Document:

Exhibit 10.2

 

September 21, 2020

 

PMV Consumer Acquisition Corp.

249 Royal Palm Way, Suite 503

Palm Beach, FL 33480

UBS Securities LLC

1285 Avenue of
the Americas, 10th Floor

New York, New York 10019

 

		Re:	Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) entered into by and between PMV Consumer Acquisition Corp., a Delaware corporation (the “Company”),
and UBS Securities LLC, as representative (the “Representative”) of the several underwriters named in
Schedule A thereto (the “Underwriters”), relating to an underwritten initial public offering (the
“IPO”) of the Company’s units (the “Units”), each unit comprised of one
share of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”),
and one-half of one redeemable warrant, each whole warrant exercisable for one share of Common Stock (each, a “Warrant”).
Certain capitalized terms used herein are defined in paragraph 13 hereof.

 

In order to induce
the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the
benefit that such IPO will confer upon the undersigned, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

 

1. If
the Company solicits approval of its stockholders of a Business Combination, the undersigned will vote all shares of Common Stock
(including shares of Founders’ Common Stock and those shares of Common Stock that may be issued to it upon conversion of
Class B common stock) beneficially owned by it, him or her, whether acquired before, in, or after the IPO, in favor of such
Business Combination.

 

2.(a)In the
event that the Company fails to consummate a Business Combination within the time period set forth in the Company’s Certificate
of Incorporation, as amended, as the same may be further amended from time to time (the “Charter”), the
undersigned will, as promptly as possible, take all necessary actions 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,
redeem the IPO Shares, 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 Trust Account (less up to $50,000 of interest to pay liquidation expenses and which interest shall
be net of taxes payable), divided by the number of then outstanding IPO Shares, which redemption will completely extinguish public
stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), 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 cases 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.

 

(b) The
undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Account
(“Claim”) with respect to the shares of Founders’ Common Stock owned by the undersigned, if any,
and hereby waives any Claim the undersigned may have in the future as a result of, or arising out of, any contracts or agreements
with the Company and will not seek recourse against the Trust Account for any reason whatsoever. The undersigned acknowledges and
agrees that there will be no distribution from the Trust Account with respect to any Warrants, all of which will terminate on the
Company’s liquidation.

 

3. The
undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated
with any Insiders of the Company or their affiliates, such transaction must be approved by a majority of the Company’s disinterested
independent directors and the Company must obtain an opinion from an independent investment banking firm, or another independent
valuation or appraisal firm that commonly renders valuation opinions, that such Business Combination is fair to the Company from
a financial point of view.

 

    Page 1 of 7

     

    

 

4. Neither
the undersigned nor any affiliate of the undersigned will be entitled to receive, and will not accept, any finder’s fees,
reimbursements, compensation or other cash payments prior to, or for services rendered in order to effectuate, the consummation
of the Business Combination; provided that the Company shall be allowed to make the payments set forth in the Registration Statement
under the caption “Prospectus Summary – The Offering – Limited payments to insiders,” none of which will
be made from the proceeds of the IPO held in the Trust Account prior to the completion of the Business Combination.

 

5.(a)In order
to minimize potential conflicts of interest that may arise from multiple corporate affiliations, the undersigned hereby agrees
that until the earliest of the Company’s initial Business Combination or liquidation, the undersigned shall present to the
Company for its consideration, prior to presentation to any other entity, any suitable target business, subject to any pre-existing
fiduciary or contractual obligations the undersigned might have.

 

(b) The
undersigned hereby agrees and acknowledges that (i) each of the Underwriters and the Company may be irreparably injured in
the event of a breach of any of the obligations contained in this letter, (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.

 

6.(a)The undersigned
agrees that the shares of Founders’ Common Stock may not be transferred, assigned or sold (except (a) to the Company’s
officers or directors, any affiliate or family member of any of the Company’s officers or directors, any affiliate of the
Company’s sponsor or to any member of the sponsor or any of their affiliates, (b) in the case of an individual, as a
gift to such person’s immediate family or to a trust, the beneficiary of which is a member of such person’s immediate
family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of
descent and distribution upon death of such person; (d) in the case of an individual, pursuant to a qualified domestic relations
order; (e) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement or
in connection with the consummation of a Business Combination at prices no greater than the price at which the shares were originally
purchased; (f) by virtue of the laws of the State of Delaware or the Company’s sponsor’s limited liability company
agreement upon dissolution of the sponsor, (g) in the event of the Company’s liquidation prior to the consummation of
an initial Business Combination; or (h) in the event that, subsequent to the consummation of an initial Business Combination,
the Company completes a liquidation, merger, share exchange or other similar transaction which results in all stockholders having
the right to exchange their Class A common stock for cash, securities or other property) until the earlier to occur of: (1) one
year after the consummation of a Business Combination and (2) the date following the completion of the Company’s initial
Business Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results
in all of its shareholders having the right to exchange their shares of Common Stock for cash, securities or other property. Notwithstanding
the foregoing, if the closing 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, the shares of Founders’ Common
Stock will be released from these transfer restrictions.

 

    Page 2 of 7

     

    

 

(b) The
undersigned will not, without the prior written consent of the Representative, offer, sell, contract to sell, hypothecate, pledge,
hedge, grant any option to purchase or otherwise dispose of or agree to 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) by the undersigned or any affiliate of the undersigned or any person in privity with the undersigned
or any affiliate of the undersigned), directly or indirectly, including the filing (or participation in the filing) of a registration
statement with the Securities and Exchange Commission in respect of, 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 Securities and Exchange Commission promulgated thereunder with respect to, any Units, Common
Stock, Founder’s Common Stock, Warrants or any securities convertible into, or exercisable, or exchangeable for, Common Stock
or publicly announce an intention to effect any such transaction, for a period of 180 days after the date of the Underwriting
Agreement. Each of the undersigned acknowledges and agrees that, prior to the effective date of any release or waiver, of the restrictions
set forth in section 6 hereof, 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.

 

(c) The
undersigned agrees that the Private Placement Warrants (including the shares of Common Stock issuable upon exercise of the Private
Placement Warrants) will not be transferable, assignable or salable (except to the same permitted transferees as described above
with respect to the shares of Founders’ Common Stock) until 30 days after the completion of the Company’s
initial Business Combination.

 

7. The
undersigned agrees to be an officer and/or director of the Company until the earlier of the consummation by the Company of a Business
Combination or the liquidation of the Company. The undersigned’s biographical information previously furnished to the Company
and the Representative is true and accurate in all respects and does not omit any material information with respect to the undersigned’s
background. The undersigned’s FINRA Questionnaire previously furnished to the Company and the Representative is true and
accurate in all respects. The undersigned represents and warrants that:

 

(a) he/she
has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i) him/her
or any partnership in which he/she was a general partner at or within two years before the time of filing; or (ii) any corporation
or business association of which he/she was an executive officer at or within two years before the time of such filing;

 

(b) he/she
has never had a receiver, fiscal agent or similar officer been appointed by a court for his/her business or property, or any such
partnership;

 

(c) he/she
has never been convicted of fraud in a civil or criminal proceeding;

 

(d) he/she
has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic violations
and minor offenses);

 

(e) he/she
has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent
jurisdiction, permanently or temporarily enjoining or otherwise limiting him/her from (i) acting as a futures commission merchant,
introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other
person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any
of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director
or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing
any conduct or practice in connection with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging
in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal
or state securities or federal commodities laws;

 

(f) he/she
has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or
state authority barring, suspending or otherwise limiting for more than 60 days your right to engage in any activity
described in 9(e)(i) above, or to be associated with persons engaged in any such activity;

 

(g) he/she
has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or state
securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or
vacated;

 

    Page 3 of 7

     

    

 

(h) he/she
has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities
law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;

 

(i) he/she
has never been the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree or finding,
not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal or State securities or
commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including,
but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary
or permanent cease-and desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire
fraud or fraud in connection with any business entity;

 

(j) he/she
has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any self-regulatory
organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority
over its members or persons associated with a member;

 

(k) he/she
has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving
the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker,
dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

(l) he/she
was never subject to a final order of a state securities commission (or an agency of officer of a state performing like functions);
a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an
agency or officer of a state performing like functions); an appropriate federal banking agency; the Commodity Futures Trading Commission;
or the National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative,
or deceptive conduct;

 

(m) he/she
has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of such sale,
restrained or enjoined him/her from engaging or continuing to engage in any conduct or practice: (i) in connection with the
purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of
the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor
of purchasers of securities;

 

(n) he/she
has never been subject to any order of the SEC that orders him/her to cease and desist from committing or causing a future violation
of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to, Section 17(a)(1)
of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section 206(1) of the Advisers
Act or any other rule or regulation thereunder; or (ii) Section 5 of the Securities Act;

 

(o) he/she
has never been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC
that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the
subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued;

 

(p) he/she
has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary restraining
order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device
for obtaining money or property through the mail by means of false representations;

 

    Page 4 of 7

     

    

 

(q) he/she
is not subject to a final order of a state securities commission (or an agency of officer of a state performing like functions);
a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an
agency or officer of a state performing like functions); an appropriate federal banking agency; the Commodity Futures Trading Commission;
or the National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such
commission, authority, agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging
in savings association or credit union activities;

 

(r) he/she
is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Exchange Act or section 203(e)
or 203(f) of the Investment Advisers Act of 1940 that: (i) suspends or revokes the undersigned’s registration
as a broker, dealer, municipal securities dealer or investment adviser; (ii) places limitations on the activities, functions
or operations of, or imposes civil money penalties on, such person; or (iii) bars the undersigned from being associated with
any entity or from participating in the offering of any penny stock; and

 

(s) he/she
has never been suspended or expelled from membership in, or suspended or barred from association with a member of, a securities
self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated securities
association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

 

8. The
undersigned has full right and power, without violating any agreement by which he or she is bound, to enter into this letter agreement
and to serve as an officer and/or director of the Company.

 

9. The
undersigned hereby waives any right to exercise conversion rights with respect to any shares of the Company’s common stock
owned or to be owned by the undersigned, directly or indirectly (or to sell such shares to the Company in a tender offer), whether
such shares be part of the Founders’ Common Stock or shares purchased by the undersigned in the IPO or in the aftermarket,
and agrees that he/she will not seek conversion with respect to such shares in connection with any vote to approve a Business Combination
(or sell such shares to the Company in a tender offer in connection with such a Business Combination).

 

10. The
undersigned hereby agrees to not propose, or vote in favor of, an amendment to the Charter to modify the ability of holders of
IPO Shares to convert or sell their shares to the Company in connection with a Business Combination, modify the substance or timing
of the Company’s obligation to redeem 100% of the IPO Shares if the Company does not complete a Business Combination
within the time period required by the Charter or with respect to any other material provisions relating to stockholders’
rights or pre-initial business combination activity unless the Company provides public stockholders with the opportunity to convert
their IPO Shares upon such approval in accordance with the Charter.

 

11. 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 undersigned hereby (i) agrees that any action, proceeding or claim against him arising out of or relating in any way to
this letter agreement (a “Proceeding”) shall be brought and enforced in the courts of the State of New
York of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which
jurisdiction shall be exclusive, (ii) waives any objection to such exclusive jurisdiction and that such courts represent an
inconvenient forum and (iii) irrevocably agrees to appoint PMV Consumer Delaware Management Partners LLC as agent for the service
of process in the State of New York to receive, for the undersigned and on his/her behalf, service of process in any Proceeding.
If for any reason such agent is unable to act as such, the undersigned will promptly notify the Company and the Representative
and appoint a substitute agent acceptable to each of the Company and the Representative within 30 days and nothing in this letter
will affect the right of either party to serve process in any other manner permitted by law.

 

12. To
the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 2,625,000 Units 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 656,250 multiplied by a fraction, (i) the numerator of which is 2,625,000 minus
the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator
of which is 2,625,000. The forfeiture will be adjusted to the extent that the over-allotment option is not exercised in full by
the Underwriters so that the Sponsor and any Insider that holds Founders’ Common Stock will own an aggregate of 20.0%
of the Company’s issued and outstanding shares of Common Stock after the Public Offering.

 

    Page 5 of 7

     

    

 

13. As
used herein, (i) a “Business Combination” means a merger, share exchange, asset acquisition, stock
purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities; (ii)
“Insiders” means all officers, directors, special advisors and sponsors of the Company immediately prior
to the IPO; (iii) “Founders’ Common Stock” means the shares of Class B common stock of the
Company, par value $0.0001 per share; (iv) “IPO Shares” means the shares of Common Stock issued
in the Company’s IPO; (v) “Trust Account” means the trust account into which a portion of the net
proceeds of the Company’s IPO will be deposited; (vi) “Registration Statement” means the Company’s
registration statement on Form S-1 (SEC File No. 333-241670) filed with the Securities and Exchange Commission; and (vii)
“Private Placement Warrants” means the Warrants being sold in a private placement simultaneously with
the IPO.

 

14. 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.

 

15. The
undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations and
warranties set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render the Underwriters a representative
of, or a fiduciary with respect to, the Company, its stockholders or any creditor or vendor of the Company with respect to the
subject matter hereof.

 

16. This
letter agreement shall be binding on the undersigned and such person’s respective successors, heirs, personal representatives
and assigns. This letter agreement shall terminate on the earlier of (i) the expiration of the transfer restrictions on the
Founders’ Common Stock contained in Section 6 hereof and (ii) the liquidation of the Company; provided,
that such termination shall not relieve the undersigned from liability for any breach of this agreement prior to its termination.

 

[Signature Page Follows]

 

    Page 6 of 7

     

    

 

	 	 
	 	Print Name of Insider
	 	 
	 	
	 	Signature
	 	 
	 	Acknowledged and Agreed:
	 	 
	 	PMV CONSUMER ACQUISITION CORP.
	 	 
	 	 
	 	By:	              
	 	Name: 	Peter D. Goldstein
	 	Title:	Executive Vice President and Secretary

 

[Signature Page to Letter Agreement]

 

 

Page 7 of 7Exhibit 10.3

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made
as of September 21, 2020 by and between PMV Consumer Acquisition Corp. (the “Company”) and Continental Stock Transfer
& Trust Company (“Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, No. 333-241670 (“Registration Statement”) for its initial public offering
of securities (“IPO”) has been declared effective as of the date hereof (“Effective Date”) by the
Securities and Exchange Commission (capitalized terms used herein and not otherwise defined shall have the meanings set forth in
the Registration Statement); and

 

WHEREAS, UBS Securities
LLC (the “Representative”) is acting as the representative of the several underwriters in the IPO; and

 

WHEREAS, as described
in the Registration Statement, and in accordance with the Company’s Certificate of Incorporation, $175,000,000 ($201,250,000
if the over-allotment option is exercised in full) of the proceeds from the IPO and a simultaneous private placement of warrants
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 Company’s Class A common stock,
par value $0.0001 per share (“Common Stock”), issued in the IPO as hereinafter provided (the proceeds to be delivered
to the Trustee and any interest subsequently earned thereon will be referred to herein as the “Property”; the stockholders
for whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the Public
Stockholders and the Company will be referred to together as the “Beneficiaries”); and

 

WHEREAS, a portion
of the Property equal to $6,125,000, or $7,043,750 if the underwriters’ over-allotment option is exercised in full, is attributable
to deferred underwriting discounts and commissions (the “Deferred Discount”) that shall become payable by the Company
to the underwriters upon the consummation of an initial business combination (as described in the Registration Statement, a “Business
Combination”); 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;

 

IT IS AGREED:

 

1. Agreements
and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a) Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by
the Trustee in the United States at J.P. Morgan Chase Bank, N.A. in the United States, maintained by the Trustee or at a brokerage
institution selected by the Trustee that is reasonably satisfactory to the Company;

 

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

 

(c) In
a timely manner, upon the written instruction of the Company, invest and reinvest the Property in United States “government
securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment
Company Act”), having a maturity of 180 days or less, and/or in any open ended investment company registered under
the Investment Company Act that holds itself out as a money market fund selected by the Company meeting the conditions of paragraph (d)
of Rule 2a-7 promulgated under the Investment Company Act, which invest only in direct U.S. government treasury obligations;
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 during such periods;

 

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

 

    Page 1 of 7

     

    

 

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

 

(f) Supply
any necessary information or documents as may be requested by the Company in connection with the Company’s preparation of
its tax returns;

 

(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 receipt of, and only in accordance with, the terms of a letter (“Termination
Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf
of the Company and, in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit A,
jointly acknowledged and agreed to by the Representative, and complete the liquidation of the Trust Account and distribute the
Property in the Trust Account only as directed in the Termination Letter and the other documents referred to therein; provided,
however, that in the event that a Termination Letter has not been received by the Trustee within the period of time (the “Last
Date”) provided in the Company’s Amended and Restated Certificate of Incorporation, as the same may be amended from
time to time (the “Certificate of Incorporation”), the Trust Account shall be liquidated in accordance with the procedures
set forth in the Termination Letter attached as Exhibit B hereto and distributed to the Public Stockholders as of the Last
Date. The provisions of this Section 1(i) may not be modified, amended or deleted under any circumstances; and

 

(j) Upon
receipt of a letter (an “Amendment Notification Letter”) in the form of Exhibit C, signed on behalf of the Company,
distribute to Public Stockholders who exercised their conversion rights in connection with an amendment to Article Sixth of
the Certificate of Incorporation (an “Amendment”) an amount equal to the pro rata share of the Property relating to
the Common Stock for which such Public Stockholders have exercised conversion rights in connection with such Amendment. The provisions
of this Section 1(j) may not be modified, amended or deleted under any circumstances.

 

2. Limited
Distributions of Income from Trust Account.

 

(a) Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit D, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested
by the Company to cover any tax obligation owed by the Company.

 

(b) The
limited distributions referred to in Section 2(a) above shall be made only from income collected on the Property. Except as
provided in Section 2(a) above, no other distributions from the Trust Account shall be permitted except in accordance with
Sections 1(i) or 1(j) hereof.

 

(c) The
Company shall provide the Representative with a copy of any Termination Letter, Amendment Notification Letter, and/or any other
correspondence that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such
issuance.

 

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

 

(a) Give
all instructions to the Trustee hereunder in writing, signed by its Chief Executive Officer or Chief Financial Officer of the Company.
In addition, except with respect to its duties under Sections 1(i), 1(j) and 2(a) above, the Trustee shall be entitled
to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it in good faith and with
reasonable care believes to be given by any one of the persons authorized above to give written instructions, provided that the
Company shall promptly confirm such instructions in writing;

 

    Page 2 of 7

     

    

 

(b) Subject
to the provisions of Section 5 of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against any
and all expenses, including reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any
claim, potential claim, action, suit, or other proceeding brought against the Trustee which in any way arises out of or relates
to this Agreement, the services of the Trustee hereunder, or the Property or any income earned from investment of the Property,
except for expenses and losses resulting from the Trustee’s gross negligence, fraud or willful misconduct. Promptly after
the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit, or proceeding, pursuant to which
the Trustee intends to seek indemnification under this paragraph, it shall notify the Company in writing of such claim (hereinafter
referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against
such Indemnified Claim, provided, that the Trustee shall obtain the consent of the Company with respect to the selection of counsel,
which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim without the prior written
consent of the Company, which consent shall not be unreasonably withheld. The Company may participate in such action with its own
counsel;

 

(c) Pay
the Trustee an initial acceptance fee, an annual fee, and a transaction processing fee for each disbursement made pursuant to Section 2(a)
as set forth on Schedule A hereto, 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 such payment is in connection with the consummation of a
Business Combination. The Company shall pay the Trustee the initial acceptance fee and first year’s fee at the consummation
of the IPO and thereafter on the anniversary of the Effective Date;

 

(d) In
connection with any vote of the Company’s stockholders regarding a Business Combination, provide to the Trustee an affidavit
or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating stockholder votes verifying
the vote of the Company’s stockholders regarding such Business Combination;

 

(e) In
the event that the Company directs the Trustee to commence liquidation of the Trust Account pursuant to Section 1(i), the
Company agrees that it will not direct the Trustee to make any payments that are not specifically authorized by this Agreement;

 

(f) If
the Company’s stockholders approve an Amendment, provide the Trustee with an Amendment Notification Letter in the form of
Exhibit C providing instructions for the distribution of funds to Public Stockholders who exercise their conversion option
in connection with such Amendment; and

 

(g) Within
five business days after the Representative, on behalf of the underwriters in the IPO, exercises the over-allotment option (or
any unexercised portion thereof) or such over-allotment option expires, provide the Trustee with a notice in writing (with a copy
to the Representative) of the total amount of the Deferred Discount, which shall in no event be less than $6,125,000.

 

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

 

(a) Take
any action with respect to the Property, other than as directed in Sections 1 and 2 hereof, and the Trustee shall have
no liability to any party except for liability arising out of its own gross negligence, fraud or willful misconduct;

 

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

 

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

 

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

 

    Page 3 of 7

     

    

 

(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 exercise of its own best judgment, except for its 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), 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 is believed by the Trustee, 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 correctness of the information set forth in the Registration Statement or to confirm or assure that any business combination
consummated by the Company or any other action taken by it is as contemplated by the Registration Statement;

 

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

 

(i) Pay
any taxes on behalf of the Trust Account (it being expressly understood that the Property shall not be used to pay any such taxes
and that such taxes, if any, shall be paid by the Company from funds not held in the Trust Account or released to it under Section 2(a)
hereof);

 

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

 

(k) Verify
calculations, qualify, or otherwise approve Company requests for distributions pursuant to Sections 1(i), 1 (j) or 2(a)
above.

 

5. Trust
Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including,
without limitation, under Section 3(b) or Section 3(c) hereof, the Trustee shall pursue such Claim solely against the
Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.

 

6. Termination.
This Agreement shall terminate as follows:

 

(a) If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee during which time the Trustee shall act in accordance with this Agreement. At such time that
the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to
the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement
shall terminate; provided, however, that, in the event that the Company does not locate a successor trustee within ninety (90) days
of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with
any court in the State of New York or with the United States District Court for the Southern District of New York and upon such
deposit, the Trustee shall be immune from any liability whatsoever; or

 

    Page 4 of 7

     

    

 

(b) At
such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of Section 1(i)
hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate
except with respect to Section 3(b) and Section 5.

 

(c) If
the Offering is not consummated within ten business days of the date of this Agreement, in which case any funds received by the
Trustee from the Company or its sponsor, as applicable, shall be returned promptly following the receipt by the Trustee of written
instructions from the Company.

 

7. Miscellaneous.

 

(a) The
Company and the Trustee will each restrict access to confidential information relating to funds being transferred to or from the
Trust Account 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 information, or of any change in its authorized personnel. In executing funds transfers,
the Trustee will rely upon all information supplied to it by the Company, including account names, account numbers, and all other
identifying information relating to a beneficiary, beneficiary’s bank, or intermediary bank. Except for any liability arising
out of the Trustee’s gross negligence or willful misconduct, the Trustee shall not be liable for any loss, liability, or
expense resulting from any error in the information supplied to it or funds transferred based on such information.

 

(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. The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of
Manhattan, 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.

 

(c) 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.

 

(d) This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Sections 1(i) and 1(j) (which may not be amended under any circumstances), this Agreement or any provision hereof
may only be changed, amended, or modified by a writing signed by each of the parties hereto; provided, however, that no such change,
amendment or modification may be made without the prior written consent of the Representative. The Trustee may require from Company
counsel an opinion as to the propriety of any proposed amendment.

 

(e) This Agreement
or any provision hereof may only be changed, amended or modified pursuant to Section 7(d) hereof with the Consent of the
Stockholders. For purposes of this Section 7(e), the “Consent of the Stockholders” means receipt by the Trustee
of a certificate from the inspector of elections of the stockholder meeting certifying that the Company’s stockholders of
record as of a record date established in accordance with Section 213(a) of the Delaware General Corporation Law, as amended
(“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. No such amendment will affect any Public Stockholder who has otherwise
indicated his election to redeem his shares of Common Stock in connection with a stockholder vote sought to amend this Agreement
to modify the substance or timing of the Company’s obligation to redeem 100% of the Common Stock if the Company does
not complete its initial Business Combination within the time frame specified in the Company’s amended and restated certificate
of incorporation. Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the
Trustee may rely conclusively on the certification from the inspector or elections referenced above and shall be relieved of all
liability to any party for executing the proposed amendment in reliance thereon.

 

    Page 5 of 7

     

    

 

(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,
by email or by facsimile transmission:

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

 

PMV Consumer Acquisition Corp.

249 Royal Palm Way, Suite 503

Palm Beach, FL 33480

Attn: John Givissis

Email: jgivissis@gabelli.com

 

in either case with a copy (which copy shall not constitute
notice) to:

 

UBS Securities LLC

1285 Avenue of the Americas, 10th Floor

New York, New York 10019

Attn: General Counsel

 

and

 

Paul Hastings LLP

200 Park Avenue

New York, New York 10166

Attn: Michael L. Zuppone

Email: michaelzuppone@paulhastings.com

 

and

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, New York 10105

Attn: Stuart Neuhauser, Esq.

Email: sneuhauser@egsllp.com

 

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

 

(h) Each
of the Trustee and the Company 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.

 

(i) Each
of the Company and the Trustee hereby acknowledges that the Representative, on behalf of the several underwriters, is a third party
beneficiary of this Agreement (including Section 7(d)) and the Trustee’s obligations under this Agreement with respect
thereto with the same right and power to enforce these provisions as either of the parties hereto.

 

[Signature Page Follows]

 

    Page 6 of 7

     

    

 

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

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 	 
	 	By:	/s/ Francis Wolf
	 	 	Name: Francis Wolf
	 	 	Title: Vice President
	 	 	 
	 	PMV CONSUMER ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Peter D. Goldstein
	 	 	Name: Peter D. Goldstein
	 	 	Title: Executive Vice President and Secretary

 

[Signature page to the Investment Management
Trust Agreement]

 

    Page 7 of 7

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500.00	 
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Section 2	 	Billed to Company following disbursement made to Company under Section 2	 	$	250.00	 
	Paying Agent services as required pursuant to section 1(i) and 1(j)	 	Billed to Company upon delivery of service pursuant to section 1(i) and 1(j)	 	 	Prevailing rates	 

 

     

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement between PMV Consumer Acquisition Corp. (“Company”) and Continental Stock
Transfer & Trust Company, dated as of [●], 2020 (“Trust Agreement”), this is to advise you that the Company
has entered into an agreement with [●] to consummate a business combination (“Business Combination”) on or about
[insert date]. The Company shall notify you at least 72 hours in advance of the actual date of the consummation of the Business
Combination (“Consummation Date”). Capitalized terms used herein and not otherwise defined 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 the Trust Account investments and to transfer the proceeds
to the above-referenced account at J.P. Morgan Chase Bank, N.A to the effect that, on the Consummation Date, all of 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. It is acknowledged and agreed that while the funds are on deposit in the trust account 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
and (ii) the Company shall deliver to you (a) a certificate, which verifies the vote of the Company’s stockholders in
connection with the Business Combination if a vote is held, and (b) joint written instructions from the Company and the Representative
with respect to the transfer of the funds held in the Trust Account (“Instruction Letter”). You are hereby directed
and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the counsel’s letter and
the Instruction Letter, (x) to the underwriters in an amount equal to the Deferred Discount as directed by the Representative
and (y) the remainder 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 of the same and the Company
shall direct you as to whether such funds should remain in the Trust Account and distributed after the Consummation Date to the
Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, 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 you of written instructions from
the Company, the funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the business day immediately
following the Consummation Date as set forth in the notice.

 

     

     

    

 

	 	 	Very truly yours,
	 	 	 
	 	 	PMV CONSUMER ACQUISITION CORP.
	 	 	 	 
	 	 	By:	                 
	 	 	 	Name:
	 	 	 	Title:

 

	AGREED TO AND ACKNOWLEDGED BY:	 	 
	 	 	 
	UBS SECURITIES LLC	 	 
	 	 	 	 
	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

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement between PMV Consumer Acquisition Corp. (“Company”) and Continental Stock
Transfer & Trust Company, dated as of [●], 2020 (“Trust Agreement”), this is to advise you that the Company
has been unable to effect a Business Combination with a Target Company within the time frame specified in the Company’s Amended
and Restated Certificate of Incorporation, as described in the Company’s prospectus relating to its IPO. Capitalized terms
used herein and not otherwise defined 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 the Trust Account investments and to transfer the total
proceeds to the Trust Operating Account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Stockholders. The Company
has selected [ _________, 20__ ] as the date for when the Public Stockholders will be entitled to receive their share of the liquidation
proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation proceeds while on deposit in the
Trust Checking Account. You agree to be the Paying Agent of record and in your separate capacity as Paying Agent, to distribute
said funds directly to the Public Stockholders in accordance with the terms of the Trust Agreement and the Amended and Restated
Certificate of Incorporation of the Company. Upon the distribution of all the funds in the Trust Account, your obligations under
the Trust Agreement shall be terminated.

 

	 	Very truly yours,
	 	 
	 	PMV CONSUMER ACQUISITION CORP.
	 	 	 
	 	By:	                      
	 	 	Name:
	 	 	Title:

 

cc: UBS Securities LLC

 

     

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account – Amendment Notification Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Reference is made to
the Investment Management Trust Agreement between PMV Consumer Acquisition Corp. (“Company”) and Continental Stock
Transfer & Trust Company, dated as of [●], 2020 (“Trust Agreement”). Capitalized words used herein and not
otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

Pursuant to Section 1(j)
of the Trust Agreement, this is to advise you that the Company has sought an Amendment. Accordingly, in accordance with the terms
of the Trust Agreement, we hereby authorize you to liquidate a sufficient portion of the Trust Account and to transfer $[ ] of
the proceeds of the Trust to the account at J.P. Morgan Chase Bank, N.A. for distribution to the stockholders that have requested
conversion of their shares in connection with such Amendment. The remaining funds shall be reinvested by you as previously instructed.

 

	 	Very truly yours,
	 	 
	 	PMV CONSUMER ACQUISITION CORP.
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

cc: UBS Securities LLC

 

     

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account – Withdrawal Instructions

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 2(a)
of the Investment Management Trust Agreement between PMV Consumer Acquisition Corp. (“Company”) and Continental Stock
Transfer & Trust Company, dated as of [●], 2020 (“Trust Agreement”), the Company hereby requests that you
deliver to the Company [$ ] of the interest income earned on the Property as of the date hereof. The Company needs such funds to
pay for its [tax obligations][dissolution and liquidation expenses, which expenses will not exceed $50,000]. 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]
	 	 
	 	PMV CONSUMER ACQUISITION CORP.
	 	 	 
	 	By: 	                              
	 	 	Name:
	 	 	Title:

 

cc: UBS Securities LLC

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}]]