Document:

Exhibit 10.1

 

[●], 2022

 

SIGNAL HILL ACQUISITION CORP.

2810 N. Church Street, Suite 94644

Wilmington, DE 19802-4447

 

Re: Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter
Agreement”) is being delivered to you in accordance with that certain underwriting agreement (the “Underwriting Agreement”)
entered into or proposed to be entered into by and between Signal Hill Acquisition Corp., a Delaware corporation (the “Company”),
and B. Riley Securities, Inc., as underwriter (the “Underwriter” ), 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 the Underwriter’s option to purchase additional units, if any) (the “Units”), each
comprised of one share of Class A common stock, par value $0.0001 per share, of the Company (“Class A Common Stock”),
and one-half of one redeemable public warrant (each whole public warrant, a “Public Warrant”). Each Public Warrant
entitles the holder thereof to purchase one share of Class A Common Stock at a price of $11.50 per share, subject to adjustment,
as described in the Prospectus (as defined below). The Units will be sold in the Public Offering pursuant to a registration statement
on Form S-1 and a 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 Global Market. Certain
capitalized terms used herein are defined in Section 11.

 

In order to induce the Company
and the Underwriter 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, Signal Hill Sponsor LLC, a Delaware limited liability company (the “Sponsor”),
and the other undersigned persons (each such other undersigned persons, an “Insider” and, collectively, the “Insiders”),
each hereby agrees, severally but not jointly, with the Company as follows:

 

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

 

2. The Sponsor and each Insider
hereby agrees that, in the event that the Company fails to consummate a Business Combination before the later of (i) fifteen (15) months
from the closing of the Public Offering, (ii) such later date as provided by Section 9.1(c) of the Company’s Second Amended and
Restated Certificate of Incorporation (as further amended, supplemented or otherwise modified from time to time, the “Second Amended
and Restated Certificate of Incorporation”)) and (iii) such later date as may be approved by the Company’s stockholders
in accordance with the Second Amended and Restated Certificate of Incorporation (the “Completion Window”), 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 ten (10) business days thereafter, subject to lawfully available
funds therefor, redeem one-hundred percent (100%) of the Class A Common Stock sold as part of the Units in the Public Offering
(the “Offering Shares”), at a per share price, payable in cash, equal to the aggregate amount then on deposit in the
Trust Account, including interest (which interest shall be net of taxes payable (“Permitted Withdrawals”) and less
up to $100,000 of interest to pay dissolution expenses), divided by the number of the then outstanding Offering Shares, which redemption
will completely extinguish all of the Public Stockholders’ rights as stockholders (including the right to receive further liquidating
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 each case to the Company’s obligations under Delaware law to provide for claims of creditors and any other requirements of applicable
law. The Sponsor and each Insider agrees to not propose any amendment to the Second Amended and Restated Certificate of Incorporation
(A) to modify the substance or timing of the Company’s obligation to allow redemptions in connection with the Company’s
initial Business Combination or to redeem one-hundred percent (100%) of the Offering Shares if the Company does not complete
its initial Business Combination within the Completion Window or (B) with respect to any other material provision relating to stockholders’
rights or pre-initial Business Combination activity, unless the Company provides the Public Stockholders with the opportunity
to redeem their Offering Shares upon approval of any such amendment at a per share price, payable in cash, equal to the aggregate amount
then on deposit in the Trust Account, including interest (which interest shall be net of Permitted Withdrawals), divided by the number
of the then outstanding Offering Shares.

 

     

     

    

 

The Sponsor and each Insider acknowledges that it, he or she has no
right, title, interest or claim of any kind in or to any monies or any other asset held in the Trust Account 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 Capital Stock held by it, him or her, if any, any redemption rights it, he or she may have in connection with (x) a
Business Combination, including, without limitation, any such rights available in the context of a stockholder vote to approve such Business
Combination or in the context of a tender offer made by the Company to purchase shares of Class A Common Stock and (y) a stockholder
vote to approve an amendment to the Second Amended and Restated Certificate of Incorporation (A) to modify the substance or timing
of the Company’s obligation to allow redemptions in connection with the Company’s initial Business Combination or to redeem one-hundred percent
(100%) of the Offering Shares if the Company has not consummated its initial Business Combination within the Completion Window or (B) with
respect to any other material provision relating to stockholders’ rights or pre-initial Business Combination activity
(although the Sponsor and each Insider shall be entitled to redemption and liquidation rights with respect to any Offering Shares it,
he or she holds if the Company fails to consummate a Business Combination within the Completion Window).

 

3. Notwithstanding the provisions
set forth in Sections 7(a) and (b), during the period commencing on the effective date of the Underwriting
Agreement and ending one-hundred-eighty (180) days after such date, the Sponsor and each Insider shall not, without the
prior written consent of the Underwriter, (i) offer, sell, contract to sell, pledge or grant any option to purchase or otherwise
dispose of (or enter into any transaction that is designed to, or might reasonably be expected to, result in the disposition (whether
by actual disposition or effective economic disposition due to cash settlement or otherwise)), 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, and the rules and regulations of the Commission promulgated thereunder (the “Exchange
Act”), with respect to any Units, shares of Class A Common Stock, Public Warrants or any securities convertible into, or
exercisable or exchangeable for, shares of Class A Common Stock, (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 Class A Common Stock, Public
Warrants or any securities convertible into, or exercisable or exchangeable for, shares of Class A Common 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) or publicly
announce an intention to effect any such transaction specified in clause (i) or (ii); provided, however,
that the foregoing does not apply to the forfeiture of any Founder Shares pursuant to their terms or any transfer of any Founder Shares
to any current or future independent director or advisor of the Company (as long as such current or future independent director or advisor
transferee is subject to this Letter Agreement or executes an agreement substantially identical to the terms of this Letter Agreement,
as applicable to directors, officers and advisors at the time of such transfer and as long as, to the extent any reporting obligation
pursuant to Section 16 of the Exchange Act is triggered as a result of such transfer, any related filing includes a practical explanation
as to the nature of the transfer). The Sponsor and each Insider acknowledge and agree that, prior to the effective date of any release
or waiver of the restrictions set forth in this Section 3 or 7, the Company shall announce the impending
release or waiver by press release through a major news service at least two (2) business days before the effective date of the release
or waiver. Any such release or waiver granted shall only be effective two (2) business days after the publication date of such press
release. The provisions of this Section 3 shall not apply if (i) the release or waiver is effected solely to
permit a transfer of securities that is not for consideration and (ii) 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, the Sponsor (which for purposes of clarification shall not extend to any other holder of limited liability company
interests or any member or manager of the Sponsor or any other Insider) agrees to indemnify and hold harmless the Company against any
and all loss, liability, claim, damage and expense whatsoever (including, without limitation, any and all legal or other expenses reasonably
incurred in investigating, preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) to which
the Company may become subject as a result of any claim by (i) any third party (other than the Company’s independent registered
public accounting firm) for services rendered or products sold to the Company or (ii) a prospective target business with which the
Company has discussed entering into an agreement for a Business Combination (a “Target”); provided, however,
that such indemnification of the Company by the Sponsor shall apply only to the extent necessary to ensure that such claims by a third
party for services rendered (other than the Company’s independent registered public accounting firm) or products sold to the Company
or a Target do not reduce the amount of funds in the Trust Account to below (i) $10.20 per Offering Share or (ii) such lesser
amount per Offering Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value
of the trust assets as of the date of the liquidation of the Trust Account, in each case, net of Permitted Withdrawals, except as to any
claims by a third party which executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims
under the Company’s indemnity of the Underwriter against certain liabilities, including liabilities under the Securities Act of
1933, as amended. In the event that any such executed waiver is deemed to be unenforceable against such third party, the Sponsor shall
not be responsible to the extent of any liability for such third party claims. The Sponsor shall have the right to defend against any
such claim with counsel of its choice reasonably satisfactory to the Company if, within fifteen (15) days following written receipt
of notice of the claim to the Sponsor, the Sponsor notifies the Company in writing that it shall undertake such defense. For the avoidance
of doubt, none of the Company’s officers, directors or advisors shall indemnify the Company for claims by third parties, including,
without limitation, claims by vendors or any Target.

 

5. (a) To the extent that the
Underwriter does not exercise its over-allotment option to purchase up to an additional 1,500,000 Units within forty-five (45) days
from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees that it shall forfeit, at no cost, an
aggregate number of the Founder Shares in the aggregate equal to the product of (a) 375,000 multiplied by a fraction, (i) the
numerator of which is 1,500,000 minus the number of Units purchased by the Underwriter upon the exercise of its option to purchase additional
Units, and (ii) the denominator of which is 1,500,000. All references in this Letter Agreement to any Founder Shares of the Company
being forfeited shall take effect as a contribution of such Founder Shares to the Company’s capital as a matter of Delaware law.
The forfeiture will be adjusted to the extent that the over-allotment option is not exercised in full by the Underwriter so that the number
of the Founder Shares will equal an aggregate of twenty percent (20.0%) of the Company’s issued and outstanding shares of Capital
Stock following the Public Offering. The Sponsor and each Insider further agree that, to the extent that the size of the Public Offering
is increased or decreased, the Company will effect a capitalization, stock repurchase or redemption or stock split, reverse stock split
or other appropriate mechanism, as applicable, immediately prior to the consummation of the Public Offering in such amount as to maintain
the number of the Founder Shares at twenty percent (20.0%) of the Company’s issued and outstanding shares of Capital Stock following
the Public Offering. In connection with such increase or decrease in the size of the Public Offering, then (A) the references to
1,500,000 in the numerator and denominator of the formula set forth in the first sentence of this Section 5 shall
be changed to a number equal to fifteen percent (15.0%) of the number of shares of Class A Common Stock included in the Units issued
in the Public Offering and (B) the reference to 375,000 in the formula set forth in the first sentence of this Section 5 shall
be adjusted to such number of the Founder Shares that the Sponsor would have to return to the Company in order for the number of the Founder
Shares to equal an aggregate of twenty percent (20.0%) of the Company’s issued and outstanding shares of Capital Stock following
the Public Offering.

 

(b)  To the
extent that the Underwriter does exercise its over-allotment option and the Sponsor elects not to purchase the up to 600,000 Private Placement
Warrants (as defined below) for $1.00 per Private Placement Warrant arising such option exercise, the Underwriter has agreed to purchase
such Private Placement Warrants.

 

6. The Sponsor and each Insider
hereby agree and acknowledge that (i) the Underwriter and the Company would be irreparably injured in the event of a breach by the
Sponsor or such Insider of its, his or her obligations under Sections 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 seek injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event
of such breach.

 

     

     

    

 

7.     (a) Subject
to the exceptions set forth in this Letter Agreement, the Sponsor and each Insider agree that it, he or she shall not Transfer (as defined
below) any Founder Shares (or shares of Class A Common Stock issuable upon conversion thereof) until the earlier of (A) one
(1) year after the date of the completion of the Company’s initial Business Combination and (B) subsequent to the completion
of the Business Combination, (x) the date on which the last reported sale price of the Class A Common Stock equals or exceeds
$12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any twenty (20) trading
days within any thirty (30)-trading day period commencing at least one-hundred-fifty (150) days after the date of the completion
of the Company’s initial Business Combination or (y) the date on which the Company completes a liquidation, merger, stock exchange,
reorganization or other similar transaction that results in all of the Public Stockholders having the right to exchange their shares of
Class A Common Stock for cash, securities or other property (the “Founder Shares Lock-Up Period”).

 

(b) Subject
to the exceptions set forth in this Letter Agreement, the Sponsor and each Insider agree that it, he or she shall not Transfer any Private
Placement Warrants or Working Capital Warrants (as defined below) (or shares of Class A Common Stock issued or issuable upon the
conversion or exercise of the Private Placement Warrants or Working Capital Warrants, as the case may be) until thirty (30) days
after the date of the completion of the Company’s initial Business Combination (the “Private Placement Warrants Lock-Up Period”
and, together with the Founder Shares Lock-Up Period, the “Lock-Up Periods”).

 

(c) Notwithstanding
the provisions set forth in Sections 3, 7(a) and (b), Transfers of the Founder Shares, Private
Placement Warrants, Working Capital Warrants and shares of Class A Common Stock issued or issuable upon the exercise or conversion
of the Private Placement Warrants, the Working Capital Warrants or the Founder Shares and that are held by the Sponsor or any Insider
or any of their respective permitted transferees (that have complied with this Section 7(c)) are permitted (a) to
the Company’s officers, directors or advisors, any Affiliates or family members of any of the Company’s officers, directors
or advisors, any direct or indirect members, partners or stockholders of the Sponsor or any employee or partner of any such member, partner
or stockholder, or any Affiliates of the Sponsor, (b) in the case of an individual, transfers by gift to a member of the individual’s
immediate family, to a trust, the beneficiaries of which are one or more of the individual’s immediate family or an Affiliate of
such person, or to a charitable organization, (c) in the case of an individual, transfers by virtue of laws of descent and distribution
upon death of such individual, (d) in the case of an individual, transfers pursuant to a qualified domestic relations order, (e) transfers
by virtue of law or the Sponsor’s operating agreement upon dissolution of a person other than an individual, (f) transfers
by private transfers or sales and transfers made in connection with the consummation of the Company’s initial Business Combination
at prices no greater than the price at which the securities were originally purchased, (g) to an entity that is an Affiliate of such
holder, (h) transfers in the event of the Company’s liquidation prior to the completion of the Company’s initial Business
Combination, (i) to the Company for no value for cancellation in connection with the consummation of the Company’s initial
Business Combination, (j) in the event of the Company’s completion of a liquidation, merger, stock exchange, reorganization
or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of Class A
Common Stock for cash, securities or other property subsequent to the completion of the Company’s initial Business Combination,
and (k) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (a) through
(h) above; provided, however, that, in the case of clauses (a) through (f) and (j), these transferees
must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Letter Agreement. “Affiliate”
means, with respect to any holder any other person who, directly or indirectly (including through one or more intermediaries), controls,
is controlled by, or is under common control with, such person. For purposes of this definition, “control,” when used
with respect to any specified person, shall mean the power, direct or indirect, to direct or cause the direction of the management and
policies of such person, whether through ownership of voting securities or partnership or other ownership interests, by contract or otherwise,
and the terms “controlling” and “controlled” shall have correlative meanings.

 

8. The Sponsor and each Insider
represent and warrant with respect to such Insider 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
represents and warrants with respect to such Insider that such Insider’s biographical information furnished to the Company, if any
(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 such Insider’s background. The Sponsor and each Insider’s questionnaires furnished to the Company, if any,
are true and accurate in all respects. The Sponsor and each Insider represent and warrant with respect to such Insider that it, he or
she (a) 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, (b) 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 (c) is not currently a defendant in any
such criminal proceeding.

 

     

     

    

 

9.  Except as disclosed in,
or as expressly contemplated by, the Prospectus, neither the Sponsor nor any Insider nor any affiliate of the Sponsor or any Insider,
nor any director, officer or advisor of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting
fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection with any services rendered in order
to effectuate, the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is),
other than the following, none of which will be made from the proceeds held in the Trust Account prior to the completion of the Company’s
initial Business Combination: (i) repayment of a loan and advances of up to $300,000 made to the Company by the Sponsor to cover
expenses related to the organization of the Company and the Public Offering; (ii) reimbursement for any reasonable out-of-pocket expenses
related to identifying, investigating and consummating an initial Business Combination; and (iii) repayment of loans, if any, and
on such terms as to be determined by the Company from time to time, made by the Sponsor, an affiliate of the Sponsor or certain of the
Company’s officers and directors to finance transaction costs in connection with the Company’s initial Business Combination; provided, however,
that, if the Company does not consummate an initial Business Combination, a portion of the working capital held outside the Trust Account
may be used by the Company to repay such loaned amounts so long as no proceeds from the Trust Account are used for such repayment. Up
to $2,000,000 of such loans may be convertible into warrants (the “Working Capital Warrants”) of the post Business
Combination entity at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the Private Placement
Warrants, including as to the exercise price, exercisability and exercise period.

 

10. The Sponsor and each
Insider has full right and power, without violating any agreement by 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, a director on the
board of directors and/or an advisor on the board of advisors of the Company and hereby consents to being named in the Prospectus as an
officer, a director and/or an advisor of the Company.

 

11. As used herein, (i) “Business
Combination” shall mean a merger, consolidation, capital stock exchange, asset acquisition, stock purchase, reorganization or
similar business combination, involving the Company and one or more businesses or entities; (ii) “Capital Stock”
shall mean, collectively, the Class A Common Stock and the Founder Shares; (iii) “Founder Shares” shall mean
the 2,875,000 shares of Class B common stock, par value $0.0001 per share, issued and outstanding immediately prior to the consummation
of the Public Offering; (iv) “Private Placement Warrants” shall mean the 6,000,000 redeemable warrants (or up
to 6,600,000 warrants, depending on the extent to which the underwriters exercise their option to purchase additional units) of the Company
that the Sponsor has agreed to purchase for an aggregate purchase price of $6,000,000 (or up to $6,600,000, depending on the extent to
which the underwriters exercise their option to purchase additional units), or $1.00 per Private Placement Warrant, in a private placement
transaction that shall occur simultaneously with the consummation of the Public Offering; (v) “Public Stockholders”
shall mean the holders of securities issued in the Public Offering; (vi) “Trust Account” shall mean the trust
fund into which a portion of the net proceeds of the Public Offering and the sale of the Private Placement Warrants shall be deposited;
and (vii) “Transfer” shall mean the (a) sale or assignment of, offer to sell, contract or agreement to sell,
hypothecate or 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 the Exchange Act 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) above.

 

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

 

     

     

    

 

13. Except as otherwise provided
in this Letter Agreement, 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 Section 13 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.

 

14. Nothing in this Letter
Agreement shall be construed to confer upon, or give to, any person or entity 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.

 

15. 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.

 

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

 

17. For ease of administration,
this Letter Agreement is being executed so as to enable each Insider identified on the signature pages to enter into this Letter
Agreement, severally, but not jointly. The Company and each Insider agree with each other that (i) this Letter Agreement shall be
treated as if it were a separate agreement with respect to each Insider listed on the signature page, as if each Insider had executed
a separate registration rights agreement naming only itself as an Insider, and (ii) no Insider listed on the signature page shall
have any liability under this Letter Agreement for the obligations of any other Insider so listed. The decision of each Insider to enter
into this Letter Agreement has been made by such Insider independently of any other Insider. Nothing contained herein, and no action taken
by an Insider pursuant hereto or thereto, shall be deemed to constitute any Insider acting with any other Insider or Insiders as a partnership,
an association, a joint venture or any other kind of entity, or create a presumption that any Insider and any other Insider or Insiders
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Letter Agreement.

 

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 or other
electronic transmission.

 

20. Each party hereto shall
not be liable for any breaches or misrepresentations contained in this Letter Agreement by any other party to this Letter Agreement (including,
for the avoidance of doubt, any Insider with respect to any other Insider), and no party shall be liable or responsible for the obligations
of another party, including, without limitation, indemnification obligations and notice obligations.

 

21. This Letter
Agreement shall terminate on the earlier of (i) the expiration of the Lock-Up Periods and (ii) the liquidation
of the Company; provided, however, that this Letter Agreement shall terminate earlier in the event that the
Public Offering is not consummated and closed by [___________]; provided, further,
that Section 4 shall survive such liquidation.

 

[Signature Pages Follow]

 

     

     

    

 

	 	 	 
	 	Sincerely,
	 	 
	 	SIGNAL HILL ACQUISITION SPONSOR LLC
	 	 	 
	 	By:	 
	 	 	Name: Paul Roberts
	 	 	Title: Managing Member
	 	 	 
	 	By:	 
	 	 	Name: Jonathan Bond
	 	 	 
	 	By:	 
	 	 	Name: Marcus East
	 	 	 
	 	By:	 
	 	 	Name: Steven G. Felsher
	 	 	 
	 	By:	 
	 	 	Name: Robert LePlae
	 	 	 
	 	By:	 
	 	 	Name: Paul Roberts
	 	 	 
	 	By:	 
	 	 	Name: Grainne Coen

 

	Acknowledged and Agreed:	 
	 	 
	SIGNAL HILL ACQUISITION CORP.	 
	 	 	 
	By:	 	 
	 	Name: Jonathan Bond	 
	 	Title: Chief Executive Officer	 

 

[Signature Page to Letter Agreement—Signal
Hill Acquisition Corp.]Exhibit 10.3

 

FORM OF INVESTMENT MANAGEMENT TRUST AGREEMENT

 

THIS INVESTMENT MANAGEMENT
TRUST AGREEMENT IS MADE EFFECTIVE AS OF [                
], 2022 (AS AMENDED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME, THIS “AGREEMENT”), BY AND BETWEEN SIGNAL
HILL ACQUISITION CORP., A DELAWARE CORPORATION (THE “COMPANY”), AND CONTINENTAL STOCK TRANSFER & TRUST COMPANY,
A NEW YORK LIMITED PURPOSE TRUST COMPANY (THE “TRUSTEE”).

 

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

 

WHEREAS, the Company has
entered into that certain underwriting agreement, dated the date hereof (as amended, supplemented or otherwise modified from time to time,
the “Underwriting Agreement”), with B. Riley Securities, Inc., as the underwriter (the “Underwriter”);

 

WHEREAS, if a Business Combination
(as defined below) is not consummated within the initial 15 month period following the closing of the Offering, upon the request of the
Company’s sponsor (the “Sponsor”), the Company may extend such period twice, by an additional three months for
each successive extension period, for a total of up to 21 months, subject to the Sponsor or its affiliates or permitted designees depositing
$1,000,000 (or up to $1,150,000 if the Underwriters’ over-allotment option is exercised in full) into the Trust Account (as defined
below) no later than the 15 month anniversary of the Offering (the “Deadline”) for each such extension (each, an “Extension”),
in exchange for which the Sponsor will receive a non-interest bearing, unsecured promissory note for such Extension payable upon consummation
of a Business Combination;

 

WHEREAS, as described in
the Registration Statement, an aggregate of $102,000,000 from the gross proceeds of the Offering and sale of the Private Placement Warrants
(as defined in the Underwriting Agreement) (or $117,300,000 if the Underwriter’s 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 on the date hereof and any additional amount subsequently delivered to
the Trustee for deposit into the Trust Account (and any interest earned on such amounts) is referred to as the “Property,”
the stockholders for whose benefit the Trustee shall hold the Property are referred to as the “Public Stockholders,”
and the Public Stockholders and the Company are referred to together as the “Beneficiaries”);

 

WHEREAS, pursuant to the
Underwriting Agreement, a portion of the Property equal to $3,500,000, or $4,025,000 if the Underwriter’s over-allotment option
is exercised in full, is attributable to fees that will be payable by the Company upon, and concurrently with, the consummation of the
Business Combination pursuant to that certain Business Combination and Marketing Agreement between the Company and
B. Riley Securities, Inc. (the “Marketing Agreement Fees”); 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 JPMorgan Chase Bank, N.A. (or at another U.S.-chartered commercial bank with consolidated assets of $100.0 billion or more)
and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the Company;

 

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

 

     

     

    

 

(c) In a timely manner, upon the written instruction of the Company,
invest and reinvest the Property in solely U.S. government securities within the meaning of Section 2(a)(16) of the Investment Company
Act of 1940, as amended, having a maturity of one-hundred-eighty-five (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,
and the Trustee may not invest in any other securities or assets, it being understood that the Trust Account will earn no interest while
account funds are uninvested awaiting the Company’s instructions hereunder and the
Trustee may earn bank credits or other consideration;

 

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

 

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

 

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

 

(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
(the “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 the Chief Executive Officer, President, Chief Financial Officer, Treasurer, Secretary
or chairman of the board of directors of the Company (the “Board”) or another authorized officer of the Company and,
in the case of Exhibit A, acknowledged and agreed to by the Underwriter and complete the liquidation of the Trust Account
and distribute the Property in the Trust Account, including interest earned on the funds held in the Trust Account (net of amounts withdrawn
in accordance with this Agreement and 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
(i) eighteen (18) months after the closing of the Offering, (ii) such later date as provided by Section 9.1(c) of the Company’s
amended and restated certificate of incorporation (as further amended, supplemented or otherwise modified from time to time, the “Certificate
of Incorporation”) and (iii) such later date as may be approved by the Company’s stockholders in accordance with the Certificate
of Incorporation, if the Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall
be liquidated in accordance with the procedures set forth in the Termination Letter attached hereto as Exhibit B and
the Property in the Trust Account, including interest earned on the funds held in the Trust Account (net of amounts withdrawn in accordance
with this Agreement and less up to $100,000 of interest that may be released to the Company to pay dissolution expenses) shall be distributed
to the Public Stockholders of record as of such date;

 

(j) Upon written request
from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C (a
 “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute to the Company the amount of
interest earned on the Property requested by the Company to cover any tax obligation owed by the Company as a result of assets of the
Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company, and the Company shall
forward such amount to the relevant taxing authority; provided, however, that, to the extent there is not sufficient
cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust Account as shall be designated
by the Company in writing to make such distribution, so long as there is no reduction in the principal amount 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 relevant taxing authority for
the Company. The written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled to
such funds, and the Trustee shall have no responsibility to look beyond such request;

 

     

     

    

 

(k) [Reserved];

 

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

 

(m) Upon receipt of an extension
letter (“Extension Letter”) substantially similar to Exhibit E hereto at least five business days prior to the Deadline,
signed on behalf of the Company by an executive officer, and receipt of the dollar amount specified in the Extension Letter on or prior
to the Deadline, follow the instructions set forth in the Extension Letter; and

 

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

 

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

 

(a) Give all
instructions to the Trustee hereunder in writing, signed on behalf of the Company by the Chief Executive Officer, President, Chief
Financial Officer, Treasurer, Secretary or chairman of the Board. In addition, except with respect to its duties
under Sections 1(i), 1(j), 1(l) and 1(m), 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, however, that the Company shall promptly confirm such instructions in writing;

 

(b) Subject to Section 4,
hold the Trustee harmless and indemnify the Trustee from and against any and all reasonable and documented out-of-pocket expenses,
including reasonable outside counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by
it hereunder and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection
with any claim or demand, which 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 or its representatives’ 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 (the “Indemnified Claim”). The Trustee shall have the right to
conduct and manage the defense against such Indemnified Claim; provided, however, that the Trustee shall obtain
the consent of the Company with respect to the selection of counsel; provided, further, that the Company may conduct
and manage the defense against any Indemnified Claim if the Trustee does not promptly take reasonable steps to mount such a defense. The
Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company. The Company may participate in
any such action with its own counsel;

 

(c) Pay the Trustee the
fees set forth on Schedule A, including an initial set-up fee, annual administration fee and transaction processing fee, which
fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property shall not be used
to pay such fees unless and until the property is distributed to the Company pursuant to Sections 1(i). The Company shall pay the
Trustee the initial set-up fee and the first annual administration fee at the consummation of the Offering. The Trustee shall refund to
the Company the annual administration fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Account.
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);

 

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

 

     

     

    

 

(e) Provide the Underwriter
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 Underwriter, ensure that any Instruction Letter delivered in connection with a Termination Letter substantially
in the form attached hereto as Exhibit A expressly provides that the Marketing Agreement Fees is paid directly to
the account(s) as directed by the Underwriter prior to any transfer of the funds held in the Trust Account to the Company or any other
person;

 

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

 

(h) Within four (4) business days after the Underwriter exercises
the over-allotment option (or any unexercised portion thereof) or such over-allotment expires, provide the Trustee with a notice in writing
of the total amount of the Marketing Agreement Fees, which shall in no event be less than $3,500,000, or $4,025,000 if the Underwriter’s
overallotment option is exercised in full; and

 

(i) Provide the Trustee
with the Extension Letter substantially similar to Exhibit E hereto at least five business days prior to the Deadline, signed on behalf
of the Company by an executive officer if the Company elects to extend the period for completing business combination and cause Sponsor
or its affiliates or permitted designees depositing $1,000,000 (or up to $1,150,000 if the Underwriters’ over-allotment option is
exercised in full) into the Trust Account prior to the Deadline pursuant to such extension Letter.

 

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

 

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

 

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

 

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

 

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

 

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

 

(f) The other parties hereto
or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the
Trustee’s best judgment, except for the Trustee’s or its representatives’ 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) Provide any assurance
that any Business Combination entered into by the Company or any other action taken by the Company is as contemplated by the Registration
Statement;

 

     

     

    

 

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

 

(j) Prepare, execute and
file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and activities relating to, the
Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, without limitation, franchise
and income tax obligations, except pursuant to Section 1(j); or

 

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

 

4. Trust Account
Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (a “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 2(c), 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 and
Replacement of Trustee. This Agreement shall terminate as follows:

 

(a) If the Trustee gives
written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a
successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such time that the Company notifies
the Trustee that a successor trustee has been appointed and has agreed to become subject to the terms of this Agreement, the Trustee shall
transfer the management of the Trust Account to the successor trustee, including, without limitation, the transfer of copies of the reports
and statements relating to the Trust Account and any other reasonable transfer requests that the Company may make, whereupon this Agreement
shall terminate; provided, however, that, in the event that the Company does not locate a successor trustee within
ninety (90) days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property
deposited with any court in the State of New York or with the United States District Court for the Southern District of New York
and upon such deposit, the Trustee shall be immune from any liability whatsoever.

 

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

(c) If the Offering is not
consummated within ten (10) business days of the date of this Agreement, in which case any funds received by the Trustee from the
Company or Signal Hill Acquisition Sponsor LLC, a Delaware limited liability company, as applicable, shall be returned promptly following
the receipt by the Trustee of written instructions from the Company.

 

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
or its representatives’ gross negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or out-of-pocket 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.

 

(d) Sections 1(i) and 1(j) may
only be changed, amended or modified pursuant to Section 6(c) with the Consent of the Stockholders, it being the
specific intention of the parties hereto that each of the Company’s stockholders is, and shall be, a third party beneficiary of
this Section 6(d) with the same right and power to enforce this Section 6(d) as the other
parties hereto. For purposes of this Section 6(d), the “Consent of the Stockholders” means receipt
by the Trustee of a certificate from the inspector of elections of the stockholder meeting certifying that either (i) 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 (the “DGCL”) (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 such entity a signed writing approving such change,
amendment or modification. No such amendment shall 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 the Certificate of Incorporation.
Except for any liability arising out of the Trustee’s or its representatives’ 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, County of New York and 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 facsimile or email transmission:

 

if to the Trustee,
to:

 

Continental Stock
Transfer & Trust Company

1 State Street

30th Floor

New York, New
York 10004

Attention: Francis
Wolf and Celeste Gonzalez

E-mail: fwolf@continentalstock.com

             cgonzalez@continentalstock.com

 

if to the Company, to:

 

Signal Hill Acquisition Corp.

2810 N. Church Street, Suite 94644

Wilmington, DE 19802-4447

Attention: Jonathan Bond, Chief Executive
Officer

 

in each case, with copies to:

 

Saul Ewing Arnstein & Lehr LLP

161 N. Clark, Suite 4200

Chicago, IL 60601

Attention: Marc J. Adesso, Esq.

E-mail: marc.adesso@saul.com

 

     

     

    

 

and

 

B. Riley Securities, Inc.

28 Liberty Street

New York, New York 10005

Attention: Jonathan Mitchell

E-mail: jmitchell@brileyfin.com

 

in each case, with copies to:

 

McDermott Will & Emery LLP

One Vanderbilt Avenue

New York, New York 10017

Attention: Ari Edelman, Esq.

 

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

 

(h) 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.

 

(i) Each of the Company
and the Trustee hereby acknowledges and agrees that the Underwriter is a third party beneficiary of this Agreement.

 

(j) The Trustee shall perform
its duties under this Agreement in compliance with all applicable laws, including those relating to privacy, data protection and information
security, shall keep confidential all information (including personally identifiable information and personal data) relating to this
Agreement and, except as required by applicable law, shall not use such information for any purpose other than the performance of the
Trustee’s obligations under 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.

 

(l) Notwithstanding anything
to the contrary in this Agreement, for purposes of all services provided pursuant to this Agreement (the “Services”),
the Trustee shall continuously maintain business continuity and disaster recovery plans (including regular updates) that are consistent
with then current industry standards applicable to similarly situated providers of services comparable to the Services. Without limiting
the generality of the foregoing, the business continuity and/or disaster recovery plans will cover the computer software, computer hardware,
telecommunications capabilities and other similar or related items of automated, computerized, software system(s) and network(s) or system(s)
and will be designed, among other things, to permit the ongoing operation and functionality of the Services on a continuous basis and/or
to facilitate the continuation and/or resumption of, the Services. In the event of the disruption in the Services for any reason including
the occurrence of a force majeure event that causes the Trustee to be required to allocate limited resources between or among the Trustee’s
affected customers, the Trustee shall not do so in a manner that is intended to treat the Company less favorably than other similarly
situated affected customers generally. In addition, in the event the Trustee has knowledge that there is, or has been, an incident affecting
the integrity or availability of the Trustee’s business continuity and disaster recovery system, the Trustee shall endeavor to notify
the Company in writing, as promptly as practicable, of the incident.

 

(m) This Agreement may be
executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall
constitute one and the same agreement. Only one counterpart signed by the party against whom enforceability is sought needs to be produced
to evidence the existence of this Agreement.

 

[Signature Page Follows]

 

     

     

    

 

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

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:            
	 	 
	 	SIGNAL HILL  ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Investment Management Trust
Agreement—Signal Hill Acquisition Corp.]

 

     

     

    

 

SCHEDULE A

TRUSTEE’S FEES

 

	Fee Item	 	Time and Method of Payment	 	Amount
	Initial set-up fee	 	Initial closing of the Offering by wire transfer	 	$3,500.00
	 	 	 
	Annual administration fee	 	First year, initial closing of the Offering by wire transfer; thereafter on the anniversary of the closing date of the Offering by wire transfer or check	 	$10,000.00
	 	 	 
	Transaction processing fee for disbursements to the Company pursuant to Sections 1(i), (j) and (l)	 	Billed by the Trustee to the Company pursuant to Section 1	 	$250.00
	 	 	 	 	 
	IPO closing fee	 	Initial closing of the Offering by wire transfer	 	$4,500.00
	 	 	 
	Paying agent services as required pursuant to Sections 1(i) and (l)	 	Billed to the Company upon delivery of service pursuant to Sections 1(i) and (l)	 	Prevailing rates

 

Sch. A-1

 

     

     

    

 

EXHIBIT A

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attention: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account - Termination
Letter 

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement, dated as of [            ],
2022 (as amended, supplemented or otherwise modified from time to time, the “Trust Agreement”), by and between Signal
Hill Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”),
this is to advise you that the Company has entered into an agreement with [Target] (the “Target Business”) to consummate
a business combination with the Target Business (the “Business Combination”) on or about [Date]. The Company shall
notify you at least seventy-two (72) hours in advance 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 the liquidation of all of the assets in the Trust Account, and to transfer
the proceeds into the trust operating account at JPMorgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of the funds
held in the Trust Account 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 Underwriter) (with respect to the Marketing Agreement Fees). It is acknowledged and agreed that,
while the funds are on deposit in the trust operating account at JPMorgan Chase Bank, N.A., awaiting distribution, 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) [an affidavit][a certificate] of the Chief Executive Officer of the Company, which
verifies that the Business Combination has been approved by a vote of the Company’s stockholders, if a stockholder vote is held,
and (b) a joint written instruction signed by the Company and the Underwriter 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 redemptions rights and payment
of amounts of the Marketing Agreement Fees to the underwriter from the Trust Account directly to the account or accounts directed by the
Underwriter (the “Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust
Account immediately upon your receipt of the Notification and the Instruction Letter in accordance with the terms of the Instruction Letter.
In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will
notify the Company in writing of the same and the Company shall direct you as to whether such funds should remain in the Trust Account
and be distributed after the Consummation Date to the Company. Upon the distribution of all the funds, net of any payments necessary for
reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

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

 

     

     

    

 

	 	Very truly yours,
	 	 
	 	SIGNAL HILL ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Acknowledged:	 
	 	 
	B. RILEY SECURITIES, INC.	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title: 	 

 

     

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attention: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account - Termination
Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement, dated as of [            ],
2022 (as amended, supplemented or otherwise modified from time to time, the “Trust Agreement”), by and between Signal
Hill Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company, this is to advise you
that the Company has been unable to effect a Business Combination with a target business within the time frame specified in the Certificate
of Incorporation, as described in the Company’s Prospectus relating to the Offering. Capitalized terms used but not defined herein
shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to 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 [insert completion deadline] 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 Public Stockholders in accordance with the terms of the Trust Agreement and the
Certificate of Incorporation. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses
related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise
provided in Section 1(i) of the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	SIGNAL HILL ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	cc: B. Riley Securities, Inc.	 

 

     

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attention: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account - Tax Payment
Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(j)
of the Investment Management Trust Agreement, dated as of [            ],
2022 (as amended, supplemented or otherwise modified from time to time, the “Trust Agreement”), by and between Signal
Hill Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company, 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,
	 	 
	 	SIGNAL HILL ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	cc: B. Riley Securities, Inc.

 

     

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attention: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account - Stockholder
Redemption Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(l)
of the Investment Management Trust Agreement, dated as of [            ],
2022 (as amended, supplemented or otherwise modified from time to time, the “Trust Agreement”), by and between Signal
Hill Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company, 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 into a segregated account held by you on behalf of the Beneficiaries for distribution to the Public
Stockholders who have requested redemption of their shares. Capitalized terms used but not defined herein shall have the meanings set
forth in the Trust Agreement.

 

The Company needs such funds
to pay the Public Stockholders who have properly elected to have their shares of Common Stock redeemed by the Company in connection with
a stockholder vote to approve an amendment to the Certificate of Incorporation. As such, you are hereby directed and authorized to transfer
(via wire transfer) such funds promptly upon your receipt of this letter.

 

	 	SIGNAL HILL ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 
	cc: B. Riley Securities, Inc.	

 

     

     

    

 

EXHIBIT E

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attention: Francis Wolf and Celeste Gonzalez

 

Re: Extension Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(m) of
the Investment Management Trust Agreement dated as of [ ], 2022 (as amended, supplemented or otherwise modified from time to time, the
 “Trust Agreement”), by and between Signal Hill Acquisition Corp. (the “Company”) and Continental
Stock Transfer & Trust Company, the Company hereby advises you that it is extending the time available to consummate a Business Combination
for an additional three (3) months, from _______ to _________ (the “Extension”).

 

This Extension Letter shall
serve as the notice required with respect to the Extension prior to the Deadline. Capitalized words used herein and not otherwise defined
shall have the meanings ascribed to them in the Trust Agreement.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to deposit $1,000,000 [(or up to $1,150,000 if the underwriters’ over-allotment
option was exercised in full)], which will be wired to you, into the Trust Account investments upon receipt.

 

 

	 	SIGNAL HILL ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 
	cc: B. Riley Securities, Inc.

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