Document:

Exhibit 10.1

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management Trust
Agreement (this “Agreement”) is made as of [ ], 2021 by and between Motor City Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, No. 333-253842 (“Registration Statement”) (including the prospectus included
therein) (the “Prospectus”) for the Company’s initial public offering of securities (“IPO”)
has been declared effective as of the date hereof (“Effective Date”) by the U.S. Securities and Exchange Commission
(capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Prospectus);

 

WHEREAS, Deutsche Bank Securities
Inc. and Morgan Stanley & Co. LLC are acting as the representatives (the “Representatives”) of the underwriters
(the “Underwriters”) in the IPO pursuant to an underwriting agreement between the Company and the underwriters
(“Underwriting Agreement”);

 

WHEREAS, simultaneously with
the IPO, the Company’s sponsor will be purchasing 5,333,333 warrants (“Private Placement Warrants”) (or
up to 5,833,333 Private Placement Warrants to the extent the underwriters’ over-allotment option is exercised) from the Company
in a private placement for an aggregate purchase price of $8,000,000 (or up to $8,750,000 to the extent the underwriters’ over-allotment
option is exercised);

 

WHEREAS, as described in the
Prospectus, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, as the same may be amended from
time to time (the “Charter”), $250,000,000 of the gross proceeds of the IPO and sale of the Private Placement
Warrants (or up to $287,500,000 to the extent the underwriters’ over-allotment option is exercised) 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 shares of Class A common stock, par value $0.0001 per share (the
 “Common Stock”), issued in the IPO as hereinafter provided (the amount to be delivered to the Trustee (and any
interest subsequently earned thereon) is referred to herein as the “Property”; the stockholders for whose benefit
the Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the Public Stockholders,
the Underwriters and the Company will be referred to together as the “Beneficiaries”);

 

WHEREAS, pursuant to the Underwriting
Agreement, a portion of the Property equal to $8,750,000 (or up to $10,062,500 to the extent the underwriters’ over-allotment option
is exercised, is attributable to deferred underwriting discounts and commissions that may become payable by the Company to the underwriters
upon the consummation of an initial business combination (as described in the Prospectus, a “Business Combination”)
(the “Deferred Discount”); and

 

WHEREAS, the Company and the
Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.

 

    

     

    

 

NOW THEREFORE, IT IS AGREED:

 

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

 

(a)       Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by the Trustee
located in the United States at J.P. Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of
$100 billion or more) and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the Company;

 

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

 

(c)       In
a timely manner, upon the written instruction of the Company, invest and reinvest the Property solely in United States government securities
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in
money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment
Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations, as determined
by the Company; the Trustee may not invest in any other securities or assets, it being understood that the Trust Account will earn no
interest while account funds are uninvested awaiting the Company’s instructions hereunder and, while on deposit, the Trustee may
earn bank credits or other consideration;

 

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

 

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

 

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

 

(g)       Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the
Company to do so;

 

(h)       Render
to the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all receipts and disbursements
of the Trust Account;

 

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(i)       Commence
liquidation of the Trust Account only after and promptly following (x) receipt of, and only in accordance with, the terms of a
letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as
either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer, Chief
Financial Officer or Chief Operating Officer or other authorized officer of the Company (each, an “Authorized
Representative”), and complete the liquidation of the Trust Account and distribute the Property in the Trust Account,
including interest (which interest shall be net of any taxes payable 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)
the date which is the later of (1) 24 months after the closing of the IPO and (2) such later date as may be approved by the
Company’s stockholders in accordance with the Company’s Charter, if a Termination Letter has not been received by the
Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the
Termination Letter in substantially the form attached as Exhibit B and the Property in the Trust Account, including interest
not previously released to the Company to pay its income or franchise tax (less up to $100,000 of interest that may be released to
the Company to pay dissolution expenses), shall be distributed to the Public Stockholders of record as of such date; provided,
however, that in the event the Trustee receives a Termination Letter in a form substantially similar to Exhibit B hereto, or
if the Trustee begins to liquidate the Property because it has received no such Termination Letter by the date specified in clause
(y) of this Section 1(i), the Trustee shall keep the Trust Account open until twelve (12) months following the date the
Property has been distributed to the Public Stockholders; provided further, that the Trustee has no obligation to monitor or
question the Company’s position that an allocation has been made for income taxes payable;

 

(j)       Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit
C, withdraw from the Trust Account and distribute to the Company the amount of interest earned on the Property requested by the Company
to cover any tax obligation owed by the Company as a result of assets of the Company or interest or other income earned on the Property,
which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment, and the Company
shall forward such payment to the relevant taxing authority; provided, however, that to the extent there is not
sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust Account as
shall be designated by the Company in writing to make such distribution, so long as there is no reduction in the principal amount initially
deposited in the Trust Account; provided, further, that if the tax to be paid is a franchise tax, the written
request by the Company to make such distribution shall be accompanied by a copy of the franchise tax bill from the State of Delaware for
the Company (it being acknowledged and agreed that any such amount in excess of interest income earned on the Property shall not be payable
from the Trust Account). The written request of the Company referenced above shall constitute presumptive evidence that the Company is
entitled to said funds, and the Trustee shall have no responsibility to look beyond said request;

 

(k)       Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit D, the Trustee shall distribute on behalf of the Company the amount requested by the Company to be used to
redeem shares of Common Stock from Public Stockholders properly submitted in connection with a stockholder vote to approve an
amendment to the Company’s Charter to modify the substance or timing of the Company’s obligation to allow redemption in
connection with its initial Business Combination or the Company’s obligation to redeem 100% of its public shares of Common
Stock if the Company has not consummated an initial Business Combination within such time as is described in clause (y) of Section
1(i) of this Agreement or with respect to any other provision relating to the Company’s 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 said funds, and the Trustee shall have no responsibility to look beyond said request;
and

 

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

 

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

 

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

 

(b)       Subject
to the provisions of Section 4 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 involving any claim, or in connection with any claim or demand, which
in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any interest earned on
the Property, except for expenses and losses resulting from the Trustee’s gross negligence, fraud or willful misconduct. Promptly
after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which
the Trustee intends to seek indemnification under this Section 2(b), it shall notify the Company in writing of such claim (hereinafter
referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct 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 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 the disbursements are made to the Company pursuant to Section 1(i) solely 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. The Trustee shall refund 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) hereof;

 

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(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 (which firm may be the
Trustee) verifying the vote of the Company’s stockholders regarding such Business Combination;

 

(e)       In
connection with the Trustee acting as Paying/Disbursing Agent pursuant to Exhibit B, the Company will not give the Trustee disbursement
instructions which would be prohibited under this Agreement;

 

(f)       Within
five business days after the Representatives, 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 Representatives)
of the total amount of the Deferred Discount;

 

(g)       In
the event the Company is entitled to receive a tax refund on its income tax obligation, and promptly after the amount of such refund is
determined on a final basis, provide the Trustee with notice in writing (with a copy to the Representatives) of the amount of such income
tax refund;

 

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

 

(i)       Provide
the Underwriters 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;

 

(j)       Expressly
provide in any Instruction Letter (as defined in Exhibit A) delivered in connection with a Termination Letter in the form of Exhibit A
that the Deferred Discount be paid directly to the account or accounts directed by the Underwriters; and

 

(k)       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.

 

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

 

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

 

(b)       Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of any
kind with respect to, any of the Property unless and until it shall have received written 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;

 

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

 

(d)       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;

 

(e)       To
anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the Trustee’s
best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct. The Trustee may rely conclusively and shall
be protected in acting upon any written order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by
the Trustee, with written notification to the Company), 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;

 

(f)       Verify
the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by the Company
or any other action taken by it is as contemplated by the Registration Statement;

 

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

 

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

 

(i)       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; and

 

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

 

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4.       Trust
Account Waiver. The Trustee has no right of set off or any right, title, interest or claim of any kind
(“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to
any monies in, the Trust Account that it may have now or in the future. In the event the Trustee has any Claim against the Company
under this Agreement, including, without limitation, under Sections 2(b) or (c) hereof, the Trustee shall pursue such Claim solely
against the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.

 

5.       Termination.
This Agreement shall terminate as follows:

 

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

 

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

 

6.       Miscellaneous.

 

(a)       The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth herein 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 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, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any error
in the information or transmission of the funds.

 

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

 

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(c)       This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for
Sections 1(i), (j), (k), and (l) hereof (which sections may not be modified, amended or deleted without the
affirmative vote of sixty-five percent (65%) or more of the then issued and outstanding shares of Common Stock and shares of Class B common
stock, par value $0.0001 per share, of the Company voting together as a single class; provided that no such amendment will affect any
Public Stockholder who has properly elected to redeem his Common Stock in connection with a stockholder vote to amend this Agreement that
would affect the substance or timing of the Company’s obligation to redeem 100% of its Common Stock if the Company does not complete
its initial Business Combination within the time frame specified in the Company’s Charter or with respect to any other provisions
relating to the rights of holders of the Common Stock), 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)       This
Agreement or any provision hereof may only be changed, amended or modified pursuant to Section 6(c) hereof with the Consent
of the Stockholders. For purposes of this Section 6(d), the “Consent of the Stockholders”
means 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.

 

(e)       The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of New York,
for purposes of resolving any disputes hereunder. As to any claim, cross claim or counterclaim in any way relating to this Agreement,
each party waives the right to trial by jury.

 

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(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 e-mail:

 

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

E-mail:    fwolf@continentalstock.com

        cgonzalez@continentalstock.com

 

if to the Company, to:

 

Motor City Acquisition Corp.

44225 Utica Road

Utica, Michigan 48317

Attention: Eric S. Singer

 

in either case with a copy to:

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, New York 10022

Attn: David Klein

Jennifer L. Lee

E-mail: dklein@kirkland.com; jennifer.lee@kirkland.com

and:

 

Deutsche Bank Securities Inc.

60 Wall Street, 4th Floor

New York, New York 10005

Attn:      Equity Capital Markets
 — Syndicate Desk

 

Morgan Stanley & Co. LLC

1585 Broadway, 4th Floor

New York, New York 10036

 

with a copy to:

 

Sidley Austin LLP

One South Dearborn

Chicago, Illinois 60603

Attn:      Michael P. Heinz

Keith B. DeLeon

E-mail: mheinz@sidley.com; keith.deleon@sidley.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. 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.

 

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(i)       This
Agreement is the joint product of the Company and the Trustee and each provision hereof has been subject to the mutual consultation, negotiation
and agreement of such parties and shall not be construed for or against any party hereto.

 

(j)       This
Agreement may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of
which shall be an original and all of which together shall constitute one and the same instrument. The words “execution,”
 “signed,” “signature,” and words of like import in this Agreement or in any other certificate, agreement or document
related to this Agreement, if any, shall include images of manually executed signatures transmitted by facsimile or other electronic format
(including, without limitation, “pdf,” “tif” or “jpg”) and other electronic signatures (including,
without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any
contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect,
validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted
by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions
Act or the Uniform Commercial Code.

 

(k)       Each
of the Company and the Trustee hereby acknowledges and agrees that the Underwriters are third party beneficiaries of this Agreement.

 

(l)       Except
as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person or entity.

 

[Signature Page Follows]

 

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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:
	 	 
	 	MOTOR CITY ACQUISITION CORP.
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

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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 Sections 1(i), (j), and (k)	Deduction by Trustee from accumulated income

 following disbursement made to Company under 

Sections 1(i), (j), and (k)	$250.00
	Paying Agent services as 

required pursuant to Section

 1(i) and 1(k)	Billed to Company upon delivery of service 

pursuant to Sections 1(i) and 1(k)	Prevailing rates

 

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EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: [ ]

 

Re:    Trust Account-
Termination Letter

 

Dear [ ]:

 

Pursuant to Section 1(i) of the
Investment Management Trust Agreement between Motor City Acquisition Corp. (the “Company”) and Continental Stock
Transfer & Trust Company (“Trustee”), dated as of [ ], 2021 (the “Trust Agreement”),
this is to advise you that the Company has entered into an agreement with [ ] (“Target Business”) to consummate
a business combination with Target Business (the “Business Combination”) on or about [ ]. The Company shall
notify you at least 72 hours in advance of the actual date (or such shorter time period as you may agree) of the consummation of the Business
Combination (the “Consummation Date”). Capitalized terms used but not defined herein shall have the meanings
set forth in the Trust Agreement.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account and to transfer the proceeds
to the above-referenced trust operating account at J.P. Morgan 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 Underwriters (with respect
to the Deferred Discount) and the Company shall direct on the Consummation Date. It is acknowledged and agreed that while the funds are
on deposit in the trust operating account 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 and (ii) the Company
shall deliver to you (a) a certificate of the Chief Executive Officer 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 signed by the Company and the
Representatives with respect to the transfer of the funds held in the Trust Account, including payment of the Deferred Discount from
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 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 in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated.

 

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In the event that the Business
Combination is not consummated on the Consummation Date described in the notice thereof and the Company has 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 the Trust Agreement on the business day immediately following the
Consummation Date as set forth in the notice as soon as possible thereafter.

 

	 	Very truly yours,
	 	 
	 	MOTOR CITY ACQUISITION CORP. 
	 	 
	 	By:	            
	 	 
	 	Name:
	 	 
	 	Title:

 

	cc:	
    Deutsche Bank Securities Inc.

    Morgan Stanley & Co. LLC

 

    A-2

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: [ ]

 

Re:     Trust Account
- Termination Letter

 

Dear Mr. [ ]:

 

Pursuant to Section 1(i) of the
Investment Management Trust Agreement between Motor City Acquisition Corp. (the “Company”) and Continental Stock
Transfer & Trust Company (the “Trustee”), dated as of [ ], 2021 (the “Trust Agreement”),
this is to advise you that the Company has been unable to effect a business combination 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 initial public offering
of securities. 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
to the trust operating account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Stockholders. The Company has selected
[ ] as the effective date for the purpose of determining 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
operating account. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said
funds directly to the Company’s Public Stockholders in accordance with the terms of the Trust Agreement and the 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, except to the extent otherwise provided in Section 1(i) of the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	MOTOR CITY ACQUISITION CORP. 
	 	 
	 	By:	            
	 	 
	 	Name:
	 	 
	 	Title:

 

    B-1 

     

    

 

	cc:	
    Deutsche Bank Securities Inc.

    Morgan Stanley & Co. LLC

 

    B-2 

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: [ ]

 

Re:    Trust Account
No. [ ] - Tax Expense Withdrawal Instructions

 

Dear Mr. [ ]:

 

Pursuant to Section 1(j) of the
Investment Management Trust Agreement between Motor City Acquisition Corp. (the “Company”) and Continental Stock Transfer
 & Trust Company, dated as of [ ], 2021 (the “Trust Agreement”), the Company hereby requests that you deliver to the Company
$[ ] of the interest income earned on the Property as of the date hereof.

 

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,
	 	 
	 	MOTOR CITY ACQUISITION CORP.
	 	 
	 	By:	            
	 	 
	 	Name:
	 	 
	 	Title:

 

	cc:	
    Deutsche Bank Securities Inc.

    Morgan Stanley & Co. LLC

 

    C-1 

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: [ ]

 

Re:    Trust Account
No. [ ] – Redemption Liquidation Request Instructions

 

Dear Mr. [ ]:

 

Reference is made to the Investment
Management Trust Agreement between Motor City Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust
Company, dated as of [ ], 2021 (the “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(k) 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 Account to the trust operating 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.

 

	 	Very truly yours,
	 	 
	 	MOTOR CITY ACQUISITION CORP.
	 	 
	 	By:	            
	 	 
	 	Name:
	 	 
	 	Title:

 

	cc:	
    Deutsche Bank Securities Inc.

    Morgan Stanley & Co. LLCExhibit 10.2

 

REGISTRATION AND STOCKHOLDER RIGHTS AGREEMENT

 

THIS REGISTRATION AND STOCKHOLDER
RIGHTS AGREEMENT is entered into as of [ ], 2021, by Motor City Acquisition Corp., a Delaware corporation (the “Company”),
and WSMC Holdings LLC, a Delaware limited liability company (the “Sponsor” and, together with any person or
entity who hereafter becomes a party to this Agreement pursuant to Section 6.2 of this Agreement, a “Holder”
and collectively, the “Holders”).

 

WHEREAS, the Sponsor owns an
aggregate of 7,187,500 shares of Class B common stock, par value $0.0001 per share (the “Founder Shares”) of
the Company, up to 937,500 of which will be forfeited to the Company for no consideration depending on the extent to which the underwriters
of the Company’s initial public offering exercise their over-allotment option;

 

WHEREAS, the Founder Shares will
automatically convert into the Company’s shares of Class A common stock, par value $0.0001 per share (the “Common Stock”),
at the time of the initial Business Combination on a one-for-one basis, subject to adjustment, on the terms and conditions provided in
the Company’s amended and restated certificate of incorporation, as the same may be amended from time to time;

 

WHEREAS, on [ ], 2021, the Company
and the Sponsor entered into that certain Private Placement Warrants Purchase Agreement, pursuant to which the Sponsor agreed to purchase
5,333,333 Private Placement Warrants (or up to 5,833,333 Private Placement Warrants if the over-allotment option in connection with the
Company’s initial public offering is exercised in full) in a private placement transaction occurring simultaneously with the closing
of the Company’s initial public offering; and

 

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

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

1.       DEFINITIONS.
The following capitalized terms used herein have the following meanings:

 

“Adverse Disclosure”
is defined in Section 3.6.

 

“Agreement”
means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.

 

“Board”
is defined in Section 3.1.1.

 

     

     

    

 

“Business Combination”
means the acquisition of direct or indirect ownership through a merger, share exchange, asset acquisition, share purchase, reorganization
or other similar type of transaction, of one or more businesses or entities.

 

“Commission”
means the U.S. Securities and Exchange Commission, or any other federal agency then administering the Securities Act or the Exchange Act.

 

“Common Stock”
is defined in the preamble to this Agreement.

 

“Company”
is defined in the preamble to this Agreement.

 

“Demand Registration”
is defined in Section 2.1.1.

 

“Demanding Holder”
is defined in Section 2.1.1.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder, all as
may be amended from time to time.

 

“Form S-3”
is defined in Section 2.3.

 

“Founder Shares”
is defined in the preamble to this Agreement and include the shares of Common Stock issuable upon conversion thereof.

 

“Founder Shares Lock-up
Period” means, with respect to the Founder Shares, the period ending on the earlier of (A) one year after the completion
of the Company’s initial Business Combination and (B) subsequent to the Business Combination, (x) 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
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 Company’s public stockholders having the right to exchange their shares of Common Stock for cash, securities
or other property.

 

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

 

“Holder Indemnified
Party” is defined in Section 4.1.

 

“Indemnified Party”
is defined in Section 4.3.

 

“Indemnifying Party”
is defined in Section 4.3.

 

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

 

“Maximum Number of
Securities” is defined in Section 2.1.4.

 

“Misstatement”
is defined in Section 3.1.12.

 

    2

     

    

 

“Nominee”
is defined in Section 5.1.

 

“Notices”
is defined in Section 6.3.

 

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

 

“Piggy-Back Registration”
is defined in Section 2.2.1.

 

“Private Placement
Lock-up Period” means, with respect to Private Placement Warrants that are held by the Sponsor or its Permitted Transferees,
and any of the Common Stock issued or issuable upon the exercise or conversion of the Private Placement Warrants and that are held by
the initial purchasers of the Private Placement Warrants or their Permitted Transferees, the period ending 30 days after the completion
of the Company’s initial Business Combination.

 

“Private Placement
Warrants” means the warrants being purchased by the Sponsor in a private placement closing simultaneously with the consummation
of the Company’s initial public offering (including to a certain extent in connection with the consummation of the Underwriters’
over-allotment option related thereto).

 

“Pro Rata”
is defined in Section 2.1.4.

 

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

 

“Registrable Securities”
means (i) all of the shares of Common Stock issued or issuable upon the conversion of any Founder Shares, (ii) all of the Private Placement
Warrants (and shares of Common Stock issuable upon exercise thereof), (iii) all of the Working Capital Warrants (and shares of Common
Stock issuable upon exercise thereof). Registrable Securities include any warrants, shares of capital stock or other securities of the
Company issued as a dividend or other distribution with respect to or in exchange for or in replacement of such Registrable Securities.
As to any particular Registrable Security, such security shall cease to be a Registrable Security when: (a) a Registration Statement with
respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold,
transferred, disposed of or exchanged in accordance with and pursuant to such Registration Statement; (b) such securities shall have been
otherwise transferred, new certificates for them not bearing a legend restricting further transfer shall have been delivered by the Company
and subsequent public distribution of them shall not require registration under the Securities Act; (c) such securities shall have ceased
to be outstanding; (d) such securities have been sold without registration pursuant to Section 4(a)(1) of the Securities Act or Rule 144
or Rule 145 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission); or (e) such securities
have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction.

 

    3

     

    

 

“Registration Statement”
means a registration statement filed by the Company with the Commission in compliance with the Securities Act and the rules and regulations
promulgated thereunder for a public offering and sale of Common Stock (other than a registration statement on Form S-4 or Form S-8, or
their successors, or any registration statement covering only securities proposed to be issued in exchange for securities or assets of
another entity).

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder, all as may be amended
from time to time.

 

“Sponsor”
is defined in the preamble to this Agreement.

 

“Sponsor Director”
means an individual elected to the Board that has been nominated by the Sponsor pursuant to this Agreement.

 

“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of such dealer’s
market-making activities.

 

“Working Capital
Warrants” means the warrants held by the Sponsor, the officers or directors of the Company or their respective affiliates
which may be issued in repayment of working capital loans made to the Company.

 

2.           REGISTRATION
RIGHTS.

 

2.1          Demand
Registration.

 

2.1.1       Request
for Registration. At any time and from time to time on or after the date that the Company consummates a Business Combination, Holders
of at least 50% of the then issued and outstanding of Registrable Securities may make a written demand for Registration under the Securities
Act of all or part of their Registrable Securities (a “Demand Registration”). Any demand for a Demand Registration
shall specify the number of Registrable Securities proposed to be included in such Registration and the intended method(s) of distribution
thereof. The Company will within 10 days of the Company’s receipt of the Demand Registration notify all Holders of the demand, and
each Holder who wishes to include all or a portion of such Holder’s Registrable Securities in a Registration pursuant to the Demand
Registration (each such Holder including shares of Registrable Securities in such Registration, a “Demanding Holder”)
shall so notify the Company within 10 days after the receipt by the Holder of the notice from the Company. Upon receipt by the Company
of any such written notification, the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand
Registration, subject to Section 2.1.4 and the provisos set forth in Section 3.1.1. The Company shall not be obligated to
effect more than an aggregate of three (3) Demand Registrations under this Section 2.1.1 in respect of all Registrable Securities.

 

    4

     

    

 

2.1.2       Effective
Registration. A Registration will not count as a Demand Registration until the Registration Statement filed with the Commission
with respect to such Demand Registration has been declared effective by the Commission and the Company has complied with all of its
obligations under this Agreement with respect thereto; provided, however, that if, after such Registration Statement has been
declared effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order or
injunction of the Commission or any other governmental agency or court, the Registration Statement with respect to such Demand
Registration will be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed,
rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter affirmatively elect to
continue with such Registration and accordingly notify the Company in writing, but in no event later than five days of such
election; provided, further, that the Company shall not be obligated to file a second Registration Statement until the Registration
Statement that has been previously filed becomes effective or is subsequently terminated.

 

2.1.3       Underwritten
Offering. If a majority-in-interest of the Demanding Holders so elect and such Holders so advise the Company as part of their written
demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form
of an underwritten offering. In such event, the right of such Demanding Holders to include its Registrable Securities in such Registration
shall be conditioned upon such Holder’s participation in such underwritten offering and the inclusion of such Holder’s Registrable
Securities in the underwriting to the extent provided herein. All Demanding Holders proposing to distribute their securities through such
underwritten offering shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such
underwritten offering by the majority-in-interest of the Demanding Holders initiating the Demand Registration.

 

2.1.4       Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an underwritten offering pursuant to a Demand Registration,
in good faith, advises the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities
which the Demanding Holders desire to sell, taken together with all other Common Stock or other securities which the Company desires to
sell and the Common Stock, if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back registration
rights held by other stockholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum number of securities
that can be sold in such underwritten offering without adversely affecting the proposed offering price, the timing, the distribution method,
or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum
Number of Securities”), then the Company shall include in such underwritten offering, as follows: (i) the Registrable Securities
as to which Demand Registration has been requested by the Demanding Holders (pro rata based on the respective number of Registrable Securities
that each such Demanding Holder has requested be included in such underwritten offering, regardless of the number of securities held by
each such Demanding Holder (such proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding
the Maximum Number of Securities; (ii) to the extent that the Maximum Number of Securities has not been reached under the foregoing clause
(i), the Common Stock or other securities that the Company desires to sell for its own account that can be sold without exceeding the
Maximum Number of Securities; and (iii) to the extent that the Maximum Number of Securities have not been reached under the foregoing
clauses (i) and (ii), the Common Stock or other securities for the account of other persons that the Company is obligated to register
in a Registration pursuant to separate written contractual arrangements with such persons and that can be sold without exceeding the Maximum
Number of Securities.

 

    5

     

    

 

2.1.5       Demand
Registration Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwritten offering or
are not entitled to include all of their Registrable Securities in any underwritten offering, such majority-in-interest of the Demanding
Holders may elect to withdraw from such Registration by giving written notice to the Company and the Underwriter or Underwriters of their
request to withdraw prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration.
If the majority-in-interest of the Demanding Holders withdraws from a proposed underwritten offering relating to a Demand Registration,
then such Registration shall not count as a Demand Registration provided for in this Section 2.1.

 

2.2       Piggy-Back
Registration.

 

2.2.1       Piggy-Back
Rights. If at any time on or after the date the Company consummates a Business Combination the Company proposes to file a Registration
Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or
exchangeable for, or convertible into, equity securities, by the Company for its own account or for the account of stockholders of the
Company (or by the Company and by the stockholders of the Company including, without limitation, pursuant to Section 2.1), other
than a Registration Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer
or offering of securities solely to the Company’s existing stockholders, (iii) for an offering of debt that is convertible into
equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall (x) give written notice of such proposed
filing to the Holders as soon as practicable but in no event less than seven days before the anticipated filing date of such Registration
Statement, which notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of distribution,
and the name of the proposed managing Underwriter or Underwriters, if any, of the offering, and (y) offer to the Holders in such notice
the opportunity to register the sale of such number of shares of Registrable Securities as such Holders may request in writing within
five days following receipt of such notice (such Registration, a “Piggy-Back Registration”). The Company shall,
in good faith, cause such Registrable Securities to be included in such Piggy-Back Registration and shall use its best efforts to cause
the managing Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable Securities requested by the Holders
pursuant to this Subsection 2.2.1 to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities
of the Company included in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance
with the intended method(s) of distribution thereof. All Holders proposing to distribute their Registrable Securities through a Piggy-Back
Registration that involves an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with the Underwriter
or Underwriters selected for such Piggy-Back Registration.

 

    6

     

    

 

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

 

		(a)	If the Registration is undertaken for the Company’s account: (A) the Common Stock or other securities
that the Company desires to sell that can be sold without exceeding the Maximum Number of Securities; (B) to the extent that the Maximum
Number of Securities has not been reached under the foregoing clause (A), the Common Stock or other securities, if any, comprised of Registrable
Securities, as to which Registration has been requested pursuant to the applicable written contractual piggy-back registration rights
of such security holders, Pro Rata, that can be sold without exceeding the Maximum Number of Securities; and (C) to the extent that the
Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), Common Stock or other securities for the account
of other persons that the Company is obligated to register pursuant to written contractual piggy-back registration rights with such persons
and that can be sold without exceeding the Maximum Number of Securities; and

 

		(b)	If the Registration is a “demand” registration undertaken at the demand of persons or entities
other than the Holders: (A) the Common Stock or other securities for the account of the demanding persons that can be sold without exceeding
the Maximum Number of Securities; (B) to the extent that the Maximum Number of Securities has not been reached under the foregoing clause
(A), collectively the Common Stock or other securities comprised of Registrable Securities, Pro Rata, as to which Registration has been
requested pursuant to the terms hereof, as applicable, that can be sold without exceeding the Maximum Number of Securities; (C) to the
extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Common Stock or other securities
that the Company desires to sell for its own account that can be sold without exceeding the Maximum Number of Securities; and (D) to the
extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the Common Stock or other
securities for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements with
such persons, that can be sold without exceeding the Maximum Number of Securities.

 

    7

     

    

 

2.2.3       Withdrawal.
Any Holder may elect to withdraw such Holder’s request for inclusion of Registrable Securities in any Piggy-Back Registration
by giving written notice to the Company of such request to withdraw prior to the effectiveness of the Registration Statement filed
with the Commission with respect to such Piggy-Back Registration. The Company (whether on its own determination or as the result of
a request for withdrawal by persons making a demand pursuant to written contractual obligations) may withdraw a Registration
Statement filed with the Commission in connection with a Piggy-Back Registration at any time prior to the effectiveness of such
Registration Statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the Holders in
connection with such Piggy-Back Registration as provided in Section 3.3.

 

2.2.4       Unlimited
Piggy-Back Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2 hereof shall not
be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof.

 

2.3       Registrations
on Form S-3. The Holders of at least 50% of the number of Registrable Securities may at any time and from time to time, pursuant to
Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the Commission), request in writing that the Company
register the resale of any or all of such Registrable Securities on Form S-3 or any similar short-form Registration Statement which may
be available at such time (“Form S-3”); provided, however, that the Company shall not be obligated to effect
such request through an underwritten offering. Upon receipt of such written request, the Company will promptly give written notice of
the proposed Registration to all other Holders, and each Holder who thereafter wishes to include all or a portion of such Holder’s
Registrable Securities in such Registration shall so notify the Company, in writing, within 5 days after the receipt by the Holder of
the notice from the Company, and, as soon as practicable thereafter but not more than 10 days after the Company’s initial receipt
of such written request for a registration, effect the registration of all or such portion of such Holder’s or Holders’ Registrable
Securities as are specified in such request, together with all or such portion of the Registrable Securities or other securities of the
Company, if any, of any other Holder or Holders joining in such request; provided, however, that the Company shall not be obligated to
effect any such registration pursuant to this Section 2.3 if: (i) Form S-3 is not available for such offering or the Company is
not eligible to use Form S-3; or (ii) the Holders, together with the holders of any other securities of the Company entitled to inclusion
in such registration, propose to sell Registrable Securities and such other securities (if any) at any aggregate price to the public of
less than $20,000,000. Registrations effected pursuant to this Section 2.3 shall not be counted as Demand Registrations effected
pursuant to Section 2.1.

 

2.4       Restrictions
on Registration Rights. Notwithstanding anything to the contrary contained in this Agreement, no Registration shall be effected or
permitted and no Registration Statement shall become effective, with respect to any Registrable Securities held by any Holder, until after
the expiration of the Founder Shares Lock-Up Period or the Private Placement Lock-Up Period, as the case may be.

 

3.             REGISTRATION
PROCEDURES.

 

3.1       Filings;
Information. Whenever the Company is required to effect a Registration of any Registrable Securities pursuant to Section 2,
the Company shall use its best efforts to effect the registration and sale of such Registrable Securities in accordance with the intended
method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request:

 

    8

     

    

 

3.1.1       Filing
Registration Statement. The Company shall, as expeditiously as possible and in any event within 60 days after receipt of a request
for a Demand Registration pursuant to Section 2.1, prepare and file with the Commission a Registration Statement on any form for
which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available for the sale
of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof, and shall
use its best efforts to cause such Registration Statement to become and remain effective for the period required by Section 3.1.3;
provided, however, that the Company shall have the right to defer any Demand Registration for up to 90 days, and any Piggy-Back Registration
for such period as may be applicable to deferment of any demand registration to which such Piggy-Back Registration relates, in each case
if the Company shall furnish to the Holders a certificate signed by the Chief Executive Officer of the Company stating that, in the good
faith judgment of the Board of Directors of the Company (the “Board”), it would be materially detrimental to
the Company and its stockholders for such Registration Statement to be effected at such time; provided further, however, that the Company
shall not have the right to exercise the right set forth in the immediately preceding proviso more than once in any 365-day period in
respect of a Demand Registration hereunder.

 

3.1.2       Copies.
The Company shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge
to the Holders whose Registrable Securities are included in such Registration, and such Holders’ legal counsel, copies of such Registration
Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto
and documents incorporated by reference therein), the prospectus included in such Registration Statement (including each preliminary prospectus),
and such other documents as such Holders or legal counsel for any such Holders may request in order to facilitate the disposition of the
Registrable Securities owned by such Holders.

 

3.1.3       Amendments
and Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective amendments, and
supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration
Statement effective and in compliance with the provisions of the Securities Act until all Registrable Securities and other securities
covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such
Registration Statement (which period shall not exceed the sum of one hundred eighty (180) days plus any period during which any such disposition
is interfered with by any stop order or injunction of the Commission or any governmental agency or court) or such securities have been
withdrawn.

 

    9

     

    

 

3.1.4       Notification.
After the filing of a Registration Statement, the Company shall promptly, and in no event more than two business days after such
filing, notify the Holders whose Registrable Securities are included in such Registration Statement of such filing, and shall
further notify such Holders promptly and confirm such advice in writing in all events within two business days of the occurrence of
any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such
Registration Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of any stop order (and the
Company shall take all actions required to prevent the entry of such stop order or to remove it if entered); and (iv) any request by
the Commission for any amendment or supplement to such Registration Statement or any prospectus relating thereto or for additional
information or of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as
thereafter delivered to the purchasers of the securities covered by such Registration Statement, such prospectus will not contain an
untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein not misleading, and promptly make available to the Holders whose Registrable Securities are included in such
Registration Statement any such supplement or amendment; except that before filing with the Commission a Registration Statement or
prospectus or any amendment or supplement thereto, including documents incorporated by reference, the Company shall furnish to the
Holders whose Registrable Securities are included in such Registration Statement and to the legal counsel for any such Holders,
copies of all such documents proposed to be filed sufficiently in advance of filing to provide such Holders and legal counsel with a
reasonable opportunity to review such documents and comment thereon, and the Company shall not file any Registration Statement or
prospectus or amendment or supplement thereto, including documents incorporated by reference, to which such Holders or their legal
counsel shall reasonably object.

 

3.1.5       Securities
Laws Compliance. Prior to any public offering of Registrable Securities, the Company shall use its best efforts to (i) register or
qualify the Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such
jurisdictions in the United States as the Holders whose Registrable Securities are included in such Registration Statement (in light of
their intended plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the
Registration Statement to be registered with or approved by such other governmental authorities or securities exchanges, including the
New York Stock Exchange, as may be necessary by virtue of the business and operations of the Company and do any and all other acts and
things that may be necessary or advisable to enable the Holders whose Registrable Securities are included in such Registration Statement
to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not be required
to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or take any action to which
it would be subject to general service of process or to taxation in any such jurisdiction where it is not then otherwise so subject.

 

3.1.6       Agreements
for Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting agreement in customary
form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities.
The representations, warranties and covenants of the Company in any underwriting agreement which are made to or for the benefit of any
Underwriters, to the extent applicable, shall also be made to and for the benefit of the Holders whose Registrable Securities are included
in such Registration Statement. No Holder whose Registrable Securities are included in such Registration Statement shall be required to
make any representations or warranties in the underwriting agreement except, if applicable, with respect to such Holder’s organization,
good standing, authority, title to Registrable Securities, lack of conflict of such sale with such Holder’s material agreements
and organizational documents, and with respect to written information relating to such Holder that such Holder has furnished in writing
expressly for inclusion in such Registration Statement.

 

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3.1.7       Cooperation.
The principal executive officer of the Company, the principal financial officer of the Company, the principal accounting officer of the
Company and all other officers and members of the management of the Company shall cooperate fully in any offering of Registrable Securities
hereunder, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect to such offering
and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys, accountants and potential
investors.

 

3.1.8       Records.
The Company shall make available for inspection by the Holders whose Registrable Securities are included in such Registration Statement,
any Underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other professional
retained by any Holder whose Registrable Securities are included in such Registration Statement or any Underwriter, all financial and
other records, pertinent corporate documents and properties of the Company, as shall be reasonably necessary to enable them to exercise
their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information reasonably
requested by any of them in connection with such Registration Statement.

 

3.1.9       Opinions
and Comfort Letters. (i) The Company shall, on the date the Registrable Securities are delivered for sale pursuant to a Registration,
obtain an opinion and negative assurance letter, dated such date, of counsel representing the Company for the purposes of such Registration,
addressed to the Holders thereof, the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters
with respect to the Registration in respect of which such opinion is being given as such Holders, placement agent, sales agent, or Underwriter
may reasonably request and as are customarily included in such opinions and negative assurance letters, and reasonably satisfactory to
a majority-in-interest of the participating Holders. (ii) The Company shall obtain a “cold comfort” letter from the Company’s
independent registered public accountants in the event that a Registration is an underwritten offering, in customary form and covering
such matters of the type customarily covered by “cold comfort” letters as the managing Underwriter may reasonably request,
and reasonably satisfactory to a majority-in-interest of the participating Holders.

 

3.1.10     Listing.
The Company shall use its best efforts to cause all Registrable Securities included in any Registration to be listed on such exchanges
or otherwise designated for trading in the same manner as similar securities issued by the Company are then listed or designated or,
if no such similar securities are then listed or designated, in a manner satisfactory to the Holders of a majority-in-interest of the
Registrable Securities included in such Registration.

 

3.1.11     Transfer
Agent. The Company shall provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities
no later than the effective date of the Registration Statement.

 

3.1.12     Misstatements.
The Company shall notify the Holders at any time when a prospectus relating to such Registration Statement is required to be
delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such Registration
Statement, as then in effect, includes an untrue statement of a material fact or an omission to state a material fact required to be
stated in a Registration Statement or prospectus, or necessary to make the statements therein in the light of the circumstances
under which they were made not misleading (a “Misstatement”), and then to correct such Misstatement.

 

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3.1.13     Road
Show. If the Registration involves Registrable Securities involving gross proceeds in excess of $50,000,000, use its reasonable efforts
to make available senior executives of the Company to participate in customary “road show” and analyst or investor presentations
and such other selling or other informational meetings organized by the Underwriter that may be reasonably requested by the Underwriter
in any underwritten offering, with all out-of-pocket costs and expenses incurred by the Company or such officers in connection with such
attendance and participation to be paid by the Company.

 

3.1.14     FINRA.
The Company shall cooperate with each Underwriter participating in the disposition of such Registrable Securities and Underwriters’
counsel in connection with any filings required to be made with The Financial Industry Regulatory Authority, Inc., including using commercially
reasonable efforts to obtain pre-clearance and pre-approval of the Registration Statement and applicable prospectus upon filing with
the Commission.

 

3.1.15     Certificated
Securities. The Company shall, in the case of certificated Registrable Securities, cooperate with the Holders and the managing Underwriters
to facilitate the timely preparation and delivery of certificates (not bearing any legends) representing Registrable Securities to be
sold after receiving written representations from the Holders participating in such offering that the Registrable Securities represented
by the certificates so delivered by such Holders will be transferred in accordance with the Registration Statement, and enable such Registrable
Securities to be in such denominations and registered in such names as such Holders or managing Underwriters may reasonably request at
least two business days prior to any sale of such Registrable Securities.

 

3.1.16     Further
Assurances. The Company shall otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably
be requested by the Holders, in connection with such Registration.

 

3.2       Obligation
to Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of the kind described in Section
3.1.4(iv), or, in the case of a resale Registration on Form S-3 pursuant to Section 2.3 hereof, upon any suspension by the
Company, pursuant to a written insider trading compliance program adopted by the Board, of the ability of all “insiders” covered
by such program to transact in the Company’s securities because of the existence of material non-public information, each Holder
whose Registrable Securities are included in any Registration shall immediately discontinue disposition of such Registrable Securities
pursuant to the Registration Statement covering such Registrable Securities until such Holder receives the supplemented or amended prospectus
contemplated by Section 3.1.4(iv) or the restriction on the ability of “insiders” to transact in the Company’s
securities is removed, as applicable, and, if so directed by the Company, each such Holder will deliver to the Company all copies, other
than permanent file copies then in such Holder’s possession, of the most recent prospectus covering such Registrable Securities
at the time of receipt of such notice.

 

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3.3       Registration
Expenses. The Company shall bear all costs and expenses incurred in connection with any Demand Registration pursuant to Section
2.1, any Piggy-Back Registration pursuant to Section 2.2, and any Registration on Form S-3 effected pursuant to Section
2.3, and all expenses incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration
Statement becomes effective, including, without limitation: (i) all Registration and filing fees and fees of any securities exchange on
which Registrable Securities are then listed; (ii) fees and expenses of compliance with securities or “blue sky” laws (including
fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications of the Registrable Securities); (iii)
printing, messenger, telephone and delivery expenses; (iv) the Company’s internal expenses (including, without limitation,
all salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection with the listing of the
Registrable Securities as required by Section 3.1.10; (vi) Financial Industry Regulatory Authority fees; (vii) fees and
disbursements of counsel for the Company and fees and expenses for independent certified public accountants retained by the Company (including
the expenses or costs associated with the delivery of any opinions or comfort letters requested pursuant to Section 3.1.9);
(viii) the fees and expenses of any special experts retained by the Company in connection with such Registration; and (ix) the fees
and expenses of one legal counsel selected by the Holders of a majority-in-interest of the Registrable Securities included in such Registration.
The Company shall have no obligation to pay any underwriting discounts or selling commissions attributable to the Registrable Securities
being sold by the Holders thereof, which underwriting discounts or selling commissions shall be borne by such Holders. Additionally, in
an underwritten offering, all selling stockholders and the Company shall bear the expenses of the Underwriter pro rata in proportion to
the respective amount of shares each is selling in such offering.

 

3.4       Information.
The Holders shall provide such information as may reasonably be requested by the Company, or the managing Underwriter, if any, in connection
with the preparation of any Registration Statement, including amendments and supplements thereto, in order to effect the Registration
of any Registrable Securities under the Securities Act pursuant to Section 2 and in connection with the Company’s obligation
to comply with federal and applicable state securities laws.

 

3.5       Requirements
for Participation in Underwritten Offerings. No person may participate in any underwritten offering for equity securities of the Company
pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s securities on
the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires,
powers of attorney, indemnities, lock-up agreements, stock powers, underwriting agreements and other customary documents as may be reasonably
required under the terms of such underwriting arrangements.

 

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3.6       Suspension
of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or prospectus
contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received
copies of a supplemented or amended prospectus correcting the Misstatement (it being understood that the Company hereby covenants to
prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in
writing by the Company that the use of the prospectus may be resumed. If the filing, initial effectiveness or continued use of a
Registration Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure (as
defined below) or would require the inclusion in such Registration Statement financial statements that are unavailable to the
Company for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the
Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of
time, but in no event more than 30 days, determined in good faith by the Company to be necessary for such purpose. In the event the
Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the
notice referred to above, their use of the prospectus relating to any Registration in connection with any sale or offer to sell
Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which it exercised
its rights under this Section 3.6. “Adverse Disclosure” shall mean any public disclosure of
material non-public information, which disclosure, in the good faith judgment of the Chief Executive Officer or principal financial
officer of the Company, after consultation with counsel to the Company, (i) would be required to be made in any Registration
Statement or prospectus in order for the applicable Registration Statement or prospectus not to contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus and
any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required
to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose
for not making such information public.

 

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

 

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4.            INDEMNIFICATION
AND CONTRIBUTION.

 

4.1       Indemnification
by the Company. The Company agrees to indemnify and hold harmless each Holder, and each of their respective officers, employees,
affiliates, directors, partners, members, attorneys and agents, and each person, if any, who controls such Holder (within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) (each, a “Holder Indemnified
Party”), from and against any expenses, losses, judgments, claims, damages or liabilities, whether joint or several,
arising out of or based upon any untrue statement (or allegedly untrue statement) of a material fact contained in any Registration
Statement under which the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus,
final prospectus or summary prospectus contained in the Registration Statement, or any amendment or supplement to such Registration
Statement, or arising out of or based upon any omission (or alleged omission) to state a material fact required to be stated therein
or necessary to make the statements therein not misleading, or any violation by the Company of the Securities Act or any rule or
regulation promulgated thereunder applicable to the Company and relating to action or inaction required of the Company in connection
with any such Registration; and the Company shall promptly reimburse the Holder Indemnified Party for any legal and any other
expenses reasonably incurred by such Holder Indemnified Party in connection with investigating and defending any such expense, loss,
judgment, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case to the extent
that any such expense, loss, claim, damage or liability arises out of or is based upon any untrue statement or allegedly untrue
statement or omission or alleged omission made in such Registration Statement, preliminary prospectus, final prospectus, or summary
prospectus, or any such amendment or supplement, in reliance upon and in conformity with information furnished to the Company, in
writing, by such selling Holder expressly for use therein. The Company also shall indemnify any Underwriter of the Registrable
Securities, their officers, affiliates, directors, partners, members and agents and each person who controls such Underwriter on
substantially the same basis as that of the indemnification provided above in this Section 4.1.

 

4.2       Indemnification
by Holders. Each selling Holder will, in the event that any Registration is being effected under the Securities Act pursuant to this
Agreement of any Registrable Securities held by such selling Holder, indemnify and hold harmless the Company, each of its directors and
officers and each Underwriter (if any), and each other selling Holder and each other person, if any, who controls another selling Holder
or such Underwriter within the meaning of the Securities Act, against any losses, claims, judgments, damages or liabilities, whether joint
or several, insofar as such losses, claims, judgments, damages or liabilities (or actions in respect thereof) arise out of or are based
upon any untrue statement or allegedly untrue statement of a material fact contained in any Registration Statement under which the sale
of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus
contained in the Registration Statement, or any amendment or supplement to the Registration Statement, or arise out of or are based upon
any omission or the alleged omission to state a material fact required to be stated therein or necessary to make the statement therein
not misleading, if the statement or omission was made in reliance upon and in conformity with information furnished in writing to the
Company by such selling Holder expressly for use therein, and shall reimburse the Company, its directors and officers, and each other
selling Holder or controlling person for any legal or other expenses reasonably incurred by any of them in connection with investigation
or defending any such loss, claim, damage, liability or action. Each selling Holder’s indemnification obligations hereunder shall
be several and not joint and shall be limited to the amount of any net proceeds actually received by such selling Holder. Each selling
Holder shall indemnify any Underwriter of the Registrable Securities, their officers, affiliates, directors, partners, members and agents
and each person who controls such Underwriter to the same extent as provided in the foregoing with respect to indemnification of the Company.

 

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4.3       Conduct
of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or liability or
any action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such person (the
 “Indemnified Party”) shall, if a claim in respect thereof is to be made against any other person for
indemnification hereunder, notify such other person (the “Indemnifying Party”) in writing of the loss,
claim, judgment, damage, liability or action; provided, however, that the failure by the Indemnified Party to notify the
Indemnifying Party shall not relieve the Indemnifying Party from any liability which the Indemnifying Party may have to such
Indemnified Party hereunder, except and solely to the extent the Indemnifying Party is actually prejudiced by such failure. If the
Indemnified Party is seeking indemnification with respect to any claim or action brought against the Indemnified Party, then the
Indemnifying Party shall be entitled to participate in such claim or action, and, to the extent that it wishes, jointly with all
other Indemnifying Parties, to assume control of the defense thereof with counsel satisfactory to the Indemnified Party. After
notice from the Indemnifying Party to the Indemnified Party of its election to assume control of the defense of such claim or
action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently incurred by
the Indemnified Party in connection with the defense thereof other than reasonable costs of investigation; provided, however, that
in any action in which both the Indemnified Party and the Indemnifying Party are named as defendants, the Indemnified Party shall
have the right to employ separate counsel (but no more than one such separate counsel) to represent the Indemnified Party and its
controlling persons who may be subject to liability arising out of any claim in respect of which indemnity may be sought by the
Indemnified Party against the Indemnifying Party, with the fees and expenses of such counsel to be paid by such Indemnifying Party
if, based upon the written opinion of counsel of such Indemnified Party, representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. No Indemnifying Party shall, without the prior written
consent of the Indemnified Party, consent to entry of judgment or effect any settlement of any claim or pending or threatened
proceeding in respect of which the Indemnified Party is or could have been a party and indemnity could have been sought hereunder by
such Indemnified Party, unless such judgment or settlement includes an unconditional release of such Indemnified Party from all
liability arising out of such claim or proceeding.

 

4.4       Contribution.

 

4.4.1       If
the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party
in respect of any loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying
such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage,
liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the Indemnifying
Parties in connection with the actions or omissions which resulted in such loss, claim, damage, liability or action, as well as any other
relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by such Indemnified Party or such Indemnifying Party and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

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4.4.2       The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined by
pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in
the immediately preceding Section 4.4.1. The amount paid or payable by an Indemnified Party as a result of any loss, claim,
damage, liability or action referred to in the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses incurred by such Indemnified Party in connection with investigating or
defending any such action or claim. Notwithstanding the provisions of this Section 4.4, no Holder shall be required to
contribute any amount in excess of the dollar amount of the net proceeds (after payment of any underwriting fees, discounts,
commissions or taxes) actually received by such Holder from the sale of Registrable Securities which gave rise to such contribution
obligation. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

 

4.5       Survival.
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or
on behalf of the Indemnified Party or any officer, director or controlling person of such Indemnified Party and shall survive the transfer
of securities.

 

5.       STOCKHOLDER
RIGHTS. Subject to the terms and conditions of this Agreement, at any time and from time to time on or after the date that the Company
consummates a Business Combination and for so long as the Sponsor holds any Registrable Securities:

 

5.1       The
Sponsor shall have the right, but not the obligation, to designate three individuals to be appointed or nominated, as the case may be,
for election to the Board (including any successor, each, a “Nominee”) by giving written notice to the Company
on or before the time such information is reasonably requested by the Board or the Nominating Committee for inclusion in a proxy statement
for a meeting of stockholders provided to the Sponsor.

 

5.2       The
Company will, as promptly as practicable, use its best efforts to take all necessary and desirable actions (including, without
limitation, calling special meetings of the Board and the stockholders and recommending, supporting and soliciting proxies) so that
there are three Sponsor Directors serving on the Board at all times.

 

5.3       The
Company shall, to the fullest extent permitted by applicable law, use its best efforts to take all actions necessary to ensure that: (i)
each Nominee is included in the Board’s slate of nominees to the stockholders of the Company for each election of Directors; and
(ii) each Nominee is included in the proxy statement prepared by management of the Company in connection with soliciting proxies for every
meeting of the stockholders of the Company called with respect to the election of members of the Board, and at every adjournment or postponement
thereof, and on every action or approval by written consent of the stockholders of the Company or the Board with respect to the election
of members of the Board.

 

5.4       If
a vacancy occurs because of the death, disability, disqualification, resignation, or removal of a Sponsor Director or for any other
reason, the Sponsor shall be entitled to designate such person’s successor, and the Company will, as promptly as practicable
following such designation, use its best efforts to take all necessary and desirable actions, to the fullest extent permitted by
law, within its control such that such vacancy shall be filled with such successor Nominee.

 

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5.5       If
a Nominee is not elected because of such Nominee’s death, disability, disqualification, withdrawal as a nominee or for any other
reason, the Sponsor shall be entitled to designate promptly another Nominee and the Company will take all necessary and desirable actions
within its control such that the director position for which such Nominee was nominated shall not be filled pending such designation or
the size of the Board shall be increased by one and such vacancy shall be filled with such successor Nominee as promptly as practicable
following such designation.

 

5.6       As
promptly as reasonably practicable following the request of any Sponsor Director, the Company shall enter into an indemnification agreement
with such Sponsor Director, in the form entered into with the other members of the Board. The Company shall pay the reasonable, documented
out-of-pocket expenses incurred by the Sponsor Director in connection with his or her services provided to or on behalf of the Company,
including attending meetings or events attended explicitly on behalf of the Company at the Company’s request.

 

5.7       The
Company shall (i) purchase directors’ and officers’ liability insurance in an amount determined by the Board to be reasonable
and customary and (ii) for so long as a Sponsor Director serves as a Director of the Company, maintain such coverage with respect to such
Sponsor Director; provided that upon removal or resignation of such Sponsor Director for any reason, the Company shall take all
actions reasonably necessary to extend such directors’ and officers’ liability insurance coverage for a period of not less
than six years from any such event in respect of any act or omission occurring at or prior to such event.

 

5.8       For
so long as a Sponsor Director serves as a Director of the Company, the Company shall not amend, alter or repeal any right to indemnification
or exculpation covering or benefiting any Director nominated pursuant to this Agreement as and to the extent consistent with applicable
law, whether such right is contained in the Company’s certificate of incorporation, as amended, or another document (except to the
extent such amendment or alteration permits the Company to provide broader indemnification or exculpation rights on a retroactive basis
than permitted prior thereto).

 

5.9       Each
Nominee may, but does not need to qualify as “independent” pursuant to listing standards of the New York Stock Exchange.

 

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5.10     Any
Nominee will be subject to the Company’s customary due diligence process, including its review of a completed questionnaire
and a background check. Based on the foregoing, the Company may object to any Nominee provided (a) it does so in good faith, and (b)
such objection is based upon any of the following: (i) such Nominee was convicted in a criminal proceeding or is a named subject of
a pending criminal proceeding (excluding traffic violations and other minor offenses), (ii) such Nominee was the subject of any
order, judgment, or decree not subsequently reversed, suspended or vacated of any court of competent jurisdiction, permanently or
temporarily enjoining such proposed director from, or otherwise limiting, the following activities: (A) engaging in any type of
business practice, or (B) engaging in any activity in connection with the purchase or sale of any security or in connection with any
violation of federal or state securities laws, (iii) such Nominee was 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
the right of such person to engage in any activity described in clause (ii)(B), or to be associated with persons engaged in such
activity, (iv) such proposed director was found by a court of competent jurisdiction in a civil action or by the Commission to have
violated any federal or state securities law, and the judgment in such civil action or finding by the Commission has not been
subsequently reversed, suspended or vacated, or (v) such proposed director was 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 a
violation of any federal or state securities laws or regulations. In the event the Board reasonably finds the Nominee to be
unsuitable based upon one or more of the foregoing clauses (i) through (v) and reasonably objects to the identified director,
Sponsor shall be entitled to propose a different nominee to the Board within 30 calendar days of the Company’s notice to
Sponsor of its objection to the Nominee and such replacement Nominee shall be subject to the review process outlined above.

 

5.11     The
Company shall take all necessary action to cause a Nominee chosen by the Sponsor, at the request of such Nominee to be elected to the
board of directors (or similar governing body) of each material operating subsidiary of the Company. The Nominee, as applicable, shall
have the right to attend (in person or remotely) any meetings of the board of directors (or similar governing body or committee thereof)
of each subsidiary of the Company.

 

6.       MISCELLANEOUS.

 

6.1       Other
Registration Rights. The Company represents and warrants that no person, other than a Holder, has any right to require the Company
to register any shares of the Company’s capital stock for sale or to include shares of the Company’s capital stock in any
Registration filed by the Company for the sale of shares of capital stock for its own account or for the account of any other person.
Further, the Company represents and warrants that this Agreement supersedes any other registration rights agreement or agreement with
similar terms and conditions and in the event of a conflict between any such agreement or agreements and this Agreement, the terms of
this Agreement shall prevail.

 

6.2       Assignment;
No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned
or delegated by the Company in whole or in part, other than with the written consent of Holders representing at least 50% of the
Registrable Securities. Prior to the expiration of the Founder Shares Lock-up Period or the Private Placement Lock-up Period, as the
case may be, no Holder may assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in
part, except in connection with a transfer of Registrable Securities by such Holder to a Permitted Transferee but only if such
Permitted Transferee agrees to become bound by the transfer restrictions set forth in this Agreement. This Agreement and the
provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and the permitted assigns of the
Holder or of any assignee of the Holder, which shall include Permitted Transferees. This Agreement is not intended to confer any
rights or benefits on any persons that are not party hereto other than as expressly set forth in Article 4 and this Section
6.2. No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or
obligate the Company unless and until the Company shall have received (i) written notice of such assignment and (ii) the written
agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this
Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made
other than as provided in this Section 6.2 shall be null and void.

 

    19

     

    

 

6.3       Notices.
All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”) required
or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be personally served,
delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery, addressed as set forth below, or to
such other address as such party shall have specified most recently by written notice. Notice shall be deemed given on the date of service
or transmission if personally served; provided, that if such service or transmission is not on a business day or is after normal business
hours, then such notice shall be deemed given on the next business day. Notice otherwise sent as provided herein shall be deemed given
on the next business day following timely delivery of such notice to a reputable air courier service with an order for next-day delivery.

 

To the Company:

 

Motor City Acquisition Corp.

44225 Utica Road

Utica, Michigan 48317

Attention: Eric S. Singer

 

in either case with a copy to:

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, New York 10022

Attn: David Klein

Jennifer L. Lee

E-mail: dklein@kirkland.com; jennifer.lee@kirkland.com

 

To the Sponsor, to:

 

WSMC Holdings LLC

44225 Utica Road

Utica, Michigan 48317

Attention: Robert L. Wagman

 

To any other Holder, to such
Holder’s address as set forth in the books and records of the Company.

 

6.4       Severability.
This 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 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 Agreement a provision as
similar in terms to such invalid or unenforceable provision as may be possible that is valid and enforceable.

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6.5       Counterparts;
Electronic Signatures. This Agreement may be signed in counterparts (which may include counterparts delivered by any standard form
of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument. The
words “execution,” “signed,” “signature,” and words of like import in this Agreement or in any other
certificate, agreement or document related to this Agreement, if any, shall include images of manually executed signatures transmitted
by facsimile or other electronic format (including, without limitation, “pdf,” “tif” or “jpg”) and
other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records
(including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic
means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping
system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law
based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

 

6.6       Entire
Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered pursuant
hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior and
contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether oral or written.

 

6.7       Modifications
and Amendments. Upon the written consent of the Company and the Holders of at least sixty-six and two-thirds percent (66-2/3%) of
the Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this
Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding
the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a Holder, in a manner
that is materially different from the other Holders (in such capacity) shall require the consent of the Holder so affected. No course
of dealing between any Holders or the Company and any other party hereto or any failure or delay on the part of a Holder or the Company
in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company.
No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise
of any other rights or remedies hereunder or thereunder by such party.

 

6.8       Titles
and Headings. Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction of
any provision of this Agreement.

 

    21

     

    

 

6.9       Waivers
and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive,
provided that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and
specifically refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default
waived has occurred. Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall be
deemed a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or
extension of time for performance of any obligations or acts shall be deemed a waiver or extension of the time for performance of
any other obligations or acts.

 

6.10     Remedies
Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed under
this Agreement, the Holders may proceed to protect and enforce its rights by suit in equity or action at law, whether for specific performance
of any term contained in this Agreement or for an injunction against the breach of any such term or in aid of the exercise of any power
granted in this Agreement or to enforce any other legal or equitable right, or to take any one or more of such actions, without being
required to post a bond. None of the rights, powers or remedies conferred under this Agreement shall be mutually exclusive, and each such
right, power or remedy shall be cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement or
now or hereafter available at law, in equity, by statute or otherwise.

 

6.11     Governing
Law. This Agreement shall be governed by, interpreted under, and construed in accordance with the internal laws of the State of New
York applicable to agreements made and to be performed within the State of New York, without giving effect to any choice-of-law provisions
thereof that would compel the application of the substantive laws of any other jurisdiction.

 

6.12     Waiver
of Trial by Jury. Each party hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim
or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement, the transactions
contemplated hereby, or the actions of the Sponsor in the negotiation, administration, performance or enforcement hereof.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the
parties have caused this Registration and Stockholder Rights Agreement to be executed and delivered by their duly authorized representatives
as of the date first written above.

	 	 
	 	MOTOR CITY
    ACQUISITION CORP.
	 	 
	 	By:	
	 	Name:
	 	Title:
	 	 
	 	SPONSOR:
	 	 
	 	WSMC HOLDINGS LLC
	 	 
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

 

[NTD: Any other Holders as of IPO pricing date to
be listed as parties]

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