding
    sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus
    relating to any Registration in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify
    the Holders of the expiration of any period during which it exercised its rights under this Section 3.4.

 

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	3.5	Reporting
    Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting
    company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable
    grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d)
    of the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings. The Company further
    covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time
    to enable such Holder to sell shares of the Common Stock held by such Holder without registration under the Securities Act within
    the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter
    by the Commission), including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder
    a written certification of a duly authorized officer as to whether it has complied with such requirements.

 

ARTICLE
IV

INDEMNIFICATION
AND CONTRIBUTION

 

	4.1	Indemnification.

 

	 	4.1.1	The Company
    agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors and each person
    who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses
    (including attorneys’ fees) caused by any untrue or alleged untrue statement of material fact contained in any Registration
    Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission
    of a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the
    same are caused by or contained in any information furnished in writing to the Company by such Holder expressly for use therein.
    The Company shall indemnify the Underwriters, their officers and directors and each person who controls such Underwriters (within
    the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification of the Holder.
	 	 	 
	 	4.1.2	In connection
    with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to the Company
    in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement
    or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers and agents and each person
    who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses
    (including without limitation reasonable attorneys’ fees) resulting from any untrue statement of material fact contained in
    the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of
    a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent
    that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly
    for use therein; provided, however, that the obligation to indemnify shall be several, not joint and several, among
    such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in proportion to
    and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement.
    The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors and each person who controls such
    Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to indemnification
    of the Company.

 

    	11

     

    

 

	 	4.1.3	Any person
    entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to which
    it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification
    hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s
    reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim,
    permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party.
    If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified
    party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or
    elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (plus local
    counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of
    any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with
    respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment
    or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying
    party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving
    by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.
	 	 	 
	 	4.1.4	The indemnification
    provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the
    indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer of securities.
    The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions as are reasonably
    requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s indemnification
    is unavailable for any reason.
	 	 	 
	 	4.1.5	If the
    indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold harmless
    an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying
    party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as
    a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault
    of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of
    the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question,
    including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was
    made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s
    and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action;
    provided, however, that the liability of any Holder under this subsection 4.1.5 shall be limited to the amount
    of the net proceeds received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party
    as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth
    in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or expenses reasonably incurred
    by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable
    if contribution pursuant to this subsection 4.1.5 were determined by pro rata allocation or by any other method of allocation,
    which does not take account of the equitable considerations referred to in this subsection 4.1.5. No person guilty of fraudulent
    misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to
    this subsection 4.1.5 from any person who was not guilty of such fraudulent misrepresentation.

 

    	12

     

    

 

ARTICLE
V

MISCELLANEOUS

 

	5.1	Notices.
    Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed
    to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or
    by courier service providing evidence of delivery, or (iii) transmission by hand delivery, or facsimile. Each notice or communication
    that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received,
    in the case of mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered
    by courier service, hand delivery, or facsimile, at such time as it is delivered to the addressee (with the delivery receipt or the
    affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or communication under
    this Agreement must be addressed, if to the Company, to: 1800 Avenue of the Stars, Suite 1475, Los Angeles, CA 90067, and, if to
    any Holder, at such Holder’s address or contact information as set forth in the Company’s books and records. Any party
    may change its address for notice at any time and from time to time by written notice to the other parties hereto, and such change
    of address shall become effective thirty (30) days after delivery of such notice as provided in this Section 5.1.
	 	 
	5.2	Assignment;
    No Third Party Beneficiaries.

 

	 	5.2.1	This
    Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole
    or in part.
	 	 	 
	 	5.2.2	Prior
    to the expiration of the Founder Shares Lock-up Period or the Private Placement Lock-up Period, as the case may be, no Holder may
    assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in part, except in connection
    with a transfer of Registrable Securities by such Holder to a Permitted Transferee but only if such Permitted Transferee agrees to
    become bound by the transfer restrictions set forth in this Agreement.
	 	 	 
	 	5.2.3	This
    Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors
    and the permitted assigns of the Holders, which shall include Permitted Transferees.
	 	 	 
	 	5.2.4	This
    Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in
    this Agreement and Section 5.2 hereof.
	 	 	 
	 	5.2.5	No assignment
    by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company
    unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1 hereof and
    (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions
    of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment
    made other than as provided in this Section 5.2 shall be null and void.

 

	5.3	Counterparts.
    This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed
    an original, and all of which together shall constitute the same instrument, but only one of which need be produced.
	 	 
	5.4	Governing
    Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY
    AGREE THAT (I) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS
    AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS
    OF SUCH JURISDICTION AND (II) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN
    NEW YORK COUNTY IN THE STATE OF NEW YORK.
	 	 
	5.5	Amendments
    and Modifications. Upon the written consent of the Company and the Holders of at least a majority in interest of the Registrable
    Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may
    be waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding
    the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of the
    shares of capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall
    require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto
    or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate
    as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under
    this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder
    by such party.
	 	 
	5.6	Other
    Registration Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities, has any
    right to require the Company to register any securities of the Company for sale or to include such securities of the Company in any
    Registration filed by the Company for the sale of securities for its own account or for the account of any other person. Further,
    the Company represents and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar
    terms and conditions and in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this
    Agreement shall prevail.
	 	 
	5.7	Term.
    This Agreement shall terminate upon the earlier of (i) the tenth anniversary of the date of this Agreement or (ii) the date as of
    which (A) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable
    period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter
    by the Commission)) or (B) the Holders of all Registrable Securities are permitted to sell the Registrable Securities under Rule
    144 (or any similar provision) under the Securities Act without limitation on the amount of securities sold or the manner of sale.
    The provisions of Section 3.5 and Article IV shall survive any termination.

 

[Signature
Page Follows]

 

    	13

     

    

 

IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	SAGALIAM
    ACQUISITION CORP., a Delaware corporation
	 	 
	 	By:	/s/
    Barry Kostiner
	 	Name:	Barry Kostiner
	 	Title:	Chief Executive Officer
	 	 
	 	HOLDER:
	 	 
	 	SAGALIAM
    SPONSOR LLC, a Delaware limited liability company
	 	 
	 	By:	/s/
                                            Barry Kostiner

	 	Name:	Barry Kostiner
	 	Title:	Managing Member

 

[Signature
Page to Registration Rights Agreement]

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